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"period": "2022-04-03T00:00:00/2023-04-02T00:00:00", "unit": "iso4217:GBP" } }, "fact-8": { "value": "128300000", "decimals": -5, "dimensions": { "concept": "marksandspencer:InterestPaidOnLeaseLiabilities", "entity": "scheme:213800EJP14A79ZG1X44", "period": "2021-04-04T00:00:00/2022-04-03T00:00:00", "unit": "iso4217:GBP" } }, "fact-9": { "value": "2200000", "decimals": -5, "dimensions": { "concept": "marksandspencer:InterestPaidInRelationToDeferredConsiderationForTheAcquisitionOfGistLimited", "entity": "scheme:213800EJP14A79ZG1X44", "period": "2022-04-03T00:00:00/2023-04-02T00:00:00", "unit": "iso4217:GBP" } }, "fact-647": { "value": "NOTES TO THE FINANCIAL STATEMENTS 1 ACCOUNTING POLICIES General information Marks and Spencer Group plc (the \u201cCompany\u201d) is a public limited company domiciled and incorporated in England and Wales under the Companies Act 2006. The address of the Company\u2019s registered office is Waterside House, 35 North Wharf Road, London W2 1NW, United Kingdom. The principal activities of the Company and its subsidiaries (the \u201cGroup\u201d) and the nature of the Group\u2019s operations are as a Clothing & Home and Food retailer. These financial statements are presented in sterling, which is also the Company\u2019s functional currency, and are rounded to the nearest hundred thousand. Foreign operations are included in accordance with the policies set out within this note. Basis of preparation The financial statements have been prepared for the 52 weeks ended 1 April 2023 (last year: 52 weeks ended 2 April 2022) in accordance with UK-adopted International Accounting Standards and with the requirements of the Companies Act 2006 as applicable to companies reporting under those standards. The Marks and Spencer Scottish Limited Partnership has taken an exemption under paragraph 7 of the Partnership (Accounts) Regulations 2008 from the requirement to prepare and deliver financial statements, in accordance with the Companies Act. The financial statements have been prepared on a going concern basis. In adopting the going concern basis, the Board has considered the business activities as set out on pages 12 to 27, the financial position of the Group, its cash flows, liquidity position and borrowing facilities as set out in the Financial Review on pages 35 to 41, the Group\u2019s financial risk management objectives and exposures to liquidity and other financial risks as set out in note 21 and the principal risks and uncertainties as set out on pages 58 to 65. The Group continues to maintain a robust financial position providing it with sufficient access to liquidity, through a combination of cash and committed facilities, to meet its needs in the short and medium term. At 1 April 2023, the Group had available liquidity of \u00a31,942.9m (last year: \u00a32,072.9m), comprising cash and cash equivalents of \u00a31,067.9m, an undrawn committed syndicated bank revolving credit facility (\u201cRCF\u201d) of \u00a3850.0m (set to mature in June 2026), and undrawn uncommitted facilities amounting to \u00a325.0m. In December 2022, the Group successfully extended its RCF, which now expires in June 2026. The facility contains a financial covenant, being the ratio of earnings before interest, tax, depreciation and amortisation; to net interest and depreciation on right-of-use assets under IFRS 16. The covenant is measured biannually. In adopting the going concern basis of preparation, the Board has assessed the Group\u2019s cash flow forecasts which incorporate a latest estimate of the ongoing impact of current market conditions on the Group and include a number of assumptions, including sales growth and customer behaviour. While trading continues to be strong, in forming its outlook on the future financial performance, the Board considered a variety of downsides that the Group might experience, such as a sustained economic recession and an inability for the Group to execute the transformation plan. Under these latest forecasts, the Group is able to operate without the need to draw on its available facilities and without taking any supplementary mitigating actions, such as reducing capital expenditure and other discretionary spend. The forecast cash flows also indicate that the Group will comply with all relevant banking covenants during the forecast period, being at least 12 months from the approval of the financial statements. The Board has modelled a severe, but plausible, downside scenario. This downside scenario assumes that: \u2013 There will be a period of economic recession in the UK in 2023/24, resulting in a decline in sales of 2.0 \u2013 2.5% and a decline in gross profit margin of 0.5 \u2013 1.0% across both Food and Clothing & Home business units. \u2013 A delay in transformation benefits results in incremental sales expected from the transformation declining by 7.5%, 15% and 30% respectively across the three-year period across all three business units. \u2013 In addition, Ocado Retail Limited experiences limited customer demand, with no volume growth in 2023/24 and volumes remaining subdued in 2024/25 and 2025/26. Even under this severe, but plausible, downside scenario, the Group would continue to have sufficient liquidity and headroom on its existing facilities and against the RCF financial covenant for the forecast period. Although, should such a scenario arise, there is a range of mitigating actions that could be taken to reduce the impact. Given current trading and expectations for the business, the Board considers that this downside scenario reflects a plausible, but remote, outcome for the Group. In addition, reverse stress testing has been applied to the model to determine the decline in sales that the Group could absorb before exhausting the Group\u2019s total liquidity. Such a scenario, and the sequence of events which could lead to it, are considered to be extremely remote. As a result, the Board expects the Group to have adequate resources to continue in operation, meet its liabilities as they fall due, retain sufficient available cash and not breach the covenant under the revolving credit facility for the foreseeable future, being a period of at least 12 months from the approval of the financial statements. The Board therefore considers it appropriate for the Group to adopt the going concern basis in preparing its financial statements. New accounting standards adopted by the Group The Group has applied the following new standards and interpretations for the first time for the annual reporting period commencing 3 April 2022: \u2013 Amendments to IAS 37: Onerous Contracts \u2013 Cost of Fulfilling a Contract. \u2013 Amendments to IFRS 3: Reference to the Conceptual Framework. \u2013 Amendments to IAS 16: Property, Plant and Equipment \u2013 Proceeds before Intended Use. \u2013 Annual Improvements to IFRS Standards 2018-2020 Cycle: Amendments to IFRS 1 First-time Adoption of International Financial Reporting Standards, IFRS 9 Financial Instruments, IFRS 16 Leases and IAS 41 Agriculture. The adoption of the standards and interpretations listed above has not led to any changes to the Group\u2019s accounting policies or had any other material impact on the financial position or performance of the Group. New accounting standards in issue but not yet effective New standards and interpretations that are in issue, but not yet effective, are listed below: \u2013 IFRS 17 Insurance Contracts. \u2013 Amendments to IAS 1: Classification of Liabilities as Current or Non-Current. \u2013 Amendments to IAS 1 and IFRS Practice Statement 2: Disclosure of Accounting Policies. \u2013 Amendments to IAS 8: Definition of Accounting Estimates. \u2013 Amendments to IAS 12: Deferred Tax Related to Assets and Liabilities arising from a Single Transaction. \u2013 Amendments to IFRS 10 and IAS 28: Sale or Contribution of Assets between an Investor and its Associate or Joint Venture. The adoption of the above standards and interpretations is not expected to lead to any changes to the Group\u2019s accounting policies nor have any other material impact on the financial position or performance of the Group. Alternative performance measures In reporting financial information, the Group presents alternative performance measures (\u201cAPMs\u201d), which are not defined or specified under the requirements of IFRS. The Group believes that these APMs, which are not considered to be a substitute for, or superior to, IFRS measures, provide stakeholders with additional helpful information on the performance of the business. These APMs are consistent with how the business performance is planned and reported within the internal management reporting to the Board and Executive Committee. Some of these measures are also used for the purpose of setting remuneration targets. The key APMs that the Group uses include: sales; like-for-like sales growth; adjusted operating profit; adjusted operating margin; profit before tax and adjusting items; adjusted basic earnings per share; net debt; net debt excluding lease liabilities; free cash flow; free cash flow from operations; capital expenditure; and return on capital employed. Each of these APMs, and others used by the Group, is set out in the Glossary, including explanations of how they are calculated and how they can be reconciled to a statutory measure where relevant. The Group reports some financial measures, primarily International sales, on both a reported and constant currency basis. The constant currency basis, which is an APM, retranslates the previous year revenues at the average actual periodic exchange rates used in the current financial year. This measure is presented as a means of eliminating the effects of exchange rate fluctuations on the year-on-year reported results. The Group makes certain adjustments to the statutory profit measures in order to derive many of these APMs. The Group\u2019s policy is to exclude items that are considered significant in nature and/or quantum over the total expected life of the programme or are consistent with items that were treated as adjusting in prior periods. The Group\u2019s definition of adjusting items is consistent with prior periods. Adjusted results are consistent with how business performance is measured internally and presented to aid comparability of performance. On this basis, the following items were included within adjusting items for the 52-week period ended 1 April 2023: \u2013 Net charges associated with the strategic programme in relation to the review of the UK store estate. \u2013 Significant restructuring costs and other associated costs arising from strategy or operational changes that are not considered by the Group to be part of the normal operating costs of the business. \u2013 Impairment charges and provisions that are considered to be significant in nature and/or value to the trading performance of the business. \u2013 Charges and reversals of previous impairments arising from the write-off of assets and other property charges that are significant in nature and/or value. Impairment charges are recognised in adjusted operating profit where they relate to stores not previously impaired or do not otherwise meet the Group\u2019s adjusting items policy. \u2013 Adjustments to income from M&S Bank due to a provision recognised by M&S Bank for the cost of providing redress to customers in respect of possible mis-selling of M&S Bank financial products. \u2013 Amortisation of the identified intangible assets arising as part of the investment in Ocado Retail Limited. \u2013 Remeasurement of Ocado Retail Limited contingent consideration. \u2013 Directly attributable gains and expenses resulting from the Covid-19 pandemic. \u2013 Significant costs relating to the acquisition of Gist Limited. 1 \u2013 Net finance costs incurred in relation to Gist Limited deferred and contingent consideration. 1 1 As a result of the acquisition of Gist Limited during the year, these items have been included within adjusting items for the first time. Refer to note 5 for a summary of the adjusting items. A summary of the Company\u2019s and the Group\u2019s accounting policies is given below. Accounting convention The financial statements are drawn up on the historical cost basis of accounting, except for certain financial instruments (including derivative instruments) and plan assets of defined benefit pension schemes which are measured at fair value at the end of each reporting period, as explained in the accounting policies below. Basis of consolidation The Group financial statements incorporate the financial statements of Marks and Spencer Group plc and all its subsidiaries made up to the period end date. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used in line with those used by the Group. Subsidiaries Subsidiary undertakings are all entities (including special purpose entities) over which the Company has control. Control is achieved when the Company has the power over the entity; is exposed, or has rights to, variable returns from its involvement with the entity; and has the ability to use its power to affect its returns. The Company reassesses whether or not it controls an entity if facts and circumstances indicate that there are changes to one or more of these three elements of control. Consolidation of a subsidiary begins when the Company obtains control over the subsidiary and ceases when the Company loses control of the subsidiary. Subsidiary undertakings acquired during the year are recorded using the acquisition method of accounting and their results are included from the date of acquisition. The separable net assets, including property, plant and equipment and intangible assets, of the newly acquired subsidiary undertakings are incorporated into the consolidated financial statements on the basis of the fair value as at the effective date of control. Intercompany transactions, balances, and unrealised gains on transactions between Group companies are eliminated on consolidation. Associates An associate is an entity over which the Group has significant influence and that is neither a subsidiary nor an interest in a joint venture. Significant influence is the power to participate in the financial and operating policy decisions of the investee but is not control nor joint control over those policies. The results and assets and liabilities of associates are incorporated in these financial statements using the equity method of accounting. Under the equity method, an investment in an associate is recognised initially in the consolidated statement of financial position at cost and adjusted thereafter to recognise the Group\u2019s share of the profit or loss and other comprehensive income of the associate. When the Group\u2019s share of losses of an associate exceeds the Group\u2019s interest in that associate (which includes any long-term interests that, in substance, form part of the Group\u2019s net investment in the associate), the Group discontinues recognising its share of further losses. Additional losses are recognised only to the extent that the Group has incurred legal or constructive obligations or made payments on behalf of the associate. Dividends received or receivable from an associate are recognised as a reduction in the carrying amount of the investment. Associated undertakings acquired during the year are recorded using the equity method of accounting and their results are included from the date of acquisition. On acquisition of the investment in an associate, any excess of the cost of the investment over the Group\u2019s share of the net fair value of the identifiable assets and liabilities of the investee is recognised as goodwill, which is included within the carrying amount of the investment. Any excess of the Group\u2019s share of the net fair value of the identifiable assets and liabilities over the cost of the investment, after reassessment, is recognised immediately in profit or loss in the period in which the investment is acquired. The Group\u2019s share of the net fair value of identified intangible assets is amortised over the expected useful economic life of the assets. The requirements of IAS 36 are applied to determine whether it is necessary to recognise any impairment loss with respect to the Group\u2019s investment in an associate. When necessary, the entire carrying amount of the investment (including goodwill) is tested for impairment in accordance with IAS 36 as a single asset by comparing its recoverable amount (higher of value in use and fair value less costs of disposal) with its carrying amount. When a Group company transacts with an associate of the Group, profits and losses resulting from the transactions with the associate are recognised only to the extent of interests in the associate that are not related to the Group. Revenue Revenue comprises sales of goods to customers outside the Group less an appropriate deduction for actual and expected returns, discounts and loyalty scheme vouchers, and is stated net of value added tax and other sales taxes. Revenue is recognised when performance obligations are satisfied and goods are delivered to our franchise partners or the customer and the control of goods is transferred to the buyer. Online sales are recognised when items are delivered, as this is when the performance obligation is deemed to have been satisfied. Where third-party branded goods are sold on a consignment basis, only the commission receivable is included in statutory revenue. A right of return is not a separate performance obligation and the Group is required to recognise revenue net of estimated returns. A refund liability and a corresponding asset in inventory representing the right to recover products from the customer are recognised. The Group enters into agreements which entitle other parties to operate under the Marks & Spencer brand name for certain activities and operations, such as M&S Bank and M&S Energy. These contracts give rise to performance-based variable consideration. Income dependent on the performance of the third-party operations is recognised when it is highly probable that a significant reversal in the amount of income recognised will not occur, and presented as other operating income. Revenue from the rendering of supply chain services is recognised when a performance obligation is satisfied. Supplier income In line with industry practice, the Group enters into agreements with suppliers to share the costs and benefits of promotional activity and volume growth. The Group receives income from its suppliers based on specific agreements in place. Supplier income received is recognised as a deduction from cost of sales based on the entitlement that has been earned up to the balance sheet date for each relevant supplier agreement. Marketing contributions, equipment hire and other non-judgmental, fixed rate supplier charges are not included in the Group\u2019s definition of supplier income. The types of supplier income recognised by the Group and the associated recognition policies are: A. Promotional contribution Includes supplier contributions to promotional giveaways and pre-agreed contributions to annual \u201cspend and save\u201d activity. Income is recognised as a deduction to cost of sales over the relevant promotional period. Income is calculated and invoiced at the end of the promotional period based on actual sales or according to fixed contribution arrangements. Contributions earned, but not invoiced, are accrued at the end of the relevant period. B. Volume-based rebates Includes annual growth incentives, seasonal contributions and contributions to share economies of scale resulting from moving product supply. Annual growth incentives are calculated and invoiced at the end of the financial year, once earned, based on fixed percentage growth targets agreed for each supplier at the beginning of the year. They are recognised as a reduction in cost of sales in the year to which they relate. Other volume-based rebates are agreed with the supplier and spread over the relevant season/contract period to which they relate. Contributions earned, but not invoiced, are accrued at the end of the relevant period. Uncollected supplier income at the balance sheet date is classified within the financial statements as follows: A. Trade and other payables The majority of income due from suppliers is net against amounts owed to that supplier as the Group has the legal right and intention to offset these balances. B. Trade and other receivables Supplier income that has been earned, but not invoiced, at the balance sheet date is recognised in trade and other receivables and primarily relates to volume-based rebates that run up to the period end. In order to provide users of the accounts with greater understanding in this area, additional balance sheet disclosure is provided in note 17 to the financial statements. M&S Bank The Group has an economic interest in M&S Bank which entitles the Group to a 50% share of the profits of M&S Bank after appropriate contractual deductions. Dividends Final dividends are recorded in the financial statements in the period in which they are approved by the Company\u2019s shareholders. Interim dividends are recorded in the period in which they are approved and paid. Government grants Government grants are recognised where there is reasonable assurance that the grants will be received and that the Group will comply with the conditions attached to them. Government grants that compensate the Group for expenses incurred are recognised in profit or loss, as a deduction against the related expense, over the periods necessary to match them with the related costs. Government grant income is disclosed in note 30. Pensions Funded pension plans are in place for the Group\u2019s UK employees and some overseas employees. For defined benefit (\u201cDB\u201d) pension schemes, the difference between the fair value of the assets and the present value of the DB obligation is recognised as an asset or liability in the statement of financial position. The DB obligation is actuarially calculated
using the projected unit credit method. An asset can be recognised
as, in the event of a plan wind-up, the pension scheme rules
provide the Group with an unconditional right to a refund of
surplus assets, assuming a full settlement of plan liabilities. In the
ordinary course of business, the Trustees have no rights to wind-up
or change, the benefits due to the members of the scheme. As a
result, any net surplus in the UK DB scheme is recognised in full.
The service cost of providing retirement benefits to employees
during the year, together with the cost of any curtailment, is
charged to operating profit in the year. The Group no longer incurs
any service cost or curtailment costs related to the UK DB Pension
Scheme as the scheme is closed to future accrual.
The net interest cost on the net retirement benefit asset/liability is
calculated by applying the discount rate, measured at the
beginning of the year, to the net defined benefit asset/liability and
is included as a single net amount in finance income.
Remeasurements, being actuarial gains and losses, together with
the difference between actual investment returns and the return
implied by the net interest cost, are recognised immediately in
other comprehensive income.
Payments to defined contribution retirement benefit schemes are
charged as an expense on an accruals basis.
For further details on pension schemes and the partnership
liability to the Marks & Spencer UK Pension scheme, see notes
11 and 12.
Intangible assets
A. Goodwill Goodwill arising on consolidation represents the
excess of the consideration paid and the amount of any non-
controlling interest in the acquiree over the fair value of the
identifiable assets and liabilities (including intangible assets)
of the acquired entity at the date of the acquisition. Goodwill is
recognised as an asset and assessed for impairment annually or
as triggering events occur. Any impairment in value is recognised
within the income statement.
B. Acquired intangible assets Acquired intangible assets include
trademarks or brands. These assets are capitalised on acquisition
at cost and amortised on a straight-line basis over their estimated
useful lives.
Acquired intangible assets are tested for impairment as triggering
events occur. Any impairment in value is recognised within the
income statement.
C. Software intangibles Where computer software is not an
integral part of a related item of computer hardware, the software
is treated as an intangible asset. Capitalised software costs include
external direct costs of goods and services, as well as internal
payroll-related costs for employees who are directly associated
with the project. When the Group incurs configuration and
customisation costs as part of a cloud-based software-as-a-
service agreement, and where this does not result in the creation
of an asset which the Group has control over, then these costs
are expensed.
Capitalised software development costs are amortised on a
straight-line basis over their expected economic lives, normally
between three and five years. Computer software under
development is held at cost less any recognised impairment
loss. Any impairment in value is recognised within the
income statement.
Property, plant and equipment
The Group\u2019s policy is to state property, plant and equipment
at cost less accumulated depreciation and any recognised
impairment loss. Property is not revalued for accounting purposes.
Assets in the course of construction are held at cost less any
recognised impairment loss. Costs include professional fees and,
for qualifying assets, borrowing costs. Leasehold buildings with
lease premiums and ongoing peppercorn lease payments are
considered in-substance purchases and are therefore included
within the buildings category of property, plant and equipment.
Depreciation is provided to write off the cost of tangible non-
current assets (including investment properties), less estimated
residual values on a straight-line basis as follows:
\u2013 Freehold land \u2013 not depreciated.
\u2013 Buildings \u2013 depreciated to their residual value over their
estimated remaining economic lives of 10-50 years.
\u2013 Fixtures, fittings and equipment \u2013 three to 25 years, according
to the estimated economic life of the asset.
Residual values and useful economic lives are reviewed annually.
Depreciation is charged on all additions to, or disposals of,
depreciating assets in the year of purchase or disposal.
Any impairment in value, or reversal of an impairment, is
recognised within the income statement.
Leasing
The Group recognises a right-of-use asset and corresponding
liability at the date at which a leased asset is made available for use
by the Group, except for short-term leases (defined as leases with a
lease term of 12 months or less) and leases of low-value assets. For
these leases, the Group recognises the lease payments as an
operating expense on a straight-line basis over the term of
the lease.
Lease liabilities are measured at the present value of the future
lease payments, excluding any payments relating to non-lease
components. Future lease payments include fixed payments,
in-substance fixed payments, and variable lease payments that
are based on an index or a rate, less any lease incentives receivable.
Lease liabilities also take into account amounts payable under
residual value guarantees and payments to exercise options to
the extent that it is reasonably certain that such payments will be
made. The payments are discounted at the rate implicit in the lease
or, where that cannot be readily determined, at an incremental
borrowing rate.
Right-of-use assets are measured initially at cost based on the
value of the associated lease liability, adjusted for any payments
made before inception, initial direct costs and an estimate of the
dismantling, removal and restoration costs required in the terms
of the lease. The Group presents right-of-use assets in \u201cproperty,
plant and equipment\u201d in the consolidated statement of
financial position.
Subsequent to initial recognition, the lease liability is reduced for
payments made and increased to reflect interest on the lease
liability (using the effective interest method). The related right-of-
use asset is depreciated over the term of the lease or, if shorter, the
useful economic life of the leased asset. The lease term shall
include the period of an extension option where it is reasonably
certain that the option will be exercised. Where the lease contains
a purchase option, the asset is written off over the useful life of the
asset when it is reasonably certain that the purchase option will
be exercised.
The Group remeasures the lease liability (and makes a
corresponding adjustment to the related right-of-use
asset) whenever:
\u2013 The lease term has changed or there is a change in the
assessment of exercise of a purchase option, in which case the
lease liability is remeasured by discounting the revised lease
payments using a revised discount rate.
\u2013 The lease payments change due to changes in an index or rate
or a change in expected payment under a guaranteed residual
value, in which cases the lease liability is remeasured by
discounting the revised lease payments using the initial discount
rate (unless the lease payments change is due to a change in
a floating interest rate, in which case a revised discount rate
is used).
\u2013 A lease contract is modified and the lease modification is not
accounted for as a separate lease, in which case the lease liability
is remeasured by discounting the revised lease payments using
a revised discount rate.
Leases for which the Group is a lessor are classified as finance or
operating leases. A lease is classified as a finance lease if it
transfers substantially all the risks and rewards of ownership to the
lessee, and classified as an operating lease if it does not. When the
Group is an intermediate lessor, it accounts for the head lease and
the sublease as two separate contracts. The sublease is classified
as a finance or operating lease by reference to the right-of-use
asset arising from the head lease.
Amounts due from lessees under finance leases are recognised as
receivables at the amount of the Group\u2019s net investment in the
leases. Finance lease income is allocated to accounting periods so
as to reflect a constant periodic rate of return on the Group\u2019s net
investment in the lease. Rental income from operating leases
is recognised on a straight-line basis over the term of the
relevant lease.
Cash and cash equivalents
Cash and cash equivalents includes short-term deposits with
banks and other financial institutions, with an initial maturity
of three months or less, money market funds and credit card
payments received within 48 hours. Bank transactions are
recorded on their settlement date.
Inventories
Inventories are valued on a weighted average cost basis and carried
at the lower of cost and net realisable value. Cost includes all direct
expenditure and other attributable costs incurred in bringing
inventories to their present location and condition. All inventories
are finished goods. Certain purchases of inventories may be
subject to cash flow hedges for foreign exchange risk. The initial
cost of hedged inventory is adjusted by the associated hedging
gain or loss transferred from the cash flow hedge reserve
(\u201cbasis adjustment\u201d).
Provisions
Provisions are recognised when the Group has a present 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
best estimate of the expenditure required to settle the obligation
at the end of the reporting period, and are discounted to present
value where the effect is material.
Share-based payments
The Group issues equity-settled share-based payments to certain
employees. A fair value for the equity-settled share awards is
measured at the date of grant. The Group measures the fair value
of each award using the Black-Scholes model where appropriate.
The fair value of each award is recognised as an expense over the
vesting period on a straight-line basis, after allowing for an
estimate of the share awards that will eventually vest. The level of
vesting is reviewed at each reporting period and the charge is
adjusted to reflect actual and estimated levels of vesting.
Foreign currencies
The financial statements are presented in sterling which is the
Company\u2019s functional currency.
The results of overseas subsidiaries are translated at the weighted
average of monthly exchange rates for revenue and profits. The
statements of financial position of overseas subsidiaries are
translated at year-end exchange rates. The resulting exchange
differences are booked into reserves and reported in the
consolidated statement of comprehensive income. On disposal
of an overseas subsidiary the related cumulative translation
differences recognised in reserves are reclassified to profit or loss
and are recognised as part of the gain or loss on disposal.
Transactions denominated in foreign currencies are translated at
the exchange rate at the date of the transaction. Foreign currency
monetary assets and liabilities held at the end of the reporting
period are translated at the closing balance sheet rate. The
resulting exchange gain or loss is recognised within the
income statement.
Taxation
Tax expense comprises current and deferred tax. Tax is recognised
in the income statement, except to the extent that it relates to
items recognised in other comprehensive income or directly in
equity, in which case the related tax is recognised in other
comprehensive income or directly in equity.
Provision is made for uncertain tax positions when it is considered
probable that there will be a future outflow of funds to a tax
authority. The provision is calculated using the single best estimate
where that outcome is more likely than not and a weighted average
probability in other circumstances. The position is reviewed on an
ongoing basis, to ensure appropriate provision is made for each
known tax risk.
Deferred tax is accounted for using a temporary difference
approach, and is the tax expected to be payable or recoverable
on temporary differences between the carrying amount of assets
and liabilities in the statement of financial position and the
corresponding tax bases used in the computation of taxable profit.
Deferred tax is calculated based on the expected manner of
realisation or settlement of the carrying amount of assets and
liabilities, applying tax rates and laws enacted, or substantively
enacted, at the end of the reporting period.
Deferred tax liabilities are generally recognised for all taxable
temporary differences. Deferred tax liabilities are recognised
for taxable temporary differences arising on investments in
subsidiaries, associates and joint ventures, except where the
reversal of the temporary difference can be controlled by the
Group and it is probable that the difference will not reverse in
the foreseeable future. In addition, deferred tax liabilities are not
recognised on temporary differences that arise from goodwill
which is not deductible for tax purposes.
Deferred tax assets are recognised to the extent that it is probable
that taxable profits will be available against which the deductible
temporary differences can be utilised. The carrying amount of
deferred tax assets is reviewed at the end of each reporting
period 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 assets and liabilities are not recognised in respect
of temporary differences that arise on initial recognition of assets
and liabilities acquired other than in a business combination.
Financial instruments
Financial assets and liabilities are recognised in the Group\u2019s
statement of financial position when the Group becomes a party
to the contractual provisions of the instrument. Financial assets
are initially classified as at fair value through profit and loss, fair
value through other comprehensive income or amortised cost
depending on the Group\u2019s business model for managing the
financial asset and its cash flow characteristics. Financial assets
that are held for collection of contractual cash flows, where those
cash flows represent solely payments of principal and interest, are
measured at amortised cost.
The table below sets out the Group\u2019s accounting classification of each class of its financial assets and liabilities: Note Measurement Financial assets: Other investments 16 FVTPL 1 Loans to related parties 17 Amortised cost Trade receivables 17 Amortised cost Lease receivables 17 Amortised cost Other receivables 17 Amortised cost Cash and cash equivalents 18 Amortised cost Derivative financial instruments 21 FVTPL Financial liabilities: Borrowings and overdrafts 20 Amortised cost Trade payables 19 Amortised cost Other payables 19 Amortised cost Contingent consideration 19 FVTPL Accruals 19 Amortised cost Lease liabilities 20 Amortised cost Derivative financial instruments 21 FVTPL 1 Fair value through profit or loss A. Trade and other receivables Trade receivables are recorded initially at transaction price and subsequently measured at amortised cost, except those which, due to factoring arrangements, are held within a \u201chold to collect and sell\u201d business model and are measured at fair value through other comprehensive income (\u201cFVOCI\u201d). Trade receivables measured at amortised cost are carried at nominal value less an allowance for any doubtful debts. The allowance for doubtful debts is recognised based on management\u2019s expectation of losses without regard to whether an impairment trigger happened or not (an \u201cexpected credit loss\u201d model). B. Other financial assets Other financial assets consist of loans receivable, venture capital investments and short-term investments with a maturity date of more than 90 days. Financial assets that do not meet the criteria for being measured at amortised cost are measured at fair value through profit or loss (\u201cFVTPL\u201d) with gains and losses arising from changes in fair value included in the income statement for the period. C. Classification of financial liabilities and equity Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Group after deducting all of its liabilities. D. Bank borrowings Interest-bearing bank loans and overdrafts are initially recorded at fair value, which equals the proceeds received, net of direct issue costs. They are subsequently held at amortised cost. Finance charges, including premiums payable on settlement or redemption and direct issue costs, are accounted for using an effective interest rate method and are added to, or deducted from, the carrying amount of the instrument. E. Loan notes Long-term loans are initially measured at fair value net of direct issue costs and are subsequently held at amortised cost. If the loan is designated in a fair value hedge relationship, the carrying value of the loan is adjusted for fair value gains or losses attributable to the risk being hedged. F. Trade payables Trade payables are recorded initially at fair value and subsequently measured at amortised cost. Generally, this results in their recognition at their nominal value. G. Equity instruments Equity instruments issued by the Group are recorded at the consideration received, net of direct issue costs. Derivative financial instruments and hedging activities The Group primarily uses cross-currency swaps and forward foreign currency contracts to manage its exposures to fluctuations in interest rates and foreign exchange rates. These instruments are initially recognised at fair value on the trade date and are subsequently remeasured at their fair value at the end of the reporting period. The method of recognising the resulting gain or loss is dependent on whether the derivative is designated as a hedging instrument and the nature of the item being hedged. The Group designates certain hedging derivatives as either: \u2013 A hedge of a highly probable forecast transaction or change in the cash flows of a recognised asset or liability (a cash flow hedge); or \u2013 A hedge of the exposure to change in the fair value of a recognised asset or liability (a fair value hedge). At the inception of a hedging relationship, the hedging instrument and the hedged item are documented, along with the risk management objectives and strategy for undertaking various hedge transactions and prospective effectiveness testing is performed. During the life of the hedging relationship, prospective effectiveness testing is performed to ensure that the instrument remains an effective hedge of the transaction. 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. A. Cash flow hedges Changes in the fair value of derivative financial instruments that are designated and effective as hedges of future cash flows are recognised in other comprehensive income. The element of the change in fair value which relates to the foreign currency basis spread is recognised in the cost of hedging reserve, with the remaining change in fair value recognised in the hedging reserve and any ineffective portion is recognised immediately in the income statement in finance costs. If the firm commitment or forecast transaction that is the subject of a cash flow hedge results in the recognition of a non-financial asset or liability, then, at the time the asset or liability is recognised, the associated gains or losses on the derivative that had previously been recognised in other comprehensive income and accumulated in the cash flow hedge reserve are removed directly from equity and included in the initial measurement of the asset or liability. If the hedged item is transaction-related, the foreign currency basis spread is reclassified to profit or loss when the hedged item affects profit or loss. If the hedged item is time-period related, then the amount accumulated in the cost of hedging reserve is reclassified to profit or loss on a systematic and rational basis. Those reclassified amounts are recognised in profit or loss in the same line as the hedged item. If the hedged item is a non-financial item, then the amount accumulated in the cost of hedging reserve is removed directly from equity and included in the initial carrying amount of the recognised non-financial item. For hedges that do not result in the recognition of an asset or a liability, amounts deferred in the cash flow hedge reserve are recognised in the income statement in the same period in which the hedged items affect net profit or loss. B. Fair value hedges Changes in the fair value of a derivative instrument designated in a fair value hedge are recognised in the income statement. The hedged item is adjusted for changes in fair value attributable to the risk being hedged with the corresponding entry 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. C. Discontinuance of hedge accounting Hedge accounting is discontinued when the hedge relationship no longer qualifies for hedge accounting. This includes when the hedging instrument expires, is sold, terminated or exercised, or when occurrence of the
forecast transaction is no longer highly probable. The Group
cannot voluntarily de-designate a hedging relationship.
When a cash flow hedge is discontinued, any cumulative gain or
loss on the hedging instrument accumulated in the cash flow
hedge reserve is retained in equity until the forecast transaction
occurs. Subsequent changes in the fair value are recognised in the
income statement. If a hedged transaction is no longer expected
to occur, the net cumulative gain or loss accumulated in the cash
flow hedge reserve is transferred to the income statement for
the period.
When a fair value hedge is discontinued, the fair value adjustment
to the carrying amount of the hedged item arising from the
hedged risk is amortised to the income statement based on
the recalculated effective interest rate at that date.
The Group does not use derivatives to hedge income statement
translation exposures.
Reserves
The following describes the nature and purpose of each reserve
within equity:
A. Share premium account Proceeds received in excess of the
nominal value of shares issued, net of any transaction costs.
B. Capital redemption reserve Amounts transferred from share
capital on redemption or repurchase of issued shares.
C. Hedging reserve Cumulative gains and losses on hedging
instruments deemed effective in cash flow hedges.
D. Cost of hedging Cumulative gains and losses on the portion
excluded from the designated hedging instrument that relates
to changes in the foreign currency basis.
E. Other reserve Originally created as part of the capital
restructuring that took place in 2002. It represents the difference
between the nominal value of the shares issued prior to the capital
reduction by the Company (being the carrying value of the
investment in Marks and Spencer plc) and the share capital, share
premium and capital redemption reserve of Marks and Spencer plc
at the date of the transaction.
F. Foreign exchange reserve Gains and losses arising on
retranslating the net assets of overseas operations into sterling.
G. Retained earnings All other net gains and losses and
transactions with owners (e.g. dividends) not recognised elsewhere.
Critical accounting judgments and key sources of estimation
uncertainty
The preparation of consolidated financial statements requires
the Group to make estimates and judgments that affect the
application of policies and reported amounts.
Critical judgments represent key decisions made by management
in the application of the Group accounting policies. Where a
significant risk of materially different outcomes exists due to
management assumptions or sources of estimation uncertainty,
this will represent a key source of estimation uncertainty. Estimates
and judgments are continually evaluated and are based on
historical experience and other factors, including expectations
of future events that are believed to be reasonable under the
circumstances. Actual results may differ from these estimates.
The estimates which have a significant risk of causing a material
adjustment to the carrying amount of assets and liabilities within
the next 12 months are discussed below.
Critical accounting judgments
Adjusting items
The directors believe that the adjusted profit and earnings per
share measures provide additional useful information to
shareholders on the performance of the business. These measures
are consistent with how business performance is measured
internally by the Board and Executive Committee. The profit
before tax and adjusting items measure is not a recognised profit
measure under IFRS and may not be directly comparable with
adjusted profit measures used by other companies. The
classification of adjusting items requires significant management
judgment after considering the nature and intentions of a
transaction. The Group\u2019s definitions of adjusting items are outlined
within both the Group accounting policies and the Glossary. These
definitions have been applied consistently year on year.
Note 5 provides further details on current year adjusting items
and their adherence to Group policy.
UK defined benefit pension surplus
Where a surplus on a defined benefit scheme arises, the rights
of the Trustees to prevent the Group obtaining a refund of that
surplus in the future are considered in determining whether it is
necessary to restrict the amount of the surplus that is recognised.
The UK defined benefit scheme is in surplus at 1 April 2023.
Following consultation with external advisers, the directors have
made the judgment that these amounts meet the requirements of
recoverability on the basis that paragraph 11(b) of IFRIC 14 applies,
enabling a refund of surplus assuming the gradual settlement of
the scheme liabilities over time until all members have left the
scheme, and a surplus of \u00a3482.0m has been recognised.
Assessment of control over Ocado Retail Limited
The directors have assessed that the Group has significant
influence over Ocado Retail Limited and has therefore accounted
for the investment as an associate (see note 29). This assessment is
based on the current rights held by the respective shareholders
and requires judgment in assessing these rights. These rights
include determinative rights currently held by Ocado Group plc,
after agreed dispute resolution procedures, in relation to the
approval of the Ocado Retail Limited business plan and budget
and the appointment and removal of Ocado Retail Limited\u2019s Chief
Executive Officer. Any future change to these rights requires a
reassessment of control and could result in a change in the status
of the investment from associate to joint venture, subsidiary
or investment.
Determining the lease term
The Group determines the lease term as the non-cancellable
term of the lease, together with any periods covered by an option
to extend the lease if it is reasonably certain to be exercised, or
any periods covered by an option to terminate the lease if it is
reasonably certain not to be exercised.
The Group has several lease contracts for land and buildings that
include extension and termination options. The Group applies
judgment in evaluating whether it is reasonably certain whether or
not to exercise the option to renew or terminate the lease. That is, it
considers all relevant factors that create an economic incentive for
it to exercise either the renewal or termination, including: whether
there are significant penalties to terminate (or not extend); whether
any leasehold improvements are expected to have a significant
remaining value; historical lease durations; the importance of the
underlying asset to the Group\u2019s operations; and the costs and
business disruption required to replace the leased asset.
Most renewal periods and periods covered by termination options
are included as part of the lease term for leases of land and
buildings. The Group typically exercises its option to renew (or does
not exercise its option to terminate) for these leases because there
will be a significant negative effect on trading if a replacement
property is not readily available.
The lease term is reassessed if a significant event or a significant
change in circumstances occurs which affects the assessment of
reasonable certainty, for example if a store is identified to be
closed as part of the UK store estate strategic programme.
Determining whether forecast purchases are highly probable
The Group is exposed to foreign currency risk, most significantly to
the US dollar as a result of sourcing Clothing & Home products
from Asia which are paid for predominantly in US dollars. The
Group hedges these exposures using forward foreign exchange
contracts and hedge accounting is applied when the requirements
of IFRS 9 are met, which include that a forecast transaction must be
\u201chighly probable\u201d.
The Group has applied judgment in assessing whether forecast
purchases are \u201chighly probable\u201d. In making this assessment, the
Group has considered the most recent budgets and plans. The
Group\u2019s policy is a \u201clayered\u201d hedging strategy where only a small
fraction of the forecast purchase requirements is initially hedged,
with incremental hedges layered on over time as the buying period
for that season approaches and therefore as certainty increases
over the forecast purchases. As a result of this progressive
strategy, a reduction in the supply pipeline of inventory does not
immediately lead to over-hedging and the disqualification of
\u201chighly probable\u201d. If the forecast transactions were no longer
expected to occur, any accumulated gain or loss on the hedging
instruments would be immediately reclassified to profit or loss.
Key sources of estimation uncertainty
Climate change impact
In preparing the consolidated financial statements, the Group
has considered the impact of climate change, particularly in the
context of the TCFD disclosures set out on pages 44 to 55 and the
Group\u2019s sustainability targets. The Group\u2019s existing fixed asset
replacement programme is phased over several years and
therefore any changes in the requirements associated with climate
change would not have a material impact in any given year. The
costs expected to be incurred in connection with the Group\u2019s
commitments are included within the Group\u2019s budget and
three-year plan which have been used to support the impairment
reviews of non-current assets and the going concern and viability
assessments. Further disclosures in relation to the impact of
climate change on the impairment assessment of intangibles and
property, plant and equipment are included in notes 14 and 15.
Given the identified risks are expected to be present in the medium
to long term, the impact of climate change on the going concern
period and viability of the Group over the next three years is not
expected to be material and is therefore not currently classified as
a key source of estimation uncertainty.
UK store estate programme
The Group is undertaking a significant strategic programme to
review its UK store estate, resulting in a net charge of \u00a351.3m (last
year: \u00a3161.4m) in the year. A significant level of estimation has been
used to determine the charges to be recognised in the year. The
most significant judgment that impacts the charge is that the
stores identified as part of the programme are more likely than not
to close. Further significant closure costs and impairment charges
may be recorded in future years, depending on decisions made
about further store closures and the successful delivery of the
transformation programme.
Where a store closure has been announced, there is a reduced level
of estimation uncertainty as the programme actions are to be
taken over a shorter and more immediate timeframe. Further
significant estimation uncertainty arises in respect of determining
the recoverable amount of assets and the costs to be incurred
as part of the programme. Significant assumptions have been
made including:
\u2013 Reassessment of the useful lives of store fixed assets and
closure dates.
\u2013 Estimation in respect of the expected shorter-term trading
value in use, including assumptions with regard to the period
of trading as well as changes to future sales, gross margin
and operating costs.
\u2013 Estimation of the sale proceeds for freehold stores which is
dependent upon location-specific factors, timing of likely exit
and future changes to the UK retail property market valuations.
\u2013 Estimation of the value of dilapidation payments required for
leasehold store exits, which is dependent on a number of factors
including the extent of modifications of the store, the terms of
the lease agreement, and the condition of the property.
The assumptions most likely to have a material impact are
closure dates and changes to future sales. See notes 5 and 15
for further detail.
Impairment of property, plant and equipment
Property, plant and equipment are reviewed for impairment if
events or changes in circumstances indicate that the carrying
amount may not be recoverable. When a review for impairment is
conducted, the recoverable amount is determined based on the
higher of value in use and fair value less costs to sell. The value in
use method requires the Group to determine appropriate
assumptions in relation to the cash flow projections over the
three-year strategic plan period (which is a key source of
estimation uncertainty), the long-term growth rate to be applied
beyond this three-year period and the risk-adjusted pre-tax
discount rate used to discount the assumed cash flows to present
value. See note 15 for further details on the Group\u2019s assumptions
and associated sensitivities.
Post-retirement benefits
The determination of pension net interest income and the defined
benefit obligation of the Group\u2019s defined benefit pension schemes
depends on the selection of certain assumptions which include the
discount rate, inflation rate and mortality rates. Differences arising
from actual experiences or future changes in assumptions will be
reflected in subsequent periods. The fair value of unquoted
investments within total plan assets is estimated with
consideration of fair value estimates provided by the manager of
the investment or fund. See note 11 for further details on the
impact of changes in the key assumptions and estimates.
Remeasurement of Ocado contingent consideration
Contingent consideration, resulting from the investment in Ocado
Retail Limited, is remeasured at fair value at each reporting date.
The fair value of the contingent consideration has been estimated
using the expected present value technique and is based on
probability weighting possible scenarios and applying an
appropriate discount rate to reflect the timing of the possible
payment. The Group has considered a range of scenarios reflecting
current market uncertainty, taking into account Ocado Retail
Limited\u2019s most recent trading update in March 2023. The Group has
determined a fair value of \u00a364.7m (last year: \u00a3172.6m). See note 21
for full details.
2 SEGMENTAL INFORMATION IFRS 8 Operating Segments requires operating segments to be identified on the basis of internal reporting on components of the Group that are regularly reviewed by the chief operating decision-maker to allocate resources to the segments and to assess their performance. The chief operating decision-maker has been identified as the Executive Committee. The Executive Committee reviews the Group\u2019s internal reporting in order to assess performance and allocate resources across each operating segment. The Group\u2019s reportable operating segments have therefore been identified as follows: \u2013 UK Clothing & Home \u2013 comprises the retailing of womenswear, menswear, lingerie, kidswear and home products through UK retail stores and online. \u2013 UK Food \u2013 includes the results of the UK retail food business, UK Food franchise operations and UK supply chain services, with the following five main categories: protein deli and dairy; produce; ambient and in-store bakery; meals, dessert and frozen; and hospitality and \u201cFood on the Move\u201d; and direct sales to Ocado Retail Limited. \u2013 International \u2013 consists of Marks and Spencer owned businesses in Europe and Asia and the international franchise operations. \u2013 Ocado \u2013 includes the Group\u2019s share of profits or losses from the investment in Ocado Retail Limited. Other business activities and operating segments, including M&S Bank and M&S Energy, are combined and presented in \u201cAll other segments\u201d. Finance income and costs are not allocated to segments as each is managed on a centralised basis. The Executive Committee assesses the performance of the operating segments based on a measure of adjusted operating profit. This measurement basis excludes the effects of adjusting items from the operating segments. The following is an analysis of the Group\u2019s revenue and results by reportable segment: 52 weeks ended 1 April 2023 52 weeks ended 2 April 2022 UK Clothing & Home \u00a3m UK Food \u00a3m International \u00a3m Ocado \u00a3m All other segments \u00a3m Group \u00a3m UK Clothing & Home \u00a3m UK Food \u00a3m International \u00a3m Ocado \u00a3m All other segments \u00a3m Group \u00a3m Sales 1 3,715.0 7,218.0 1,055.0 \u2013 \u2013 11,988.0 3,332.2 6,639.6 937.2 \u2013 \u2013 10,909.0 Revenue 3,658.3 7,218.0 1,055.0 \u2013 \u2013 11,931.3 3,308.3 6,639.6 937.2 \u2013 \u2013 10,885.1 Adjusted operating profit/(loss) 2 323.8 248.0 84.8 (29.5) (0.5) 626.6 330.7 277.8 73.6 13.9 13.0 709.0 Finance income before adjusting items 58.1 28.3 Finance costs before adjusting items (202.7) (214.4) Profit/(loss) before tax and adjusting items 323.8 248.0 84.8 (29.5) (0.5) 482.0 330.7 277.8 73.6 13.9 13.0 522.9 Adjusting items (6.3) (131.2) Profit/(loss) before tax 323.8 248.0 84.8 (29.5) (0.5) 475.7 330.7 277.8 73.6 13.9 13.0 391.7 1 Sales is revenue stated prior to adjustments for UK Clothing & Home brand consignment sales of \u00a356.7m (last year: \u00a323.9m). 2 Adjusted operating profit/(loss) is stated as gross profit less operating costs prior to adjusting items. At reportable segment level costs are allocated where directly attributable or based on an appropriate cost driver for the cost. 2 SEGMENTAL INFORMATION CONTINUED Other segmental information 52 weeks ended 1 April 2023 52 weeks ended 2 April 2022 UK Clothing & Home \u00a3m UK Food \u00a3m International \u00a3m Ocado \u00a3m All other segments \u00a3m Group \u00a3m UK Clothing & Home \u00a3m UK Food \u00a3m International \u00a3m Ocado \u00a3m All other segments \u00a3m Group \u00a3m Additions to property, plant and equipment, and intangible assets (excluding goodwill and right-of-use assets) 170.4 221.1 29.9 \u2013 \u2013 421.4 139.2 163.7 18.5 \u2013 \u2013 321.4 Depreciation and amortisation 1,2 (267.9) (274.8) (35.7) \u2013 \u2013 (578.4) (268.1) (248.8) (35.0) \u2013 \u2013 (551.9) Impairment charges, impairment reversals and asset write-offs 1 10.2 6.1 (1.9) \u2013 \u2013 14.4 (37.2) 10.7 (8.0) \u2013 \u2013 (34.5) 1 These costs are allocated to a reportable segment where they are directly attributable. Where costs are not directly attributable, a proportional allocation is made to each segment based on an appropriate cost driver. 2 Includes \u00a33.1m (last year: \u00a30.2m) depreciation and impairments on investment property. Segment assets and liabilities, including investments in associates and joint ventures, are not disclosed because they are not reported to, or reviewed by, the Executive Committee . 3 EXPENSE ANALYSIS 2023 Total \u00a3m 2022 Total \u00a3m Revenue 11,931.3 10,885.1 Cost of sales (7,786.7) (7,130. 3) Gross profit 4,144.6 3,754.8 Selling and administrative expenses (3,609.2) (3,244.1) Other operating income 23.2 80.1 Share of results of Ocado Retail Limited (43.5) (18.6) Operating profit 515.1 572.2 The figures above include \u00a3111.5m (last year: \u00a3136.8m) adjusting item charges within operating profit (see note 5). These are further analysed against the categories of cost of sales (\u00a3nil; last year: \u00a317.0m gain), selling and administrative expenses (\u00a3103.8m; last year: \u00a3155.9m), other operating income (\u00a36.3m; last year: \u00a334.6m) and share of results of Ocado Retail Limited (\u00a314.0m; last year: \u00a332.5m). The selling and administrative expenses are further analysed below: 2023 Total \u00a3m 2022 Total \u00a3m Employee costs 1 1,546.5 1,420.6 Occupancy costs 463.9 344.3 Repairs, renewals and maintenance of property 111.2 122.2 Depreciation, amortisation and asset impairments and write-offs 2 574.7 586.4 IT costs 228.6 212.1 Marketing costs 220.2 209.4 Other costs 3 464.1 349.1 Selling and administrative expenses 3,609.2 3,244.1 1 There are an additional \u00a358.7m (last year: \u00a365.1m) employee costs recorded within cost of sales. These costs are included within the aggregate remuneration disclosures in note 10A. 2 Includes \u00a30.2m (last year: \u00a30.2m) depreciation and \u00a32.9m (last year: \u00a3nil) impairment charged on investment property. 3 Includes costs such as logistics, professional fees and sundry costs. Adjusting items categorised as selling and administrative expenses are further analysed as employee costs \u00a319.0m (last year \u00a30.1m); occupancy costs \u00a38.2m (last year: \u00a35.9m); depreciation, amortisation and asset impairments and write-offs \u00a343.0m (last year: \u00a364.9m); and other costs \u00a333.6m (last year: \u00a385.0m).
4 PROFIT BEFORE TAXATION
The following items have been included in arriving at profit before taxation:
2023
\u00a3m
2022
\u00a3m
Net foreign exchange losses/(gains) 6.7 (14.5)
Cost of inventories recognised as an expense 6,751.3 6,086.3
Write-down of inventories recognised as an expense 266.0 197.6
Depreciation of property, plant and equipment
1
\u2013 owned assets 310.5 290.5
\u2013 right-of-use assets 180.9 167.8
Amortisation of intangible assets 87.0 93.6
Impairments and write-offs of intangible assets and property, plant and equipment
2
31.7 100.1
Impairment reversals of property, plant and equipment (40.2) (62.1)
Impairments of right-of-use assets 14.8 25.4
Impairment reversals of right-of-use assets (14.9) (28.9)
1 Includes \u00a30.2m (last year: \u00a30.2m) depreciation charged on investment property.
2 Includes \u00a32.9m (last year: \u00a3nil) impairment charged on investment property.
Included in administrative expenses is the auditor\u2019s remuneration, including expenses for audit and non-audit services, payable to the
Company\u2019s auditor Deloitte LLP and its associates as follows:
2023
\u00a3m
2022
\u00a3m
Annual audit of the Company and the consolidated financial statements 2.0 1.7
Audit of subsidiary companies 0.7 0.6
Total audit fees 2.7 2.3
Audit-related assurance services 0.3 0.2
Total non-audit services fees 0.3 0.2
Total audit and non-audit services 3.0 2.5
5 ADJUSTING ITEMS
The total adjusting items reported for the 52-week period ended 1 April 2023 is a net charge of \u00a36.3m (last year: \u00a3131.2m). The adjustments
made to reported profit before tax to arrive at adjusted profit are:
Notes
2023
\u00a3m
2022
\u00a3m
Included in operating profit
Strategic programmes \u2013 UK store estate 15, 22 (51.3) (161.4)
Strategic programmes \u2013 Structural simplification 22 (16.4) \u2013
Strategic programmes \u2013 Organisation 17 (10.7) 14.3
Strategic programmes \u2013 UK logistics 15, 22 (10.5) 21.9
Strategic programmes \u2013 International store closures and impairments 22 \u2013 0.4
Store impairments, impairment reversals and other property charges 15, 22 15.1 60.0
Acquisition of Gist Limited (22.1) \u2013
Amortisation and fair value adjustments arising as part of the investment in Ocado
Retail Limited
29 (14.0) (32.5)
M&S Bank charges incurred in relation to the insurance mis-selling provisions (2.0) (16.0)
Franchise restructure 0.4 (41.3)
Directly attributable gains resulting from the Covid-19 pandemic \u2013 17.8
(111.5) (136.8)
Included in net finance income/(costs)
Remeasurement of Ocado Retail Limited contingent consideration 108.0 5.6
Net finance costs incurred in relation to Gist Limited deferred and contingent consideration (2.8) \u2013
105.2 5.6
Adjustments to profit before tax (6.3) (131.2)
Strategic programmes \u2013 UK store estate (\u00a351.3m)
In November 2016, the Group announced a strategic programme to transform and rotate the UK store estate with the overall objective
to improve our store estate to better meet our customers\u2019 needs. The Group incurred charges of \u00a3870m up to April 2023 under this
programme primarily relating to closure costs associated with stores identified as part of the strategic transformation plans.
The Group has recognised a charge of \u00a351.3m in the period in relation to those stores identified as part of the rotation plans. The charge
primarily reflects the latest view of store closure plans and latest assumptions for estimated store closure costs, as well as charges
relating to the impairment of buildings and fixtures and fittings, and depreciation as a result of shortening the useful economic life
of stores based on the most recent approved exit routes.
Further charges relating to the closure and rotation of the UK store estate are anticipated over the next eight years as the programme
progresses, the quantum of which is subject to change throughout the programme period as the Group gets greater certainty of
circumstances that need to be in place to make closure financially viable. Future charges will not include Foodhall closures at a lease
event where there is opportunity for a better location, as this is not in the scope of the programme.
As at 1 April 2023, the total closure programme now consists of 206 stores, 108 of which have already closed. Further charges of c.\u00a3165m
are estimated within the next eight financial years, bringing anticipated total programme costs since 2016 to c.\u00a31bn. In addition, where
store exit routes in the next eight years lead to the recognition of gains on exit, particularly those relating to asset management, these
credits will also be recognised within adjusting items as part of the programme. The anticipated total programme costs to date do not
include any costs that may arise in relation to a further c.30 stores currently under consideration for closure within the next eight years.
At this stage these c.30 stores remain commercially supportable and in the event of a decision to close the store, the exit routes are not
yet certain.
These costs are reported as adjusting items on the basis that they are significant in quantum, relate to a strategic initiative focused
on reviewing our store estate and to aid comparability from one period to the next. The programme includes all stores within the
programme to be closed by 2030/31, but charges in the year, and future charges, did not include Foodhall closures at a lease event
where there is opportunity to secure a better location.
5 ADJUSTING ITEMS CONTINUED
Strategic programmes \u2013 Structural simplification (\u00a316.4m)
During 2022/23, the Group committed to a structural reduction
of its operating costs and a desire to simplify the organisation
and prioritise to mitigate cost increases faced by the business.
As part of this objective, a thorough review has been performed to
restructure and right size the organisation with an in-year focus on
the support functions. As part of the programme, the Group has
incurred \u00a31.3m of consultancy costs. The review of structures has
resulted in a reduction of c.700 roles versus plan across central
support centres, management and stores, with a charge of \u00a316.4m
recognised in the period primarily for redundancy and exit costs
associated with these changes. The provision is expected to be
fully utilised during 2023/24. Further charges of c.\u00a317m are
expected in 2023/24 bringing the total programme cost to
c.\u00a333.4m.
These costs are considered to be adjusting items as the costs are
part of the strategic programme, significant in value and would
distort the year-on-year profitability of the business.
Strategic programmes \u2013 Organisation (\u00a310.7m)
During 2016/17, the Group announced a wide-ranging strategic
review across a number of areas of the business which included UK
organisation and the programme to centralise our London Head
Office functions into one building. In the period, an impairment
charge of \u00a310.7m has been recognised (last year: \u00a314.3m impairment
reversal). This relates to the updating of assumptions and market
fluctuations over the life of the sub-let of previously closed offices.
Total costs of centralising our London Head Office functions into
one building incurred to date are c.\u00a397m. Any future charges/
reversals will relate to the updating of assumptions and market
fluctuations over the life of the sub-let lease to September 2040.
These charges are reported as adjusting items as they are
significant in value, relate to a strategic initiative, are not
considered to be normal operating costs of the business and are
consistent with the disclosure of costs previously recognised.
Strategic programmes \u2013 UK logistics (\u00a310.5m)
In 2017/18, as part of the previously announced long-term strategic
programme to transition to a single-tier UK distribution network,
the Group announced the opening of a new Clothing & Home
distribution centre in Welham Green, Hertfordshire. As a direct
result, the Group announced the closure of two existing
distribution centres. In February 2020, the next phase of the single-
tier programme was announced with the closure of two further
distribution centres across 2020/21 and 2021/22.
In January 2023, the closure of a further distribution centre was
announced for 2023/24. A net charge of \u00a310.5m has been
recognised in the period, reflecting the view of estimated closure
costs. Total programme costs to date are \u00a328.4m with further net
charges of \u00a330.2m expected over the next two financial years.
These charges are reported as adjusting items on the basis that
they are significant in quantum, relate to a strategic initiative
focused on reviewing our UK logistics network and to aid
comparability from one period to the next.
Store impairments, impairment reversals and property
charges (\u00a315.1m credit)
The Group has recognised a number of charges and credits in the
period associated with the carrying value of items of property,
plant and equipment.
The Group has performed impairment testing based on the latest
Board approved budget and three year plan future cash flow
projections for UK and International stores (excluding those stores
that have been captured as part of the UK store estate
programme). As a result, store impairment testing has identified
stores where the current and anticipated future performance does
not support the carrying value of the stores. A charge of \u00a318.0m
(last year: \u00a32.9m) has been incurred primarily in respect of the
impairment of assets associated with these stores. In addition, a
credit of \u00a333.1m (last year: \u00a363.4m) has been recognised for the
reversal of store impairments incurred in previous periods, where
revised future cash flow projections more than support the
carrying value of the stores, reflecting improved trading
expectations compared to those assumed at the prior year end.
Refer to note 15 for further details on the impairments.
The charges/credits have been classified as an adjusting item on
the basis of the significant quantum of the charge/credit in the
period to the results of the Group. Any future charges or reversals
relating to stores previously impaired within adjusting items will
continue to be recognised within adjusting items in line with the
original charge. Any future charges or reversals relating to stores
not previously impaired within adjusting items or otherwise
meeting the Group\u2019s adjusting items policy will be recognised in
the underlying results.
Acquisition of Gist Limited (\u00a322.1m)
On 30 September 2022 the Group completed the acquisition of
Gist Limited from Storeshield Limited, a subsidiary of The BOC
Group Limited, as part of M&S\u2019 multi-year programme to
modernise its Food supply chain network to support growth. As
part of the transaction the Group has incurred \u00a328.3m of one-off
charges that are not considered to be day-to-day operational costs
of the business. Transaction costs of \u00a36.8m have been incurred and
\u00a33.3m of other costs, mainly retention bonuses, along with \u00a318.2m
of charges relating to the settlement of our pre-existing
relationship with Gist Limited. This was offset by a \u00a36.2m gain on
bargain purchase. See note 31 for further details.
These costs are adjusting items as they relate to a major
transaction and, but for the transaction, the business would not
have incurred these costs and as a result are not considered to be
normal operating costs of the business. Further costs are expected
in 2023/24 in relation to the acquisition, such as retention bonuses.
Amortisation and fair value adjustments arising as part of the
investment in Ocado Retail Limited (\u00a314.0m)
Intangible assets of \u00a3366.0m were acquired as part of the
investment in Ocado Retail Limited in 2019/20 relating to the
Ocado brand and acquired customer relationships. These
intangibles are being amortised over their useful economic lives
of 10 \u2013 40 years with an amortisation charge of \u00a317.1m recognised
in the period and a related deferred tax credit of \u00a33.1m.
The amortisation charge and changes in the related deferred tax
liability are included within the Group\u2019s share of the profit or loss of
the associate and are considered to be adjusting items as they are
based on judgments about their value and economic life and are
not related to the Group\u2019s underlying trading performance. These
charges are reported as adjusting items on the basis that they are
significant in quantum and to aid comparability from one period
to the next.
M&S Bank charges incurred in relation to insurance
mis-selling provisions (\u00a32.0m)
The Group has an economic interest in Marks and Spencer Financial
Services plc (trading as M&S Bank), a wholly owned subsidiary of
HSBC UK Bank plc, by way of a Relationship Agreement that
entitles the Group to a 50% share of the profits of M&S Bank after
appropriate deductions. The Group does not share in any losses of
M&S Bank and is not obliged to refund any profit share received
from HSBC, although future income may be impacted by
significant one-off deductions.
Since the year ended 31 December 2010, M&S Bank has recognised
in its audited financial statements an estimated liability for redress
to customers in respect of possible mis-selling of financial
products. The Group\u2019s profit share and fee income from M&S Bank
has been reduced by the deduction of the estimated liability in
both the current and prior years. In line with the accounting treatment under the Relationship Agreement, there is a cap on the amount of charges that can be offset against the profit share in any one year, whereby excess liabilities carried forward are deducted from the Group\u2019s future profit share from M&S Bank. The deduction in the period is \u00a32.0m (last year: \u00a316.0m). The treatment of this in adjusting items is in line with previous charges in relation to settlement of PPI claims and although it is recurring, it is significant in quantum in the context of the total charges recognised for PPI mis-selling to date and is not considered representative of the normal operating performance of the Group. As previously noted, while the August 2019 deadline to raise potential mis-selling claims has now passed, costs relating to the estimated liability for redress are expected to continue. The total charges recognised in adjusting items since September 2012 for PPI is \u00a3324.7m which exceeds the total offset against profit share of \u00a3255.8m to date and this deficit will be deducted from the Group\u2019s share of future profits from M&S Bank. Franchise restructuring (\u00a30.4m credit) In September 2021 the Group announced the closure of 11 franchise stores in France in response to increased EU border costs. Consequently, the Group recognised a charge of \u00a310.3m for closure costs in 2021/22. A provision release of \u00a30.4m has been recognised during the period in relation to the stores in France. No future costs are expected. The costs/credits are considered to be adjusting items as they are one-off in nature and significant in value in total to the results of the Group and to the International segment. Remeasurement of contingent consideration including discount unwind (\u00a3108.0m credit) Contingent consideration, resulting from the investment in Ocado Retail Limited, is remeasured at fair value at each reporting date with the changes in fair value recognised in profit or loss. During 2021/22, \u00a333.8m of contingent consideration was settled, following the achievement of the first and second performance targets. A credit of \u00a3108.0m has been recognised in the period, representing the revaluation of the contingent consideration payable to \u00a364.7m (\u00a357.8m plus interest). See note 21 for further details. The change in fair value is considered to be an adjusting item as it relates to a major transaction and consequently is not considered representative of the normal operating performance of the Group. The remeasurement will be recognised in adjusting items until the final contingent consideration payment is determined in 2024/25. Net finance costs incurred in relation to Gist Limited deferred and contingent consideration (\u00a32.8m) Deferred consideration, resulting from the acquisition of Gist Limited, is held at amortised cost, whilst the contingent consideration is remeasured at fair value at each reporting date with the changes in fair value recognised in profit or loss. A charge of \u00a32.8m has been recognised in the period, representing the discount unwind of the deferred consideration and revaluation of the contingent consideration payable. See note 21 for further details. The discount unwind and change in fair value is considered to be an adjusting item as it relates to a major transaction and consequently is not considered representative of the normal operating performance of the Group. The discount unwind and remeasurement will be recognised in adjusting items until the final payments are made in 2025/26 .
6 FINANCE INCOME/(COSTS)
2023
\u00a3m
2022
\u00a3m
Bank and other interest receivable 22.9 3.7
Other finance income 0.9 5.9
Pension net finance income (see note 11H) 28.7 13.2
Interest income of subleases 5.6 5.5
Finance income before adjusting items 58.1 28.3
Finance income in adjusting items 108.0 5.6
Finance income 166.1 33.9
Other finance costs (6.4) (0.8)
Interest payable on syndicated bank facility (4.5) (4.7)
Interest payable on Medium Term Notes (65.4) (79.6)
Interest payable on lease liabilities (116.7) (121.1)
Unwind of discount on provisions (5.4) (3.8)
Unwind of discount on Partnership liability to the Marks & Spencer UK Pension Scheme (see note 12) (4.3) (4.4)
Finance costs before adjusting items (202.7) (214.4)
Finance costs in adjusting items (2.8) \u2013
Finance costs (205.5) (214.4)
Net finance costs (39.4) (180.5)
7 INCOME TAX EXPENSE
A. Taxation charge
2023
\u00a3m
2022
\u00a3m
Current tax
UK corporation tax on profits for the year at 19% (last year: 19%)
\u2013 current year 67.6 66.8
\u2013 adjustments in respect of prior years (3.8) (1.0)
UK current tax 63.8 65.8
Overseas current taxation
\u2013 current year 9.9 9.6
\u2013 adjustments in respect of prior years (3.6) 2.2
Total current taxation 70.1 77.6
Deferred tax
\u2013 origination and reversal of temporary differences 26.5 14.9
\u2013 adjustments in respect of prior years 8.1 0.7
\u2013 changes in tax rate 6.5 (10.5)
Total deferred tax (see note 23) 41.1 5.1
Total income tax expense 111.2 82.7
7 INCOME TAX EXPENSE CONTINUED
B. Taxation reconciliation
The effective tax rate was 23.4% (last year: 21.1%) and is explained below.
2023
\u00a3m
2022
\u00a3m
Profit before tax 475.7 391.7
Notional taxation at standard UK corporation tax rate of 19% (last year: 19%) 90.4 74.4
Depreciation and other amounts in relation to fixed assets that do not qualify for tax relief 6.2 7.8
Tax benefit arising from UK super deduction regime (7.9) (6.2)
Other income and expenses that are not taxable or allowable for tax purposes 16.7 6.1
Joint venture results accounted for as profit after tax 5.5 (2.5)
Retranslation of deferred tax balances due to the change in statutory UK tax rates \u2013 (10.5)
Impact of tax rate differential 6.6 \u2013
Overseas profits taxed at rates different to those of the UK 0.4 (0.6)
Movement in unrecognised overseas deferred tax assets 0.3 \u2013
Adjustments to the current and deferred tax charges in respect of prior periods 5.4 1.9
Adjusting items:
\u2013 UK store and strategic programme impairments and other property charges where no tax relief
is available
2.7 3.9
\u2013 Cost incurred on acquisition of Gist 3.6 \u2013
\u2013 Other strategic programme income and expenses that are not taxable or allowable for tax purposes 2.7 2.2
\u2013 Amortisation arising as a part of the investment in Ocado Retail Limited 2.7 6.2
\u2013 Release of Ocado contingent consideration (19.4) \u2013
\u2013 Adjustments to the current and deferred tax charges in respect of prior periods (4.7) \u2013
Total income tax expense 111.2 82.7
The effective tax rate in respect of the profit before adjusting items was 25.9% (last year: 18.2%).
On 20 December 2021, the OECD published its proposals in relation to Global Anti-Base Erosion Rules, which provide for an
internationally co-ordinated system of taxation to ensure that large multinational groups pay a minimum level of corporate income tax
in countries where they operate. On 23 March 2023, the UK government introduced draft legislation in Finance (No. 2) Bill 2022-23 to
implement Pillar 2 of the OECD/G20 inclusive framework. The new rules are expected to take effect from 2024 onwards.
There remains a considerable amount of uncertainty with respect to the detailed operation of the rules and their impact. Further details
and guidance are due in the course of 2023. From an initial review of the Group\u2019s business and tax profile, the rules are not expected to
have a material impact on the Group\u2019s tax rate or tax payments. There is no impact on the Group\u2019s results for FY23.
7 INCOME TAX EXPENSE CONTINUED
C. Current tax reconciliation
The current tax reconciliation shows the tax effect of the main adjustments made to the Group\u2019s accounting profits in order to arrive at its
taxable profits. The reconciling items differ from those in note 7B as the effects of deferred tax temporary differences are ignored below.
2023
\u00a3m
2022
\u00a3m
Profit before tax 475.7 391.7
Notional taxation at standard UK corporation tax rate of 19% (last year: 19%) 90.4 74.4
Disallowable accounting depreciation and other similar items 55.8 63.7
Deductible capital allowances (77.9) (75.7)
Adjustments in relation to employee share schemes 5.8 6.7
Adjustments in relation to employee pension schemes 7.6 (2.5)
Overseas profits taxed at rates different from those of the UK 0.4 (0.6)
Joint venture results accounted for as profit after tax 5.5 (2.5)
Utilisation or increase of unrecognised losses 0.3 \u2013
Other income and expenses that are not taxable or allowable (2.7) 0.6
Adjusting items:
\u2013 UK store and strategic programme impairments and other property charges where no tax relief is
available
2.7 3.9
\u2013 Other strategic programme income and expenses that are not taxable nor allowable for tax purposes 2.7 2.2
\u2013 Cost incurred on acquisition of Gist 3.6 \u2013
\u2013 Amortisation arising as a part of the investment in Ocado Retail Limited 2.7 6.2
\u2013 Release of Ocado contingent consideration (19.4) \u2013
Current year current tax charge 77.5 76.4
Represented by:
UK current year current tax 67.6 66.8
Overseas current year current tax 9.9 9.6
77.5 76.4
UK adjustments in respect of prior years (3.8) (1.0)
Overseas adjustments in respect of prior years (3.6) 2.2
Total current taxation (note 7A) 70.1 77.6
8 EARNINGS PER SHARE
The calculation of earnings per ordinary share is based on earnings after tax and the weighted average number of ordinary shares in issue
during the year.
The adjusted earnings per share figures have also been calculated based on earnings before adjusting items that are significant in nature
and/or quantum and are considered distortive to underlying results (see note 5). These have been presented to provide shareholders with
an additional measure of the Group\u2019s year-on-year performance.
For diluted earnings per share, the weighted average number of ordinary shares in issue is adjusted to assume conversion of all dilutive
potential ordinary shares. The Group has four types of dilutive potential ordinary shares, being: those share options granted to
employees where the exercise price is less than the average market price of the Company\u2019s ordinary shares during the year; unvested
shares granted under the Deferred Share Bonus Plan; unvested shares granted under the Restricted Share Plan; and unvested shares
within the Performance Share Plan that have met the relevant performance conditions at the end of the reporting period.
8 EARNINGS PER SHARE CONTINUED
Details of the adjusted earnings per share are set out below:
2023
\u00a3m
2022
\u00a3m
Profit attributable to equity shareholders of the Company 363.4 306.6
Add/(less):
Adjusting items (see note 5) 6.3 131.2
Tax on adjusting items (13.7) (12.6)
Profit before adjusting items attributable to equity shareholders of the Company 356.0 425.2
Million Million
Weighted average number of ordinary shares in issue 1,963.5 1,958.1
Potentially dilutive share options under Group\u2019s share option schemes 70.4 73.0
Weighted average number of diluted ordinary shares 2,033.9 2,031.1
Pence Pence
Basic earnings per share 18.5 15.7
Diluted earnings per share 17.9 15.1
Adjusted basic earnings per share 18.1 21.7
Adjusted diluted earnings per share 17.5 20.9
9 DIVIDENDS
The Group suspended dividend payments at the start of the pandemic to protect the balance sheet. This enabled it to invest in its
transformation priorities and trusted value. Consistent with that announcement, the Board does not expect to pay a dividend in 2022/23.
However, with the business generating an improved operating performance and having a strengthened balance sheet with credit metrics
consistent with investment grade, the Board plans to restore a modest annual dividend to shareholders starting with an interim dividend
with the results in November.
10 EMPLOYEES
A. Aggregate remuneration
The aggregate remuneration and associated costs of Group employees (including Executive Committee) were:
2023
\u00a3m
2022
\u00a3m
Wages and salaries 1,351.4 1,256.0
Social security costs 93.7 84.6
Pension costs 75.9 69.0
Share-based payments (see note 13) 32.7 30.2
Employee welfare and other personnel costs 47. 4 54.1
Capitalised staffing costs (14.9) (6.4)
Total aggregate remuneration
1
1,586.2 1,487.5
1 Excludes amounts recognised within adjusting items of \u00a319.0m (last year: \u00a30.1m) (see notes 3 and 5).
Details of key management compensation are given in note 28.
10 EMPLOYEES CONTINUED
B. Average monthly number of employees
2023 2022
UK stores
\u2013 management and supervisory categories 4,823 4,570
\u2013 other 50,019 51,585
UK support centre
\u2013 management and supervisory categories 3,823 3,275
\u2013 other 822 660
UK operations
\u2013 management and supervisory categories 682 124
\u2013 other 6,856 1,667
Overseas 5,291 5,205
Total average number of employees 72,316 67,086
The average number of full-time equivalent employees is 52,092 (last year: 47,108).
11 RETIREMENT BENEFITS
The Group provides pension arrangements for the benefit of its UK employees through the Your M&S Pension Saving Plan (a defined
contribution (\u201cDC\u201d) arrangement) and prior to 2017, through the Marks & Spencer Pension Scheme (\u201cUK DB Pension Scheme\u201d) (a defined
benefit (\u201cDB\u201d) arrangement).
The legacy UK DB Pension Scheme operated on a final pensionable salary basis and is governed by a Trustee board which is independent
of the Group. The UK DB Pension Scheme closed to future accrual on 1 April 2017. There will be no further service charges relating to the
scheme and no future monthly employer contributions for current service. At year end, the UK DB Pension Scheme had no active
members (last year: nil), 49,634 deferred members (last year: 51,444) and pensioners 53,634 (last year: 53,270).
The DC plan is a pension plan under which the Group pays contributions to an independently administered fund. Such contributions are
based upon a fixed percentage of employees\u2019 pay. The Group has no legal or constructive obligations to pay further contributions to the
fund once the contributions have been paid. Members\u2019 benefits are determined by the amount of contributions paid by the Group and
the member, together with the investment returns earned on the contributions arising from the performance of each individual\u2019s
investments and how each member chooses to receive their retirement benefits. As a result, actuarial risk (that benefits will be lower than
expected) and investment risk (that assets invested in will not perform in line with expectations) fall on the employee. At the year end, the
DC arrangement had some 50,901 active members (last year: 46,560) and some 45,908 deferred members (last year: 45,778).
The Group also operates a small legacy funded DB pension scheme in the Republic of Ireland. This scheme closed to future accrual on
31 October 2013. Other retirement benefits also include a UK post-retirement healthcare scheme and unfunded retirement benefits.
The total Group retirement benefit cost was \u00a336.4m (last year: \u00a355.9m). Of this, income of \u00a324.1m (last year: income of \u00a38.8m) relates to
the UK DB Pension Scheme, costs of \u00a357.4m (last year: costs of \u00a362.0m) to the UK DC plan and costs of \u00a33.1m (last year: costs of \u00a32.8m) to
other retirement benefit schemes.
The Group considers two measures of the pension deficit. The accounting position is shown on the Group balance sheet. The funding
position, calculated at the triennial actuarial valuation, is used to agree contributions made to the schemes. The two measures will vary
because they are for different purposes, and are calculated at different dates and in different ways. The key calculation difference is that
the funding position considers the expected returns of scheme assets when calculating the liability, whereas the accounting position
calculated under IAS 19 discounts liabilities is based on corporate bond yields.
The most recent actuarial valuation of the UK DB Pension Scheme was carried out as at 31 March 2021 and showed a funding surplus of
\u00a3687m. This is an improvement on the previous position at 31 March 2018 (funding surplus of \u00a3652m), primarily due to lower assumed life
expectancy. The Company and Trustee have confirmed, in line with the current funding arrangement, that no further contributions will
be required to fund past service as a result of this valuation (other than those already contractually committed under the existing Marks
and Spencer Scottish Limited Partnership arrangements \u2013 see note 12).
11 RETIREMENT BENEFITS CONTINUED By funding its DB pension schemes, the Group is exposed to the risk that the cost of meeting its obligations is higher than anticipated. This could occur for several reasons, for example: \u2013 Investment returns on the schemes\u2019 assets may be lower than anticipated, especially if falls in asset values are not matched by similar falls in the value of the schemes\u2019 liabilities. \u2013 The level of price inflation may be higher than that assumed, resulting in higher payments from the schemes. \u2013 Scheme members may live longer than assumed; for example, due to advances in healthcare. Members may also exercise (or not exercise) options in a way that leads to increases in the schemes\u2019 liabilities; for example, through early retirement or commutation of pension for cash. \u2013 Legislative changes could also lead to an increase in the schemes\u2019 liabilities. In addition, the Group is exposed to additional risks through its obligation to the UK DB Pension Scheme via its interest in the Scottish Limited Partnership (see note 12). In particular, under the legal terms of the Partnership, a default by the Group on the rental payments to the Partnership or a future change in legislation could trigger earlier or higher payments to the pension scheme, or an increase in the collateral to be provided by the Group. With the pensioner buy-in policies purchased in September 2020, April 2019 and March 2018, the Scheme has now, in total, insured around 80% of the pensioner cash flow liabilities for pensions in payment. The buy-in policies cover specific pensioner liabilities and pass all risks to an insurer in exchange for a fixed premium payment, thus reducing the Group\u2019s exposure to changes in longevity, interest rates, inflation and other factors. A. Pensions and other post-retirement liabilities 2023 \u00a3m 2022 \u00a3m Total market value of assets 6,781.9 10,090.7 Present value of scheme liabilities (6,299.9) (9,046.8) Net funded pension plan asset 482.0 1,043.9 Unfunded retirement benefits (2.2) (2.6) Post-retirement healthcare (2.4) (3.1) Net retirement benefit surplus 477.4 1,038.2 Analysed in the statement of financial position as: Retirement benefit asset 482.0 1,043.9 Retirement benefit deficit (4.6) (5.7) Net retirement benefit surplus 477.4 1,038.2 In the event of a plan wind-up, the pension scheme rules provide Marks and Spencer plc with an unconditional right to a refund of surplus assets assuming the full settlement of plan liabilities. In the ordinary course of business, the Trustee has no right to wind up or change the benefits due to members of the scheme. As a result, any net surplus in the UK DB Pension Scheme is recognised in full. B. Scheme assets Changes in the fair value of the scheme assets are as follows: 2023 \u00a3m 2022 \u00a3m Fair value of scheme assets at start of year 10,090.7 10,442.9 Interest income based on discount rate 267.0 204.4 Actual return on scheme assets excluding amounts included in net interest income 1 (3,231.1) (213.4) Actuarial loss \u2013 asset ceiling (38.2) (19.4) Employer contributions 38.1 41.8 Benefits paid (344.9) (359.3) Administration costs (4.6) (4.6) Exchange movement 4.9 (1.7) Fair value of scheme assets at end of year 6,781.9 10,090.7 1 The actual return on scheme assets was a loss of \u00a32,964.1m (last year: loss of \u00a39.0m).
11 RETIREMENT BENEFITS CONTINUED
C. Pensions and other post-retirement liabilities
Changes in the present value of retirement benefit obligations are as follows:
2023
\u00a3m
2022
\u00a3m
Present value of obligation at start of year 9,052.5 9,811.5
Current service cost 0.1 0.2
Administration costs 0.2 0.2
Interest cost 238.3 191.2
Benefits paid (344.9) (359.3)
Actuarial loss \u2013 experience 250.3 153.9
Actuarial (gain)/loss \u2013 demographic assumptions (205.4) 89.0
Actuarial (gain) \u2013 financial assumptions (2,691.4) (832.7)
Exchange movement 4.8 (1.5)
Present value of obligation at end of year 6,304.5 9,052.5
Analysed as:
Present value of pension scheme liabilities 6,299.9 9,046.8
Unfunded pension plans 2.2 2.6
Post-retirement healthcare 2.4 3.1
Present value of obligation at end of year 6,304.5 9,052.5
The average duration of the defined benefit obligation at 1 April 2023 is 14.0 years (last year: 17.3 years).
11 RETIREMENT BENEFITS CONTINUED D. Analysis of assets The investment strategy of the UK DB Pension Scheme is driven by its liability profile, including its inflation-linked pension benefits. In addition to its interest in the Scottish Limited Partnership (refer to note 12), the scheme invests in different types of bond (including corporate bonds and gilts) and derivative instruments (including inflation, interest rate, cross-currency and total return swaps) in order to align movements in the value of its assets with movements in its liabilities arising from changes in market conditions. Broadly, the scheme has hedging that covers 94% of interest rate movements and 111% of inflation movements, as measured on the Trustee\u2019s funding assumptions which use a discount rate derived from gilt yields. The fair value of the total plan assets at the end of the reporting period for each category is as follows: 2023 2022 Quoted \u00a3m Unquoted \u00a3m Total \u00a3m Quoted \u00a3m Unquoted \u00a3m Total \u00a3m Debt investments \u2013 Government bonds net of repurchase agreements 1 2,023.7 (196.6) 1,827.1 3,482.9 (1,185.2) 2,297.7 \u2013 Corporate bonds 12.0 1.2 13.2 6.0 950.0 956.0 \u2013 Asset backed securities and structured debt \u2013 443.6 443.6 \u2013 365.9 365.9 Scottish Limited Partnership Interest (see note 12) \u2013 122.8 122.8 \u2013 193.5 193.5 Equity investments \u2013 Developed markets 41.6 \u2013 41.6 550.3 \u2013 550.3 \u2013 Emerging markets 109.5 \u2013 109.5 113.7 \u2013 113.7 Growth asset funds \u2013 Global property \u2013 287.0 287.0 5.4 308.7 314.1 \u2013 Hedge and reinsurance 12.0 316.3 328.3 25.8 324.7 350.5 \u2013 Private equity and infrastructure \u2013 171.9 171.9 5.9 223.6 229.5 Derivatives \u2013 Interest and inflation rate swaps 7.0 88.6 95.6 15.6 406.9 422.5 \u2013 Foreign exchange contracts and other derivatives \u2013 21.4 21.4 \u2013 (40.0) (40.0) Cash and cash equivalents 4.0 206.2 210.2 5.9 168.1 174.0 Other \u2013 Buy-in insurance \u2013 2,150.0 2,150.0 \u2013 2,910.0 2,910.0 \u2013 Secure income asset funds \u2013 998.3 998.3 \u2013 1,121.6 1,121.6 \u2013 Other \u2013 \u2013 \u2013 \u2013 150.8 150.8 Total 2 2,209.8 4,610.7 6,820.5 4,211.5 5,898.6 10,110.1 1 Repurchase agreements were \u00a3196.6m (last year: \u00a31,184.0m). 2 The difference between the total assets of \u00a36,820.5m above compared to \u00a36,781.9m is \u00a338.6m.This relates to the cap applied to the Irish DB scheme and therefore the \u00a338.2m actuarial gain is not recognised and \u00a30.4m net interest income is not recognised as per IFRIC 14. The fair values of the above equity and debt investments are based on publicly available market prices, wherever available. Unquoted investments, hedge funds and reinsurance funds are stated at fair value estimates provided by the manager of the investment or fund. Property includes both quoted and unquoted investments. The fair value of the Scottish Limited Partnership interest is based on the expected cash flows and benchmark asset-backed credit spreads. It is the policy of the scheme to hedge a proportion of interest rate and inflation risk. The scheme reduces its foreign currency exposure using forward foreign exchange contracts. At year end, the UK schemes (UK DB Pension Scheme and post-retirement healthcare) indirectly held nil (last year: 33,210) ordinary shares in the Company through its investment in UK Equity Index Funds
11 RETIREMENT BENEFITS CONTINUED
E. Financial assumptions
The financial assumptions for the UK DB Pension Scheme and the most recent actuarial valuations of the other post-retirement schemes
have been updated by independent qualified actuaries to take account of the requirements of IAS 19 Employee Benefits in order to
assess the liabilities of the schemes and are as follows:
2023
%
2022
%
Rate of increase in pensions in payment for service 2.2-3.2 2.3-3.6
Discount rate 4.75 2.70
Inflation rate (RPI) 3.25 3.70
Long-term healthcare cost increases 7.30 7.70
F. Demographic assumptions
The UK demographic assumptions are mainly in line with those adopted for the last formal actuarial valuation of the scheme performed
as at 31 March 2021. The UK post-retirement mortality assumptions are based on an analysis of the pensioner mortality trends under the
scheme for the period to March 2021. The specific mortality rates used are based on the VITA lite tables, with future projections based on
up-to-date industry models, parameterised to reflect scheme data. The life expectancies underlying the valuation are as follows:
2023 2022
Current pensioners (at age 65) \u2013 male 22.0 22.3
\u2013 female 24.4 25.1
Future pensioners \u2013 currently in deferred status (at age 65) \u2013 male 23.6 24.0
\u2013 female 26.1 26.9
G. Sensitivity analysis
The table below summarises the estimated impact of reasonably possible changes in the principal actuarial assumptions on the UK DB
Pension Scheme surplus:
2023
\u00a3m
2022
\u00a3m
Decrease in scheme surplus caused by a decrease in the discount rate of 0.25% (25.0) (20.0)
Decrease in scheme surplus caused by a decrease in the discount rate of 0.50% (45.0) (30.0)
Decrease in scheme surplus caused by a decrease in the discount rate of 2.50% (235.0) (150.0)
Increase in scheme surplus caused by an increase in the discount rate of 2.50% 200.0 100.0
Decrease in scheme surplus caused by a decrease in the inflation rate of 0.25% (30.0) (70.0)
Decrease in scheme surplus caused by a decrease in the inflation rate of 0.50% (60.0) (130.0)
Increase in scheme surplus caused by a decrease in the average life expectancy of one year 130.0 270.0
The sensitivity analysis above is based on a change in one assumption while holding all others constant. Therefore, interdependencies
between the assumptions have not been taken into account within the analysis. The sensitivities reflect the range of recent assumption
movements and illustrate that the financial assumption sensitivities do not move in a linear fashion.
H. Analysis of amounts charged against profits
Amounts recognised in comprehensive income in respect of defined benefit retirement plans are as follows:
2023
\u00a3m
2022
\u00a3m
Current service cost 0.1 0.2
Administration costs 4.8 4.8
Net interest income (28.7) (13.2)
Total (23.8) (8.2)
Remeasurement on the net defined benefit surplus:
Actual return on scheme assets excluding amounts included in net interest income 3,231.1 213.4
Actuarial (gain)/loss \u2013 demographic assumptions (205.4) 89.0
Actuarial loss \u2013 experience 250.3 153.9
Actuarial gain \u2013 financial assumptions (2,691.4) (832.7)
Actuarial loss \u2013 asset ceiling 38.2 19.4
Components of defined benefit expense/(income) recognised in other comprehensive income 622.8 (357.0)
12 MARKS AND SPENCER SCOTTISH LIMITED PARTNERSHIP Marks and Spencer plc is a general partner and the Marks & Spencer UK Pension Scheme is a limited partner of the Marks and Spencer Scottish Limited Partnership (the \u201cPartnership\u201d). Under the Partnership agreement, the limited partners have no involvement in the management of the business and shall not take any part in the control of the Partnership. The general partner is responsible for the management and control of the Partnership and, as such, the Partnership is consolidated into the results of the Group. The Partnership holds \u00a31.3bn (last year: \u00a31.3bn) of properties at book value which have been leased back to Marks and Spencer plc. The Group retains control over these properties, including the flexibility to substitute alternative properties into the Partnership. The first limited Partnership interest (held by the Marks & Spencer UK Pension Scheme) entitles the Pension Scheme to receive \u00a373.0m in 2023 and \u00a354.4m in 2024. The second Partnership interest (also held by the Marks & Spencer UK Pension Scheme) entitles the Pension Scheme to receive a further \u00a336.4m annually from June 2017 until June 2031. All profits generated by the Partnership in excess of this are distributable to Marks and Spencer plc. The Partnership liability in relation to the first interest of \u00a3124.8m (last year: \u00a3192.3m) is included as a financial liability in the Group\u2019s financial statements as it is a transferable financial instrument and measured at amortised cost, being the net present value of the future expected distributions from the Partnership. During the year to 1 April 2023, an interest charge of \u00a34.3m (last year: \u00a34.4m) was recognised in the income statement, representing the unwinding of the discount included in this obligation. The first limited Partnership interest of the Pension Scheme is included within the UK DB Pension Scheme assets, valued at \u00a3122.8m (last year: \u00a3193.5m). The second Partnership interest is not a transferable financial instrument as the Scheme Trustee does not have the right to transfer it to any party other than a successor Trustee. It is therefore not included as a plan asset within the UK DB Pension Scheme surplus reported in accordance with IAS 19. Similarly, the associated liability is not included on the Group\u2019s statement of financial position, rather the annual distribution is recognised as a contribution to the scheme each year. 13 SHARE-BASED PAYMENTS This year a charge of \u00a332.7m was recognised for share based payments (last year: charge of \u00a330.2m). Of the total share-based payments charge, \u00a315.2m (last year: \u00a314.9m) relates to the UK Save As You Earn Share Option scheme, \u00a37.0m (last year: charge of \u00a36.7m) relates to Performance Share Plans, \u00a33.4m (last year: \u00a38.2m) relates to Restricted Share Plans, \u00a36.9m relates to Deferred Share Bonus Schemes (last year: \u00a30.2m) and the remaining charge of \u00a30.2m relates to Republic of Ireland Save As You Earn Share Option Scheme (last year: \u00a30.2m). In addition, a charge of \u00a35.3m was recognised in relation to Annual Bonus Schemes under the Deferred Share Bonus Scheme. The Annual Bonus for 2022/23 is due to be granted in July 2023. Further details of the option and share schemes that the Group operates are provided in the Remuneration Report. A. Save As You Earn scheme \u2013 \u00a315.2m The Save As You Earn (SAYE) scheme was approved by shareholders for a further 10 years at the 2017 Annual General Meeting (AGM). Under the terms of the scheme, the Board may offer options to purchase ordinary shares in the Company once in each financial year to those employees who enter into His Majesty\u2019s Revenue & Customs (HMRC) approved SAYE savings contract. The scheme allows participants to save up to a maximum of \u00a3500 (last year: \u00a3500) each month. The price at which options may be offered is 80% of the average mid-market price for three consecutive dealing days preceding the offer date. The options may normally be exercised during the six-month period after the completion of the SAYE contract. 2023 2022 Number of options Weighted average exercise price Number of options Weighted average exercise price Outstanding at beginning of the year 110,562,961 100.9p 119,151,406 99.4p Granted 14,349,909 99.0p 11,526,149 189.0p Exercised (690,665) 111.1p (208,238) 138.2p Forfeited (14,390,102) 124.9p (12,207,656) 102.6p Expired (2,779,680) 220.0p (7,698,700) 206.5p Outstanding at end of year 107,052,423 94.3p 110,562,961 100.9p Exercisable at end of year 6,309,033 144.2p 11,945 186.8p For SAYE share options exercised during the period, the weighted average share price at the date of exercise was 144.1p (last year: 206.3p)
13 SHARE-BASED PAYMENTS CONTINUED
The fair values of the options granted during the year have been calculated using the Black-Scholes model assuming the inputs
shown below:
2023 2022
3-year plan
3-year plan
2021 modified
1
3-year plan
Grant date Dec 22 Dec 22 Dec 21
Share price at grant date 123p 123p 235p
Exercise price 99p 189p 189p
Option life in years 3 years 3 years 3 years
Risk-free rate 3.3% 3.3% 0.5%
Expected volatility 51.0% 51.0% 49.3%
Expected dividend yield 0.0% 0.0% 0.0%
Fair value of option 43p 26p 81p
Incremental fair value of option n/a 17p n/a
1 In the current year, there was a modification to the 2021 scheme relating to employees cancelling awards from previous years in substitution for awards granted under the 2023
scheme. The fair value of the modified awards has been amortised based on the incremental fair value. The incremental fair value is the difference between the fair value of the
2023 options being 43p, and the fair value of repriced previous awards, calculated using 2021 award assumptions, keeping the initial exercise price consistent. The fair value of the
modified options, being 17p for 2021 modified options was recognised in operating profit.
Volatility has been estimated by taking the historical volatility in the Company\u2019s share price over a three-year period.
The resulting fair value is expensed over the service period of three years on the assumption that 27% (last year: 10%) of options will lapse
over the service period as employees leave the Group.
Outstanding options granted under the UK Employee SAYE Scheme are as follows:
Number of options
Weighted average remaining
contractual life (years)
Options granted
1
2023 2022 2023 2022 Option price
January 2018 \u2013 5,441 \u2013 (0.8) 251p
January 2019 13,016 2,399,413 (0.8) 0.2 238p
February 2020 5,732,723 8,006,941 0.3 1.3 151p
February 2021 81,037,194 89,284,282 1.3 2.3 82p
February 2022 6,333,538 10,866,884 2.3 3.3 189p
February 2023 13,935,952 \u2013 3.3 \u2013 99p
107,052,423 110,562,961 1.6 2.3 94p
1 For the purpose of the above table, the option granted date is the contract start date.
B. Performance Share Plan* \u2013 \u00a37.0m
The Performance Share Plan (\u201cPSP\u201d) is the primary long-term incentive plan for approximately 165 of the most senior managers within
the Group. It was first approved by shareholders at the 2005 AGM and again at the 2020 AGM. Under the plan, annual awards, based on
a percentage of salary, may be offered. The extent to which an award vests is measured over a three-year period against financial targets
which for 2022/23 included Earnings Per Share (\u201cEPS\u201d), Return on Capital Employed (\u201cROCE\u201d), Total Shareholder Return (\u201cTSR\u201d) and
strategic measures. The value of any dividends earned on the vested shares during the three years may also be paid on vesting.
Awards under this plan have been made in each year since 2005. More information is available in relation to this plan within the
Remuneration Report.
During the year, 22,498,271 shares (last year: 19,374,217) were awarded under the plan. The weighted average fair value of the shares
awarded was 139.6p (last year: 155.1p). As at 1 April 2023, 47,532,523 shares (last year: 44,534,437) were outstanding under the plan.
13 SHARE-BASED PAYMENTS CONTINUED
C. Deferred Share Bonus Plan* \u2013 \u00a312.2m
The Deferred Share Bonus Plan (\u201cDSBP\u201d) was first introduced in 2005/06 as part of the Annual Bonus Scheme and was reapproved by
shareholders at the 2020 AGM. It may be operated for approximately 5,000 employees within the Group. As part of the plan, the
employees are required to defer a proportion of any bonus paid into shares which will be held for three years. There are no further
performance conditions on these shares, other than continued employment within the Group and the value of any dividends earned on
the vested shares during the deferred period may also be paid on vesting. More information is available in relation to this plan within the
Remuneration Report.
During the year 29,630,372 shares (last year: no shares) have been awarded under the plan in relation to the annual bonus. As at 1 April
2023, 26,794,048 shares (last year: 190,596) were outstanding under the plan.
D. Restricted Share Plan* \u2013 \u00a33.4m
The Restricted Share Plan (\u201cRSP\u201d) was established in 2000 as part of the reward strategy for retention and recruitment of senior managers
who are vital to the success of the business and the plan was reapproved by shareholders at the 2020 AGM. The plan operates for the
senior management team. Awards vest at the end of the restricted period (typically between one and three years) subject to the
participant still being in employment of the Company on the relevant vesting date. The value of any dividends earned on the vested
shares during the restricted period may also be paid on vesting. More information is available in relation to this plan within the
Remuneration Report.
During the year, 2,624,496 shares (last year: 2,441,809) have been awarded under the plan. The weighted average fair value of the shares
awarded was 76.9p (last year: 158.7p). As at 1 April 2023, 5,557,542 shares (last year: 10,368,217) were outstanding under the plan.
E. Republic of Ireland Save As You Earn scheme \u2013 \u00a30.2m
Sharesave, the Company\u2019s Save As You Earn scheme, was introduced in 2009 to all employees in the Republic of Ireland for a 10-year
period, after approval by shareholders at the 2009 AGM and again at the 2019 AGM. The scheme allows participants to save up to a
maximum of \u20ac500 (last year: \u20ac500) each month. The price at which options may be offered is 80% of the average mid-market price for
three consecutive dealing days preceding the offer date. The options may normally be exercised during the six-month period after the
completion of the SAYE contract.
During the year, no options were granted (last year: no options granted). As at 1 April 2023, 1,264,131 options (last year: 1,439,954) were
outstanding under the scheme.
F. Marks and Spencer Employee Benefit Trust
The Marks and Spencer Employee Benefit Trust (the \u201cTrust\u201d) holds 166,057 (last year: 264,779) shares with a book value of \u00a30.0m (last year:
\u00a30.0m) and a market value of \u00a30.3m (last year: \u00a30.4m). These shares were acquired by the Trust through a combination of market
purchases and new issues and are shown as a reduction in retained earnings in the consolidated statement of financial position. Awards
are granted to employees at the discretion of Marks and Spencer plc and the Trust agrees to satisfy the awards in accordance with the
wishes of Marks and Spencer plc under the senior executive share plans described above. Dividends are waived on all of these shares.
G. ShareBuy
ShareBuy, the Company\u2019s Share Incentive Plan, enables the participants to buy shares directly from their gross salary. This scheme does
not attract an IFRS 2 charge.
* All awards both this year and last year were conditional shares. For the purposes of calculating the number of shares awarded, the share price used is the average of the
mid-market price for the five consecutive dealing days preceding the grant date.
14 INTANGIBLE ASSETS
Goodwill
\u00a3m
Brands
\u00a3m
Computer
software
\u00a3m
Computer
software
under
development
\u00a3m
Total
\u00a3m
At 3 April 2021
Cost 135.7 118.6 1,539.6 56.9 1,850.8
Accumulated amortisation, impairments and write-offs (112.0) (112.5) (1,362.2) (32.1) (1,618.8)
Net book value 23.7 6.1 177.4 24.8 232.0
Year ended 2 April 2022
Opening net book value 23.7 6.1 177.4 24.8 232.0
Additions 4.8 0.1 0.9 63.8 69.6
Transfers and reclassifications \u2013 \u2013 29.6 (44.6) (15.0)
Asset write-offs \u2013 \u2013 (0.6) \u2013 (0.6)
Amortisation charge \u2013 (0.6) (93.0) \u2013 (93.6)
Exchange difference 0.1 \u2013 \u2013 \u2013 0.1
Closing net book value 28.6 5.6 114.3 44.0 192.5
At 2 April 2022
Cost 140.6 118.7 1,570.1 76.1 1,905.5
Accumulated amortisation, impairments and write-offs (112.0) (113.1) (1,455.8) (32.1) (1,713.0)
Net book value 28.6 5.6 114.3 44.0 192.5
Year ended 1 April 2023
Opening net book value 28.6 5.6 114.3 44.0 192.5
Additions \u2013 \u2013 5.3 79.1 84.4
Acquired through business combinations \u2013 \u2013 1.5 1.2 2.7
Transfers and reclassifications \u2013 \u2013 35.6 (64.2) (28.6)
Asset write-offs \u2013 \u2013 (0.7) \u2013 (0.7)
Amortisation charge \u2013 (0.6) (86.4) \u2013 (87.0)
Exchange difference (0.2) \u2013 \u2013 \u2013 (0.2)
Closing net book value 28.4 5.0 69.6 60.1 163.1
At 1 April 2023
Cost 140.6 118.7 1,612.5 92.2 1,964.0
Accumulated amortisation, impairments and write-offs (112.2) (113.7) (1,542.9) (32.1) (1,800.9)
Net book value 28.4 5.0 69.6 60.1 163.1
Goodwill related to the following assets and groups of cash generating units (CGUs):
per una
\u00a3m
India
\u00a3m
Sports
Edit
\u00a3m
Other
\u00a3m
Total
Goodwill
\u00a3m
Net book value at 2 April 2022 16.5 6.6 4.8 0.7 28.6
Exchange difference \u2013 (0.2) \u2013 \u2013 (0.2)
Net book value at 1 April 2023 16.5 6.4 4.8 0.7 28.4
14 INTANGIBLE ASSETS CONTINUED
Goodwill impairment testing
Goodwill is not amortised but is tested annually for impairment with the recoverable amount being determined from value in
use calculations.
The goodwill balance relates to the goodwill recognised on the acquisition of per una \u00a316.5m (last year: \u00a316.5m), India \u00a36.4m (last year:
\u00a36.6m), Sports Edit \u00a34.8m (last year: \u00a34.8m) and other \u00a30.7m (last year: \u00a30.7m).
Goodwill for India is monitored by management at a country level, including the combined retail and wholesale businesses, and has been
tested for impairment on that basis.
The per una brand is a definite life intangible asset amortised on a straight-line basis over a period of 15 years. The brand intangible was
acquired for a cost of \u00a380.0m and has been fully amortised. It is held at a net book value of \u00a3nil (last year: \u00a3nil). The per una goodwill of
\u00a316.5m is tested for annually for impairment.
The cash flows used for impairment testing are based on the Group\u2019s latest budget and forecast cash flows, covering a three-year period,
which have regard to historical performance and knowledge of the current market, together with the Group\u2019s views on the future
achievable growth and the impact of committed cash flows. The cash flows include ongoing capital expenditure required to maintain the
store network, but exclude any growth capital initiatives not committed.
Cash flows beyond this three-year period are extrapolated using a long-term growth rate based on the Group\u2019s current view of achievable
long-term growth. The Group\u2019s current view of achievable long-term growth for per una is 1.6% (last year: 1.6%), which is a reduction from
the overall Group long-term growth rate of 2.0% (last year: 2.0%). The Group\u2019s current view of achievable long-term growth for India is
5.5% (last year: 5.5%).
Management estimates discount rates that reflect the current market assessment of the time value of money and the risks specific to
each asset or CGU. The pre-tax discount rates are derived from the Group\u2019s post-tax weighted average cost of capital (\u201cWACC\u201d) which has
been calculated using the capital asset pricing model, the inputs of which include a country risk-free rate, equity risk premium, Group
size premium and a risk adjustment (beta). The post-tax WACC is subsequently grossed up to a pre-tax rate and was 13.4% for per una (last
year: 10.8%) and 15.4% for India (last year: 11.3%).
The immediately quantifiable impacts of climate change and costs expected to be incurred in connection with our net zero
commitments, are included within the Group\u2019s budget and three-year plan which have been used to support the impairment reviews,
with no material impact on cash flows.
Management has performed sensitivity analysis on the key assumptions in the impairment model using reasonably possible changes
in these key assumptions, both individually and in combination. Management has considered reasonably possible changes in key
assumptions that would cause the carrying amounts of goodwill or brands to exceed the value in use for each asset.
For both per una and India respectively, there are no reasonably possible changes in key assumptions that would lead to an impairment
and the assumptions do not give rise to a key source of estimation uncertainty.
15 PROPERTY, PLANT AND EQUIPMENT
The Group\u2019s property, plant and equipment of \u00a35,203.7m (last year: \u00a34,902.3m) consists of owned assets of \u00a33,747.7m
(last year: \u00a33,486.5m) and right-of-use assets of \u00a31,456.0m (last year: \u00a31,415.8m).
Property, plant and equipment \u2013 owned
Land and
buildings
\u00a3m
Fixtures,
fittings and
equipment
\u00a3m
Assets in the
course of
construction
\u00a3m
Total
\u00a3m
At 3 April 2021
Cost 2,809.9 5,450.2 67.5 8, 327.6
Accumulated depreciation, impairments and write-offs (787.5) (3,959.3) (18.2) (4,765.0)
Net book value 2,022.4 1,490.9 49.3 3,562.6
Year ended 2 April 2022
Opening net book value 2,022.4 1,490.9 49.3 3,562.6
Additions 0.9 17.7 238.0 256.6
Transfers and reclassifications 3.0 175.8 (164.3) 14.5
Disposals (15.9) (1.9) \u2013 (17.8)
Impairment reversals 34.5 27.6 \u2013 62.1
Impairment charge (57.6) (31.4) \u2013 (89.0)
Asset write-offs 0.9 (11.4) \u2013 (10.5)
Depreciation charge (34.2) (256.1) \u2013 (290.3)
Exchange difference (1.7) \u2013 \u2013 (1.7)
Closing net book value 1,952.3 1,411.2 123.0 3,486.5
At 2 April 2022
Cost 2,764.8 5,275.7 141.2 8,181.7
Accumulated depreciation, impairments and write-offs (812.5) (3,864.5) (18.2) (4,695.2)
Net book value 1,952.3 1,411.2 123.0 3,486.5
Year ended 1 April 2023
Opening net book value 1,952.3 1,411.2 123.0 3,486.5
Additions 0.8 40.0 296.2 337.0
Acquired through business combinations 150.5 38.7 3.8 193.0
Transfers and reclassifications 15.0 292.3 (280.7) 26.6
Disposals (2.2) (2.2) \u2013 (4.4)
Impairment reversals 25.8 14.4 \u2013 40.2
Impairment charge (22.5) (9.3) \u2013 (31.8)
Asset write-offs 2.2 1.5 \u2013 3.7
Depreciation charge (59.9) (250.4) \u2013 (310.3)
Exchange difference 5.5 1.6 0.1 7.2
Closing net book value 2 ,067.5 1,537.8 142.4 3,747.7
At 1 April 2023
Cost 2,911.4 5,532.3 160.6 8,604.3
Accumulated depreciation, impairments and write-offs (843.8) (3,994.6) (18.2) (4,856.6)
Net book value 2,067.6 1,537.7 142.4 3,747.7
Asset write-offs in the year include assets with gross book value of \u00a3240.9m (last year: \u00a3383.3m) and \u00a3nil (last year: \u00a3nil) net book value
that are no longer in use and have therefore been retired.
15 PROPERTY, PLANT AND EQUIPMENT CONTINUED
Right-of-use assets
Set out below are the carrying amounts of right-of-use assets recognised and the movements during the period:
Right-of-use assets
Land and
buildings
\u00a3m
Fixtures,
fittings and
equipment
\u00a3m
Total
\u00a3m
At 3 April 2021 1,444.7 51.3 1,496.0
Additions 72.7 17.9 90.6
Transfers and reclassifications 0.5 \u2013 0.5
Disposals ( 7.7 ) (0.2) ( 7.9)
Impairment reversals 28.9 \u2013 28.9
Impairment charge (25.4) \u2013 (25.4)
Depreciation charge (146.2) (21.6) (167.8)
Exchange difference 0.9 \u2013 0.9
At 2 April 2022 1,368.4 47.4 1,415.8
Additions 198.0 37.3 235.3
Acquired through business combinations 6.7 14.1 20.8
Transfers and reclassifications 2.1 (0.1) 2.0
Disposals (27.8) (10.7) (38.5)
Impairment reversals 14.9 \u2013 14.9
Impairment charge (14.8) \u2013 (14.8)
Depreciation charge (159.0) (21.9) (180.9)
Exchange difference 1.3 0.1 1.4
At 1 April 2023 1,389.8 66.2 1,456.0
Impairment of property, plant and equipment and right-of-use assets
For impairment testing purposes, the Group has determined that each store is a separate CGU, with the exception of Outlets stores,
which are considered together as one CGU. Click & Collect sales are included in the cash flows of the relevant CGU.
Each CGU is tested for impairment at the balance sheet date if any indicators of impairment and impairment reversal have been
identified. Stores identified within the Group\u2019s UK store estate programme are automatically tested for impairment (see note 5).
The value in use of each CGU is calculated based on the Group\u2019s latest budget and forecast cash flows, covering a three-year period,
which have regard to historic performance and knowledge of the current market, together with the Group\u2019s views on the future
achievable growth and the impact of committed initiatives. The cash flows include ongoing capital expenditure required to maintain the
store network, but exclude any growth capital initiatives not committed. Cash flows beyond this three-year period are extrapolated using
a long-term growth rate based on management\u2019s future expectations, with reference to forecast GDP growth. These growth rates do not
exceed the long-term growth rate for the Group\u2019s retail businesses in the relevant territory. If the CGU relates to a store which the Group
has identified as part of the UK store estate programme, the value in use calculated has been modified by estimation of the future cash
flows up to the point where it is estimated that trade will cease and then estimation of the timing and amount of costs associated with
closure detailed fully in note 5. The immediately quantifiable impacts of climate change and costs expected to be incurred in connection
with our net zero commitments, are included within the Group\u2019s budget and three-year plan which have been used to support the
impairment reviews, with no material impact on cash flows. We also expect any potential store refurbishments to be phased over multiple
years and therefore any changes required due to climate change would not have a material impact in any given year and the warehouse
and support centres located in areas which we would not expect to be physically impacted by climate change. As a consequence there
has been no material impact in the forecast cash flows used for impairment testing.
The key assumptions in the value in use calculations are the growth rates of sales and gross profit margins, changes in the operating
cost base, long-term growth rates and the risk-adjusted pre-tax discount rate. The pre-tax discount rates are derived from the Group\u2019s
weighted average cost of capital, which has been calculated using the capital asset pricing model, the inputs of which include a country
risk-free rate, equity risk premium, Group size premium and a risk adjustment (beta). The pre-tax discount rates range from 12.5% to 18.1%
(last year: 9.8% to 15.8%). If the CGU relates to a store which the Group has identified as part of the UK store estate programme, the
additional key assumptions in the value in use calculations are costs associated with closure, the disposal proceeds from store exits and
the timing of the store exits.
15 PROPERTY, PLANT AND EQUIPMENT CONTINUED
Impairments \u2013 UK stores excluding the UK store estate programme
During the year, the Group has recognised an impairment charge of \u00a317.3m and impairment reversals of \u00a333.1m as a result of UK store
impairment testing unrelated to the UK store estate programme (last year: impairment charge of \u00a36.9m and impairment reversals of
\u00a363.4m). Impairment charges of \u00a317.3m and impairment reversals of \u00a333.1m have been recognised within adjusting items (see note 5). The
impaired stores were impaired to their value-in-use recoverable amount of \u00a3109.8m, which is their carrying value at year end. The stores
with impairment reversals were written back to the lower of their value-in-use recoverable amount, and the carrying value if the
impairment had not occurred, of \u00a3159.7m.
For UK stores, when considering both impairment charges and reversals, cash flows beyond the three-year period are extrapolated using
the Group\u2019s current view of achievable long-term growth of 2.0%, adjusted to 0% where management believes the current trading
performance and future expectations of the store do not support the growth rate of 2.0%. The rate used to discount the forecast cash
flows for UK stores is 12.5% (last year: 9.8%).
As disclosed in the accounting policies (note 1), the cash flows used within the impairment model are based on assumptions which are
sources of estimation uncertainty and small movements in these assumptions could lead to further impairments. Management has
performed sensitivity analysis on the key assumptions in the impairment model using reasonably possible changes in these key
assumptions across the UK store portfolio.
A reduction in sales of 5% from the three-year plan in year 3 would increase the impairment charge by \u00a324.2m and a 25 basis points
reduction in the gross profit margin from year 3 onwards would increase the impairment charge by \u00a31.8m. In combination a 5% reduction
in sales and a 25 basis point reduction in gross profit margin would increase the impairment charge by \u00a330.3m. A 250 basis points
increase in the discount rate would increase the impairment charge by \u00a328.8m.
A reduction in sales of 5% from the three-year plan in year 3 would reduce the reversal by \u00a37.0m and a 25 basis points reduction in the
gross profit margin from year 3 would reduce the reversal by \u00a31.1m. In combination a 5% reduction in sales and a 25 basis point reduction
in gross profit margin would reduce the reversal by \u00a38.0m. A 250 basis points increase in the discount rate would reduce the reversal
by \u00a37.6m.
Impairments \u2013 UK store estate programme
During the year, the Group has recognised an impairment charge of \u00a328.6m and impairment reversals of \u00a322.0m relating to the ongoing
UK store estate programme. These stores were impaired to their value-in-use recoverable amount of \u00a3307.2m, which is their carrying
value at year end. The impairment charge relates to the store closure programme and has been recognised within adjusting items (see
note 5). Impairment reversals predominantly reflect changes to expected store closure dates and improved trading expectations
compared to those assumed at the end of the prior year end.
Where the planned closure date for a store is outside the three-year plan period, no growth rate is applied. The rate used to discount
the forecast cash flows for UK stores is 12.5% (last year: 9.8%).
As disclosed in the accounting policies (note 1), the cash flows used within the impairment models for the UK store estate programme
are based on assumptions which are sources of estimation uncertainty and small movements in these assumptions could lead to further
impairments. Management has performed sensitivity analysis on the key assumptions in the impairment model using reasonably
possible changes in these key assumptions across the UK store estate programme.
A delay of 12 months in the date of each store exit would result in a decrease in the impairment charge of \u00a370.9m. A 5% reduction in
planned sales in years 2 and 3 (where relevant) would result in an increase in the impairment charge of \u00a312.2m.
Neither a 250 basis point increase in the discount rate, a 25 basis point reduction in management gross profit margin during the period
of trading, nor a 2% increase in the costs associated with exiting a store, would result in a significant increase to the impairment charge,
individually or in combination with the other reasonably possible scenarios considered.
Impairments \u2013 International stores
During the year the Group recognised an impairment charge of \u00a30.7m (last year: \u00a3nil) in Ireland as a result of store impairment testing.
16 OTHER FINANCIAL ASSETS
2023
\u00a3m
2022
\u00a3m
Non-current
Other investments
1
7.9 4.5
7.9 4.5
Current
Other investments
2
13.0 17.6
13.0 17.6
1. Includes \u00a37.3m (last year: \u00a33.1m) of venture capital investments managed by True Capital Limited.
2. Includes \u00a35.6m (last year: \u00a38.8m) of money market deposits held by Marks and Spencer plc in an escrow account.
17 TRADE AND OTHER RECEIVABLES
2023
\u00a3m
2022
\u00a3m
Non-current
Trade receivables \u2013 0.1
Lease receivables \u2013 net of provision for impairment 64.6 74.7
Other receivables 2.5 3.3
Loans to related parties (see note 28) 30.0 \u2013
Prepayments 201.6 192.5
298.7 270.6
Current
Trade receivables 128.3 103.0
Less: provision for impairment of receivables (5.4) (4.8)
Trade receivables \u2013 net 122.9 98.2
Lease receivables \u2013 net of provision for impairment 0.9 0.8
Other receivables 36.8 27. 2
Prepayments 97.0 76.8
Accrued income 23.0 14.1
280.6 217.1
The directors consider that the carrying amount of trade and other receivables approximates their fair value. The Group\u2019s assessment
of any expected credit losses is included in note 21B. Included in accrued income is \u00a38.8m (last year: \u00a37.7m) of accrued supplier income
relating to rebates that have been earned but not yet invoiced. An immaterial amount of supplier income that has been invoiced, but
not yet settled, against future trade creditor balances is included within trade creditors, where there is a right to offset.
The Group entered into finance leasing arrangements as a lessor for surplus office space in the Merchant Square building in London,
which is sub-let for the remaining duration of the lease.
17 TRADE AND OTHER RECEIVABLES CONTINUED
The maturity analysis of the Group\u2019s lease receivables is as follows:
2023
\u00a3m
2022
\u00a3m
Timing of cash flows
Within one year 4.7 4.8
Between one and two years 4.7 4.7
Between two and three years 6.1 4.7
Between three to four years 7.8 6.1
Between four to five years 7.8 7.8
More than five years 113.3 121.1
Total undiscounted cash flows 144.4 149.2
Effect of discounting (68.2) (73.7)
Present value of lease payments receivable 76.2 75.5
Less: provision for impairment of receivables (10.7) \u2013
Net investment in the lease 65.5 75.5
Included within trade and other receivables is \u00a30.4m (last year: \u00a31.1m) which, due to non-recourse factoring arrangements in place, are
held within a \u201chold to collect and sell\u201d business model and are measured at FVOCI.
18 CASH AND CASH EQUIVALENTS
Cash and cash equivalents are \u00a31,067.9m (last year: \u00a31,197.9m). The carrying amount of these assets approximates their fair value.
The effective interest rate on short-term bank deposits is 4.1% (last year: 0.7%). These deposits have an average maturity of 18 days (last
year: 39 days).
19 TRADE AND OTHER PAYABLES
2023
\u00a3m
2022
\u00a3m
Current
Trade payables 801.7 732.8
Other payables 560.0 523.5
Social security and other taxes 85.3 59.1
Accruals 554.5 595.2
Deferred income 47.3 50.3
2,048.8 1,960.9
Non-current
Other payables 166.6 174.4
Deferred income 14.7 13.8
181.3 188.2
Included within current other payables is \u00a37.2m (last year: \u00a3nil) of deferred and contingent consideration and within non-current other
payables \u00a3100.6m (last year: \u00a3nil) of deferred and contingent consideration, both relating to the acquisition of Gist Limited. Also included
in non-current other payables is \u00a364.7m (last year: \u00a3172.6m) of contingent consideration relating to the investment in Ocado Retail
Limited. See note 21D for further details.
A contract liability arises in respect of gift cards and voucher schemes as payment has been received for a performance obligation
which will be performed at a later point in time. Included within trade and other payables are gift card/voucher scheme liabilities:
2023
\u00a3m
2022
\u00a3m
Opening balance 189.6 198.1
Issues 415.9 404.2
Released to the income statement (416.3) (412.7)
Closing balance 189.2 189.6
The Group operates a number of supplier financing arrangements, under which suppliers can obtain accelerated settlement on invoices
from the finance provider. This is a form of reverse factoring which has the objective of serving the Group\u2019s suppliers by giving them early
access to funding. The Group settles these amounts in accordance with each supplier\u2019s agreed payment terms.
19 TRADE AND OTHER PAYABLES CONTINUED
The Group is not party to these financing arrangements and the arrangements do not permit the Group to obtain finance from the
provider by paying the provider later than the Group would have paid its supplier. The Group does not incur any interest towards the
provider on the amounts due to the suppliers. The Group therefore discloses the amounts factored by suppliers within trade payables
because the nature and function of the financial liability remain the same as those of other trade payables.
The payments by the Group under these arrangements are included within operating cash flows because they continue to be part of the
normal operating cycle of the Group and their principal nature remains operating \u2013 i.e. payments for the purchase of goods and services.
At 1 April 2023, \u00a3303.9m (last year: \u00a3330.0m) of trade payables were amounts owed under these arrangements. During the year the
maximum facility available at any one time under the arrangements was \u00a3442.6m (last year: \u00a3404.1m).
20 BORROWINGS AND OTHER FINANCIAL LIABILITIES
2023
\u00a3m
2022
\u00a3m
Current
Lease liabilities 216.7 200.2
3.00% \u00a3300m Medium Term Notes 2023
1
185.3 \u2013
Interest accrued on Medium Term Notes 42.0 47.0
444.0 247.2
Non-current
3.00% \u00a3300m Medium Term Notes 2023
1
\u2013 299.1
4.75% \u00a3400m Medium Term Notes 2025
1,2
330.0 409.4
3.75% \u00a3300m Medium Term Notes 2026
1
298.9 298.6
3.25% \u00a3250m Medium Term Notes 2027
1
248.6 248.3
7.125% US$300m Medium Term Notes 2037
3,4
251.8 192.3
Revaluation of Medium Term Notes
5
(10.2) 34.8
Lease liabilities 2,064.9 2,078.5
3,184.0 3,561.0
Total 3,628.0 3,808.2
1 These notes are issued under Marks and Spencer plc\u2019s \u00a33bn Euro Medium Term Note programme and all pay interest annually.
2 The Group occasionally enters into interest rate swaps to manage interest rate exposure. At year end, \u00a36.1m (last year: \u00a310.5m) of fair value adjustment for terminated hedges to
be amortised over the remaining debt maturity.
3 Interest on these bonds is payable biannually.
4 US$300m Medium Term Note exposure swapped to sterling (fixed-to-fixed cross-currency interest rate swaps).
5 Revaluation consists of foreign exchange gain on revaluation of the 7.125% US$300m Medium Term Notes 2037 of \u00a310.2m (last year: \u00a334.8m loss).
Leases
The Group leases various stores, offices, warehouses and equipment with varying terms, escalation clauses and renewal rights.
The Group has certain leases with lease terms of 12 months or less and leases of assets with low values. The Group applies the
\u201cshort-term lease\u201d and \u201clease of low-value assets\u201d recognition exemptions for these leases.
Set out below are the carrying amounts of lease liabilities and the movements during the period.
2023
\u00a3m
2022
\u00a3m
Opening lease liabilities 2,278.7 2,405.9
Acquisitions 21.3 \u2013
Additions 249.4 100.6
Interest expense relating to lease liabilities 121.0 124.1
Payments (353.8) (344.3)
Disposals (39.0) (8.1)
Exchange difference 4.0 0.5
2,281.6 2,278.7
Current 216.7 200.2
Non-current 2,064.9 2,078.5
The maturity analysis of lease liabilities is disclosed in note 21A.
20 BORROWINGS AND OTHER FINANCIAL LIABILITIES CONTINUED
Future cash outflows related to the post-break clause period included in the lease liability
The Group holds certain leases that contain break clause options to provide operational flexibility. In accordance with IFRS 16, the Group
has calculated the full lease term, beyond break, to represent the reasonably certain lease term (except for those stores identified as part
of the UK store estate programme) within the total \u00a32,281.6m of lease liabilities held on the balance sheet.
The following amounts were recognised in profit or loss:
2023
\u00a3m
2022
\u00a3m
Expenses relating to short-term leases 13.2 5.9
Expenses relating to low-value assets \u2013 1.4
Expenses relating to variable consideration 4.9 4.4
21 FINANCIAL INSTRUMENTS
Treasury policy
The Group operates a centralised treasury function to manage the Group\u2019s funding requirements and financial risks in line with the
Board-approved treasury policies and procedures, and their delegated authorities.
The Group\u2019s financial instruments, other than derivatives, comprise borrowings, cash and liquid resources and various items, such as
trade receivables and trade payables that arise directly from its operations. The main purpose of these financial instruments is to finance
the Group\u2019s operations.
The Group treasury function also enters into derivative transactions, principally cross-currency swaps, cross-currency swaps and forward
currency contracts. The purpose of these transactions is to manage the interest rate and foreign currency risks arising from the Group\u2019s
operations and financing.
It remains the Group\u2019s policy not to hold or issue financial instruments for trading purposes, except where financial constraints
necessitate the need to liquidate any outstanding investments. The treasury function is managed as a cost centre and does not engage
in speculative trading.
Financial risk management
The principal financial risks faced by the Group are liquidity and funding, counterparty, foreign currency and interest rate risks.
The policies and strategies for managing these risks are summarised on the following pages:
(a) Liquidity & funding risk
The risk that the Group could be unable to settle or meet its obligations as they fall due:
\u2013 The Group\u2019s funding strategy ensures a mix of funding sources offering sufficient headroom, maturity and flexibility, and cost-
effectiveness to match the requirements of the Group.
\u2013 Marks and Spencer plc is financed by a combination of retained profits, bank borrowings, Medium Term Notes and committed
syndicated bank facilities.
\u2013 Operating subsidiaries are financed by a combination of retained profits, bank borrowings and intercompany loans.
The Group has a committed syndicated bank revolving credit facility of \u00a3850m with a current maturity date of 13 June 2026. The facility
contains a financial covenant, being the ratio of earnings before interest, tax, depreciation and amortisation; to net interest and
depreciation on right-of-use assets under IFRS 16. The covenant is measured biannually. The Group was not in breach of this metric at the
reporting date.
The revolving credit facility includes four sustainability metrics where the margin payable on the facility is adjusted to reflect the Group\u2019s
performance against ESG targets material to the Group\u2019s \u201cPlan A\u201d objectives.
The Group also has a number of uncommitted facilities available to it. At year end, these amounted to \u00a325m (last year: \u00a325m), all of which
are due to be reviewed within a year. At the balance sheet date, a sterling equivalent of \u00a3nil (last year: \u00a3nil) was drawn under the
committed facilities and \u00a3nil (last year: \u00a3nil) was drawn under the uncommitted facilities.
In addition to the existing borrowings, the Group has a Euro Medium Term Note programme of \u00a33bn, of which \u00a31.1bn (last year: \u00a31.3bn) was
in issuance as at the balance sheet date. The initial rate of interest is fixed at the date of issue and the Notes are referred to as fixed rate
borrowings throughout the Annual Report as the coupon does not change with movements in benchmark interest rates. However, the
rate of interest on certain Notes varies both up and down in response to third-party credit ratings (to above/below Baa3 or above/below
BBB-) that reflects the relative deterioration or improvement in the Group\u2019s cost of credit, and the interest payable on these Notes
increases or decreases from the next interest payment date following a relevant credit rating downgrade or upgrade. As the original
contractual terms of these Notes provide for changes in cash flows to be reset to reflect the relative deterioration or improvement in the
Group\u2019s cost of credit, the Group considers these Notes to be floating rate instruments when determining amortised cost under IFRS 9
and consequently the Group applied IFRS 9 paragraph B5.4.5, which requires no adjustment to the carrying amount of the liabilities or
immediate impact on profit and loss. If the Group had determined these Notes to be fixed rate instruments, the Notes would be
remeasured to reflect the revised cash flows discounted at the original effective rate. This would result in initially a higher interest
expense to profit or loss, offset by lower interest charges subsequently, when compared to the Group\u2019s treatment.
21 FINANCIAL INSTRUMENTS CONTINUED
Ocado Retail Limited, an associate of the Group, has entered into a \u00a330m revolving credit facility provided by BNP Paribas. The Group,
along with Ocado Group plc, jointly guarantee the facility.
The table below summarises the contractual maturity of the Group\u2019s non-derivative financial liabilities and derivatives, excluding trade
payables, other payables and accruals. The carrying value of all trade payables, other payables (excluding contingent consideration
payable) and accruals of \u00a31,910.3m (last year: \u00a31,853.3m) is equal to their contractual undiscounted cash flows (see note 19) which are due
within one year. Contingent consideration (see the fair value hierarchy section within note 21) and deferred consideration of \u00a37.2m (last
year: \u00a3nil) is expected to become payable within one year and \u00a3165.3m (last year: \u00a3190.8m) between two and five years.
Medium
Term
Notes
\u00a3m
Lease
liabilities
1
\u00a3m
Partnership
liability to
the Marks
& Spencer
UK Pension
Scheme
(note 12)
\u00a3m
Total
borrowings
and other
financial
liabilities
\u00a3m
Cash inflow
on derivatives
2
\u00a3m
Cash
outflow on
derivatives
2
\u00a3m
Total
derivative
liabilities
\u00a3m
Timing of cash flows
Within one year (75.5) (313.2) (71.9) (460.6) 330.2 (333.6) (3.4)
Between one and two years (375.5) (279.3) (73.0) (727.8) 30.9 (31.1) (0.2)
Between two and five years (864.3) (786.0) (54.4) (1,704.7) \u2013 \u2013 \u2013
More than five years (668.4) (3,082.1) \u2013 (3,750.5) \u2013 \u2013 \u2013
Total undiscounted cash flows (1,983.7) (4,460.6) (199.3) (6,643.6) 361.1 (364.7) (3.6)
Effect of discounting 454.2 2,181.9 7.0 2,643.1
At 2 April 2022 (1,529.5) (2,278.7) (192.3) (4,000.5)
Timing of cash flows
Within one year (252.7) (318.8) (73.0) (644.5) 1,062.3 (1,120.6) (58.3)
Between one and two years (59.3) (320.4) (54.4) (434.1) 145.8 (147.4) (1.6)
Between two and five years (1,002.2) (805.2) \u2013 (1,807.4) 26.0 (26.0) \u2013
More than five years (415.6) (2,982.1) \u2013 (3,397.7) 207.8 (214.7) (6.9)
Total undiscounted cash flows (1,729.8) (4,426.5) (127.4) (6,283.7) 1,441.9 (1,508.7) (66.8)
Effect of discounting 383.4 2,144.9 2.6 2,530.9
At 1 April 2023 (1,346.4) (2,281.6) (124.8) (3,752.8)
1 Total undiscounted lease payments of \u00a3750.6m relating to the period post-break clause, and the earliest contractual lease exit point, are included in lease liabilities. These
undiscounted lease payments should be excluded when determining the Group\u2019s contractual indebtedness under these leases, where there is a contractual right to break.
Furthermore, \u00a360.8m of these payments relate to leases where, following the break clause, the Group will have the ability to exit the lease at any point before the lease expiry with
a maximum of six months\u2019 notice.
2 Cash inflows and outflows on derivative instruments that require gross settlement (such as cross-currency swaps and forward foreign exchange contracts) are disclosed gross.
Cash inflows and outflows on derivative instruments that settle on a net basis are disclosed net.
(b) Counterparty risk
Counterparty risk exists where the Group can suffer financial loss through the default or non-performance of the counterparties
with whom it transacts.
Exposures are managed in accordance with the Group treasury policy which limits the value that can be placed with each approved
counterparty to minimise the risk of loss. The minimum long-term rating for all counterparties is long-term Standard & Poor\u2019s (S&P)/
Moody\u2019s A-/A3 (BBB+/Baa1 for committed lending banks). In the event of a rating by one agency being different from the other, reference
will be made to Fitch to determine the casting vote of the rating group. In the absence of a Fitch rating the lower agency rating will prevail.
Limits are reviewed regularly by senior management. The credit risk of these financial instruments is estimated as the fair value of the
assets resulting from the contracts.
The table below analyses the Group\u2019s short-term investments and derivative assets by credit exposure, excluding bank balances, store
cash and cash in transit.
21 FINANCIAL INSTRUMENTS CONTINUED
Credit rating of counterparty
AAA
\u00a3m
AA+
\u00a3m
AA
\u00a3m
AA-
\u00a3m
A+
\u00a3m
A
\u00a3m
A-
\u00a3m
BBB
\u00a3m
Total
\u00a3m
Other investments
1
\u2013 \u2013 \u2013 158.5 288.6 462.0 89.0 \u2013 998.1
Derivative assets
2
\u2013 \u2013 \u2013 \u2013 31.9 24.4 8.7 \u2013 65.0
At 2 April 2022 \u2013 \u2013 \u2013 158.5 320.5 486.4 97.7 \u2013 1,063.1
AAA
\u00a3m
AA+
\u00a3m
AA
\u00a3m
AA-
\u00a3m
A+
\u00a3m
A
\u00a3m
A-
\u00a3m
BBB
\u00a3m
Total
\u00a3m
Other investments
1
99.4 \u2013 \u2013 95.5 360.2 287.4 65.0 \u2013 907.5
Derivative assets
2
\u2013 \u2013 \u2013 \u2013 10.0 7.4 5.0 0.3 22.7
At 1 April 2023 99.4 \u2013 \u2013 95.5 370.2 294.8 70.0 0.3 930.2
1 Includes cash on deposit and money market funds held by Marks and Spencer Scottish Limited Partnership, Marks and Spencer plc and Marks and Spencer General Insurance.
Excludes cash in hand and in transit of \u00a3173.4m (last year: \u00a3217.4m).
2 Standard & Poor\u2019s equivalent rating shown as reference to the majority credit rating of the counterparty from either Standard & Poor\u2019s, Moody\u2019s or Fitch where applicable.
The Group has a very low retail credit risk due to transactions principally being of high volume, low value and short maturity.
The maximum exposure to credit risk at the balance sheet date was as follows: trade receivables \u00a3128.3m (last year: \u00a3103.0m), lease
receivables \u00a365.5m (last year: \u00a375.5m), other receivables (including loans to related parties) \u00a369.3m (last year: \u00a330.5m), cash and cash
equivalents \u00a31,067.9m (last year: \u00a31,197.9m) and derivatives \u00a322.7m (last year: \u00a365.0m).
Impairment of financial assets
The credit risk management practices of the Group include internal review and reporting of the ageing of trade and other receivables by
days past due by a centralised accounts receivable function, and grouped by respective contractual revenue stream, along with liaison
with the debtors by the credit control function.
The Group applies the IFRS 9 simplified approach in measuring expected credit losses which use a lifetime expected credit loss allowance
for all trade receivables and lease receivables.
To measure expected credit losses, trade receivables have been grouped by shared credit risk characteristics along the lines of differing
revenue streams such as international franchise, UK franchise, food, corporate and sundry, as well as by geographical location and days
past due. In addition to the expected credit losses calculated using a provision matrix, the Group may provide additional provision for the
receivables of particular customers if the deterioration of financial position was observed. The Group\u2019s trade receivables are of very low
credit risk due to transactions being principally of high volume, low value and short maturity. Therefore, it also has very low
concentration risk.
The expected loss rates are determined based on the average write-offs as a proportion of average debt over a period of 36 months prior
to the reporting date. The historical loss rates are adjusted for current and forward-looking information where significant. The Group
considers GDP growth, unemployment, sales growth and bankruptcy rates of the countries in which goods are sold to be the most
relevant factors and, where the impact of these is significant, adjusts the historical loss rates based on expected changes in these factors.
Historical experience has indicated that debts aged 180 days or over are generally not recoverable. The Group has incorporated this into
the expected loss model through a uniform loss rate for ageing buckets below 180 days dependent on the revenue stream and country
and providing for 100% of debt aged more than 180 days past due. Where the Group specifically holds insurance or holds the legal right of
offset with debtors which are also creditors, the loss provision is applied only to the extent of the uninsured or net exposure.
Trade receivables are written off when there is no reasonable expectation of recovery. Indicators that there may be no reasonable
expectation of recovery include the failure of the debtor to engage in a payment plan, and failure to make contractual payments within
180 days past due.
Impairment losses on trade receivables are presented as net impairment losses within operating profit and subsequent recoveries are
credited to the same line item.
21 FINANCIAL INSTRUMENTS CONTINUED
As at 2 April 2022
Current
\u00a3m
Up to 30 days
past due
\u00a3m
31-60 days
past due
\u00a3m
61-90 days
past due
\u00a3m
91-180 days
past due
\u00a3m
181 days
or more
past due
\u00a3m
Total
\u00a3m
Gross carrying amount \u2013 trade receivables 76.7 15.8 \u2013 1.9 7.5 1.1 103.0
Expected loss rate 2.9% 4.9% 0.0% 5.7% 7.8% 100.0% 4.6%
Lifetime expected credit loss 2.2 0.8 \u2013 0.1 0.6 1.1 4.8
Net carrying amount 74.5 15.0 \u2013 1.8 6.9 \u2013 98.2
As at 1 April 2023
Current
\u00a3m
Up to 30 days
past due
\u00a3m
31-60 days
past due
\u00a3m
61-90 days
past due
\u00a3m
91-180 days
past due
\u00a3m
181 days
or more
past due
\u00a3m
Total
\u00a3m
Gross carrying amount \u2013 trade receivables 98.5 22.1 2.9 1.9 1.3 1.6 128.3
Expected loss rate 0.8% 3.2% 27.6% 31.6% 69.2% 100.0% 4.2%
Lifetime expected credit loss 0.8 0.7 0.8 0.6 0.9 1.6 5.4
Net carrying amount 97.7 21.4 2.1 1.3 0.4 \u2013 122.9
The closing loss allowances for trade receivables reconciles to the opening loss allowances as follows:
Trade receivables expected loss provision
2023
\u00a3m
2022
\u00a3m
Opening loss allowance 4.8 3.7
Increase in loss allowance recognised in profit and loss during the year 5.5 1.5
Receivables written off during the year as uncollectable (4.9) (0.4)
Closing loss allowance 5.4 4.8
The closing loss allowances for lease receivables reconciles to the opening loss allowances as follows:
Lease receivables expected loss provision
2023
\u00a3m
2022
\u00a3m
Opening loss allowance \u2013 11.9
Increase/(decrease) in loss allowance recognised in profit and loss during the year
1
10.7 (11.9)
Closing loss allowance 10.7 \u2013
1 Relates to the sub-let of previously closed offices associated with the strategic programme to centralise the Group\u2019s London Head Office functions (see note 5).
The provision for other receivables is highly immaterial (it can be quantified) and therefore no disclosure is provided.
(c) Foreign currency risk
Transactional foreign currency exposure arises primarily from the import of goods sourced from overseas suppliers and also from
the export of goods from the UK to overseas subsidiaries. The most significant exposure is to the US dollar, incurred in the sourcing
of Clothing & Home products from Asia.
Group Treasury hedges these Clothing & Home foreign currency exposures principally using forward foreign exchange contracts
progressively based on dynamic forecasts from the business. Hedging is generally carried out in the six months before the period
when purchase orders are entered into.
Other exposures arising from the export of goods to overseas subsidiaries are also hedged progressively over the course of the year
before they are incurred. As at the balance sheet date, the gross notional value in sterling terms of forward foreign exchange sell or buy
contracts amounted to \u00a31,785.7m (last year: \u00a31,865.7m) with a weighted average maturity date of six months (last year: six months).
Gains and losses in equity on forward foreign exchange contracts designated in cash flow hedge relationships as at 1 April 2023 will be
reclassified to the income statement at various dates over the following 14 months (last year: 15 months) from the balance sheet date.
The foreign exchange forwards are designated as cash flow hedges of highly probable forecast transactions. Both spot and forward
points are designated in the hedge relationship; under IFRS 9 the currency basis spread may be excluded from the hedge relationship
and recognised in other comprehensive income \u2013 cost of hedging reserve. The change in the fair value of the hedging instrument, to the
degree effective, is deferred in equity and subsequently either reclassified to profit or loss or removed from equity and included in the
initial cost of inventory as part of the \u201cbasis adjustment\u201d. This will be realised in the income statement once the hedged item is sold. The
Group has considered, and elected not to, recognise the currency basis spread element in the cost of hedging reserve, owing to the
relatively short-dated nature of the hedging instruments.
21 FINANCIAL INSTRUMENTS CONTINUED
The Group regularly reviews the foreign exchange hedging portfolio to confirm whether the underlying transactions remain highly
probable. Any identified instance of over-hedging or ineffectiveness would result in immediate recycling to the income statement.
A change in the timing of a forecast item does not disqualify a hedge relationship nor the assertion of \u201chighly probable\u201d as there remains
an economic relationship between the underlying transaction and the derivative.
The foreign exchange forwards are recognised at fair value. The Group has considered and elected to apply credit/debit valuation
adjustments. The risks at the reporting date are representative of the financial year.
The Group also holds a number of cross-currency swaps to designate its fixed rate US dollar debt to fixed rate sterling debt. These
are reported as cash flow hedges. The change in the fair value of the hedging instrument, to the degree effective, is retained in other
comprehensive income, segregated by cost and effect of hedging. Under IFRS 9, the currency basis on the cross-currency swaps is
excluded from the hedge designation and recognised in other comprehensive income \u2013 cost of hedging reserve. Effectiveness is
measured using the hypothetical derivative approach. The contractual terms of the cross-currency swaps include break clauses
every five years which allow for the interest rates to be reset (last reset November 2022).
The cross-currency swaps are recognised at fair value. The inclusion of credit risk on cross-currency swaps will cause ineffectiveness of
the hedge relationship. The Group has considered and elected to apply credit/debit valuation adjustments, owing to the swaps\u2019 relative
materiality and longer dated nature.
The Group also hedges foreign currency intercompany loans where these exist. Forward foreign exchange contracts in relation to the
hedging of the Group\u2019s foreign currency intercompany loans are classified as fair value through profit and loss. The corresponding fair
value movement of the intercompany loan balance resulted in a \u00a31.8m loss (last year: \u00a30.3m gain) in the income statement. As at the
balance sheet date, the gross notional value of intercompany loan hedges was \u00a3125.8m (last year: \u00a3166.8m).
After taking into account the hedging derivatives entered into by the Group, the currency and interest rate exposure of the Group\u2019s
financial liabilities, excluding short-term payables and the liability to the Marks & Spencer UK Pension Scheme, is set out below:
2023 2022
Fixed rate
\u00a3m
Floating rate
\u00a3m
Total
\u00a3m
Fixed rate
\u00a3m
Floating rate
\u00a3m
Total
\u00a3m
Currency
Sterling 3,419.6 \u2013 3,419.6 3,610.6 \u2013 3,610.6
Euro 106.8 \u2013 106.8 104.3 \u2013 104.3
Other 101.6 \u2013 101.6 93.3 \u2013 93.3
3,628.0 \u2013 3,628.0 3,808.2 \u2013 3,808.2
As at the balance sheet date and excluding lease liabilities, post-hedging, the GBP and USD fixed rate borrowings are at an average rate
of 5.1% (last year: 5.1%) and the weighted average time for which the rate is fixed is five years (last year: five years).
(d) Interest rate risk
The Group is exposed to interest rate risk in relation to sterling, US dollar and euro variable rate financial assets and liabilities.
The Group\u2019s policy is to use derivative contracts where necessary to maintain a mix of fixed and floating rate borrowings to manage this
risk. The structure and maturity of these derivatives correspond to the underlying borrowings and are accounted for as fair value or cash
flow hedges as appropriate.
At the balance sheet date, fixed rate borrowings amounted to \u00a33,628.0m (last year: \u00a33,808.2m) representing the public bond issues and
lease liabilities, amounting to 100% (last year: 100%) of the Group\u2019s gross borrowings.
The effective interest rates at the balance sheet date were as follows:
2023
%
2022
%
Committed and uncommitted borrowings N/A N/A
Medium Term Notes 5.1% 5.1%
Leases 5.1% 5.4%
21 FINANCIAL INSTRUMENTS CONTINUED
Derivative financial instruments
The below table illustrates the effects of hedge accounting on the consolidated statement of financial position and consolidated income
statement through detailing separately by risk category and each type of hedge the details of the associated hedging instrument and
hedged item.
2 April 2022
Current Non Current
Forward foreign
exchange contracts
\u00a3m
Forward foreign
exchange contracts
\u00a3m
Cross-currency
swaps
\u00a3m
Forward foreign
exchange contracts
\u00a3m
Hedging risk strategy Cash flow
hedges
FVTPL Cash flow
hedges
Cash flow
hedges
Notional / currency legs 1,536.9 166.8 193.5 162.0
Carrying amount assets 43.0 0.6 18.5 2.9
Carrying amount (liabilities) (2.3) (0.9) \u2013 (0.4)
Maturity date to Sep 2022 to May 2022 to Dec 2037 to Apr 2023
Hedge ratio 100% n/a 100% 100%
Description of hedged item Highly probable
transactional FX
exposures
Inter-company
loans/deposits
USD fixed rate
borrowing
Highly probable
transactional FX
exposures
Change in fair value of hedging instrument 60.1 11.1 26.7 4.8
Change in fair value of hedged item used to determine
hedge effectiveness
(60.1) (10.8) (25.4) (4.8)
Weighted average hedge rate for the year GBP/USD 1.37;
GBP/EUR 1.18
\u2013 GBP/USD 1.55 GBP/USD 1.34;
GBP/EUR 1.17
Amounts recognised within finance costs in profit and loss \u2013 0.3 (0.1) \u2013
Balance on cash flow hedge reserve at 2 April 2022 (32.0) \u2013 9.5 2.5
Balance on cost of hedging reserve at 2 April 2022 \u2013 \u2013 (5.0) \u2013
1 April 2023
Current Non Current
Forward foreign
exchange contracts
\u00a3m
Forward foreign
exchange contracts
\u00a3m
Cross-currency
swaps
\u00a3m
Forward foreign
exchange contracts
\u00a3m
Hedging risk strategy Cash flow
hedges
FVTPL Cash flow
hedges
Cash flow
hedges
Notional / currency legs 1,504.7 125.8 252.9 155.2
Carrying amount assets 22.6 \u2013 0.1 \u2013
Carrying amount (liabilities) (56.0) (2.1) (5.3) (1.8)
Maturity date to Jul 2023 to Jun 2023 to Dec 2037 to May 2024
Hedge ratio 100% n/a 100% 100%
Description of hedged item Highly probable
transactional FX
exposures
Inter-company
loans/deposits
USD fixed rate
borrowing
Highly probable
transactional FX
exposures
Change in fair value of hedging instrument 49.6 (2.1) 30.9 (4.3)
Change in fair value of hedged item used to determine
hedge effectiveness
(49.6) 0.3 (30.0) 4.3
Weighted average hedge rate for the year GBP/USD 1.20;
GBP/EUR 1.14
\u2013 GBP/USD 1.19 GBP/USD 1.22;
GBP/EUR 1.12
Amounts recognised within finance costs in profit and loss \u2013 (1.8) 0.9 \u2013
Balance on cash flow hedge reserve at 1 April 2023 47.3 \u2013 (7.0) 1.8
Balance on cost of hedging reserve at 1 April 2023 \u2013 \u2013 (5.8) \u2013
21 FINANCIAL INSTRUMENTS CONTINUED
1 April 2023 2 April 2022
Notional Value Fair Value Notional Value Fair Value
Assets
\u00a3m
Liabilities
\u00a3m
Assets
\u00a3m
Liabilities
\u00a3m
Assets
\u00a3m
Liabilities
\u00a3m
Assets
\u00a3m
Liabilities
\u00a3m
Current
Forward
foreign
exchange
contracts
\u2013 cash flow
hedges
559.2 945.6 22.6 (56.0) 1,348.8 188.1 43.0 (2.3)
\u2013 FVTPL 8.0 117.7 \u2013 (2.1) 37.2 129.6 0.6 (0.9)
567.2 1,063.3 22.6 (58.1) 1,386.0 317.7 43.6 (3.2)
Non-current
Cross-
currency
swaps
\u2013 cash flow
hedges
125.0 127.9 0.1 (5.3) 193.5 \u2013 18.5 \u2013
Forward
foreign
exchange
contracts
\u2013 cash flow
hedges
18.1 137.1 \u2013 (1.8) 131.1 30.9 2.9 (0.4)
143.1 265.0 0.1 (7.1) 324.6 30.9 21.4 (0.4)
The Group\u2019s hedging reserves disclosed in the consolidated statement of changes in equity, relate to the following hedging instruments:
Cost of
hedging
reserve
CCIRS
1
\u00a3m
Deferred
tax
\u00a3m
Total
cost of
hedging
reserve
\u00a3m
Hedge
reserve
FX
derivatives
\u00a3m
Hedge
reserve
CCIRS
\u00a3m
Hedge
reserve
gilt locks
\u00a3m
Deferred
tax
\u00a3m
Total
hedge
reserve
\u00a3m
Opening balance 4 April 2021 (5.8) 1.2 (4.6) 42.7 25.4 0.1 (13.4) 54.8
Add: Change in fair value of hedging instrument recognised
in OCI
2
\u2013 \u2013 \u2013 (65.7) (26.4) \u2013 \u2013 (92.1)
Add: Costs of hedging deferred and recognised in OCI 0.8 \u2013 0.8 \u2013 \u2013 \u2013 \u2013 \u2013
Less: Reclassified to the cost of inventory \u2013 \u2013 \u2013 (6.5) \u2013 \u2013 \u2013 (6.5)
Less: Reclassified from OCI to profit or loss \u2013 \u2013 \u2013 \u2013 10.5 \u2013 \u2013 10.5
Less: Deferred tax \u2013 0.2 0.2 \u2013 \u2013 \u2013 15.7 15.7
Closing balance 2 April 2022 (5.0) 1.4 (3.6) (29.5) 9.5 0.1 2.3 (17.6)
Opening balance 3 April 2022 (5.0) 1.4 (3.6) (29.5) 9.5 0.1 2.3 (17.6)
Add: Change in fair value of hedging instrument recognised
in OCI
\u2013 \u2013 \u2013 (45.3) (30.9) \u2013 \u2013 (76.2)
Add: Costs of hedging deferred and recognised in OCI (0.8) \u2013 (0.8) \u2013 \u2013 \u2013 \u2013 \u2013
Less: Reclassified to the cost of inventory \u2013 \u2013 \u2013 123.9 \u2013 \u2013 \u2013 123.9
Less: Reclassified from OCI to profit or loss \u2013 \u2013 \u2013 \u2013 14.4 \u2013 \u2013 14.4
Less: Deferred tax \u2013 0.2 0.2 \u2013 \u2013 \u2013 (12.6) (12.6)
Closing balance 1 April 2023 (5.8) 1.6 (4.2) 49.1 (7.0) 0.1 (10.3) 31.9
1 Cross-currency interest rate swaps
2 Other comprehensive income
21 FINANCIAL INSTRUMENTS CONTINUED
The Group holds a number of cross-currency interest rate swaps to designate its USD to GBP fixed debt. These are reported as cash flow
hedges. The ineffective portion recognised in profit or loss that arises from the cash flow hedge amounts to a \u00a30.9m gain (last year: \u00a31.3m
gain) as the loss on the hedged items was \u00a330.0m (last year: \u00a325.4m loss) and the movement on the hedging instruments was a \u00a330.9m
gain (last year: \u00a326.7m gain).
Movement in hedged items and hedging instruments
2023
\u00a3m
2022
\u00a3m
Net gain in fair value of cross-currency interest rate swap 30.9 26.7
Net loss on hedged items (30.0) (25.4)
Ineffectiveness 0.9 1.3
Sensitivity analysis
The table below illustrates the estimated impact on the income statement and equity as a result of market movements in foreign
exchange and interest rates in relation to the Group\u2019s financial instruments. The directors consider that a 2% +/- (last year: 2%) movement
in interest and a 20% +/- (last year: 20%) movement in sterling against the relevant currency represent reasonably possible changes.
However, this analysis is for illustrative purposes only. The directors believe that these illustrative assumed movements continue to
provide sufficient guidance.
The table excludes financial instruments that expose the Group to interest rate and foreign exchange risk where such a risk is fully
hedged with another financial instrument. Also excluded are trade receivables and payables as these are either sterling denominated
or the foreign exchange risk is hedged.
Interest rates The impact in the income statement due to changes in interest rates reflects the effect on the Group\u2019s floating rate debt
as at the balance sheet date. The impact in equity reflects the fair value movement in relation to the Group\u2019s cross-currency swaps.
Foreign exchange The impact from foreign exchange movements reflects the change in the fair value of the Group\u2019s transactional
foreign exchange cash flow hedges at the balance sheet date. The equity impact shown for foreign exchange sensitivity relates to
derivatives. This value is expected to be materially offset by the re-translation of the related transactional exposures.
2% decrease in
interest rates
\u00a3m
2% increase in
interest rates
\u00a3m
20%
weakening
in sterling
\u00a3m
20%
strengthening
in sterling
\u00a3m
At 2 April 2022
Impact on income statement: (loss)/gain (19.2) 19.2 \u2013 \u2013
Impact on other comprehensive income: (loss)/gain (4.2) 3.3 243.5 (243.5)
At 1 April 2023
Impact on income statement: (loss)/gain (17.2) 17.2 \u2013 \u2013
Impact on other comprehensive income: (loss)/gain 3.0 (2.3) 227.9 (227.9)
21 FINANCIAL INSTRUMENTS CONTINUED
Offsetting of financial assets and liabilities
The following tables set out the financial assets and financial liabilities which are subject to offsetting, enforceable master netting
arrangements and similar agreements. Amounts which are set off against financial assets and liabilities in the Group\u2019s balance sheet, are
set out below. For trade and other receivables and trade and other payables, amounts not offset in the balance sheet, but which could be
offset under certain circumstances, are also set out. To reconcile the amount shown in the tables below to the Statement of Financial
Position, items which are not subject to offsetting should be included.
Gross financial
assets/
(liabilities)
\u00a3m
Gross financial
(liabilities)/
assets set off
\u00a3m
Net financial
assets/
(liabilities) per
statement of
financial
position
\u00a3m
Related
amounts not
set off in the
statement of
financial
position
\u00a3m
Net
\u00a3m
At 2 April 2022
Trade and other receivables 27.9 (25.0) 2.9 \u2013 2.9
Derivative financial assets 65.0 \u2013 65.0 (3.4) 61.6
92.9 (25.0) 67.9 (3.4) 64.5
Trade and other payables (284.8) 25.0 (259.8) \u2013 (259.8)
Derivative financial liabilities (3.6) \u2013 (3.6) 3.4 (0.2)
(288.4) 25.0 (263.4) 3.4 (260.0)
Gross
financial
assets/
(liabilities)
\u00a3m
Gross
financial
(liabilities)/
assets set off
\u00a3m
Net financial
assets/
(liabilities)
per statement
of financial
position
\u00a3m
Related
amounts not
set off in the
statement of
financial
position
\u00a3m
Net
\u00a3m
At 1 April 2023
Trade and other receivables 19.2 (16.5) 2.7 \u2013 2.7
Derivative financial assets 22.7 \u2013 22.7 (18.0) 4.7
41.9 (16.5) 25.4 (18.0) 7.4
Trade and other payables (317. 3) 16.5 (300.8) \u2013 (300.8)
Derivative financial liabilities (65.2) \u2013 (65.2) 18.0 (47.2)
(382.5) 16.5 (366.0) 18.0 (348.0)
Amounts which do not meet the criteria for offsetting on the balance sheet, but could be settled net in certain circumstances, principally
relate to derivative transactions under International Swaps and Derivatives Association agreements where each party has the option to
settle amounts on a net basis in the event of default of the other party.
Fair value hierarchy
The Group uses the following hierarchy for determining and disclosing the fair value of financial instruments by valuation technique:
\u2013 Level 1: quoted (unadjusted) prices in active markets for identical assets and liabilities. The Group had no level 1 investments or
financial instruments.
\u2013 Level 2: not traded in an active market but the fair values are based on quoted market prices or alternative pricing sources with
reasonable levels of price transparency. The Group\u2019s level 2 financial instruments include interest rate and foreign exchange
derivatives. Fair value is calculated using discounted cash flow methodology, future cash flows are estimated based on forward
exchange rates and interest rates (from observable market curves) and contract rates, discounted at a rate that reflects the credit
risk of the various counterparties for those with a long maturity.
\u2013 Level 3: techniques that use inputs which have a significant effect on the recorded fair value that are not based on observable
market data.
21 FINANCIAL INSTRUMENTS CONTINUED
At the end of the reporting period, the Group held the following financial instruments at fair value:
2023 2022
Level 1
\u00a3m
Level 2
\u00a3m
Level 3
\u00a3m
Total
\u00a3m
Level 1
\u00a3m
Level 2
\u00a3m
Level 3
\u00a3m
Total
\u00a3m
Assets measured at fair value
Financial assets at fair value through profit or loss (FVTPL)
\u2013 derivatives held at FVTPL \u2013 \u2013 \u2013 \u2013 \u2013 0.6 \u2013 0.6
\u2013 other investments
1
\u2013 12.3 8.6 20.9 \u2013 17.6 4.5 22.1
Derivatives used for hedging \u2013 22.7 \u2013 22.7 \u2013 64.4 \u2013 64.4
Liabilities measured at fair value
Financial liabilities at fair value through profit or loss
\u2013 derivatives held at FVTPL \u2013 (2.1) \u2013 (2.1) \u2013 (0.9) \u2013 (0.9)
\u2013 Ocado contingent consideration
2
\u2013 \u2013 (64.7) (64.7) \u2013 \u2013 (172.6) (172.6)
\u2013 Gist contingent consideration
3
\u2013 \u2013 (25.0) (25.0) \u2013 \u2013 \u2013 \u2013
Derivatives used for hedging \u2013 (63.1) \u2013 (63.1) \u2013 (2.7) \u2013 (2.7)
There were no transfers between the levels of the fair value hierarchy during the period. There were also no changes made to any of the
valuation techniques during the period.
1. Within Level 3 other investments, the Group holds \u00a37.3m of venture capital investments, managed by True Capital Limited, measured at FVTPL (last year: \u00a33.1m) (see note 16) which
are Level 3 instruments. The fair value of these investments has been determined in accordance with the International Private Equity and Venture Capital (\u201cIPEV\u201d) Valuation
Guidelines. Where investments are either recently acquired or there have been recent funding rounds with third parties, the primary input when determining the valuation is the
latest transaction price.
2. As part of the investment in Ocado Retail Limited, a contingent consideration arrangement was agreed. The arrangement comprises three separate elements which only become
payable on the achievement of three separate financial and operational performance targets. Last year, \u00a333.8m was settled, relating to the first two targets. The final target
relates to Ocado Retail Limited achieving a specified target level of earnings in the financial year ending November 2023, with any resulting payment due in 2024 following
completion of the Ocado Retail Limited audited FY23 statutory accounts. The performance target is binary, meaning that a payment of \u00a3156.3m plus interest will be made if the
performance target is met. Should the target not be met, no consideration would be payable. The fair value of the contingent consideration was estimated using an expected
present value technique and was based on probability-weighting possible scenarios and applying an appropriate discount rate to reflect the timing of the possible payment.
The Group has considered a range of scenarios reflecting current market uncertainty, taking into account Ocado Retail Limited\u2019s most recent trading update in March 2023, and
determined a fair value of \u00a364.7m (last year: \u00a3172.6m). If the level of earnings assumed in the probability-weighted scenarios was 10% higher or lower, the fair value of liability
would increase or decrease by \u00a317.5m respectively. A discount rate of 6.4% (last year: 4.2%) was used. During the period, a gain of \u00a3108.0m was recognised in profit or loss in relation
to the remeasurement (see note 5).
3. As part of the investment in Gist Limited, the Group has agreed to pay the former owners of Gist Limited additional consideration of up to \u00a325.0m plus interest when freehold
properties are disposed of under certain conditions (for other consideration payable please see note 19). There is no minimum amount payable. The Group has the ability to retain
the properties should it wish to do so, in which case the full amount of \u00a325.0m plus interest will be payable on the third anniversary of completion.
The fair value of the contingent consideration arrangement of \u00a325.0m was estimated by calculating the present value of the future expected cashflows. The estimates are based
on a discount rate of 6.1%. A 2.5% change in the discount rate would result in a change in fair value of \u00a31.4m.
The Marks & Spencer UK Pension Scheme holds a number of financial instruments which make up the pension asset of \u00a36,781.9m
(last year: \u00a310,090.7m). Level 1 and Level 2 financial assets measured at fair value through other comprehensive income amounted to
\u00a32,754.7m (last year: \u00a34,945.8m
1
). Additionally, the scheme assets include \u00a34,027.2m (last year: \u00a35,144.9m
1
) of Level 3 financial assets. See
note 11 for information on the Group\u2019s retirement benefits.
21 FINANCIAL INSTRUMENTS CONTINUED
The following table represents the changes in Level 3 instruments held by the Pension Schemes:
2023
\u00a3m
2022
\u00a3m
Opening balance 5,144.9 4,996.9
Fair value (loss)/gain recognised in other comprehensive income
1
(401.8) 191.6
Cash withdrawals (715.9) (43.6)
Closing balance 4,027.2 5,144.9
1 Last year restated to reflect the deferred payment due from the Marks and Spencer Scottish Limited Partnership (see note 12).
Fair value of financial instruments
With the exception of the Group\u2019s fixed rate bond debt and the Partnership liability to the Marks & Spencer UK Pension Scheme (note 12),
there were no material differences between the carrying value of non-derivative financial assets and financial liabilities and their fair
values as at the balance sheet date.
The carrying value of the Group\u2019s fixed rate bond debt (level 1 equivalent) was \u00a31,346.4m (last year: \u00a31,529.5m); the fair value of this debt
was \u00a31,264.3m (last year: \u00a31,549.6m) which has been calculated using quoted market prices and includes accrued interest. The carrying
value of the Partnership liability to the Marks & Spencer UK Pension Scheme (level 2 equivalent) is \u00a3124.8m (last year: \u00a3192.3m) and the fair
value of this liability is \u00a3121.9m (last year: \u00a3187.9m).
Capital policy
The Group\u2019s objectives when managing capital are to fund investment in the transformation and deliver financial performance at an
investment grade level, to safeguard its ability to continue as a going concern in order to provide optimal returns for shareholders and
to maintain an efficient capital structure to reduce the cost of capital.
In doing so, the Group\u2019s strategy is to sustain a capital structure that supports an investment grade credit rating and to retain appropriate
levels of liquidity headroom to ensure financial stability and flexibility. To achieve this strategy, the Group regularly monitors key credit
metrics such as the gearing ratio, cash flow to net debt and fixed charge cover to maintain this position. In addition, the Group ensures a
combination of appropriate committed short-term liquidity headroom with a diverse and balanced long-term debt maturity profile. As at
the balance sheet date, the Group\u2019s average debt maturity profile was five years (last year: five years). During the year, the Group
maintained credit ratings of Ba1 (stable) with Moody\u2019s and BB+ (stable) with Standard & Poor\u2019s.
In order to maintain or realign the capital structure, the Group will consider the appropriate level of dividends paid to shareholders and
options to return capital to shareholders, issue new shares or sell assets to reduce debt.
22 PROVISIONS
Property
\u00a3m
Restructuring
\u00a3m
Other
\u00a3m
Total
\u00a3m
At 4 April 2021 76.7 28.5 12.1 117.3
Provided in the year \u2013 charged to profit or loss 23.5 38.0 6.2 67.7
Provided in the year \u2013 charged to property, plant and equipment 5.3 \u2013 \u2013 5.3
Released in the year (8.4) (2.8) (3.0) (14.2)
Utilised during the year (5.1) (28.2) (0.9) (34.2)
Exchange differences \u2013 (0.1) (0.2) (0.3)
Discount rate unwind 3.8 \u2013 \u2013 3.8
At 2 April 2022 95.8 35.4 14.2 145.4
Analysed as:
Current 53.6
Non-current 91.8
22 PROVISIONS CONTINUED
Property
\u00a3m
Restructuring
\u00a3m
Other
\u00a3m
Total
\u00a3m
At 3 April 2022 95.8 35.4 14.2 145.4
Acquired through business combinations 1.8 - 1.5 3.3
Provided in the year \u2013 charged to profit or loss 25.3 14.0 12.3 51.6
Released in the year (46.0) (0.2) (0.6) (46.8)
Utilised during the year (3.5) (32.3) (3.8) (39.6)
Exchange differences \u2013 \u2013 0.1 0.1
Discount rate unwind 5.4 \u2013 \u2013 5.4
At 1 April 2023 78.8 16.9 23.7 119.4
Analysed as:
Current 44.0
Non-current 75.4
Property provisions relate primarily to obligations such as dilapidations arising as a result of the closure of stores in the UK, as part of the
UK store estate strategic programme. These provisions are expected to be utilised over the period to the end of each specific lease (up to
10 years).
Movements in restructuring provisions relate to the utilisation and finalisation of costs associated with the strategic programme to
transition to a single-tier UK distribution network; the strategic programme to reduce roles across central support centres, regional
management and our UK and Republic of Ireland stores; the historical International exit strategy; the restructure of certain International
franchise operations; and cost savings and transformation relating to the acquisition of Gist. Closing provisions relate primarily to the
strategic programme to transition to a single-tier UK distribution network, expected to be utilised over the period of closure of sites,
and the restructure of certain International franchise operations, expected to be utilised within the next year.
Other provisions include amounts in respect of probable liabilities for employee-related matters.
Provisions related to adjusting items were \u00a3100.3m at 1 April 2023 (last year: \u00a3124.9m), with a net charge in the year of \u00a33.9m (last year:
\u00a348.2m) (see note 5).
23 DEFERRED TAX
Deferred tax is provided under the balance sheet liability method using the tax rate at which the balances are expected to unwind of 25%
(last year: 19% and 25% as applicable) for UK differences and local tax rates for overseas differences. Details of the changes to the UK
corporation tax rate and the impact on the Group are described in note 7.
The movements in deferred tax assets and liabilities (after the offsetting of balances within the same jurisdiction as permitted by IAS 12 \u2013
\u201cIncome Taxes\u201d) during the year are shown below.
Deferred tax assets/(liabilities)
Land and
buildings
temporary
differences
\u00a3m
Capital
allowances in
excess of
depreciation
\u00a3m
Pension
temporary
differences
\u00a3m
IFRS 16
adjustment
\u00a3m
Other
short-term
temporary
differences
\u00a3m
Total UK
deferred tax
\u00a3m
Overseas
deferred tax
\u00a3m
Total
\u00a3m
At 4 April 2021 (50.3) 22.6 (148.7) 104.9 30.6 (40.9) (1.4) (42.3)
(Charged)/credited
to income statement
(15.4) 3.7 (14.7) 12.6 7.7 (6.1) 1.0 (5.1)
(Charged)/Credited
to equity/other
comprehensive income
\u2013 \u2013 (128.7) \u2013 (14.1) (142.8) 3.0 (139.8)
At 2 April 2022 (65.7) 26.3 (292.1) 117.5 24.2 (189.8) 2.6 (187.2)
At 2 April 2022 (65.7) 26.3 (292.1) 117.5 24.2 (189.8) 2.6 (187.2)
Credited/(charged)
to income statement
3.7 (36.4) (7.4) (5.7) 4.9 (40.9) (0.2) (41.1)
Credited/(charged)
to equity/other
comprehensive income
\u2013 \u2013 158.0 \u2013 17.6 175.6 (0.6) 175.0
Acquisition of Gist (11.5) (1.0) 1.0 \u2013 0.1 (11.4) \u2013 (11.4)
At 1 April 2023 (73.5) (11.1) (140.5) 111.8 46.8 (66.5) 1.8 (64.7)
23 DEFERRED TAX CONTINUED
Other short-term temporary differences relate mainly to employee share options and financial instruments.
The deferred tax liability on land and buildings temporary differences is reduced by the benefit of capital losses with a gross value of
\u00a3230.5m (last year: \u00a3236.6m) and a tax value of \u00a357.6m (last year: \u00a358.6m). The gross carried forward capital losses are \u00a3348.0m (last year:
\u00a3364.7m) with a tax value of \u00a387.0m (last year: \u00a391.2m) and are inclusive of the gross \u00a3230.5m of losses used to reduce the deferred tax
liability on land and buildings.
Due to uncertainty over their future use, no benefit has been recognised in respect of trading losses carried forward in overseas
jurisdictions with a gross value of \u00a35.2m (last year: \u00a35.6m) and a tax value of \u00a31.3m (last year: \u00a31.4m).
No deferred tax is recognised in respect of undistributed earnings of overseas subsidiaries and joint ventures with a gross value of \u00a346.1m
(last year: \u00a334.2m) unless a material liability is expected to arise on distribution of these earnings under applicable tax legislation. There
is a potential tax liability in respect of undistributed earnings of \u00a34.4m (last year: \u00a33.1m) however this has not been recognised on the
basis that the distribution can be controlled by the Group, and it is not probable that the temporary difference will reverse in the
foreseeable future.
24 ORDINARY SHARE CAPITAL
2023 2022
Ordinary shares
of \u00a30.01 each
Ordinary shares
of \u00a30.25 each
Ordinary shares
of \u00a30.01 each
Deferred shares
of \u00a30.24 each
Shares \u00a3m Shares \u00a3m Shares \u00a3m Shares \u00a3m
Issued and fully paid
At start of year 1,958,905,344 19.7 1,956,513,591 489.2 \u2013 \u2013 \u2013 \u2013
Shares issued in
respect of employee
share option schemes
\u2013 \u2013 1,266,035 0.3 \u2013 \u2013 \u2013 \u2013
Subdivision of
ordinary share capital
\u2013 \u2013 (1,957,779,626) (489.5) 1,957,779,626 19.6 1,957,779,626 469.9
Repurchase of
deferred shares
\u2013 \u2013 \u2013 \u2013 \u2013 \u2013 (1,957,779,626) (469.9)
Shares issued in
respect of employee
share option schemes
6,028,587 0.1 \u2013 \u2013 1,125,718 0.1 \u2013 \u2013
At end of year 1,964,933,931 19.8 \u2013 \u2013 1,958,905,344 19.7 \u2013 \u2013
Nominal value reduction
In July 2021, the Company reduced the nominal value of its ordinary shares from \u00a30.25 to \u00a30.01. The reduction was completed by
subdividing each \u00a30.25 ordinary share in issue into 1 ordinary share of \u00a30.01 and 1 deferred share of \u00a30.24. All deferred shares were then
bought back for total aggregate consideration of \u00a30.01 and cancelled. The Company\u2019s issued share capital remained unchanged and
each shareholder\u2019s proportionate interest in the share capital of the Company remained unchanged. Aside from the change in nominal
value, the rights attaching to the ordinary shares (including voting and dividend rights and rights on a return of capital) remain
unchanged. The repurchase and cancellation of the shares resulted in an increase to the Company\u2019s capital redemption reserve
of \u00a3469.9m.
Issue of new shares
A total of 6,028,587 (last year: 2,391,753) ordinary shares having a nominal value of \u00a30.1m (last year: \u00a30.4m) were allotted during the year
under the terms of the Company\u2019s share schemes which are described in note 13 of the Group financial statements. The aggregate
consideration received was \u00a30.1m (last year: \u00a30.3m).
25 CONTINGENCIES AND COMMITMENTS
A. Capital commitments
2023
\u00a3m
2022
\u00a3m
Commitments in respect of properties in the course of construction 100.8 59.8
Software capital commitments 6.1 6.1
106.9 65.9
Last year, the Group committed to invest up to \u00a325.0m, over a three-year period to 2024/25, in an innovation and consumer growth fund
managed by True Capital Limited. The fund can drawdown amounts at any time over the three-year period to make specific investments.
At 1 April 2023, the Group had invested \u00a37.5m (last year: \u00a33.3m) of this commitment, which is held as a non-current other investment and
measured at fair value through profit or loss (see note 16).
B. Other material contracts
In the event of termination of our trading arrangements with certain warehouse operators, the Group has a number of options and
commitments to purchase some property, plant and equipment, at values ranging from historical net book value to market value, which
are currently owned and operated by the warehouse operators on the Group\u2019s behalf. These options and commitments would have no
material impact on the Group\u2019s statement of financial position.
See note 12 for details on the Partnership arrangement with the Marks & Spencer UK Pension Scheme.
26 ANALYSIS OF CASH FLOWS GIVEN IN THE STATEMENT OF CASH FLOWS
Cash flows from operating activities
2023
\u00a3m
2022
\u00a3m
Profit on ordinary activities after taxation 364.5 309.0
Income tax expense 111.2 82.7
Finance costs 205.5 214.4
Finance income (166.1) (33.9)
Operating profit 515.1 572.2
Share of results of Ocado Retail Limited 29.5 (13.9)
Increase in inventories (58.5) (46.5)
Increase in receivables (33.7) (2.9)
Increase in payables 82.1 289.1
Depreciation, amortisation and write-offs 523.2 510.7
Non-cash share based payment expense 38.0 38.8
Defined benefit pension funding (36.8) (36.8)
Adjusting items net cash outflows
1,2
(67.9) (45.8)
Adjusting items M&S Bank
3
(2.0) (16.0)
Adjusting operating profit items 111.5 136.8
Cash generated from operations 1,100.5 1,385.7
1 Excludes \u00a311.5m (last year: \u00a35.6m) of surrender payments included within repayment of lease liabilities in the consolidated statement of cash flows relating to leases within the UK
store estate programme.
2 Adjusting items net cash outflows relate to strategic programme costs associated with the UK store estate, UK logistics, UK structural simplification programme, the utilisation of
the provisions for International store closures and impairments, and legal costs related to the acquisition of Gist Limited.
3 Adjusting items M&S Bank relates to M&S Bank income recognised in operating profit offset by charges incurred in relation to the insurance mis-selling provision, which is a
non-cash item.
27 ANALYSIS OF NET DEBT A. Reconciliation of movement in net debt At 4 April 2021 \u00a3m Cash flow \u00a3m Changes in fair values \u00a3m Lease additions and remeasurements \u00a3m Exchange and other non-cash movements 1 \u00a3m At 2 April 2022 \u00a3m Net debt Bank loans and overdrafts (see note 20) (4.7) 4.7 \u2013 \u2013 \u2013 \u2013 Cash and cash equivalents (see note 18) 674.4 531.7 \u2013 \u2013 (8.2) 1,197.9 Net cash per statement of cash flows 669.7 536.4 \u2013 \u2013 (8.2) 1,197.9 Current other financial assets (see note 16) 18.4 (0.8) \u2013 \u2013 \u2013 17.6 Liabilities from financing activities Medium Term Notes (see note 20) (1,682.1) 244.0 \u2013 \u2013 (91.4) (1,529.5) Lease liabilities (see note 20) (2,405.9) 344.3 \u2013 (100.6) (116.5) (2,278.7) Partnership liability to the Marks & Spencer UK Pension Scheme (see note 12) (185.5) \u2013 \u2013 \u2013 (2.4) (187.9) Derivatives held to hedge Medium Term Notes (8.1) \u2013 26.6 \u2013 \u2013 18.5 Liabilities from financing activities (4,281.6) 588.3 26.6 (100.6) (210.3) (3,977.6) Less: Cashflows related to interest and derivative instruments 77.6 (208.7) (26.6) \u2013 221.0 63.3 Net debt (3,515.9) 915.2 \u2013 (100.6) 2.5 (2,698.8) At 3 April 2022 \u00a3m Cash flow \u00a3m Changes in fair values \u00a3m Lease additions and remeasurements \u00a3m Exchange and other non-cash movements 1 \u00a3m At 1 April 2023 \u00a3m Net debt Cash and cash equivalents (see note 18) 1,197.9 (130.5) \u2013 \u2013 0.5 1,067.9 Net cash per statement of cash flows 1,197.9 (130.5) \u2013 \u2013 0.5 1,067.9 Current other financial assets (see note 16) 17.6 (5.3) \u2013 \u2013 0.7 13.0 Liabilities from financing activities Medium Term Notes (see note 20) (1,529.5) 262.3 \u2013 \u2013 (79.2) (1,346.4) Lease liabilities (see note 20) (2,278.7) 353.8 \u2013 (270.7) (86.0) (2,281.6) Partnership liability to the Marks & Spencer UK Pension Scheme (see note 12) (187.9) 66.0 \u2013 \u2013 \u2013 (121.9) Derivatives held to hedge Medium Term Notes 18.5 (57.4) 33.7 \u2013 \u2013 (5.2) Liabilities from financing activities (3,977.6) 624.7 33.7 (270.7) (165.2) (3,755.1) Less: Cashflows related to interest and derivative instruments 63.3 (171.7) (33.7) \u2013 179.1 37.0 Net debt (2,698.8) 317.2 \u2013 (270.7) 15.1 (2,637.2) 1 Exchange and other non-cash movements includes interest paid on Medium Term Notes of \u00a365.4m (last year: \u00a379.6m), interest paid on lease liabilities of \u00a3116.7m (last year: \u00a3121.1m) and interest paid on the Partnership liability to the Marks & Spencer UK Pension Scheme of \u00a34.3m (last year: \u00a34.4m) 27 ANALYSIS OF NET DEBT CONTINUED B. Reconciliation of net debt to statement of financial position 2023 \u00a3m 2022 \u00a3m Statement of financial position and related notes Cash and cash equivalents (see note 18) 1,067.9 1,197.9 Current other financial assets (see note 16) 13.0 17.6 Medium Term Notes \u2013 net of foreign exchange revaluation (see note 20) (1,356.6) (1,494.7) Lease liabilities (see note 20) (2,281.6) (2,278.7) Partnership liability to the Marks & Spencer UK Pension Scheme (see note 12 and 21) (124.8) (192.3) (2,682.1) (2,750.2) Interest payable included within related borrowing and the partnership liability to the Marks & Spencer UK Pension Scheme 44.9 51.4 Net debt (2,637.2) (2,698.8) 28 RELATED PARTY TRANSACTIONS A. Subsidiaries Transactions between the Company and its subsidiaries, which are related parties, have been eliminated on consolidation and are not disclosed in this note. Transactions between the Company and its subsidiaries are disclosed in the Company\u2019s separate financial statements. B. Joint ventures and associates Ocado Retail Limited The following transactions were carried out with Ocado Retail Limited, an associate of the Group. Loan to Ocado Retail Limited 2023 \u00a3m 2022 \u00a3m Opening balance \u2013 \u2013 Loans advanced 30.0 \u2013 Interest charged 0.9 \u2013 Closing balance 30.9 \u2013 The loan matures during 2039/40 and accrues interest at Sterling Overnight Index Average (\u201cSONIA\u201d) plus an applicable margin. Parent guarantee Ocado Retail Limited has entered into a \u00a330.0m revolving credit facility provided by BNPP, of which \u00a325.0m was drawn at 1 April 2023 (last year: undrawn). The Group, along with Ocado Group plc, jointly guarantee the facility. Sales and purchases of goods and services 2023 \u00a3m 2022 \u00a3m Sales of goods and services 35.7 36.1 Purchases of goods and services 0.1 0.2 Included within trade and other receivables is a balance of \u00a32.9m (last year: \u00a31.9m) owed by Ocado Retail Limited. Nobody\u2019s Child Limited Nobody\u2019s Child Limited became an associate of the Group in November 2021. During the year, the Group made purchases of goods amounting to \u00a36.3m (last year: \u00a31.2m) At 1 April 2023, there was no balance included within trade and other payables (last year: \u00a30.2m) owed to Nobody\u2019s Child Limited, and a \u00a30.7m balance included within other financial assets (last year: \u00a30.7m) owed from Nobody\u2019s Child Limited. C. Marks & Spencer UK Pension Scheme Details of other transactions and balances held with the Marks & Spencer UK Pension Scheme are set out in notes 11 and 12
28 RELATED PARTY TRANSACTIONS CONTINUED
D. Key management compensation
The Group has determined that the key management personnel constitute the Board and the members of the Executive Committee.
2023
\u00a3m
2022
\u00a3m
Salaries and short-term benefits 14.3 15.3
Share-based payments 4.8 2.1
Total 19.1 17.4
E. Other related party transactions
The Group acquired 77.7% of the issued share capital of The Sports Edit Limited (\u201cTSE\u201d) in February 2022. A further 4.8% of TSE\u2019s issued
share capital was owned by Mr. Justin King, a Non-Executive Director of the Group (the \u201cJK TSE Shares\u201d). Following shareholder approval,
the Group acquired the JK TSE Shares from Mr. Justin King at a total purchase price of \u00a30.3m in July 2022.
29 INVESTMENTS IN JOINT VENTURES AND ASSOCIATES
The Group holds a 50% interest in Ocado Retail Limited, a company incorporated in the UK. The remaining 50% interest is held by Ocado
Group plc. Ocado Retail Limited is an online grocery retailer, operating through the ocado.com and ocadozoom.com websites.
Ocado Retail Limited is considered an associate of the Group as certain rights are conferred on Ocado Group plc for an initial period
of at least five years from acquisition in August 2019, giving Ocado Group plc control of the company. Following this initial period, a
reassessment of control will be required as the Group will have an option to obtain more control over Ocado Retail Limited if certain
conditions are met. If the Group is deemed to have obtained control, Ocado Retail Limited will then be consolidated as a subsidiary of
the Group. Through Board representation and shareholder voting rights, the Group is currently considered to have significant influence,
therefore the investment in Ocado Retail Limited is treated as an associate and applies the equity method of accounting.
Ocado Retail Limited had a financial year end date of 27 November 2022, aligning with its parent company, Ocado Group plc. For the
Group\u2019s purpose of applying the equity method of accounting, Ocado Retail Limited has prepared financial information to the nearest
quarter-end date of its financial year end, as to do otherwise would be impracticable. The results of Ocado Retail Limited are
incorporated in these financial statements from 28 February 2022 to 26 February 2023. There were no significant events or transactions
in the period from 27 February 2023 to 1 April 2023.
The carrying amount of the Group\u2019s interest in Ocado Retail Limited is \u00a3756.9m (last year: \u00a3800.4m). The Group\u2019s share of Ocado Retail
Limited losses of \u00a343.5m (last year: loss of \u00a318.6m) includes the Group\u2019s share of underlying losses of \u00a329.5m, which includes \u00a313.2m of
exceptional income before tax related to insurance receipts (last year: share of underlying profit: \u00a313.9m) and adjusting item charges of
\u00a314.0m (last year: \u00a332.5m) (see note 5).
Summarised financial information in respect of Ocado Retail Limited (the Group\u2019s only material associate) is set out below and
represents amounts in the Ocado Retail Limited financial statements prepared in accordance with IFRS, adjusted by the Group
for equity accounting purposes.
As at
26 Feb 2023
\u00a3m
As at
27 Feb 2022
\u00a3m
Ocado Retail Limited
Current assets 220.0 291.2
Non-current assets 618.7 590.1
Current liabilities (267.7) (223.3)
Non-current liabilities (421.7) (449.8)
Net assets 149.3 208.2
28 Feb 2022 to
26 Feb 2023
\u00a3m
29 Feb 2021 to
27 Feb 2022
\u00a3m
Revenue 2,222.0 2,248.8
(Loss)/profit for the period (59.0) 27.8
Other comprehensive income \u2013 \u2013
Total comprehensive (loss)/income (59.0) 27.8
29 INVESTMENTS IN JOINT VENTURES AND ASSOCIATES CONTINUED Reconciliation of the above summarised financial information to the carrying amount of the interest in Ocado Retail Limited recognised in the consolidated financial statements: As at 1 Apr 2023 \u00a3m As at 2 Apr 2022 \u00a3m Ocado Retail Limited Net assets 149.3 208.2 Proportion of the Group\u2019s ownership interest 74.6 104.1 Goodwill 449.1 449.1 Brand 236.2 242.7 Customer relationships 67.1 77.7 Other adjustments to align accounting policies (75.8) (78.9) Acquisition costs 5.7 5.7 Carrying amount of the Group\u2019s interest in Ocado Retail Limited 756.9 800.4 In addition, the Group holds immaterial investments in joint ventures and associates totalling \u00a311.0m (last year: \u00a310.5m). The Group\u2019s share of profits totalled \u00a30.5m (last year: \u00a30.7m loss). 30 GOVERNMENT SUPPORT The Group benefited from business rates relief of \u00a3nil in the year (last year: \u00a362.2m (including UK: \u00a359.8m)). There are no unfulfilled conditions or contingencies attached to these grants. 31 BUSINESS COMBINATION On 30 September 2022, the Group completed the acquisition of 100% of the issued share capital and voting rights of Gist Limited (\u201cGist\u201d), a non-listed logistics and supply chain business based in the UK, thereby obtaining control. Gist provides the majority of M&S Food logistics services via a network of primary and secondary distribution centres located across the UK and the Republic of Ireland, including a number of freehold warehouses. The acquisition is expected to accelerate the Group\u2019s multi-year plan to modernise its Food supply chain network to support growth. The acquisition has been accounted for as a business combination using the acquisition method of accounting in accordance with IFRS 3 Business Combinations and consequently the Gist assets acquired, and liabilities assumed, have been recorded by the Group at fair value. As at 30 Sep 2022 \u00a3m Fair value of consideration transferred Cash 170.6 Deferred consideration 83.5 Contingent consideration 23.7 Settlement of pre-existing relationship (18.2) Total consideration transferred 259.6 Fair value of identifiable net assets Intangible assets 2.7 Property, plant and equipment 1 213.8 Inventories 3.3 Trade and other receivables 2 88.0 Cash and cash equivalents 67.8 Trade and other payables (74.1) Borrowings and other financial liabilities (21.3) Provisions (2.9) Deferred tax liabilities (11.5) Total identifiable net assets acquired 265.8 Gain on bargain purchase (6.2) Net cash outflow arising on acquisition Cash consideration 170.6 Less: cash and cash equivalents acquired (67.8) 102.8 1 Property, plant and equipment principally comprises the distribution warehouses which were fair valued following a review undertaken by RICS registered valuers. 2 The fair value of trade and other receivables is considered equivalent to the gross contractual amount and the Group expects to collect substantially all of these
31 BUSINESS COMBINATION CONTINUED
The acquisition resulted in a gain on bargain purchase due to the estimated fair value of the identifiable net assets acquired exceeding
the element of the purchase price treated as consideration. The gain has been recognised within adjusting items (see note 5).
A bargain purchase has arisen as a result of a combination of factors including the previous owner\u2019s decision to sell Gist and the element
of the acquisition price relating to settling the pre-existing relationship, as opposed to forming part of the purchase consideration.
The Group incurred acquisition-related costs of \u00a36.8m, predominantly transaction costs, which have been recognised within adjusting
items (see note 5).
Since the acquisition date, Gist, as a standalone entity, contributed \u00a384.2m of revenue and \u00a30.1m of loss before tax to the Group\u2019s results.
If the acquisition had occurred on 3 April 2022, the Group estimates that consolidated pro-forma revenue would have been c.\u00a3100m
higher and profit before tax would have been c.\u00a31m higher. In determining these amounts, the Group has assumed that the fair value
adjustments that arose on the date of acquisition would have been the same if the acquisition had occurred on 3 April 2022.
Settlement of pre-existing relationship
The Group and Gist were parties to a long-term supply contract under which Gist supplied the Group with logistics services at agreed
contract rates. This pre-existing relationship was effectively terminated at the acquisition date.
The Group has attributed \u00a318.2m of the consideration transferred to the settlement of the pre-existing relationship. The fair value of the
settlement has been determined based on an assessment of the difference between current market rates and the rates previously
agreed in the higher cost legacy supply contract. This amount has been recognised within adjusting items (see note 5).
32 CONTINGENT ASSETS
The Group is currently seeking damages from an independent third party following its involvement in anti-competitive behaviour
that adversely impacted the Group. The Group expects to receive an amount from the claim (either in settlement or from the legal
proceedings), a position reinforced by recent court judgments in similar claims. The value of the claim is confidential and is therefore
not disclosed.
33 SUBSEQUENT EVENTS
The Board has approved a tender offer to repurchase c.\u00a3225m of the Group\u2019s Medium Term Notes which will be announced on 24 May 2023.
", "dimensions": { "concept": "ifrs-full:DisclosureOfNotesAndOtherExplanatoryInformationExplanatory", "language": "en", "entity": "scheme:213800EJP14A79ZG1X44", "period": "2022-04-03T00:00:00/2023-04-02T00:00:00" } }, "fact-648": { "value": "1 ACCOUNTING POLICIES General information Marks and Spencer Group plc (the \u201cCompany\u201d) is a public limited company domiciled and incorporated in England and Wales under the Companies Act 2006. The address of the Company\u2019s registered office is Waterside House, 35 North Wharf Road, London W2 1NW, United Kingdom. The principal activities of the Company and its subsidiaries (the \u201cGroup\u201d) and the nature of the Group\u2019s operations are as a Clothing & Home and Food retailer. These financial statements are presented in sterling, which is also the Company\u2019s functional currency, and are rounded to the nearest hundred thousand. Foreign operations are included in accordance with the policies set out within this note. Basis of preparation The financial statements have been prepared for the 52 weeks ended 1 April 2023 (last year: 52 weeks ended 2 April 2022) in accordance with UK-adopted International Accounting Standards and with the requirements of the Companies Act 2006 as applicable to companies reporting under those standards. The Marks and Spencer Scottish Limited Partnership has taken an exemption under paragraph 7 of the Partnership (Accounts) Regulations 2008 from the requirement to prepare and deliver financial statements, in accordance with the Companies Act. The financial statements have been prepared on a going concern basis. In adopting the going concern basis, the Board has considered the business activities as set out on pages 12 to 27, the financial position of the Group, its cash flows, liquidity position and borrowing facilities as set out in the Financial Review on pages 35 to 41, the Group\u2019s financial risk management objectives and exposures to liquidity and other financial risks as set out in note 21 and the principal risks and uncertainties as set out on pages 58 to 65. The Group continues to maintain a robust financial position providing it with sufficient access to liquidity, through a combination of cash and committed facilities, to meet its needs in the short and medium term. At 1 April 2023, the Group had available liquidity of \u00a31,942.9m (last year: \u00a32,072.9m), comprising cash and cash equivalents of \u00a31,067.9m, an undrawn committed syndicated bank revolving credit facility (\u201cRCF\u201d) of \u00a3850.0m (set to mature in June 2026), and undrawn uncommitted facilities amounting to \u00a325.0m. In December 2022, the Group successfully extended its RCF, which now expires in June 2026. The facility contains a financial covenant, being the ratio of earnings before interest, tax, depreciation and amortisation; to net interest and depreciation on right-of-use assets under IFRS 16. The covenant is measured biannually. In adopting the going concern basis of preparation, the Board has assessed the Group\u2019s cash flow forecasts which incorporate a latest estimate of the ongoing impact of current market conditions on the Group and include a number of assumptions, including sales growth and customer behaviour. While trading continues to be strong, in forming its outlook on the future financial performance, the Board considered a variety of downsides that the Group might experience, such as a sustained economic recession and an inability for the Group to execute the transformation plan. Under these latest forecasts, the Group is able to operate without the need to draw on its available facilities and without taking any supplementary mitigating actions, such as reducing capital expenditure and other discretionary spend. The forecast cash flows also indicate that the Group will comply with all relevant banking covenants during the forecast period, being at least 12 months from the approval of the financial statements. The Board has modelled a severe, but plausible, downside scenario. This downside scenario assumes that: \u2013 There will be a period of economic recession in the UK in 2023/24, resulting in a decline in sales of 2.0 \u2013 2.5% and a decline in gross profit margin of 0.5 \u2013 1.0% across both Food and Clothing & Home business units. \u2013 A delay in transformation benefits results in incremental sales expected from the transformation declining by 7.5%, 15% and 30% respectively across the three-year period across all three business units. \u2013 In addition, Ocado Retail Limited experiences limited customer demand, with no volume growth in 2023/24 and volumes remaining subdued in 2024/25 and 2025/26. Even under this severe, but plausible, downside scenario, the Group would continue to have sufficient liquidity and headroom on its existing facilities and against the RCF financial covenant for the forecast period. Although, should such a scenario arise, there is a range of mitigating actions that could be taken to reduce the impact. Given current trading and expectations for the business, the Board considers that this downside scenario reflects a plausible, but remote, outcome for the Group. In addition, reverse stress testing has been applied to the model to determine the decline in sales that the Group could absorb before exhausting the Group\u2019s total liquidity. Such a scenario, and the sequence of events which could lead to it, are considered to be extremely remote. As a result, the Board expects the Group to have adequate resources to continue in operation, meet its liabilities as they fall due, retain sufficient available cash and not breach the covenant under the revolving credit facility for the foreseeable future, being a period of at least 12 months from the approval of the financial statements. The Board therefore considers it appropriate for the Group to adopt the going concern basis in preparing its financial statements. New accounting standards adopted by the Group The Group has applied the following new standards and interpretations for the first time for the annual reporting period commencing 3 April 2022: \u2013 Amendments to IAS 37: Onerous Contracts \u2013 Cost of Fulfilling a Contract. \u2013 Amendments to IFRS 3: Reference to the Conceptual Framework. \u2013 Amendments to IAS 16: Property, Plant and Equipment \u2013 Proceeds before Intended Use. \u2013 Annual Improvements to IFRS Standards 2018-2020 Cycle: Amendments to IFRS 1 First-time Adoption of International Financial Reporting Standards, IFRS 9 Financial Instruments, IFRS 16 Leases and IAS 41 Agriculture. The adoption of the standards and interpretations listed above has not led to any changes to the Group\u2019s accounting policies or had any other material impact on the financial position or performance of the Group. New accounting standards in issue but not yet effective New standards and interpretations that are in issue, but not yet effective, are listed below: \u2013 IFRS 17 Insurance Contracts. \u2013 Amendments to IAS 1: Classification of Liabilities as Current or Non-Current. \u2013 Amendments to IAS 1 and IFRS Practice Statement 2: Disclosure of Accounting Policies. \u2013 Amendments to IAS 8: Definition of Accounting Estimates. \u2013 Amendments to IAS 12: Deferred Tax Related to Assets and Liabilities arising from a Single Transaction. \u2013 Amendments to IFRS 10 and IAS 28: Sale or Contribution of Assets between an Investor and its Associate or Joint Venture. The adoption of the above standards and interpretations is not expected to lead to any changes to the Group\u2019s accounting policies nor have any other material impact on the financial position or performance of the Group. Alternative performance measures In reporting financial information, the Group presents alternative performance measures (\u201cAPMs\u201d), which are not defined or specified under the requirements of IFRS. The Group believes that these APMs, which are not considered to be a substitute for, or superior to, IFRS measures, provide stakeholders with additional helpful information on the performance of the business. These APMs are consistent with how the business performance is planned and reported within the internal management reporting to the Board and Executive Committee. Some of these measures are also used for the purpose of setting remuneration targets. The key APMs that the Group uses include: sales; like-for-like sales growth; adjusted operating profit; adjusted operating margin; profit before tax and adjusting items; adjusted basic earnings per share; net debt; net debt excluding lease liabilities; free cash flow; free cash flow from operations; capital expenditure; and return on capital employed. Each of these APMs, and others used by the Group, is set out in the Glossary, including explanations of how they are calculated and how they can be reconciled to a statutory measure where relevant. The Group reports some financial measures, primarily International sales, on both a reported and constant currency basis. The constant currency basis, which is an APM, retranslates the previous year revenues at the average actual periodic exchange rates used in the current financial year. This measure is presented as a means of eliminating the effects of exchange rate fluctuations on the year-on-year reported results. The Group makes certain adjustments to the statutory profit measures in order to derive many of these APMs. The Group\u2019s policy is to exclude items that are considered significant in nature and/or quantum over the total expected life of the programme or are consistent with items that were treated as adjusting in prior periods. The Group\u2019s definition of adjusting items is consistent with prior periods. Adjusted results are consistent with how business performance is measured internally and presented to aid comparability of performance. On this basis, the following items were included within adjusting items for the 52-week period ended 1 April 2023: \u2013 Net charges associated with the strategic programme in relation to the review of the UK store estate. \u2013 Significant restructuring costs and other associated costs arising from strategy or operational changes that are not considered by the Group to be part of the normal operating costs of the business. \u2013 Impairment charges and provisions that are considered to be significant in nature and/or value to the trading performance of the business. \u2013 Charges and reversals of previous impairments arising from the write-off of assets and other property charges that are significant in nature and/or value. Impairment charges are recognised in adjusted operating profit where they relate to stores not previously impaired or do not otherwise meet the Group\u2019s adjusting items policy. \u2013 Adjustments to income from M&S Bank due to a provision recognised by M&S Bank for the cost of providing redress to customers in respect of possible mis-selling of M&S Bank financial products. \u2013 Amortisation of the identified intangible assets arising as part of the investment in Ocado Retail Limited. \u2013 Remeasurement of Ocado Retail Limited contingent consideration. \u2013 Directly attributable gains and expenses resulting from the Covid-19 pandemic. \u2013 Significant costs relating to the acquisition of Gist Limited. 1 \u2013 Net finance costs incurred in relation to Gist Limited deferred and contingent consideration. 1 1 As a result of the acquisition of Gist Limited during the year, these items have been included within adjusting items for the first time. Refer to note 5 for a summary of the adjusting items. A summary of the Company\u2019s and the Group\u2019s accounting policies is given below. Accounting convention The financial statements are drawn up on the historical cost basis of accounting, except for certain financial instruments (including derivative instruments) and plan assets of defined benefit pension schemes which are measured at fair value at the end of each reporting period, as explained in the accounting policies below. Basis of consolidation The Group financial statements incorporate the financial statements of Marks and Spencer Group plc and all its subsidiaries made up to the period end date. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used in line with those used by the Group. Subsidiaries Subsidiary undertakings are all entities (including special purpose entities) over which the Company has control. Control is achieved when the Company has the power over the entity; is exposed, or has rights to, variable returns from its involvement with the entity; and has the ability to use its power to affect its returns. The Company reassesses whether or not it controls an entity if facts and circumstances indicate that there are changes to one or more of these three elements of control. Consolidation of a subsidiary begins when the Company obtains control over the subsidiary and ceases when the Company loses control of the subsidiary. Subsidiary undertakings acquired during the year are recorded using the acquisition method of accounting and their results are included from the date of acquisition. The separable net assets, including property, plant and equipment and intangible assets, of the newly acquired subsidiary undertakings are incorporated into the consolidated financial statements on the basis of the fair value as at the effective date of control. Intercompany transactions, balances, and unrealised gains on transactions between Group companies are eliminated on consolidation. Associates An associate is an entity over which the Group has significant influence and that is neither a subsidiary nor an interest in a joint venture. Significant influence is the power to participate in the financial and operating policy decisions of the investee but is not control nor joint control over those policies. The results and assets and liabilities of associates are incorporated in these financial statements using the equity method of accounting. Under the equity method, an investment in an associate is recognised initially in the consolidated statement of financial position at cost and adjusted thereafter to recognise the Group\u2019s share of the profit or loss and other comprehensive income of the associate. When the Group\u2019s share of losses of an associate exceeds the Group\u2019s interest in that associate (which includes any long-term interests that, in substance, form part of the Group\u2019s net investment in the associate), the Group discontinues recognising its share of further losses. Additional losses are recognised only to the extent that the Group has incurred legal or constructive obligations or made payments on behalf of the associate. Dividends received or receivable from an associate are recognised as a reduction in the carrying amount of the investment. Associated undertakings acquired during the year are recorded using the equity method of accounting and their results are included from the date of acquisition. On acquisition of the investment in an associate, any excess of the cost of the investment over the Group\u2019s share of the net fair value of the identifiable assets and liabilities of the investee is recognised as goodwill, which is included within the carrying amount of the investment. Any excess of the Group\u2019s share of the net fair value of the identifiable assets and liabilities over the cost of the investment, after reassessment, is recognised immediately in profit or loss in the period in which the investment is acquired. The Group\u2019s share of the net fair value of identified intangible assets is amortised over the expected useful economic life of the assets. The requirements of IAS 36 are applied to determine whether it is necessary to recognise any impairment loss with respect to the Group\u2019s investment in an associate. When necessary, the entire carrying amount of the investment (including goodwill) is tested for impairment in accordance with IAS 36 as a single asset by comparing its recoverable amount (higher of value in use and fair value less costs of disposal) with its carrying amount. When a Group company transacts with an associate of the Group, profits and losses resulting from the transactions with the associate are recognised only to the extent of interests in the associate that are not related to the Group. Revenue Revenue comprises sales of goods to customers outside the Group less an appropriate deduction for actual and expected returns, discounts and loyalty scheme vouchers, and is stated net of value added tax and other sales taxes. Revenue is recognised when performance obligations are satisfied and goods are delivered to our franchise partners or the customer and the control of goods is transferred to the buyer. Online sales are recognised when items are delivered, as this is when the performance obligation is deemed to have been satisfied. Where third-party branded goods are sold on a consignment basis, only the commission receivable is included in statutory revenue. A right of return is not a separate performance obligation and the Group is required to recognise revenue net of estimated returns. A refund liability and a corresponding asset in inventory representing the right to recover products from the customer are recognised. The Group enters into agreements which entitle other parties to operate under the Marks & Spencer brand name for certain activities and operations, such as M&S Bank and M&S Energy. These contracts give rise to performance-based variable consideration. Income dependent on the performance of the third-party operations is recognised when it is highly probable that a significant reversal in the amount of income recognised will not occur, and presented as other operating income. Revenue from the rendering of supply chain services is recognised when a performance obligation is satisfied. Supplier income In line with industry practice, the Group enters into agreements with suppliers to share the costs and benefits of promotional activity and volume growth. The Group receives income from its suppliers based on specific agreements in place. Supplier income received is recognised as a deduction from cost of sales based on the entitlement that has been earned up to the balance sheet date for each relevant supplier agreement. Marketing contributions, equipment hire and other non-judgmental, fixed rate supplier charges are not included in the Group\u2019s definition of supplier income. The types of supplier income recognised by the Group and the associated recognition policies are: A. Promotional contribution Includes supplier contributions to promotional giveaways and pre-agreed contributions to annual \u201cspend and save\u201d activity. Income is recognised as a deduction to cost of sales over the relevant promotional period. Income is calculated and invoiced at the end of the promotional period based on actual sales or according to fixed contribution arrangements. Contributions earned, but not invoiced, are accrued at the end of the relevant period. B. Volume-based rebates Includes annual growth incentives, seasonal contributions and contributions to share economies of scale resulting from moving product supply. Annual growth incentives are calculated and invoiced at the end of the financial year, once earned, based on fixed percentage growth targets agreed for each supplier at the beginning of the year. They are recognised as a reduction in cost of sales in the year to which they relate. Other volume-based rebates are agreed with the supplier and spread over the relevant season/contract period to which they relate. Contributions earned, but not invoiced, are accrued at the end of the relevant period. Uncollected supplier income at the balance sheet date is classified within the financial statements as follows: A. Trade and other payables The majority of income due from suppliers is net against amounts owed to that supplier as the Group has the legal right and intention to offset these balances. B. Trade and other receivables Supplier income that has been earned, but not invoiced, at the balance sheet date is recognised in trade and other receivables and primarily relates to volume-based rebates that run up to the period end. In order to provide users of the accounts with greater understanding in this area, additional balance sheet disclosure is provided in note 17 to the financial statements. M&S Bank The Group has an economic interest in M&S Bank which entitles the Group to a 50% share of the profits of M&S Bank after appropriate contractual deductions. Dividends Final dividends are recorded in the financial statements in the period in which they are approved by the Company\u2019s shareholders. Interim dividends are recorded in the period in which they are approved and paid. Government grants Government grants are recognised where there is reasonable assurance that the grants will be received and that the Group will comply with the conditions attached to them. Government grants that compensate the Group for expenses incurred are recognised in profit or loss, as a deduction against the related expense, over the periods necessary to match them with the related costs. Government grant income is disclosed in note 30. Pensions Funded pension plans are in place for the Group\u2019s UK employees and some overseas employees. For defined benefit (\u201cDB\u201d) pension schemes, the difference between the fair value of the assets and the present value of the DB obligation is recognised as an asset or liability in the statement of financial position. The DB obligation is actuarially calculated using the projected unit credit method. An asset can be recognised as, in the event of a plan wind-up, the pension scheme rules provide the Group with an unconditional right to a refund of surplus assets, assuming a full settlement of plan liabilities. In the ordinary course of business, the Trustees have no rights to wind-up or change, the benefits due to the members of the scheme. As a result, any net surplus in the UK DB scheme is recognised in full. The service cost of providing retirement benefits to employees during the year, together with the cost of any curtailment, is charged to operating profit in the year. The Group no longer incurs any service cost or curtailment costs related to the UK DB Pension Scheme as the scheme is closed to future accrual. The net interest cost on the net retirement benefit asset/liability is calculated by applying the discount rate, measured at the beginning of the year, to the net defined benefit asset/liability and is included as a single net amount in finance income. Remeasurements, being actuarial gains and losses, together with the difference between actual investment returns and the return implied by the net interest cost, are recognised immediately in other comprehensive income. Payments to defined contribution retirement benefit schemes are charged as an expense on an accruals basis. For further details on pension schemes and the partnership liability to the Marks & Spencer UK Pension scheme, see notes 11 and 12. Intangible assets A. Goodwill Goodwill arising on consolidation represents the excess of the consideration paid and the amount of any non- controlling interest in the acquiree over the fair value of the identifiable assets and liabilities (including intangible assets) of the acquired entity at the date of the acquisition. Goodwill is recognised as an asset and assessed for impairment annually or as triggering events occur. Any impairment in value is recognised within the income statement. B. Acquired intangible assets Acquired intangible assets include trademarks or brands. These assets are capitalised on acquisition at cost and amortised on a straight-line basis over their estimated useful lives. Acquired intangible assets are tested for impairment as triggering events occur. Any impairment in value is recognised within the income statement. C. Software intangibles Where computer software is not an integral part of a related item of computer hardware, the software is treated as an intangible asset. Capitalised software costs include external direct costs of goods and services, as well as internal payroll-related costs for employees who are directly associated with the project. When the Group incurs configuration and customisation costs as part of a cloud-based software-as-a- service agreement, and where this does not result in the creation of an asset which the Group has control over, then these costs are expensed. Capitalised software development costs are amortised on a straight-line basis over their expected economic lives, normally between three and five years. Computer software under development is held at cost less any recognised impairment loss. Any impairment in value is recognised within the income statement. Property, plant and equipment The Group\u2019s policy is to state property, plant and equipment at cost less accumulated depreciation and any recognised impairment loss. Property is not revalued for accounting purposes. Assets in the course of construction are held at cost less any recognised impairment loss. Costs include professional fees and, for qualifying assets, borrowing costs. Leasehold buildings with lease premiums and ongoing peppercorn lease payments are considered in-substance purchases and are therefore included within the buildings category of property, plant and equipment. Depreciation is provided to write off the cost of tangible non- current assets (including investment properties), less estimated residual values on a straight-line basis as follows: \u2013 Freehold land \u2013 not depreciated. \u2013 Buildings \u2013 depreciated to their residual value over their estimated remaining economic lives of 10-50 years. \u2013 Fixtures, fittings and equipment \u2013 three to 25 years, according to the estimated economic life of the asset. Residual values and useful economic lives are reviewed annually. Depreciation is charged on all additions to, or disposals of, depreciating assets in the year of purchase or disposal. Any impairment in value, or reversal of an impairment, is recognised within the income statement. Leasing The Group recognises a right-of-use asset and corresponding liability at the date at which a leased asset is made available for use by the Group, except for short-term leases (defined as leases with a lease term of 12 months or less) and leases of low-value assets. For these leases, the Group recognises the lease payments as an operating expense on a straight-line basis over the term of the lease. Lease liabilities are measured at the present value of the future lease payments, excluding any payments relating to non-lease components. Future lease payments include fixed payments, in-substance fixed payments, and variable lease payments that are based on an index or a rate, less any lease incentives receivable. Lease liabilities also take into account amounts payable under residual value guarantees and payments to exercise options to the extent that it is reasonably certain that such payments will be made. The payments are discounted at the rate implicit in the lease or, where that cannot be readily determined, at an incremental borrowing rate. Right-of-use assets are measured initially at cost based on the value of the associated lease liability, adjusted for any payments made before inception, initial direct costs and an estimate of the dismantling, removal and restoration costs required in the terms of the lease. The Group presents right-of-use assets in \u201cproperty, plant and equipment\u201d in the consolidated statement of financial position. Subsequent to initial recognition, the lease liability is reduced for payments made and increased to reflect interest on the lease liability (using the effective interest method). The related right-of- use asset is depreciated over the term of the lease or, if shorter, the useful economic life of the leased asset. The lease term shall include the period of an extension option where it is reasonably certain that the option will be exercised. Where the lease contains a purchase option, the asset is written off over the useful life of the asset when it is reasonably certain that the purchase option will be exercised. The Group remeasures the lease liability (and makes a corresponding adjustment to the related right-of-use asset) whenever: \u2013 The lease term has changed or there is a change in the assessment of exercise of a purchase option, in which case the lease liability is remeasured by discounting the revised lease payments using a revised discount rate. \u2013 The lease payments change due to changes in an index or rate or a change in expected payment under a guaranteed residual value, in which cases the lease liability is remeasured by discounting the revised lease payments using the initial discount rate (unless the lease payments change is due to a change in a floating interest rate, in which case a revised discount rate is used). \u2013 A lease contract is modified and the lease modification is not accounted for as a separate lease, in which case the lease liability is remeasured by discounting the revised lease payments using a revised discount rate. Leases for which the Group is a lessor are classified as finance or operating leases. A lease is classified as a finance lease if it transfers substantially all the risks and rewards of ownership to the lessee, and classified as an operating lease if it does not. When the Group is an intermediate lessor, it accounts for the head lease and the sublease as two separate contracts. The sublease is classified as a finance or operating lease by reference to the right-of-use asset arising from the head lease. Amounts due from lessees under finance leases are recognised as receivables at the amount of the Group\u2019s net investment in the leases. Finance lease income is allocated to accounting periods so as to reflect a constant periodic rate of return on the Group\u2019s net investment in the lease. Rental income from operating leases is recognised on a straight-line basis over the term of the relevant lease. Cash and cash equivalents Cash and cash equivalents includes short-term deposits with banks and other financial institutions, with an initial maturity of three months or less, money market funds and credit card payments received within 48 hours. Bank transactions are recorded on their settlement date. Inventories Inventories are valued on a weighted average cost basis and carried at the lower of cost and net realisable value. Cost includes all direct expenditure and other attributable costs incurred in bringing inventories to their present location and condition. All inventories are finished goods. Certain purchases of inventories may be subject to cash flow hedges for foreign exchange risk. The initial cost of hedged inventory is adjusted by the associated hedging gain or loss transferred from the cash flow hedge reserve (\u201cbasis adjustment\u201d). Provisions Provisions are recognised when the Group has a present 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 best estimate of the expenditure required to settle the obligation at the end of the reporting period, and are discounted to present value where the effect is material. Share-based payments The Group issues equity-settled share-based payments to certain employees. A fair value for the equity-settled share awards is measured at the date of grant. The Group measures the fair value of each award using the Black-Scholes model where appropriate. The fair value of each award is recognised as an expense over the vesting period on a straight-line basis, after allowing for an estimate of the share awards that will eventually vest. The level of vesting is reviewed at each reporting period and the charge is adjusted to reflect actual and estimated levels of vesting. Foreign currencies The financial statements are presented in sterling which is the Company\u2019s functional currency. The results of overseas subsidiaries are translated at the weighted average of monthly exchange rates for revenue and profits. The statements of financial position of overseas subsidiaries are translated at year-end exchange rates. The resulting exchange differences are booked into reserves and reported in the consolidated statement of comprehensive income. On disposal of an overseas subsidiary the related cumulative translation differences recognised in reserves are reclassified to profit or loss and are recognised as part of the gain or loss on disposal. Transactions denominated in foreign currencies are translated at the exchange rate at the date of the transaction. Foreign currency monetary assets and liabilities held at the end of the reporting period are translated at the closing balance sheet rate. The resulting exchange gain or loss is recognised within the income statement. Taxation Tax expense comprises current and deferred tax. Tax is recognised in the income statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity, in which case the related tax is recognised in other comprehensive income or directly in equity. Provision is made for uncertain tax positions when it is considered probable that there will be a future outflow of funds to a tax authority. The provision is calculated using the single best estimate where that outcome is more likely than not and a weighted average probability in other circumstances. The position is reviewed on an ongoing basis, to ensure appropriate provision is made for each known tax risk. Deferred tax is accounted for using a temporary difference approach, and is the tax expected to be payable or recoverable on temporary differences between the carrying amount of assets and liabilities in the statement of financial position and the corresponding tax bases used in the computation of taxable profit. Deferred tax is calculated based on the expected manner of realisation or settlement of the carrying amount of assets and liabilities, applying tax rates and laws enacted, or substantively enacted, at the end of the reporting period. Deferred tax liabilities are generally recognised for all taxable temporary differences. Deferred tax liabilities are recognised for taxable temporary differences arising on investments in subsidiaries, associates and joint ventures, except where the reversal of the temporary difference can be controlled by the Group and it is probable that the difference will not reverse in the foreseeable future. In addition, deferred tax liabilities are not recognised on temporary differences that arise from goodwill which is not deductible for tax purposes. Deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which the deductible temporary differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are not recognised in respect of temporary differences that arise on initial recognition of assets and liabilities acquired other than in a business combination. Financial instruments Financial assets and liabilities are recognised in the Group\u2019s statement of financial position when the Group becomes a party to the contractual provisions of the instrument. Financial assets are initially classified as at fair value through profit and loss, fair value through other comprehensive income or amortised cost depending on the Group\u2019s business model for managing the financial asset and its cash flow characteristics. Financial assets that are held for collection of contractual cash flows, where those cash flows represent solely payments of principal and interest, are measured at amortised cost. The table below sets out the Group\u2019s accounting classification of each class of its financial assets and liabilities: Note Measurement Financial assets: Other investments 16 FVTPL 1 Loans to related parties 17 Amortised cost Trade receivables 17 Amortised cost Lease receivables 17 Amortised cost Other receivables 17 Amortised cost Cash and cash equivalents 18 Amortised cost Derivative financial instruments 21 FVTPL Financial liabilities: Borrowings and overdrafts 20 Amortised cost Trade payables 19 Amortised cost Other payables 19 Amortised cost Contingent consideration 19 FVTPL Accruals 19 Amortised cost Lease liabilities 20 Amortised cost Derivative financial instruments 21 FVTPL 1 Fair value through profit or loss A. Trade and other receivables Trade receivables are recorded initially at transaction price and subsequently measured at amortised cost, except those which, due to factoring arrangements, are held within a \u201chold to collect and sell\u201d business model and are measured at fair value through other comprehensive income (\u201cFVOCI\u201d). Trade receivables measured at amortised cost are carried at nominal value less an allowance for any doubtful debts. The allowance for doubtful debts is recognised based on management\u2019s expectation of losses without regard to whether an impairment trigger happened or not (an \u201cexpected credit loss\u201d model). B. Other financial assets Other financial assets consist of loans receivable, venture capital investments and short-term investments with a maturity date of more than 90 days. Financial assets that do not meet the criteria for being measured at amortised cost are measured at fair value through profit or loss (\u201cFVTPL\u201d) with gains and losses arising from changes in fair value included in the income statement for the period. C. Classification of financial liabilities and equity Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Group after deducting all of its liabilities. D. Bank borrowings Interest-bearing bank loans and overdrafts are initially recorded at fair value, which equals the proceeds received, net of direct issue costs. They are subsequently held at amortised cost. Finance charges, including premiums payable on settlement or redemption and direct issue costs, are accounted for using an effective interest rate method and are added to, or deducted from, the carrying amount of the instrument. E. Loan notes Long-term loans are initially measured at fair value net of direct issue costs and are subsequently held at amortised cost. If the loan is designated in a fair value hedge relationship, the carrying value of the loan is adjusted for fair value gains or losses attributable to the risk being hedged. F. Trade payables Trade payables are recorded initially at fair value and subsequently measured at amortised cost. Generally, this results in their recognition at their nominal value. G. Equity instruments Equity instruments issued by the Group are recorded at the consideration received, net of direct issue costs. Derivative financial instruments and hedging activities The Group primarily uses cross-currency swaps and forward foreign currency contracts to manage its exposures to fluctuations in interest rates and foreign exchange rates. These instruments are initially recognised at fair value on the trade date and are subsequently remeasured at their fair value at the end of the reporting period. The method of recognising the resulting gain or loss is dependent on whether the derivative is designated as a hedging instrument and the nature of the item being hedged. The Group designates certain hedging derivatives as either: \u2013 A hedge of a highly probable forecast transaction or change in the cash flows of a recognised asset or liability (a cash flow hedge); or \u2013 A hedge of the exposure to change in the fair value of a recognised asset or liability (a fair value hedge). At the inception of a hedging relationship, the hedging instrument and the hedged item are documented, along with the risk management objectives and strategy for undertaking various hedge transactions and prospective effectiveness testing is performed. During the life of the hedging relationship, prospective effectiveness testing is performed to ensure that the instrument remains an effective hedge of the transaction. 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. A. Cash flow hedges Changes in the fair value of derivative financial instruments that are designated and effective as hedges of future cash flows are recognised in other comprehensive income. The element of the change in fair value which relates to the foreign currency basis spread is recognised in the cost of hedging reserve, with the remaining change in fair value recognised in the hedging reserve and any ineffective portion is recognised immediately in the income statement in finance costs. If the firm commitment or forecast transaction that is the subject of a cash flow hedge results in the recognition of a non-financial asset or liability, then, at the time the asset or liability is recognised, the associated gains or losses on the derivative that had previously been recognised in other comprehensive income and accumulated in the cash flow hedge reserve are removed directly from equity and included in the initial measurement of the asset or liability. If the hedged item is transaction-related, the foreign currency basis spread is reclassified to profit or loss when the hedged item affects profit or loss. If the hedged item is time-period related, then the amount accumulated in the cost of hedging reserve is reclassified to profit or loss on a systematic and rational basis. Those reclassified amounts are recognised in profit or loss in the same line as the hedged item. If the hedged item is a non-financial item, then the amount accumulated in the cost of hedging reserve is removed directly from equity and included in the initial carrying amount of the recognised non-financial item. For hedges that do not result in the recognition of an asset or a liability, amounts deferred in the cash flow hedge reserve are recognised in the income statement in the same period in which the hedged items affect net profit or loss. B. Fair value hedges Changes in the fair value of a derivative instrument designated in a fair value hedge are recognised in the income statement. The hedged item is adjusted for changes in fair value attributable to the risk being hedged with the corresponding entry 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. C. Discontinuance of hedge accounting Hedge accounting is discontinued when the hedge relationship no longer qualifies for hedge accounting. This includes when the hedging instrument expires, is sold, terminated or exercised, or when occurrence of the forecast transaction is no longer highly probable. The Group cannot voluntarily de-designate a hedging relationship. When a cash flow hedge is discontinued, any cumulative gain or loss on the hedging instrument accumulated in the cash flow hedge reserve is retained in equity until the forecast transaction occurs. Subsequent changes in the fair value are recognised in the income statement. If a hedged transaction is no longer expected to occur, the net cumulative gain or loss accumulated in the cash flow hedge reserve is transferred to the income statement for the period. When a fair value hedge is discontinued, the fair value adjustment to the carrying amount of the hedged item arising from the hedged risk is amortised to the income statement based on the recalculated effective interest rate at that date. The Group does not use derivatives to hedge income statement translation exposures. Reserves The following describes the nature and purpose of each reserve within equity: A. Share premium account Proceeds received in excess of the nominal value of shares issued, net of any transaction costs. B. Capital redemption reserve Amounts transferred from share capital on redemption or repurchase of issued shares. C. Hedging reserve Cumulative gains and losses on hedging instruments deemed effective in cash flow hedges. D. Cost of hedging Cumulative gains and losses on the portion excluded from the designated hedging instrument that relates to changes in the foreign currency basis. E. Other reserve Originally created as part of the capital restructuring that took place in 2002. It represents the difference between the nominal value of the shares issued prior to the capital reduction by the Company (being the carrying value of the investment in Marks and Spencer plc) and the share capital, share premium and capital redemption reserve of Marks and Spencer plc at the date of the transaction. F. Foreign exchange reserve Gains and losses arising on retranslating the net assets of overseas operations into sterling. G. Retained earnings All other net gains and losses and transactions with owners (e.g. dividends) not recognised elsewhere. Critical accounting judgments and key sources of estimation uncertainty The preparation of consolidated financial statements requires the Group to make estimates and judgments that affect the application of policies and reported amounts. Critical judgments represent key decisions made by management in the application of the Group accounting policies. Where a significant risk of materially different outcomes exists due to management assumptions or sources of estimation uncertainty, this will represent a key source of estimation uncertainty. Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Actual results may differ from these estimates. The estimates which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities within the next 12 months are discussed below. Critical accounting judgments Adjusting items The directors believe that the adjusted profit and earnings per share measures provide additional useful information to shareholders on the performance of the business. These measures are consistent with how business performance is measured internally by the Board and Executive Committee. The profit before tax and adjusting items measure is not a recognised profit measure under IFRS and may not be directly comparable with adjusted profit measures used by other companies. The classification of adjusting items requires significant management judgment after considering the nature and intentions of a transaction. The Group\u2019s definitions of adjusting items are outlined within both the Group accounting policies and the Glossary. These definitions have been applied consistently year on year. Note 5 provides further details on current year adjusting items and their adherence to Group policy. UK defined benefit pension surplus Where a surplus on a defined benefit scheme arises, the rights of the Trustees to prevent the Group obtaining a refund of that surplus in the future are considered in determining whether it is necessary to restrict the amount of the surplus that is recognised. The UK defined benefit scheme is in surplus at 1 April 2023. Following consultation with external advisers, the directors have made the judgment that these amounts meet the requirements of recoverability on the basis that paragraph 11(b) of IFRIC 14 applies, enabling a refund of surplus assuming the gradual settlement of the scheme liabilities over time until all members have left the scheme, and a surplus of \u00a3482.0m has been recognised. Assessment of control over Ocado Retail Limited The directors have assessed that the Group has significant influence over Ocado Retail Limited and has therefore accounted for the investment as an associate (see note 29). This assessment is based on the current rights held by the respective shareholders and requires judgment in assessing these rights. These rights include determinative rights currently held by Ocado Group plc, after agreed dispute resolution procedures, in relation to the approval of the Ocado Retail Limited business plan and budget and the appointment and removal of Ocado Retail Limited\u2019s Chief Executive Officer. Any future change to these rights requires a reassessment of control and could result in a change in the status of the investment from associate to joint venture, subsidiary or investment. Determining the lease term The Group determines the lease term as the non-cancellable term of the lease, together with any periods covered by an option to extend the lease if it is reasonably certain to be exercised, or any periods covered by an option to terminate the lease if it is reasonably certain not to be exercised. The Group has several lease contracts for land and buildings that include extension and termination options. The Group applies judgment in evaluating whether it is reasonably certain whether or not to exercise the option to renew or terminate the lease. That is, it considers all relevant factors that create an economic incentive for it to exercise either the renewal or termination, including: whether there are significant penalties to terminate (or not extend); whether any leasehold improvements are expected to have a significant remaining value; historical lease durations; the importance of the underlying asset to the Group\u2019s operations; and the costs and business disruption required to replace the leased asset. Most renewal periods and periods covered by termination options are included as part of the lease term for leases of land and buildings. The Group typically exercises its option to renew (or does not exercise its option to terminate) for these leases because there will be a significant negative effect on trading if a replacement property is not readily available. The lease term is reassessed if a significant event or a significant change in circumstances occurs which affects the assessment of reasonable certainty, for example if a store is identified to be closed as part of the UK store estate strategic programme. Determining whether forecast purchases are highly probable The Group is exposed to foreign currency risk, most significantly to the US dollar as a result of sourcing Clothing & Home products from Asia which are paid for predominantly in US dollars. The Group hedges these exposures using forward foreign exchange contracts and hedge accounting is applied when the requirements of IFRS 9 are met, which include that a forecast transaction must be \u201chighly probable\u201d. The Group has applied judgment in assessing whether forecast purchases are \u201chighly probable\u201d. In making this assessment, the Group has considered the most recent budgets and plans. The Group\u2019s policy is a \u201clayered\u201d hedging strategy where only a small fraction of the forecast purchase requirements is initially hedged, with incremental hedges layered on over time as the buying period for that season approaches and therefore as certainty increases over the forecast purchases. As a result of this progressive strategy, a reduction in the supply pipeline of inventory does not immediately lead to over-hedging and the disqualification of \u201chighly probable\u201d. If the forecast transactions were no longer expected to occur, any accumulated gain or loss on the hedging instruments would be immediately reclassified to profit or loss. Key sources of estimation uncertainty Climate change impact In preparing the consolidated financial statements, the Group has considered the impact of climate change, particularly in the context of the TCFD disclosures set out on pages 44 to 55 and the Group\u2019s sustainability targets. The Group\u2019s existing fixed asset replacement programme is phased over several years and therefore any changes in the requirements associated with climate change would not have a material impact in any given year. The costs expected to be incurred in connection with the Group\u2019s commitments are included within the Group\u2019s budget and three-year plan which have been used to support the impairment reviews of non-current assets and the going concern and viability assessments. Further disclosures in relation to the impact of climate change on the impairment assessment of intangibles and property, plant and equipment are included in notes 14 and 15. Given the identified risks are expected to be present in the medium to long term, the impact of climate change on the going concern period and viability of the Group over the next three years is not expected to be material and is therefore not currently classified as a key source of estimation uncertainty. UK store estate programme The Group is undertaking a significant strategic programme to review its UK store estate, resulting in a net charge of \u00a351.3m (last year: \u00a3161.4m) in the year. A significant level of estimation has been used to determine the charges to be recognised in the year. The most significant judgment that impacts the charge is that the stores identified as part of the programme are more likely than not to close. Further significant closure costs and impairment charges may be recorded in future years, depending on decisions made about further store closures and the successful delivery of the transformation programme. Where a store closure has been announced, there is a reduced level of estimation uncertainty as the programme actions are to be taken over a shorter and more immediate timeframe. Further significant estimation uncertainty arises in respect of determining the recoverable amount of assets and the costs to be incurred as part of the programme. Significant assumptions have been made including: \u2013 Reassessment of the useful lives of store fixed assets and closure dates. \u2013 Estimation in respect of the expected shorter-term trading value in use, including assumptions with regard to the period of trading as well as changes to future sales, gross margin and operating costs. \u2013 Estimation of the sale proceeds for freehold stores which is dependent upon location-specific factors, timing of likely exit and future changes to the UK retail property market valuations. \u2013 Estimation of the value of dilapidation payments required for leasehold store exits, which is dependent on a number of factors including the extent of modifications of the store, the terms of the lease agreement, and the condition of the property. The assumptions most likely to have a material impact are closure dates and changes to future sales. See notes 5 and 15 for further detail. Impairment of property, plant and equipment Property, plant and equipment are reviewed for impairment if events or changes in circumstances indicate that the carrying amount may not be recoverable. When a review for impairment is conducted, the recoverable amount is determined based on the higher of value in use and fair value less costs to sell. The value in use method requires the Group to determine appropriate assumptions in relation to the cash flow projections over the three-year strategic plan period (which is a key source of estimation uncertainty), the long-term growth rate to be applied beyond this three-year period and the risk-adjusted pre-tax discount rate used to discount the assumed cash flows to present value. See note 15 for further details on the Group\u2019s assumptions and associated sensitivities. Post-retirement benefits The determination of pension net interest income and the defined benefit obligation of the Group\u2019s defined benefit pension schemes depends on the selection of certain assumptions which include the discount rate, inflation rate and mortality rates. Differences arising from actual experiences or future changes in assumptions will be reflected in subsequent periods. The fair value of unquoted investments within total plan assets is estimated with consideration of fair value estimates provided by the manager of the investment or fund. See note 11 for further details on the impact of changes in the key assumptions and estimates. Remeasurement of Ocado contingent consideration Contingent consideration, resulting from the investment in Ocado Retail Limited, is remeasured at fair value at each reporting date. The fair value of the contingent consideration has been estimated using the expected present value technique and is based on probability weighting possible scenarios and applying an appropriate discount rate to reflect the timing of the possible payment. The Group has considered a range of scenarios reflecting current market uncertainty, taking into account Ocado Retail Limited\u2019s most recent trading update in March 2023. The Group has determined a fair value of \u00a364.7m (last year: \u00a3172.6m). See note 21 for full details. ", "dimensions": { "concept": "ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:213800EJP14A79ZG1X44", "period": "2022-04-03T00:00:00/2023-04-02T00:00:00" } }, "fact-649": { "value": "General information Marks and Spencer Group plc (the \u201cCompany\u201d) is a public limited company domiciled and incorporated in England and Wales under the Companies Act 2006. The address of the Company\u2019s registered office is Waterside House, 35 North Wharf Road, London W2 1NW, United Kingdom. The principal activities of the Company and its subsidiaries (the \u201cGroup\u201d) and the nature of the Group\u2019s operations are as a Clothing & Home and Food retailer. These financial statements are presented in sterling, which is also the Company\u2019s functional currency, and are rounded to the nearest hundred thousand. Foreign operations are included in accordance with the policies set out within this note. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800EJP14A79ZG1X44", "period": "2022-04-03T00:00:00/2023-04-02T00:00:00" } }, "fact-11": { "value": "Marks and Spencer Group plc", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:213800EJP14A79ZG1X44", "period": "2022-04-03T00:00:00/2023-04-02T00:00:00" } }, "fact-12": { "value": "public limited company ", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:213800EJP14A79ZG1X44", "period": "2022-04-03T00:00:00/2023-04-02T00:00:00" } }, "fact-646": { "value": "company domiciled and incorporated in England and Wales under ", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:213800EJP14A79ZG1X44", "period": "2022-04-03T00:00:00/2023-04-02T00:00:00" } }, "fact-13": { "value": "England and Wales", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:213800EJP14A79ZG1X44", "period": "2022-04-03T00:00:00/2023-04-02T00:00:00" } }, "fact-14": { "value": "Waterside House, 35 North Wharf Road, London W2 1NW, United Kingdom", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:213800EJP14A79ZG1X44", "period": "2022-04-03T00:00:00/2023-04-02T00:00:00" } }, "fact-15": { "value": "The principal activities of the Company and its subsidiaries (the \u201cGroup\u201d) and the nature of the Group\u2019s operations are as a Clothing & Home and Food retailer. ", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:213800EJP14A79ZG1X44", "period": "2022-04-03T00:00:00/2023-04-02T00:00:00" } }, "fact-703": { "value": "These financial statements are presented in sterling, which is also the Company\u2019s functional currency, and are rounded to the nearest hundred thousand. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:213800EJP14A79ZG1X44", "period": "2022-04-03T00:00:00/2023-04-02T00:00:00" } }, "fact-650": { "value": "Basis of preparation The financial statements have been prepared for the 52 weeks ended 1 April 2023 (last year: 52 weeks ended 2 April 2022) in accordance with UK-adopted International Accounting Standards and with the requirements of the Companies Act 2006 as applicable to companies reporting under those standards. The Marks and Spencer Scottish Limited Partnership has taken an exemption under paragraph 7 of the Partnership (Accounts) Regulations 2008 from the requirement to prepare and deliver financial statements, in accordance with the Companies Act. The financial statements have been prepared on a going concern basis. In adopting the going concern basis, the Board has considered the business activities as set out on pages 12 to 27, the financial position of the Group, its cash flows, liquidity position and borrowing facilities as set out in the Financial Review on pages 35 to 41, the Group\u2019s financial risk management objectives and exposures to liquidity and other financial risks as set out in note 21 and the principal risks and uncertainties as set out on pages 58 to 65. The Group continues to maintain a robust financial position providing it with sufficient access to liquidity, through a combination of cash and committed facilities, to meet its needs in the short and medium term. At 1 April 2023, the Group had available liquidity of \u00a31,942.9m (last year: \u00a32,072.9m), comprising cash and cash equivalents of \u00a31,067.9m, an undrawn committed syndicated bank revolving credit facility (\u201cRCF\u201d) of \u00a3850.0m (set to mature in June 2026), and undrawn uncommitted facilities amounting to \u00a325.0m. In December 2022, the Group successfully extended its RCF, which now expires in June 2026. The facility contains a financial covenant, being the ratio of earnings before interest, tax, depreciation and amortisation; to net interest and depreciation on right-of-use assets under IFRS 16. The covenant is measured biannually. In adopting the going concern basis of preparation, the Board has assessed the Group\u2019s cash flow forecasts which incorporate a latest estimate of the ongoing impact of current market conditions on the Group and include a number of assumptions, including sales growth and customer behaviour. While trading continues to be strong, in forming its outlook on the future financial performance, the Board considered a variety of downsides that the Group might experience, such as a sustained economic recession and an inability for the Group to execute the transformation plan. Under these latest forecasts, the Group is able to operate without the need to draw on its available facilities and without taking any supplementary mitigating actions, such as reducing capital expenditure and other discretionary spend. The forecast cash flows also indicate that the Group will comply with all relevant banking covenants during the forecast period, being at least 12 months from the approval of the financial statements. The Board has modelled a severe, but plausible, downside scenario. This downside scenario assumes that: \u2013 There will be a period of economic recession in the UK in 2023/24, resulting in a decline in sales of 2.0 \u2013 2.5% and a decline in gross profit margin of 0.5 \u2013 1.0% across both Food and Clothing & Home business units. \u2013 A delay in transformation benefits results in incremental sales expected from the transformation declining by 7.5%, 15% and 30% respectively across the three-year period across all three business units. \u2013 In addition, Ocado Retail Limited experiences limited customer demand, with no volume growth in 2023/24 and volumes remaining subdued in 2024/25 and 2025/26. Even under this severe, but plausible, downside scenario, the Group would continue to have sufficient liquidity and headroom on its existing facilities and against the RCF financial covenant for the forecast period. Although, should such a scenario arise, there is a range of mitigating actions that could be taken to reduce the impact. Given current trading and expectations for the business, the Board considers that this downside scenario reflects a plausible, but remote, outcome for the Group. In addition, reverse stress testing has been applied to the model to determine the decline in sales that the Group could absorb before exhausting the Group\u2019s total liquidity. Such a scenario, and the sequence of events which could lead to it, are considered to be extremely remote. As a result, the Board expects the Group to have adequate resources to continue in operation, meet its liabilities as they fall due, retain sufficient available cash and not breach the covenant under the revolving credit facility for the foreseeable future, being a period of at least 12 months from the approval of the financial statements. The Board therefore considers it appropriate for the Group to adopt the going concern basis in preparing its financial statements. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800EJP14A79ZG1X44", "period": "2022-04-03T00:00:00/2023-04-02T00:00:00" } }, "fact-704": { "value": "The financial statements have been prepared for the 52 weeks ended 1 April 2023 (last year: 52 weeks ended 2 April 2022) in accordance with UK-adopted International Accounting Standards and with the requirements of the Companies Act 2006 as applicable to companies reporting under those standards. ", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:213800EJP14A79ZG1X44", "period": "2022-04-03T00:00:00/2023-04-02T00:00:00" } }, "fact-651": { "value": "New accounting standards adopted by the Group The Group has applied the following new standards and interpretations for the first time for the annual reporting period commencing 3 April 2022: \u2013 Amendments to IAS 37: Onerous Contracts \u2013 Cost of Fulfilling a Contract. \u2013 Amendments to IFRS 3: Reference to the Conceptual Framework. \u2013 Amendments to IAS 16: Property, Plant and Equipment \u2013 Proceeds before Intended Use. \u2013 Annual Improvements to IFRS Standards 2018-2020 Cycle: Amendments to IFRS 1 First-time Adoption of International Financial Reporting Standards, IFRS 9 Financial Instruments, IFRS 16 Leases and IAS 41 Agriculture. The adoption of the standards and interpretations listed above has not led to any changes to the Group\u2019s accounting policies or had any other material impact on the financial position or performance of the Group. New accounting standards in issue but not yet effective New standards and interpretations that are in issue, but not yet effective, are listed below: \u2013 IFRS 17 Insurance Contracts. \u2013 Amendments to IAS 1: Classification of Liabilities as Current or Non-Current. \u2013 Amendments to IAS 1 and IFRS Practice Statement 2: Disclosure of Accounting Policies. \u2013 Amendments to IAS 8: Definition of Accounting Estimates. \u2013 Amendments to IAS 12: Deferred Tax Related to Assets and Liabilities arising from a Single Transaction. \u2013 Amendments to IFRS 10 and IAS 28: Sale or Contribution of Assets between an Investor and its Associate or Joint Venture. The adoption of the above standards and interpretations is not expected to lead to any changes to the Group\u2019s accounting policies nor have any other material impact on the financial position or performance of the Group. ", "dimensions": { "concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations", "language": "en", "entity": "scheme:213800EJP14A79ZG1X44", "period": "2022-04-03T00:00:00/2023-04-02T00:00:00" } }, "fact-652": { "value": "Basis of consolidation The Group financial statements incorporate the financial statements of Marks and Spencer Group plc and all its subsidiaries made up to the period end date. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used in line with those used by the Group. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:213800EJP14A79ZG1X44", "period": "2022-04-03T00:00:00/2023-04-02T00:00:00" } }, "fact-653": { "value": "Subsidiaries Subsidiary undertakings are all entities (including special purpose entities) over which the Company has control. Control is achieved when the Company has the power over the entity; is exposed, or has rights to, variable returns from its involvement with the entity; and has the ability to use its power to affect its returns. The Company reassesses whether or not it controls an entity if facts and circumstances indicate that there are changes to one or more of these three elements of control. Consolidation of a subsidiary begins when the Company obtains control over the subsidiary and ceases when the Company loses control of the subsidiary. Subsidiary undertakings acquired during the year are recorded using the acquisition method of accounting and their results are included from the date of acquisition. The separable net assets, including property, plant and equipment and intangible assets, of the newly acquired subsidiary undertakings are incorporated into the consolidated financial statements on the basis of the fair value as at the effective date of control. Intercompany transactions, balances, and unrealised gains on transactions between Group companies are eliminated on consolidation. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:213800EJP14A79ZG1X44", "period": "2022-04-03T00:00:00/2023-04-02T00:00:00" } }, "fact-654": { "value": "Associates An associate is an entity over which the Group has significant influence and that is neither a subsidiary nor an interest in a joint venture. Significant influence is the power to participate in the financial and operating policy decisions of the investee but is not control nor joint control over those policies. The results and assets and liabilities of associates are incorporated in these financial statements using the equity method of accounting. Under the equity method, an investment in an associate is recognised initially in the consolidated statement of financial position at cost and adjusted thereafter to recognise the Group\u2019s share of the profit or loss and other comprehensive income of the associate. When the Group\u2019s share of losses of an associate exceeds the Group\u2019s interest in that associate (which includes any long-term interests that, in substance, form part of the Group\u2019s net investment in the associate), the Group discontinues recognising its share of further losses. Additional losses are recognised only to the extent that the Group has incurred legal or constructive obligations or made payments on behalf of the associate. Dividends received or receivable from an associate are recognised as a reduction in the carrying amount of the investment. Associated undertakings acquired during the year are recorded using the equity method of accounting and their results are included from the date of acquisition. On acquisition of the investment in an associate, any excess of the cost of the investment over the Group\u2019s share of the net fair value of the identifiable assets and liabilities of the investee is recognised as goodwill, which is included within the carrying amount of the investment. Any excess of the Group\u2019s share of the net fair value of the identifiable assets and liabilities over the cost of the investment, after reassessment, is recognised immediately in profit or loss in the period in which the investment is acquired. The Group\u2019s share of the net fair value of identified intangible assets is amortised over the expected useful economic life of the assets. The requirements of IAS 36 are applied to determine whether it is necessary to recognise any impairment loss with respect to the Group\u2019s investment in an associate. When necessary, the entire carrying amount of the investment (including goodwill) is tested for impairment in accordance with IAS 36 as a single asset by comparing its recoverable amount (higher of value in use and fair value less costs of disposal) with its carrying amount. When a Group company transacts with an associate of the Group, profits and losses resulting from the transactions with the associate are recognised only to the extent of interests in the associate that are not related to the Group. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates", "language": "en", "entity": "scheme:213800EJP14A79ZG1X44", "period": "2022-04-03T00:00:00/2023-04-02T00:00:00" } }, "fact-705": { "value": "Associates An associate is an entity over which the Group has significant influence and that is neither a subsidiary nor an interest in a joint venture. Significant influence is the power to participate in the financial and operating policy decisions of the investee but is not control nor joint control over those policies. The results and assets and liabilities of associates are incorporated in these financial statements using the equity method of accounting. Under the equity method, an investment in an associate is recognised initially in the consolidated statement of financial position at cost and adjusted thereafter to recognise the Group\u2019s share of the profit or loss and other comprehensive income of the associate. When the Group\u2019s share of losses of an associate exceeds the Group\u2019s interest in that associate (which includes any long-term interests that, in substance, form part of the Group\u2019s net investment in the associate), the Group discontinues recognising its share of further losses. Additional losses are recognised only to the extent that the Group has incurred legal or constructive obligations or made payments on behalf of the associate. Dividends received or receivable from an associate are recognised as a reduction in the carrying amount of the investment. Associated undertakings acquired during the year are recorded using the equity method of accounting and their results are included from the date of acquisition. On acquisition of the investment in an associate, any excess of the cost of the investment over the Group\u2019s share of the net fair value of the identifiable assets and liabilities of the investee is recognised as goodwill, which is included within the carrying amount of the investment. Any excess of the Group\u2019s share of the net fair value of the identifiable assets and liabilities over the cost of the investment, after reassessment, is recognised immediately in profit or loss in the period in which the investment is acquired. The Group\u2019s share of the net fair value of identified intangible assets is amortised over the expected useful economic life of the assets. The requirements of IAS 36 are applied to determine whether it is necessary to recognise any impairment loss with respect to the Group\u2019s investment in an associate. When necessary, the entire carrying amount of the investment (including goodwill) is tested for impairment in accordance with IAS 36 as a single asset by comparing its recoverable amount (higher of value in use and fair value less costs of disposal) with its carrying amount. When a Group company transacts with an associate of the Group, profits and losses resulting from the transactions with the associate are recognised only to the extent of interests in the associate that are not related to the Group. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory", "language": "en", "entity": "scheme:213800EJP14A79ZG1X44", "period": "2022-04-03T00:00:00/2023-04-02T00:00:00" } }, "fact-655": { "value": "
Revenue
Revenue comprises sales of goods to customers outside the Group
less an appropriate deduction for actual and expected returns,
discounts and loyalty scheme vouchers, and is stated net of value
added tax and other sales taxes. Revenue is recognised when
performance obligations are satisfied and goods are delivered to
our franchise partners or the customer and the control of goods
is transferred to the buyer. Online sales are recognised when items
are delivered, as this is when the performance obligation is
deemed to have been satisfied. Where third-party branded goods
are sold on a consignment basis, only the commission receivable
is included in statutory revenue.
A right of return is not a separate performance obligation and the
Group is required to recognise revenue net of estimated returns.
A refund liability and a corresponding asset in inventory
representing the right to recover products from the customer
are recognised.
The Group enters into agreements which entitle other parties to
operate under the Marks & Spencer brand name for certain
activities and operations, such as M&S Bank and M&S Energy.
These contracts give rise to performance-based variable
consideration. Income dependent on the performance of the
third-party operations is recognised when it is highly probable
that a significant reversal in the amount of income recognised will
not occur, and presented as other operating income.
Revenue from the rendering of supply chain services is recognised
when a performance obligation is satisfied.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:213800EJP14A79ZG1X44", "period": "2022-04-03T00:00:00/2023-04-02T00:00:00" } }, "fact-706": { "value": "A. Trade and other payables The majority of income due from suppliers is net against amounts owed to that supplier as the Group has the legal right and intention to offset these balances. F. Trade payables Trade payables are recorded initially at fair value and subsequently measured at amortised cost. Generally, this results in their recognition at their nominal value. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800EJP14A79ZG1X44", "period": "2022-04-03T00:00:00/2023-04-02T00:00:00" } }, "fact-707": { "value": "B. Trade and other receivables Supplier income that has been earned, but not invoiced, at the balance sheet date is recognised in trade and other receivables and primarily relates to volume-based rebates that run up to the period end. In order to provide users of the accounts with greater understanding in this area, additional balance sheet disclosure is provided in note 17 to the financial statements. A. Trade and other receivables Trade receivables are recorded initially at transaction price and subsequently measured at amortised cost, except those which, due to factoring arrangements, are held within a \u201chold to collect and sell\u201d business model and are measured at fair value through other comprehensive income (\u201cFVOCI\u201d). Trade receivables measured at amortised cost are carried at nominal value less an allowance for any doubtful debts. The allowance for doubtful debts is recognised based on management\u2019s expectation of losses without regard to whether an impairment trigger happened or not (an \u201cexpected credit loss\u201d model). ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800EJP14A79ZG1X44", "period": "2022-04-03T00:00:00/2023-04-02T00:00:00" } }, "fact-656": { "value": "Dividends Final dividends are recorded in the financial statements in the period in which they are approved by the Company\u2019s shareholders. Interim dividends are recorded in the period in which they are approved and paid. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory", "language": "en", "entity": "scheme:213800EJP14A79ZG1X44", "period": "2022-04-03T00:00:00/2023-04-02T00:00:00" } }, "fact-657": { "value": "Government grants Government grants are recognised where there is reasonable assurance that the grants will be received and that the Group will comply with the conditions attached to them. Government grants that compensate the Group for expenses incurred are recognised in profit or loss, as a deduction against the related expense, over the periods necessary to match them with the related costs. Government grant income is disclosed in note 30. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants", "language": "en", "entity": "scheme:213800EJP14A79ZG1X44", "period": "2022-04-03T00:00:00/2023-04-02T00:00:00" } }, "fact-658": { "value": "
Pensions
Funded pension plans are in place for the Group\u2019s UK employees
and some overseas employees.
For defined benefit (\u201cDB\u201d) pension schemes, the difference
between the fair value of the assets and the present value of the
DB obligation is recognised as an asset or liability in the statement
of financial position. The DB obligation is actuarially calculated
using the projected unit credit method. An asset can be recognised as, in the event of a plan wind-up, the pension scheme rules provide the Group with an unconditional right to a refund of surplus assets, assuming a full settlement of plan liabilities. In the ordinary course of business, the Trustees have no rights to wind-up or change, the benefits due to the members of the scheme. As a result, any net surplus in the UK DB scheme is recognised in full. The service cost of providing retirement benefits to employees during the year, together with the cost of any curtailment, is charged to operating profit in the year. The Group no longer incurs any service cost or curtailment costs related to the UK DB Pension Scheme as the scheme is closed to future accrual. The net interest cost on the net retirement benefit asset/liability is calculated by applying the discount rate, measured at the beginning of the year, to the net defined benefit asset/liability and is included as a single net amount in finance income. Remeasurements, being actuarial gains and losses, together with the difference between actual investment returns and the return implied by the net interest cost, are recognised immediately in other comprehensive income. Payments to defined contribution retirement benefit schemes are charged as an expense on an accruals basis. For further details on pension schemes and the partnership liability to the Marks & Spencer UK Pension scheme, see notes 11 and 12. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800EJP14A79ZG1X44", "period": "2022-04-03T00:00:00/2023-04-02T00:00:00" } }, "fact-659": { "value": "Intangible assets A. Goodwill Goodwill arising on consolidation represents the excess of the consideration paid and the amount of any non- controlling interest in the acquiree over the fair value of the identifiable assets and liabilities (including intangible assets) of the acquired entity at the date of the acquisition. Goodwill is recognised as an asset and assessed for impairment annually or as triggering events occur. Any impairment in value is recognised within the income statement. B. Acquired intangible assets Acquired intangible assets include trademarks or brands. These assets are capitalised on acquisition at cost and amortised on a straight-line basis over their estimated useful lives. Acquired intangible assets are tested for impairment as triggering events occur. Any impairment in value is recognised within the income statement. C. Software intangibles Where computer software is not an integral part of a related item of computer hardware, the software is treated as an intangible asset. Capitalised software costs include external direct costs of goods and services, as well as internal payroll-related costs for employees who are directly associated with the project. When the Group incurs configuration and customisation costs as part of a cloud-based software-as-a- service agreement, and where this does not result in the creation of an asset which the Group has control over, then these costs are expensed. Capitalised software development costs are amortised on a straight-line basis over their expected economic lives, normally between three and five years. Computer software under development is held at cost less any recognised impairment loss. Any impairment in value is recognised within the income statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800EJP14A79ZG1X44", "period": "2022-04-03T00:00:00/2023-04-02T00:00:00" } }, "fact-708": { "value": "A. Goodwill Goodwill arising on consolidation represents the excess of the consideration paid and the amount of any non- controlling interest in the acquiree over the fair value of the identifiable assets and liabilities (including intangible assets) of the acquired entity at the date of the acquisition. Goodwill is recognised as an asset and assessed for impairment annually or as triggering events occur. Any impairment in value is recognised within the income statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:213800EJP14A79ZG1X44", "period": "2022-04-03T00:00:00/2023-04-02T00:00:00" } }, "fact-709": { "value": "B. Acquired intangible assets Acquired intangible assets include trademarks or brands. These assets are capitalised on acquisition at cost and amortised on a straight-line basis over their estimated useful lives. Acquired intangible assets are tested for impairment as triggering events occur. Any impairment in value is recognised within the income statement. C. Software intangibles Where computer software is not an integral part of a related item of computer hardware, the software is treated as an intangible asset. Capitalised software costs include external direct costs of goods and services, as well as internal payroll-related costs for employees who are directly associated with the project. When the Group incurs configuration and customisation costs as part of a cloud-based software-as-a- service agreement, and where this does not result in the creation of an asset which the Group has control over, then these costs are expensed. Capitalised software development costs are amortised on a straight-line basis over their expected economic lives, normally between three and five years. Computer software under development is held at cost less any recognised impairment loss. Any impairment in value is recognised within the income statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:213800EJP14A79ZG1X44", "period": "2022-04-03T00:00:00/2023-04-02T00:00:00" } }, "fact-660": { "value": "Property, plant and equipment The Group\u2019s policy is to state property, plant and equipment at cost less accumulated depreciation and any recognised impairment loss. Property is not revalued for accounting purposes. Assets in the course of construction are held at cost less any recognised impairment loss. Costs include professional fees and, for qualifying assets, borrowing costs. Leasehold buildings with lease premiums and ongoing peppercorn lease payments are considered in-substance purchases and are therefore included within the buildings category of property, plant and equipment. Depreciation is provided to write off the cost of tangible non- current assets (including investment properties), less estimated residual values on a straight-line basis as follows: \u2013 Freehold land \u2013 not depreciated. \u2013 Buildings \u2013 depreciated to their residual value over their estimated remaining economic lives of 10-50 years. \u2013 Fixtures, fittings and equipment \u2013 three to 25 years, according to the estimated economic life of the asset. Residual values and useful economic lives are reviewed annually. Depreciation is charged on all additions to, or disposals of, depreciating assets in the year of purchase or disposal. Any impairment in value, or reversal of an impairment, is recognised within the income statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800EJP14A79ZG1X44", "period": "2022-04-03T00:00:00/2023-04-02T00:00:00" } }, "fact-661": { "value": "Leasing The Group recognises a right-of-use asset and corresponding liability at the date at which a leased asset is made available for use by the Group, except for short-term leases (defined as leases with a lease term of 12 months or less) and leases of low-value assets. For these leases, the Group recognises the lease payments as an operating expense on a straight-line basis over the term of the lease. Lease liabilities are measured at the present value of the future lease payments, excluding any payments relating to non-lease components. Future lease payments include fixed payments, in-substance fixed payments, and variable lease payments that are based on an index or a rate, less any lease incentives receivable. Lease liabilities also take into account amounts payable under residual value guarantees and payments to exercise options to the extent that it is reasonably certain that such payments will be made. The payments are discounted at the rate implicit in the lease or, where that cannot be readily determined, at an incremental borrowing rate. Right-of-use assets are measured initially at cost based on the value of the associated lease liability, adjusted for any payments made before inception, initial direct costs and an estimate of the dismantling, removal and restoration costs required in the terms of the lease. The Group presents right-of-use assets in \u201cproperty, plant and equipment\u201d in the consolidated statement of financial position. Subsequent to initial recognition, the lease liability is reduced for payments made and increased to reflect interest on the lease liability (using the effective interest method). The related right-of- use asset is depreciated over the term of the lease or, if shorter, the useful economic life of the leased asset. The lease term shall include the period of an extension option where it is reasonably certain that the option will be exercised. Where the lease contains a purchase option, the asset is written off over the useful life of the asset when it is reasonably certain that the purchase option will be exercised. The Group remeasures the lease liability (and makes a corresponding adjustment to the related right-of-use asset) whenever: \u2013 The lease term has changed or there is a change in the assessment of exercise of a purchase option, in which case the lease liability is remeasured by discounting the revised lease payments using a revised discount rate. \u2013 The lease payments change due to changes in an index or rate or a change in expected payment under a guaranteed residual value, in which cases the lease liability is remeasured by discounting the revised lease payments using the initial discount rate (unless the lease payments change is due to a change in a floating interest rate, in which case a revised discount rate is used). \u2013 A lease contract is modified and the lease modification is not accounted for as a separate lease, in which case the lease liability is remeasured by discounting the revised lease payments using a revised discount rate. Leases for which the Group is a lessor are classified as finance or operating leases. A lease is classified as a finance lease if it transfers substantially all the risks and rewards of ownership to the lessee, and classified as an operating lease if it does not. When the Group is an intermediate lessor, it accounts for the head lease and the sublease as two separate contracts. The sublease is classified as a finance or operating lease by reference to the right-of-use asset arising from the head lease. Amounts due from lessees under finance leases are recognised as receivables at the amount of the Group\u2019s net investment in the leases. Finance lease income is allocated to accounting periods so as to reflect a constant periodic rate of return on the Group\u2019s net investment in the lease. Rental income from operating leases is recognised on a straight-line basis over the term of the relevant lease. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:213800EJP14A79ZG1X44", "period": "2022-04-03T00:00:00/2023-04-02T00:00:00" } }, "fact-662": { "value": "Cash and cash equivalents Cash and cash equivalents includes short-term deposits with banks and other financial institutions, with an initial maturity of three months or less, money market funds and credit card payments received within 48 hours. Bank transactions are recorded on their settlement date. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:213800EJP14A79ZG1X44", "period": "2022-04-03T00:00:00/2023-04-02T00:00:00" } }, "fact-663": { "value": "Inventories Inventories are valued on a weighted average cost basis and carried at the lower of cost and net realisable value. Cost includes all direct expenditure and other attributable costs incurred in bringing inventories to their present location and condition. All inventories are finished goods. Certain purchases of inventories may be subject to cash flow hedges for foreign exchange risk. The initial cost of hedged inventory is adjusted by the associated hedging gain or loss transferred from the cash flow hedge reserve (\u201cbasis adjustment\u201d). ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:213800EJP14A79ZG1X44", "period": "2022-04-03T00:00:00/2023-04-02T00:00:00" } }, "fact-664": { "value": "Provisions Provisions are recognised when the Group has a present 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 best estimate of the expenditure required to settle the obligation at the end of the reporting period, and are discounted to present value where the effect is material. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:213800EJP14A79ZG1X44", "period": "2022-04-03T00:00:00/2023-04-02T00:00:00" } }, "fact-665": { "value": "Share-based payments The Group issues equity-settled share-based payments to certain employees. A fair value for the equity-settled share awards is measured at the date of grant. The Group measures the fair value of each award using the Black-Scholes model where appropriate. The fair value of each award is recognised as an expense over the vesting period on a straight-line basis, after allowing for an estimate of the share awards that will eventually vest. The level of vesting is reviewed at each reporting period and the charge is adjusted to reflect actual and estimated levels of vesting. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:213800EJP14A79ZG1X44", "period": "2022-04-03T00:00:00/2023-04-02T00:00:00" } }, "fact-666": { "value": "Foreign currencies The financial statements are presented in sterling which is the Company\u2019s functional currency. The results of overseas subsidiaries are translated at the weighted average of monthly exchange rates for revenue and profits. The statements of financial position of overseas subsidiaries are translated at year-end exchange rates. The resulting exchange differences are booked into reserves and reported in the consolidated statement of comprehensive income. On disposal of an overseas subsidiary the related cumulative translation differences recognised in reserves are reclassified to profit or loss and are recognised as part of the gain or loss on disposal. Transactions denominated in foreign currencies are translated at the exchange rate at the date of the transaction. Foreign currency monetary assets and liabilities held at the end of the reporting period are translated at the closing balance sheet rate. The resulting exchange gain or loss is recognised within the income statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:213800EJP14A79ZG1X44", "period": "2022-04-03T00:00:00/2023-04-02T00:00:00" } }, "fact-667": { "value": "Taxation Tax expense comprises current and deferred tax. Tax is recognised in the income statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity, in which case the related tax is recognised in other comprehensive income or directly in equity. Provision is made for uncertain tax positions when it is considered probable that there will be a future outflow of funds to a tax authority. The provision is calculated using the single best estimate where that outcome is more likely than not and a weighted average probability in other circumstances. The position is reviewed on an ongoing basis, to ensure appropriate provision is made for each known tax risk. Deferred tax is accounted for using a temporary difference approach, and is the tax expected to be payable or recoverable on temporary differences between the carrying amount of assets and liabilities in the statement of financial position and the corresponding tax bases used in the computation of taxable profit. Deferred tax is calculated based on the expected manner of realisation or settlement of the carrying amount of assets and liabilities, applying tax rates and laws enacted, or substantively enacted, at the end of the reporting period. Deferred tax liabilities are generally recognised for all taxable temporary differences. Deferred tax liabilities are recognised for taxable temporary differences arising on investments in subsidiaries, associates and joint ventures, except where the reversal of the temporary difference can be controlled by the Group and it is probable that the difference will not reverse in the foreseeable future. In addition, deferred tax liabilities are not recognised on temporary differences that arise from goodwill which is not deductible for tax purposes. Deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which the deductible temporary differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are not recognised in respect of temporary differences that arise on initial recognition of assets and liabilities acquired other than in a business combination. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800EJP14A79ZG1X44", "period": "2022-04-03T00:00:00/2023-04-02T00:00:00" } }, "fact-710": { "value": "Deferred tax is accounted for using a temporary difference approach, and is the tax expected to be payable or recoverable on temporary differences between the carrying amount of assets and liabilities in the statement of financial position and the corresponding tax bases used in the computation of taxable profit. Deferred tax is calculated based on the expected manner of realisation or settlement of the carrying amount of assets and liabilities, applying tax rates and laws enacted, or substantively enacted, at the end of the reporting period. Deferred tax liabilities are generally recognised for all taxable temporary differences. Deferred tax liabilities are recognised for taxable temporary differences arising on investments in subsidiaries, associates and joint ventures, except where the reversal of the temporary difference can be controlled by the Group and it is probable that the difference will not reverse in the foreseeable future. In addition, deferred tax liabilities are not recognised on temporary differences that arise from goodwill which is not deductible for tax purposes. Deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which the deductible temporary differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are not recognised in respect of temporary differences that arise on initial recognition of assets and liabilities acquired other than in a business combination. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800EJP14A79ZG1X44", "period": "2022-04-03T00:00:00/2023-04-02T00:00:00" } }, "fact-668": { "value": "Financial instruments Financial assets and liabilities are recognised in the Group\u2019s statement of financial position when the Group becomes a party to the contractual provisions of the instrument. Financial assets are initially classified as at fair value through profit and loss, fair value through other comprehensive income or amortised cost depending on the Group\u2019s business model for managing the financial asset and its cash flow characteristics. Financial assets that are held for collection of contractual cash flows, where those cash flows represent solely payments of principal and interest, are measured at amortised cost. The table below sets out the Group\u2019s accounting classification of each class of its financial assets and liabilities: Note Measurement Financial assets: Other investments 16 FVTPL 1 Loans to related parties 17 Amortised cost Trade receivables 17 Amortised cost Lease receivables 17 Amortised cost Other receivables 17 Amortised cost Cash and cash equivalents 18 Amortised cost Derivative financial instruments 21 FVTPL Financial liabilities: Borrowings and overdrafts 20 Amortised cost Trade payables 19 Amortised cost Other payables 19 Amortised cost Contingent consideration 19 FVTPL Accruals 19 Amortised cost Lease liabilities 20 Amortised cost Derivative financial instruments 21 FVTPL 1 Fair value through profit or loss A. Trade and other receivables Trade receivables are recorded initially at transaction price and subsequently measured at amortised cost, except those which, due to factoring arrangements, are held within a \u201chold to collect and sell\u201d business model and are measured at fair value through other comprehensive income (\u201cFVOCI\u201d). Trade receivables measured at amortised cost are carried at nominal value less an allowance for any doubtful debts. The allowance for doubtful debts is recognised based on management\u2019s expectation of losses without regard to whether an impairment trigger happened or not (an \u201cexpected credit loss\u201d model). B. Other financial assets Other financial assets consist of loans receivable, venture capital investments and short-term investments with a maturity date of more than 90 days. Financial assets that do not meet the criteria for being measured at amortised cost are measured at fair value through profit or loss (\u201cFVTPL\u201d) with gains and losses arising from changes in fair value included in the income statement for the period. C. Classification of financial liabilities and equity Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Group after deducting all of its liabilities. D. Bank borrowings Interest-bearing bank loans and overdrafts are initially recorded at fair value, which equals the proceeds received, net of direct issue costs. They are subsequently held at amortised cost. Finance charges, including premiums payable on settlement or redemption and direct issue costs, are accounted for using an effective interest rate method and are added to, or deducted from, the carrying amount of the instrument. E. Loan notes Long-term loans are initially measured at fair value net of direct issue costs and are subsequently held at amortised cost. If the loan is designated in a fair value hedge relationship, the carrying value of the loan is adjusted for fair value gains or losses attributable to the risk being hedged. F. Trade payables Trade payables are recorded initially at fair value and subsequently measured at amortised cost. Generally, this results in their recognition at their nominal value. G. Equity instruments Equity instruments issued by the Group are recorded at the consideration received, net of direct issue costs. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800EJP14A79ZG1X44", "period": "2022-04-03T00:00:00/2023-04-02T00:00:00" } }, "fact-711": { "value": "B. Other financial assets Other financial assets consist of loans receivable, venture capital investments and short-term investments with a maturity date of more than 90 days. Financial assets that do not meet the criteria for being measured at amortised cost are measured at fair value through profit or loss (\u201cFVTPL\u201d) with gains and losses arising from changes in fair value included in the income statement for the period. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800EJP14A79ZG1X44", "period": "2022-04-03T00:00:00/2023-04-02T00:00:00" } }, "fact-713": { "value": "D. Bank borrowings Interest-bearing bank loans and overdrafts are initially recorded at fair value, which equals the proceeds received, net of direct issue costs. They are subsequently held at amortised cost. Finance charges, including premiums payable on settlement or redemption and direct issue costs, are accounted for using an effective interest rate method and are added to, or deducted from, the carrying amount of the instrument. E. Loan notes Long-term loans are initially measured at fair value net of direct issue costs and are subsequently held at amortised cost. If the loan is designated in a fair value hedge relationship, the carrying value of the loan is adjusted for fair value gains or losses attributable to the risk being hedged. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:213800EJP14A79ZG1X44", "period": "2022-04-03T00:00:00/2023-04-02T00:00:00" } }, "fact-714": { "value": "G. Equity instruments Equity instruments issued by the Group are recorded at the consideration received, net of direct issue costs. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800EJP14A79ZG1X44", "period": "2022-04-03T00:00:00/2023-04-02T00:00:00" } }, "fact-669": { "value": "Derivative financial instruments and hedging activities The Group primarily uses cross-currency swaps and forward foreign currency contracts to manage its exposures to fluctuations in interest rates and foreign exchange rates. These instruments are initially recognised at fair value on the trade date and are subsequently remeasured at their fair value at the end of the reporting period. The method of recognising the resulting gain or loss is dependent on whether the derivative is designated as a hedging instrument and the nature of the item being hedged. The Group designates certain hedging derivatives as either: \u2013 A hedge of a highly probable forecast transaction or change in the cash flows of a recognised asset or liability (a cash flow hedge); or \u2013 A hedge of the exposure to change in the fair value of a recognised asset or liability (a fair value hedge). At the inception of a hedging relationship, the hedging instrument and the hedged item are documented, along with the risk management objectives and strategy for undertaking various hedge transactions and prospective effectiveness testing is performed. During the life of the hedging relationship, prospective effectiveness testing is performed to ensure that the instrument remains an effective hedge of the transaction. 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. A. Cash flow hedges Changes in the fair value of derivative financial instruments that are designated and effective as hedges of future cash flows are recognised in other comprehensive income. The element of the change in fair value which relates to the foreign currency basis spread is recognised in the cost of hedging reserve, with the remaining change in fair value recognised in the hedging reserve and any ineffective portion is recognised immediately in the income statement in finance costs. If the firm commitment or forecast transaction that is the subject of a cash flow hedge results in the recognition of a non-financial asset or liability, then, at the time the asset or liability is recognised, the associated gains or losses on the derivative that had previously been recognised in other comprehensive income and accumulated in the cash flow hedge reserve are removed directly from equity and included in the initial measurement of the asset or liability. If the hedged item is transaction-related, the foreign currency basis spread is reclassified to profit or loss when the hedged item affects profit or loss. If the hedged item is time-period related, then the amount accumulated in the cost of hedging reserve is reclassified to profit or loss on a systematic and rational basis. Those reclassified amounts are recognised in profit or loss in the same line as the hedged item. If the hedged item is a non-financial item, then the amount accumulated in the cost of hedging reserve is removed directly from equity and included in the initial carrying amount of the recognised non-financial item. For hedges that do not result in the recognition of an asset or a liability, amounts deferred in the cash flow hedge reserve are recognised in the income statement in the same period in which the hedged items affect net profit or loss. B. Fair value hedges Changes in the fair value of a derivative instrument designated in a fair value hedge are recognised in the income statement. The hedged item is adjusted for changes in fair value attributable to the risk being hedged with the corresponding entry 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. C. Discontinuance of hedge accounting Hedge accounting is discontinued when the hedge relationship no longer qualifies for hedge accounting. This includes when the hedging instrument expires, is sold, terminated or exercised, or when occurrence of the forecast transaction is no longer highly probable. The Group cannot voluntarily de-designate a hedging relationship. When a cash flow hedge is discontinued, any cumulative gain or loss on the hedging instrument accumulated in the cash flow hedge reserve is retained in equity until the forecast transaction occurs. Subsequent changes in the fair value are recognised in the income statement. If a hedged transaction is no longer expected to occur, the net cumulative gain or loss accumulated in the cash flow hedge reserve is transferred to the income statement for the period. When a fair value hedge is discontinued, the fair value adjustment to the carrying amount of the hedged item arising from the hedged risk is amortised to the income statement based on the recalculated effective interest rate at that date. The Group does not use derivatives to hedge income statement translation exposures. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:213800EJP14A79ZG1X44", "period": "2022-04-03T00:00:00/2023-04-02T00:00:00" } }, "fact-712": { "value": "Derivative financial instruments and hedging activities The Group primarily uses cross-currency swaps and forward foreign currency contracts to manage its exposures to fluctuations in interest rates and foreign exchange rates. These instruments are initially recognised at fair value on the trade date and are subsequently remeasured at their fair value at the end of the reporting period. The method of recognising the resulting gain or loss is dependent on whether the derivative is designated as a hedging instrument and the nature of the item being hedged. The Group designates certain hedging derivatives as either: \u2013 A hedge of a highly probable forecast transaction or change in the cash flows of a recognised asset or liability (a cash flow hedge); or \u2013 A hedge of the exposure to change in the fair value of a recognised asset or liability (a fair value hedge). At the inception of a hedging relationship, the hedging instrument and the hedged item are documented, along with the risk management objectives and strategy for undertaking various hedge transactions and prospective effectiveness testing is performed. During the life of the hedging relationship, prospective effectiveness testing is performed to ensure that the instrument remains an effective hedge of the transaction. 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. A. Cash flow hedges Changes in the fair value of derivative financial instruments that are designated and effective as hedges of future cash flows are recognised in other comprehensive income. The element of the change in fair value which relates to the foreign currency basis spread is recognised in the cost of hedging reserve, with the remaining change in fair value recognised in the hedging reserve and any ineffective portion is recognised immediately in the income statement in finance costs. If the firm commitment or forecast transaction that is the subject of a cash flow hedge results in the recognition of a non-financial asset or liability, then, at the time the asset or liability is recognised, the associated gains or losses on the derivative that had previously been recognised in other comprehensive income and accumulated in the cash flow hedge reserve are removed directly from equity and included in the initial measurement of the asset or liability. If the hedged item is transaction-related, the foreign currency basis spread is reclassified to profit or loss when the hedged item affects profit or loss. If the hedged item is time-period related, then the amount accumulated in the cost of hedging reserve is reclassified to profit or loss on a systematic and rational basis. Those reclassified amounts are recognised in profit or loss in the same line as the hedged item. If the hedged item is a non-financial item, then the amount accumulated in the cost of hedging reserve is removed directly from equity and included in the initial carrying amount of the recognised non-financial item. For hedges that do not result in the recognition of an asset or a liability, amounts deferred in the cash flow hedge reserve are recognised in the income statement in the same period in which the hedged items affect net profit or loss. B. Fair value hedges Changes in the fair value of a derivative instrument designated in a fair value hedge are recognised in the income statement. The hedged item is adjusted for changes in fair value attributable to the risk being hedged with the corresponding entry 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. C. Discontinuance of hedge accounting Hedge accounting is discontinued when the hedge relationship no longer qualifies for hedge accounting. This includes when the hedging instrument expires, is sold, terminated or exercised, or when occurrence of the forecast transaction is no longer highly probable. The Group cannot voluntarily de-designate a hedging relationship. When a cash flow hedge is discontinued, any cumulative gain or loss on the hedging instrument accumulated in the cash flow hedge reserve is retained in equity until the forecast transaction occurs. Subsequent changes in the fair value are recognised in the income statement. If a hedged transaction is no longer expected to occur, the net cumulative gain or loss accumulated in the cash flow hedge reserve is transferred to the income statement for the period. When a fair value hedge is discontinued, the fair value adjustment to the carrying amount of the hedged item arising from the hedged risk is amortised to the income statement based on the recalculated effective interest rate at that date. The Group does not use derivatives to hedge income statement translation exposures. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800EJP14A79ZG1X44", "period": "2022-04-03T00:00:00/2023-04-02T00:00:00" } }, "fact-670": { "value": "Critical accounting judgments and key sources of estimation uncertainty The preparation of consolidated financial statements requires the Group to make estimates and judgments that affect the application of policies and reported amounts. Critical judgments represent key decisions made by management in the application of the Group accounting policies. Where a significant risk of materially different outcomes exists due to management assumptions or sources of estimation uncertainty, this will represent a key source of estimation uncertainty. Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Actual results may differ from these estimates. The estimates which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities within the next 12 months are discussed below. Critical accounting judgments Adjusting items The directors believe that the adjusted profit and earnings per share measures provide additional useful information to shareholders on the performance of the business. These measures are consistent with how business performance is measured internally by the Board and Executive Committee. The profit before tax and adjusting items measure is not a recognised profit measure under IFRS and may not be directly comparable with adjusted profit measures used by other companies. The classification of adjusting items requires significant management judgment after considering the nature and intentions of a transaction. The Group\u2019s definitions of adjusting items are outlined within both the Group accounting policies and the Glossary. These definitions have been applied consistently year on year. Note 5 provides further details on current year adjusting items and their adherence to Group policy. UK defined benefit pension surplus Where a surplus on a defined benefit scheme arises, the rights of the Trustees to prevent the Group obtaining a refund of that surplus in the future are considered in determining whether it is necessary to restrict the amount of the surplus that is recognised. The UK defined benefit scheme is in surplus at 1 April 2023. Following consultation with external advisers, the directors have made the judgment that these amounts meet the requirements of recoverability on the basis that paragraph 11(b) of IFRIC 14 applies, enabling a refund of surplus assuming the gradual settlement of the scheme liabilities over time until all members have left the scheme, and a surplus of \u00a3482.0m has been recognised. Assessment of control over Ocado Retail Limited The directors have assessed that the Group has significant influence over Ocado Retail Limited and has therefore accounted for the investment as an associate (see note 29). This assessment is based on the current rights held by the respective shareholders and requires judgment in assessing these rights. These rights include determinative rights currently held by Ocado Group plc, after agreed dispute resolution procedures, in relation to the approval of the Ocado Retail Limited business plan and budget and the appointment and removal of Ocado Retail Limited\u2019s Chief Executive Officer. Any future change to these rights requires a reassessment of control and could result in a change in the status of the investment from associate to joint venture, subsidiary or investment. Determining the lease term The Group determines the lease term as the non-cancellable term of the lease, together with any periods covered by an option to extend the lease if it is reasonably certain to be exercised, or any periods covered by an option to terminate the lease if it is reasonably certain not to be exercised. The Group has several lease contracts for land and buildings that include extension and termination options. The Group applies judgment in evaluating whether it is reasonably certain whether or not to exercise the option to renew or terminate the lease. That is, it considers all relevant factors that create an economic incentive for it to exercise either the renewal or termination, including: whether there are significant penalties to terminate (or not extend); whether any leasehold improvements are expected to have a significant remaining value; historical lease durations; the importance of the underlying asset to the Group\u2019s operations; and the costs and business disruption required to replace the leased asset. Most renewal periods and periods covered by termination options are included as part of the lease term for leases of land and buildings. The Group typically exercises its option to renew (or does not exercise its option to terminate) for these leases because there will be a significant negative effect on trading if a replacement property is not readily available. The lease term is reassessed if a significant event or a significant change in circumstances occurs which affects the assessment of reasonable certainty, for example if a store is identified to be closed as part of the UK store estate strategic programme. Determining whether forecast purchases are highly probable The Group is exposed to foreign currency risk, most significantly to the US dollar as a result of sourcing Clothing & Home products from Asia which are paid for predominantly in US dollars. The Group hedges these exposures using forward foreign exchange contracts and hedge accounting is applied when the requirements of IFRS 9 are met, which include that a forecast transaction must be \u201chighly probable\u201d. The Group has applied judgment in assessing whether forecast purchases are \u201chighly probable\u201d. In making this assessment, the Group has considered the most recent budgets and plans. The Group\u2019s policy is a \u201clayered\u201d hedging strategy where only a small fraction of the forecast purchase requirements is initially hedged, with incremental hedges layered on over time as the buying period for that season approaches and therefore as certainty increases over the forecast purchases. As a result of this progressive strategy, a reduction in the supply pipeline of inventory does not immediately lead to over-hedging and the disqualification of \u201chighly probable\u201d. If the forecast transactions were no longer expected to occur, any accumulated gain or loss on the hedging instruments would be immediately reclassified to profit or loss. Key sources of estimation uncertainty Climate change impact In preparing the consolidated financial statements, the Group has considered the impact of climate change, particularly in the context of the TCFD disclosures set out on pages 44 to 55 and the Group\u2019s sustainability targets. The Group\u2019s existing fixed asset replacement programme is phased over several years and therefore any changes in the requirements associated with climate change would not have a material impact in any given year. The costs expected to be incurred in connection with the Group\u2019s commitments are included within the Group\u2019s budget and three-year plan which have been used to support the impairment reviews of non-current assets and the going concern and viability assessments. Further disclosures in relation to the impact of climate change on the impairment assessment of intangibles and property, plant and equipment are included in notes 14 and 15. Given the identified risks are expected to be present in the medium to long term, the impact of climate change on the going concern period and viability of the Group over the next three years is not expected to be material and is therefore not currently classified as a key source of estimation uncertainty. UK store estate programme The Group is undertaking a significant strategic programme to review its UK store estate, resulting in a net charge of \u00a351.3m (last year: \u00a3161.4m) in the year. A significant level of estimation has been used to determine the charges to be recognised in the year. The most significant judgment that impacts the charge is that the stores identified as part of the programme are more likely than not to close. Further significant closure costs and impairment charges may be recorded in future years, depending on decisions made about further store closures and the successful delivery of the transformation programme. Where a store closure has been announced, there is a reduced level of estimation uncertainty as the programme actions are to be taken over a shorter and more immediate timeframe. Further significant estimation uncertainty arises in respect of determining the recoverable amount of assets and the costs to be incurred as part of the programme. Significant assumptions have been made including: \u2013 Reassessment of the useful lives of store fixed assets and closure dates. \u2013 Estimation in respect of the expected shorter-term trading value in use, including assumptions with regard to the period of trading as well as changes to future sales, gross margin and operating costs. \u2013 Estimation of the sale proceeds for freehold stores which is dependent upon location-specific factors, timing of likely exit and future changes to the UK retail property market valuations. \u2013 Estimation of the value of dilapidation payments required for leasehold store exits, which is dependent on a number of factors including the extent of modifications of the store, the terms of the lease agreement, and the condition of the property. The assumptions most likely to have a material impact are closure dates and changes to future sales. See notes 5 and 15 for further detail. Impairment of property, plant and equipment Property, plant and equipment are reviewed for impairment if events or changes in circumstances indicate that the carrying amount may not be recoverable. When a review for impairment is conducted, the recoverable amount is determined based on the higher of value in use and fair value less costs to sell. The value in use method requires the Group to determine appropriate assumptions in relation to the cash flow projections over the three-year strategic plan period (which is a key source of estimation uncertainty), the long-term growth rate to be applied beyond this three-year period and the risk-adjusted pre-tax discount rate used to discount the assumed cash flows to present value. See note 15 for further details on the Group\u2019s assumptions and associated sensitivities. Post-retirement benefits The determination of pension net interest income and the defined benefit obligation of the Group\u2019s defined benefit pension schemes depends on the selection of certain assumptions which include the discount rate, inflation rate and mortality rates. Differences arising from actual experiences or future changes in assumptions will be reflected in subsequent periods. The fair value of unquoted investments within total plan assets is estimated with consideration of fair value estimates provided by the manager of the investment or fund. See note 11 for further details on the impact of changes in the key assumptions and estimates. Remeasurement of Ocado contingent consideration Contingent consideration, resulting from the investment in Ocado Retail Limited, is remeasured at fair value at each reporting date. The fair value of the contingent consideration has been estimated using the expected present value technique and is based on probability weighting possible scenarios and applying an appropriate discount rate to reflect the timing of the possible payment. The Group has considered a range of scenarios reflecting current market uncertainty, taking into account Ocado Retail Limited\u2019s most recent trading update in March 2023. The Group has determined a fair value of \u00a364.7m (last year: \u00a3172.6m). See note 21 for full details. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:213800EJP14A79ZG1X44", "period": "2022-04-03T00:00:00/2023-04-02T00:00:00" } }, "fact-671": { "value": "2 SEGMENTAL INFORMATION IFRS 8 Operating Segments requires operating segments to be identified on the basis of internal reporting on components of the Group that are regularly reviewed by the chief operating decision-maker to allocate resources to the segments and to assess their performance. The chief operating decision-maker has been identified as the Executive Committee. The Executive Committee reviews the Group\u2019s internal reporting in order to assess performance and allocate resources across each operating segment. The Group\u2019s reportable operating segments have therefore been identified as follows: \u2013 UK Clothing & Home \u2013 comprises the retailing of womenswear, menswear, lingerie, kidswear and home products through UK retail stores and online. \u2013 UK Food \u2013 includes the results of the UK retail food business, UK Food franchise operations and UK supply chain services, with the following five main categories: protein deli and dairy; produce; ambient and in-store bakery; meals, dessert and frozen; and hospitality and \u201cFood on the Move\u201d; and direct sales to Ocado Retail Limited. \u2013 International \u2013 consists of Marks and Spencer owned businesses in Europe and Asia and the international franchise operations. \u2013 Ocado \u2013 includes the Group\u2019s share of profits or losses from the investment in Ocado Retail Limited. Other business activities and operating segments, including M&S Bank and M&S Energy, are combined and presented in \u201cAll other segments\u201d. Finance income and costs are not allocated to segments as each is managed on a centralised basis. The Executive Committee assesses the performance of the operating segments based on a measure of adjusted operating profit. This measurement basis excludes the effects of adjusting items from the operating segments. The following is an analysis of the Group\u2019s revenue and results by reportable segment: 52 weeks ended 1 April 2023 52 weeks ended 2 April 2022 UK Clothing & Home \u00a3m UK Food \u00a3m International \u00a3m Ocado \u00a3m All other segments \u00a3m Group \u00a3m UK Clothing & Home \u00a3m UK Food \u00a3m International \u00a3m Ocado \u00a3m All other segments \u00a3m Group \u00a3m Sales 1 3,715.0 7,218.0 1,055.0 \u2013 \u2013 11,988.0 3,332.2 6,639.6 937.2 \u2013 \u2013 10,909.0 Revenue 3,658.3 7,218.0 1,055.0 \u2013 \u2013 11,931.3 3,308.3 6,639.6 937.2 \u2013 \u2013 10,885.1 Adjusted operating profit/(loss) 2 323.8 248.0 84.8 (29.5) (0.5) 626.6 330.7 277.8 73.6 13.9 13.0 709.0 Finance income before adjusting items 58.1 28.3 Finance costs before adjusting items (202.7) (214.4) Profit/(loss) before tax and adjusting items 323.8 248.0 84.8 (29.5) (0.5) 482.0 330.7 277.8 73.6 13.9 13.0 522.9 Adjusting items (6.3) (131.2) Profit/(loss) before tax 323.8 248.0 84.8 (29.5) (0.5) 475.7 330.7 277.8 73.6 13.9 13.0 391.7 1 Sales is revenue stated prior to adjustments for UK Clothing & Home brand consignment sales of \u00a356.7m (last year: \u00a323.9m). 2 Adjusted operating profit/(loss) is stated as gross profit less operating costs prior to adjusting items. At reportable segment level costs are allocated where directly attributable or based on an appropriate cost driver for the cost. Other segmental information 52 weeks ended 1 April 2023 52 weeks ended 2 April 2022 UK Clothing & Home \u00a3m UK Food \u00a3m International \u00a3m Ocado \u00a3m All other segments \u00a3m Group \u00a3m UK Clothing & Home \u00a3m UK Food \u00a3m International \u00a3m Ocado \u00a3m All other segments \u00a3m Group \u00a3m Additions to property, plant and equipment, and intangible assets (excluding goodwill and right-of-use assets) 170.4 221.1 29.9 \u2013 \u2013 421.4 139.2 163.7 18.5 \u2013 \u2013 321.4 Depreciation and amortisation 1,2 (267.9) (274.8) (35.7) \u2013 \u2013 (578.4) (268.1) (248.8) (35.0) \u2013 \u2013 (551.9) Impairment charges, impairment reversals and asset write-offs 1 10.2 6.1 (1.9) \u2013 \u2013 14.4 (37.2) 10.7 (8.0) \u2013 \u2013 (34.5) 1 These costs are allocated to a reportable segment where they are directly attributable. Where costs are not directly attributable, a proportional allocation is made to each segment based on an appropriate cost driver. 2 Includes \u00a33.1m (last year: \u00a30.2m) depreciation and impairments on investment property. Segment assets and liabilities, including investments in associates and joint ventures, are not disclosed because they are not reported to, or reviewed by, the Executive Committee ", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:213800EJP14A79ZG1X44", "period": "2022-04-03T00:00:00/2023-04-02T00:00:00" } }, "fact-672": { "value": "3 EXPENSE ANALYSIS 2023 Total \u00a3m 2022 Total \u00a3m Revenue 11,931.3 10,885.1 Cost of sales (7,786.7) (7,130. 3) Gross profit 4,144.6 3,754.8 Selling and administrative expenses (3,609.2) (3,244.1) Other operating income 23.2 80.1 Share of results of Ocado Retail Limited (43.5) (18.6) Operating profit 515.1 572.2 The figures above include \u00a3111.5m (last year: \u00a3136.8m) adjusting item charges within operating profit (see note 5). These are further analysed against the categories of cost of sales (\u00a3nil; last year: \u00a317.0m gain), selling and administrative expenses (\u00a3103.8m; last year: \u00a3155.9m), other operating income (\u00a36.3m; last year: \u00a334.6m) and share of results of Ocado Retail Limited (\u00a314.0m; last year: \u00a332.5m). The selling and administrative expenses are further analysed below: 2023 Total \u00a3m 2022 Total \u00a3m Employee costs 1 1,546.5 1,420.6 Occupancy costs 463.9 344.3 Repairs, renewals and maintenance of property 111.2 122.2 Depreciation, amortisation and asset impairments and write-offs 2 574.7 586.4 IT costs 228.6 212.1 Marketing costs 220.2 209.4 Other costs 3 464.1 349.1 Selling and administrative expenses 3,609.2 3,244.1 1 There are an additional \u00a358.7m (last year: \u00a365.1m) employee costs recorded within cost of sales. These costs are included within the aggregate remuneration disclosures in note 10A. 2 Includes \u00a30.2m (last year: \u00a30.2m) depreciation and \u00a32.9m (last year: \u00a3nil) impairment charged on investment property. 3 Includes costs such as logistics, professional fees and sundry costs. Adjusting items categorised as selling and administrative expenses are further analysed as employee costs \u00a319.0m (last year \u00a30.1m); occupancy costs \u00a38.2m (last year: \u00a35.9m); depreciation, amortisation and asset impairments and write-offs \u00a343.0m (last year: \u00a364.9m); and other costs \u00a333.6m (last year: \u00a385.0m). ", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:213800EJP14A79ZG1X44", "period": "2022-04-03T00:00:00/2023-04-02T00:00:00" } }, "fact-715": { "value": "The selling and administrative expenses are further analysed below: 2023 Total \u00a3m 2022 Total \u00a3m Employee costs 1 1,546.5 1,420.6 Occupancy costs 463.9 344.3 Repairs, renewals and maintenance of property 111.2 122.2 Depreciation, amortisation and asset impairments and write-offs 2 574.7 586.4 IT costs 228.6 212.1 Marketing costs 220.2 209.4 Other costs 3 464.1 349.1 Selling and administrative expenses 3,609.2 3,244.1 1 There are an additional \u00a358.7m (last year: \u00a365.1m) employee costs recorded within cost of sales. These costs are included within the aggregate remuneration disclosures in note 10A. 2 Includes \u00a30.2m (last year: \u00a30.2m) depreciation and \u00a32.9m (last year: \u00a3nil) impairment charged on investment property. 3 Includes costs such as logistics, professional fees and sundry costs. Adjusting items categorised as selling and administrative expenses are further analysed as employee costs \u00a319.0m (last year \u00a30.1m); occupancy costs \u00a38.2m (last year: \u00a35.9m); depreciation, amortisation and asset impairments and write-offs \u00a343.0m (last year: \u00a364.9m); and other costs \u00a333.6m (last year: \u00a385.0m). ", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory", "language": "en", "entity": "scheme:213800EJP14A79ZG1X44", "period": "2022-04-03T00:00:00/2023-04-02T00:00:00" } }, "fact-673": { "value": "4 PROFIT BEFORE TAXATION The following items have been included in arriving at profit before taxation: 2023 \u00a3m 2022 \u00a3m Net foreign exchange losses/(gains) 6.7 (14.5) Cost of inventories recognised as an expense 6,751.3 6,086.3 Write-down of inventories recognised as an expense 266.0 197.6 Depreciation of property, plant and equipment 1 \u2013 owned assets 310.5 290.5 \u2013 right-of-use assets 180.9 167.8 Amortisation of intangible assets 87.0 93.6 Impairments and write-offs of intangible assets and property, plant and equipment 2 31.7 100.1 Impairment reversals of property, plant and equipment (40.2) (62.1) Impairments of right-of-use assets 14.8 25.4 Impairment reversals of right-of-use assets (14.9) (28.9) 1 Includes \u00a30.2m (last year: \u00a30.2m) depreciation charged on investment property. 2 Includes \u00a32.9m (last year: \u00a3nil) impairment charged on investment property. Included in administrative expenses is the auditor\u2019s remuneration, including expenses for audit and non-audit services, payable to the Company\u2019s auditor Deloitte LLP and its associates as follows: 2023 \u00a3m 2022 \u00a3m Annual audit of the Company and the consolidated financial statements 2.0 1.7 Audit of subsidiary companies 0.7 0.6 Total audit fees 2.7 2.3 Audit-related assurance services 0.3 0.2 Total non-audit services fees 0.3 0.2 Total audit and non-audit services 3.0 2.5 ", "dimensions": { "concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory", "language": "en", "entity": "scheme:213800EJP14A79ZG1X44", "period": "2022-04-03T00:00:00/2023-04-02T00:00:00" } }, "fact-716": { "value": "Included in administrative expenses is the auditor\u2019s remuneration, including expenses for audit and non-audit services, payable to the Company\u2019s auditor Deloitte LLP and its associates as follows: 2023 \u00a3m 2022 \u00a3m Annual audit of the Company and the consolidated financial statements 2.0 1.7 Audit of subsidiary companies 0.7 0.6 Total audit fees 2.7 2.3 Audit-related assurance services 0.3 0.2 Total non-audit services fees 0.3 0.2 Total audit and non-audit services 3.0 2.5 ", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:213800EJP14A79ZG1X44", "period": "2022-04-03T00:00:00/2023-04-02T00:00:00" } }, "fact-674": { "value": "5 ADJUSTING ITEMS The total adjusting items reported for the 52-week period ended 1 April 2023 is a net charge of \u00a36.3m (last year: \u00a3131.2m). The adjustments made to reported profit before tax to arrive at adjusted profit are: Notes 2023 \u00a3m 2022 \u00a3m Included in operating profit Strategic programmes \u2013 UK store estate 15, 22 (51.3) (161.4) Strategic programmes \u2013 Structural simplification 22 (16.4) \u2013 Strategic programmes \u2013 Organisation 17 (10.7) 14.3 Strategic programmes \u2013 UK logistics 15, 22 (10.5) 21.9 Strategic programmes \u2013 International store closures and impairments 22 \u2013 0.4 Store impairments, impairment reversals and other property charges 15, 22 15.1 60.0 Acquisition of Gist Limited (22.1) \u2013 Amortisation and fair value adjustments arising as part of the investment in Ocado Retail Limited 29 (14.0) (32.5) M&S Bank charges incurred in relation to the insurance mis-selling provisions (2.0) (16.0) Franchise restructure 0.4 (41.3) Directly attributable gains resulting from the Covid-19 pandemic \u2013 17.8 (111.5) (136.8) Included in net finance income/(costs) Remeasurement of Ocado Retail Limited contingent consideration 108.0 5.6 Net finance costs incurred in relation to Gist Limited deferred and contingent consideration (2.8) \u2013 105.2 5.6 Adjustments to profit before tax (6.3) (131.2) Strategic programmes \u2013 UK store estate (\u00a351.3m) In November 2016, the Group announced a strategic programme to transform and rotate the UK store estate with the overall objective to improve our store estate to better meet our customers\u2019 needs. The Group incurred charges of \u00a3870m up to April 2023 under this programme primarily relating to closure costs associated with stores identified as part of the strategic transformation plans. The Group has recognised a charge of \u00a351.3m in the period in relation to those stores identified as part of the rotation plans. The charge primarily reflects the latest view of store closure plans and latest assumptions for estimated store closure costs, as well as charges relating to the impairment of buildings and fixtures and fittings, and depreciation as a result of shortening the useful economic life of stores based on the most recent approved exit routes. Further charges relating to the closure and rotation of the UK store estate are anticipated over the next eight years as the programme progresses, the quantum of which is subject to change throughout the programme period as the Group gets greater certainty of circumstances that need to be in place to make closure financially viable. Future charges will not include Foodhall closures at a lease event where there is opportunity for a better location, as this is not in the scope of the programme. As at 1 April 2023, the total closure programme now consists of 206 stores, 108 of which have already closed. Further charges of c.\u00a3165m are estimated within the next eight financial years, bringing anticipated total programme costs since 2016 to c.\u00a31bn. In addition, where store exit routes in the next eight years lead to the recognition of gains on exit, particularly those relating to asset management, these credits will also be recognised within adjusting items as part of the programme. The anticipated total programme costs to date do not include any costs that may arise in relation to a further c.30 stores currently under consideration for closure within the next eight years. At this stage these c.30 stores remain commercially supportable and in the event of a decision to close the store, the exit routes are not yet certain. These costs are reported as adjusting items on the basis that they are significant in quantum, relate to a strategic initiative focused on reviewing our store estate and to aid comparability from one period to the next. The programme includes all stores within the programme to be closed by 2030/31, but charges in the year, and future charges, did not include Foodhall closures at a lease event where there is opportunity to secure a better location. Strategic programmes \u2013 Structural simplification (\u00a316.4m) During 2022/23, the Group committed to a structural reduction of its operating costs and a desire to simplify the organisation and prioritise to mitigate cost increases faced by the business. As part of this objective, a thorough review has been performed to restructure and right size the organisation with an in-year focus on the support functions. As part of the programme, the Group has incurred \u00a31.3m of consultancy costs. The review of structures has resulted in a reduction of c.700 roles versus plan across central support centres, management and stores, with a charge of \u00a316.4m recognised in the period primarily for redundancy and exit costs associated with these changes. The provision is expected to be fully utilised during 2023/24. Further charges of c.\u00a317m are expected in 2023/24 bringing the total programme cost to c.\u00a333.4m. These costs are considered to be adjusting items as the costs are part of the strategic programme, significant in value and would distort the year-on-year profitability of the business. Strategic programmes \u2013 Organisation (\u00a310.7m) During 2016/17, the Group announced a wide-ranging strategic review across a number of areas of the business which included UK organisation and the programme to centralise our London Head Office functions into one building. In the period, an impairment charge of \u00a310.7m has been recognised (last year: \u00a314.3m impairment reversal). This relates to the updating of assumptions and market fluctuations over the life of the sub-let of previously closed offices. Total costs of centralising our London Head Office functions into one building incurred to date are c.\u00a397m. Any future charges/ reversals will relate to the updating of assumptions and market fluctuations over the life of the sub-let lease to September 2040. These charges are reported as adjusting items as they are significant in value, relate to a strategic initiative, are not considered to be normal operating costs of the business and are consistent with the disclosure of costs previously recognised. Strategic programmes \u2013 UK logistics (\u00a310.5m) In 2017/18, as part of the previously announced long-term strategic programme to transition to a single-tier UK distribution network, the Group announced the opening of a new Clothing & Home distribution centre in Welham Green, Hertfordshire. As a direct result, the Group announced the closure of two existing distribution centres. In February 2020, the next phase of the single- tier programme was announced with the closure of two further distribution centres across 2020/21 and 2021/22. In January 2023, the closure of a further distribution centre was announced for 2023/24. A net charge of \u00a310.5m has been recognised in the period, reflecting the view of estimated closure costs. Total programme costs to date are \u00a328.4m with further net charges of \u00a330.2m expected over the next two financial years. These charges are reported as adjusting items on the basis that they are significant in quantum, relate to a strategic initiative focused on reviewing our UK logistics network and to aid comparability from one period to the next. Store impairments, impairment reversals and property charges (\u00a315.1m credit) The Group has recognised a number of charges and credits in the period associated with the carrying value of items of property, plant and equipment. The Group has performed impairment testing based on the latest Board approved budget and three year plan future cash flow projections for UK and International stores (excluding those stores that have been captured as part of the UK store estate programme). As a result, store impairment testing has identified stores where the current and anticipated future performance does not support the carrying value of the stores. A charge of \u00a318.0m (last year: \u00a32.9m) has been incurred primarily in respect of the impairment of assets associated with these stores. In addition, a credit of \u00a333.1m (last year: \u00a363.4m) has been recognised for the reversal of store impairments incurred in previous periods, where revised future cash flow projections more than support the carrying value of the stores, reflecting improved trading expectations compared to those assumed at the prior year end. Refer to note 15 for further details on the impairments. The charges/credits have been classified as an adjusting item on the basis of the significant quantum of the charge/credit in the period to the results of the Group. Any future charges or reversals relating to stores previously impaired within adjusting items will continue to be recognised within adjusting items in line with the original charge. Any future charges or reversals relating to stores not previously impaired within adjusting items or otherwise meeting the Group\u2019s adjusting items policy will be recognised in the underlying results. Acquisition of Gist Limited (\u00a322.1m) On 30 September 2022 the Group completed the acquisition of Gist Limited from Storeshield Limited, a subsidiary of The BOC Group Limited, as part of M&S\u2019 multi-year programme to modernise its Food supply chain network to support growth. As part of the transaction the Group has incurred \u00a328.3m of one-off charges that are not considered to be day-to-day operational costs of the business. Transaction costs of \u00a36.8m have been incurred and \u00a33.3m of other costs, mainly retention bonuses, along with \u00a318.2m of charges relating to the settlement of our pre-existing relationship with Gist Limited. This was offset by a \u00a36.2m gain on bargain purchase. See note 31 for further details. These costs are adjusting items as they relate to a major transaction and, but for the transaction, the business would not have incurred these costs and as a result are not considered to be normal operating costs of the business. Further costs are expected in 2023/24 in relation to the acquisition, such as retention bonuses. Amortisation and fair value adjustments arising as part of the investment in Ocado Retail Limited (\u00a314.0m) Intangible assets of \u00a3366.0m were acquired as part of the investment in Ocado Retail Limited in 2019/20 relating to the Ocado brand and acquired customer relationships. These intangibles are being amortised over their useful economic lives of 10 \u2013 40 years with an amortisation charge of \u00a317.1m recognised in the period and a related deferred tax credit of \u00a33.1m. The amortisation charge and changes in the related deferred tax liability are included within the Group\u2019s share of the profit or loss of the associate and are considered to be adjusting items as they are based on judgments about their value and economic life and are not related to the Group\u2019s underlying trading performance. These charges are reported as adjusting items on the basis that they are significant in quantum and to aid comparability from one period to the next. M&S Bank charges incurred in relation to insurance mis-selling provisions (\u00a32.0m) The Group has an economic interest in Marks and Spencer Financial Services plc (trading as M&S Bank), a wholly owned subsidiary of HSBC UK Bank plc, by way of a Relationship Agreement that entitles the Group to a 50% share of the profits of M&S Bank after appropriate deductions. The Group does not share in any losses of M&S Bank and is not obliged to refund any profit share received from HSBC, although future income may be impacted by significant one-off deductions. Since the year ended 31 December 2010, M&S Bank has recognised in its audited financial statements an estimated liability for redress to customers in respect of possible mis-selling of financial products. The Group\u2019s profit share and fee income from M&S Bank has been reduced by the deduction of the estimated liability in both the current and prior years. In line with the accounting treatment under the Relationship Agreement, there is a cap on the amount of charges that can be offset against the profit share in any one year, whereby excess liabilities carried forward are deducted from the Group\u2019s future profit share from M&S Bank. The deduction in the period is \u00a32.0m (last year: \u00a316.0m). The treatment of this in adjusting items is in line with previous charges in relation to settlement of PPI claims and although it is recurring, it is significant in quantum in the context of the total charges recognised for PPI mis-selling to date and is not considered representative of the normal operating performance of the Group. As previously noted, while the August 2019 deadline to raise potential mis-selling claims has now passed, costs relating to the estimated liability for redress are expected to continue. The total charges recognised in adjusting items since September 2012 for PPI is \u00a3324.7m which exceeds the total offset against profit share of \u00a3255.8m to date and this deficit will be deducted from the Group\u2019s share of future profits from M&S Bank. Franchise restructuring (\u00a30.4m credit) In September 2021 the Group announced the closure of 11 franchise stores in France in response to increased EU border costs. Consequently, the Group recognised a charge of \u00a310.3m for closure costs in 2021/22. A provision release of \u00a30.4m has been recognised during the period in relation to the stores in France. No future costs are expected. The costs/credits are considered to be adjusting items as they are one-off in nature and significant in value in total to the results of the Group and to the International segment. Remeasurement of contingent consideration including discount unwind (\u00a3108.0m credit) Contingent consideration, resulting from the investment in Ocado Retail Limited, is remeasured at fair value at each reporting date with the changes in fair value recognised in profit or loss. During 2021/22, \u00a333.8m of contingent consideration was settled, following the achievement of the first and second performance targets. A credit of \u00a3108.0m has been recognised in the period, representing the revaluation of the contingent consideration payable to \u00a364.7m (\u00a357.8m plus interest). See note 21 for further details. The change in fair value is considered to be an adjusting item as it relates to a major transaction and consequently is not considered representative of the normal operating performance of the Group. The remeasurement will be recognised in adjusting items until the final contingent consideration payment is determined in 2024/25. Net finance costs incurred in relation to Gist Limited deferred and contingent consideration (\u00a32.8m) Deferred consideration, resulting from the acquisition of Gist Limited, is held at amortised cost, whilst the contingent consideration is remeasured at fair value at each reporting date with the changes in fair value recognised in profit or loss. A charge of \u00a32.8m has been recognised in the period, representing the discount unwind of the deferred consideration and revaluation of the contingent consideration payable. See note 21 for further details. The discount unwind and change in fair value is considered to be an adjusting item as it relates to a major transaction and consequently is not considered representative of the normal operating performance of the Group. The discount unwind and remeasurement will be recognised in adjusting items until the final payments are made in 2025/26 ", "dimensions": { "concept": "marksandspencer:DisclosureOfAdjustingItems", "language": "en", "entity": "scheme:213800EJP14A79ZG1X44", "period": "2022-04-03T00:00:00/2023-04-02T00:00:00" } }, "fact-743": { "value": "6 FINANCE INCOME/(COSTS) 2023 \u00a3m 2022 \u00a3m Bank and other interest receivable 22.9 3.7 Other finance income 0.9 5.9 Pension net finance income (see note 11H) 28.7 13.2 Interest income of subleases 5.6 5.5 Finance income before adjusting items 58.1 28.3 Finance income in adjusting items 108.0 5.6 Finance income 166.1 33.9 Other finance costs (6.4) (0.8) Interest payable on syndicated bank facility (4.5) (4.7) Interest payable on Medium Term Notes (65.4) (79.6) Interest payable on lease liabilities (116.7) (121.1) Unwind of discount on provisions (5.4) (3.8) Unwind of discount on Partnership liability to the Marks & Spencer UK Pension Scheme (see note 12) (4.3) (4.4) Finance costs before adjusting items (202.7) (214.4) Finance costs in adjusting items (2.8) \u2013 Finance costs (205.5) (214.4) Net finance costs (39.4) (180.5) ", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:213800EJP14A79ZG1X44", "period": "2022-04-03T00:00:00/2023-04-02T00:00:00" } }, "fact-742": { "value": "6 FINANCE INCOME/(COSTS) 2023 \u00a3m 2022 \u00a3m Bank and other interest receivable 22.9 3.7 Other finance income 0.9 5.9 Pension net finance income (see note 11H) 28.7 13.2 Interest income of subleases 5.6 5.5 Finance income before adjusting items 58.1 28.3 Finance income in adjusting items 108.0 5.6 Finance income 166.1 33.9 Other finance costs (6.4) (0.8) Interest payable on syndicated bank facility (4.5) (4.7) Interest payable on Medium Term Notes (65.4) (79.6) Interest payable on lease liabilities (116.7) (121.1) Unwind of discount on provisions (5.4) (3.8) Unwind of discount on Partnership liability to the Marks & Spencer UK Pension Scheme (see note 12) (4.3) (4.4) Finance costs before adjusting items (202.7) (214.4) Finance costs in adjusting items (2.8) \u2013 Finance costs (205.5) (214.4) Net finance costs (39.4) (180.5) ", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:213800EJP14A79ZG1X44", "period": "2022-04-03T00:00:00/2023-04-02T00:00:00" } }, "fact-740": { "value": "6 FINANCE INCOME/(COSTS) 2023 \u00a3m 2022 \u00a3m Bank and other interest receivable 22.9 3.7 Other finance income 0.9 5.9 Pension net finance income (see note 11H) 28.7 13.2 Interest income of subleases 5.6 5.5 Finance income before adjusting items 58.1 28.3 Finance income in adjusting items 108.0 5.6 Finance income 166.1 33.9 Other finance costs (6.4) (0.8) Interest payable on syndicated bank facility (4.5) (4.7) Interest payable on Medium Term Notes (65.4) (79.6) Interest payable on lease liabilities (116.7) (121.1) Unwind of discount on provisions (5.4) (3.8) Unwind of discount on Partnership liability to the Marks & Spencer UK Pension Scheme (see note 12) (4.3) (4.4) Finance costs before adjusting items (202.7) (214.4) Finance costs in adjusting items (2.8) \u2013 Finance costs (205.5) (214.4) Net finance costs (39.4) (180.5) ", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800EJP14A79ZG1X44", "period": "2022-04-03T00:00:00/2023-04-02T00:00:00" } }, "fact-732": { "value": "6 FINANCE INCOME/(COSTS) 2023 \u00a3m 2022 \u00a3m Bank and other interest receivable 22.9 3.7 Other finance income 0.9 5.9 Pension net finance income (see note 11H) 28.7 13.2 Interest income of subleases 5.6 5.5 Finance income before adjusting items 58.1 28.3 Finance income in adjusting items 108.0 5.6 Finance income 166.1 33.9 Other finance costs (6.4) (0.8) Interest payable on syndicated bank facility (4.5) (4.7) Interest payable on Medium Term Notes (65.4) (79.6) Interest payable on lease liabilities (116.7) (121.1) Unwind of discount on provisions (5.4) (3.8) Unwind of discount on Partnership liability to the Marks & Spencer UK Pension Scheme (see note 12) (4.3) (4.4) Finance costs before adjusting items (202.7) (214.4) Finance costs in adjusting items (2.8) \u2013 Finance costs (205.5) (214.4) Net finance costs (39.4) (180.5) ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:213800EJP14A79ZG1X44", "period": "2022-04-03T00:00:00/2023-04-02T00:00:00" } }, "fact-717": { "value": "6 FINANCE INCOME/(COSTS) 2023 \u00a3m 2022 \u00a3m Bank and other interest receivable 22.9 3.7 Other finance income 0.9 5.9 Pension net finance income (see note 11H) 28.7 13.2 Interest income of subleases 5.6 5.5 Finance income before adjusting items 58.1 28.3 Finance income in adjusting items 108.0 5.6 Finance income 166.1 33.9 Other finance costs (6.4) (0.8) Interest payable on syndicated bank facility (4.5) (4.7) Interest payable on Medium Term Notes (65.4) (79.6) Interest payable on lease liabilities (116.7) (121.1) Unwind of discount on provisions (5.4) (3.8) Unwind of discount on Partnership liability to the Marks & Spencer UK Pension Scheme (see note 12) (4.3) (4.4) Finance costs before adjusting items (202.7) (214.4) Finance costs in adjusting items (2.8) \u2013 Finance costs (205.5) (214.4) Net finance costs (39.4) (180.5) ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:213800EJP14A79ZG1X44", "period": "2022-04-03T00:00:00/2023-04-02T00:00:00" } }, "fact-675": { "value": "6 FINANCE INCOME/(COSTS) 2023 \u00a3m 2022 \u00a3m Bank and other interest receivable 22.9 3.7 Other finance income 0.9 5.9 Pension net finance income (see note 11H) 28.7 13.2 Interest income of subleases 5.6 5.5 Finance income before adjusting items 58.1 28.3 Finance income in adjusting items 108.0 5.6 Finance income 166.1 33.9 Other finance costs (6.4) (0.8) Interest payable on syndicated bank facility (4.5) (4.7) Interest payable on Medium Term Notes (65.4) (79.6) Interest payable on lease liabilities (116.7) (121.1) Unwind of discount on provisions (5.4) (3.8) Unwind of discount on Partnership liability to the Marks & Spencer UK Pension Scheme (see note 12) (4.3) (4.4) Finance costs before adjusting items (202.7) (214.4) Finance costs in adjusting items (2.8) \u2013 Finance costs (205.5) (214.4) Net finance costs (39.4) (180.5) ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800EJP14A79ZG1X44", "period": "2022-04-03T00:00:00/2023-04-02T00:00:00" } }, "fact-676": { "value": "7 INCOME TAX EXPENSE A. Taxation charge 2023 \u00a3m 2022 \u00a3m Current tax UK corporation tax on profits for the year at 19% (last year: 19%) \u2013 current year 67.6 66.8 \u2013 adjustments in respect of prior years (3.8) (1.0) UK current tax 63.8 65.8 Overseas current taxation \u2013 current year 9.9 9.6 \u2013 adjustments in respect of prior years (3.6) 2.2 Total current taxation 70.1 77.6 Deferred tax \u2013 origination and reversal of temporary differences 26.5 14.9 \u2013 adjustments in respect of prior years 8.1 0.7 \u2013 changes in tax rate 6.5 (10.5) Total deferred tax (see note 23) 41.1 5.1 Total income tax expense 111.2 82.7 B. Taxation reconciliation The effective tax rate was 23.4% (last year: 21.1%) and is explained below. 2023 \u00a3m 2022 \u00a3m Profit before tax 475.7 391.7 Notional taxation at standard UK corporation tax rate of 19% (last year: 19%) 90.4 74.4 Depreciation and other amounts in relation to fixed assets that do not qualify for tax relief 6.2 7.8 Tax benefit arising from UK super deduction regime (7.9) (6.2) Other income and expenses that are not taxable or allowable for tax purposes 16.7 6.1 Joint venture results accounted for as profit after tax 5.5 (2.5) Retranslation of deferred tax balances due to the change in statutory UK tax rates \u2013 (10.5) Impact of tax rate differential 6.6 \u2013 Overseas profits taxed at rates different to those of the UK 0.4 (0.6) Movement in unrecognised overseas deferred tax assets 0.3 \u2013 Adjustments to the current and deferred tax charges in respect of prior periods 5.4 1.9 Adjusting items: \u2013 UK store and strategic programme impairments and other property charges where no tax relief is available 2.7 3.9 \u2013 Cost incurred on acquisition of Gist 3.6 \u2013 \u2013 Other strategic programme income and expenses that are not taxable or allowable for tax purposes 2.7 2.2 \u2013 Amortisation arising as a part of the investment in Ocado Retail Limited 2.7 6.2 \u2013 Release of Ocado contingent consideration (19.4) \u2013 \u2013 Adjustments to the current and deferred tax charges in respect of prior periods (4.7) \u2013 Total income tax expense 111.2 82.7 The effective tax rate in respect of the profit before adjusting items was 25.9% (last year: 18.2%). On 20 December 2021, the OECD published its proposals in relation to Global Anti-Base Erosion Rules, which provide for an internationally co-ordinated system of taxation to ensure that large multinational groups pay a minimum level of corporate income tax in countries where they operate. On 23 March 2023, the UK government introduced draft legislation in Finance (No. 2) Bill 2022-23 to implement Pillar 2 of the OECD/G20 inclusive framework. The new rules are expected to take effect from 2024 onwards. There remains a considerable amount of uncertainty with respect to the detailed operation of the rules and their impact. Further details and guidance are due in the course of 2023. From an initial review of the Group\u2019s business and tax profile, the rules are not expected to have a material impact on the Group\u2019s tax rate or tax payments. There is no impact on the Group\u2019s results for FY23. C. Current tax reconciliation The current tax reconciliation shows the tax effect of the main adjustments made to the Group\u2019s accounting profits in order to arrive at its taxable profits. The reconciling items differ from those in note 7B as the effects of deferred tax temporary differences are ignored below. 2023 \u00a3m 2022 \u00a3m Profit before tax 475.7 391.7 Notional taxation at standard UK corporation tax rate of 19% (last year: 19%) 90.4 74.4 Disallowable accounting depreciation and other similar items 55.8 63.7 Deductible capital allowances (77.9) (75.7) Adjustments in relation to employee share schemes 5.8 6.7 Adjustments in relation to employee pension schemes 7.6 (2.5) Overseas profits taxed at rates different from those of the UK 0.4 (0.6) Joint venture results accounted for as profit after tax 5.5 (2.5) Utilisation or increase of unrecognised losses 0.3 \u2013 Other income and expenses that are not taxable or allowable (2.7) 0.6 Adjusting items: \u2013 UK store and strategic programme impairments and other property charges where no tax relief is available 2.7 3.9 \u2013 Other strategic programme income and expenses that are not taxable nor allowable for tax purposes 2.7 2.2 \u2013 Cost incurred on acquisition of Gist 3.6 \u2013 \u2013 Amortisation arising as a part of the investment in Ocado Retail Limited 2.7 6.2 \u2013 Release of Ocado contingent consideration (19.4) \u2013 Current year current tax charge 77.5 76.4 Represented by: UK current year current tax 67.6 66.8 Overseas current year current tax 9.9 9.6 77.5 76.4 UK adjustments in respect of prior years (3.8) (1.0) Overseas adjustments in respect of prior years (3.6) 2.2 Total current taxation (note 7A) 70.1 77.6 ", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800EJP14A79ZG1X44", "period": "2022-04-03T00:00:00/2023-04-02T00:00:00" } }, "fact-677": { "value": "8 EARNINGS PER SHARE The calculation of earnings per ordinary share is based on earnings after tax and the weighted average number of ordinary shares in issue during the year. The adjusted earnings per share figures have also been calculated based on earnings before adjusting items that are significant in nature and/or quantum and are considered distortive to underlying results (see note 5). These have been presented to provide shareholders with an additional measure of the Group\u2019s year-on-year performance. For diluted earnings per share, the weighted average number of ordinary shares in issue is adjusted to assume conversion of all dilutive potential ordinary shares. The Group has four types of dilutive potential ordinary shares, being: those share options granted to employees where the exercise price is less than the average market price of the Company\u2019s ordinary shares during the year; unvested shares granted under the Deferred Share Bonus Plan; unvested shares granted under the Restricted Share Plan; and unvested shares within the Performance Share Plan that have met the relevant performance conditions at the end of the reporting period. Details of the adjusted earnings per share are set out below: 2023 \u00a3m 2022 \u00a3m Profit attributable to equity shareholders of the Company 363.4 306.6 Add/(less): Adjusting items (see note 5) 6.3 131.2 Tax on adjusting items (13.7) (12.6) Profit before adjusting items attributable to equity shareholders of the Company 356.0 425.2 Million Million Weighted average number of ordinary shares in issue 1,963.5 1,958.1 Potentially dilutive share options under Group\u2019s share option schemes 70.4 73.0 Weighted average number of diluted ordinary shares 2,033.9 2,031.1 Pence Pence Basic earnings per share 18.5 15.7 Diluted earnings per share 17.9 15.1 Adjusted basic earnings per share 18.1 21.7 Adjusted diluted earnings per share 17.5 20.9 ", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:213800EJP14A79ZG1X44", "period": "2022-04-03T00:00:00/2023-04-02T00:00:00" } }, "fact-678": { "value": "9 DIVIDENDS The Group suspended dividend payments at the start of the pandemic to protect the balance sheet. This enabled it to invest in its transformation priorities and trusted value. Consistent with that announcement, the Board does not expect to pay a dividend in 2022/23. However, with the business generating an improved operating performance and having a strengthened balance sheet with credit metrics consistent with investment grade, the Board plans to restore a modest annual dividend to shareholders starting with an interim dividend with the results in November. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:213800EJP14A79ZG1X44", "period": "2022-04-03T00:00:00/2023-04-02T00:00:00" } }, "fact-679": { "value": "10 EMPLOYEES A. Aggregate remuneration The aggregate remuneration and associated costs of Group employees (including Executive Committee) were: 2023 \u00a3m 2022 \u00a3m Wages and salaries 1,351.4 1,256.0 Social security costs 93.7 84.6 Pension costs 75.9 69.0 Share-based payments (see note 13) 32.7 30.2 Employee welfare and other personnel costs 47. 4 54.1 Capitalised staffing costs (14.9) (6.4) Total aggregate remuneration1 1,586.2 1,487.5 1 Excludes amounts recognised within adjusting items of \u00a319.0m (last year: \u00a30.1m) (see notes 3 and 5). Details of key management compensation are given in note 28. 10 EMPLOYEES CONTINUED B. Average monthly number of employees 2023 2022 UK stores \u2013 management and supervisory categories 4,823 4,570 \u2013 other 50,019 51,585 UK support centre \u2013 management and supervisory categories 3,823 3,275 \u2013 other 822 660 UK operations \u2013 management and supervisory categories 682 124 \u2013 other 6,856 1,667 Overseas 5,291 5,205 Total average number of employees 72,316 67,086 The average number of full-time equivalent employees is 52,092 (last year: 47,108). ", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:213800EJP14A79ZG1X44", "period": "2022-04-03T00:00:00/2023-04-02T00:00:00" } }, "fact-680": { "value": "11 RETIREMENT BENEFITS The Group provides pension arrangements for the benefit of its UK employees through the Your M&S Pension Saving Plan (a defined contribution (\u201cDC\u201d) arrangement) and prior to 2017, through the Marks & Spencer Pension Scheme (\u201cUK DB Pension Scheme\u201d) (a defined benefit (\u201cDB\u201d) arrangement). The legacy UK DB Pension Scheme operated on a final pensionable salary basis and is governed by a Trustee board which is independent of the Group. The UK DB Pension Scheme closed to future accrual on 1 April 2017. There will be no further service charges relating to the scheme and no future monthly employer contributions for current service. At year end, the UK DB Pension Scheme had no active members (last year: nil), 49,634 deferred members (last year: 51,444) and pensioners 53,634 (last year: 53,270). The DC plan is a pension plan under which the Group pays contributions to an independently administered fund. Such contributions are based upon a fixed percentage of employees\u2019 pay. The Group has no legal or constructive obligations to pay further contributions to the fund once the contributions have been paid. Members\u2019 benefits are determined by the amount of contributions paid by the Group and the member, together with the investment returns earned on the contributions arising from the performance of each individual\u2019s investments and how each member chooses to receive their retirement benefits. As a result, actuarial risk (that benefits will be lower than expected) and investment risk (that assets invested in will not perform in line with expectations) fall on the employee. At the year end, the DC arrangement had some 50,901 active members (last year: 46,560) and some 45,908 deferred members (last year: 45,778). The Group also operates a small legacy funded DB pension scheme in the Republic of Ireland. This scheme closed to future accrual on 31 October 2013. Other retirement benefits also include a UK post-retirement healthcare scheme and unfunded retirement benefits. The total Group retirement benefit cost was \u00a336.4m (last year: \u00a355.9m). Of this, income of \u00a324.1m (last year: income of \u00a38.8m) relates to the UK DB Pension Scheme, costs of \u00a357.4m (last year: costs of \u00a362.0m) to the UK DC plan and costs of \u00a33.1m (last year: costs of \u00a32.8m) to other retirement benefit schemes. The Group considers two measures of the pension deficit. The accounting position is shown on the Group balance sheet. The funding position, calculated at the triennial actuarial valuation, is used to agree contributions made to the schemes. The two measures will vary because they are for different purposes, and are calculated at different dates and in different ways. The key calculation difference is that the funding position considers the expected returns of scheme assets when calculating the liability, whereas the accounting position calculated under IAS 19 discounts liabilities is based on corporate bond yields. The most recent actuarial valuation of the UK DB Pension Scheme was carried out as at 31 March 2021 and showed a funding surplus of \u00a3687m. This is an improvement on the previous position at 31 March 2018 (funding surplus of \u00a3652m), primarily due to lower assumed life expectancy. The Company and Trustee have confirmed, in line with the current funding arrangement, that no further contributions will be required to fund past service as a result of this valuation (other than those already contractually committed under the existing Marks and Spencer Scottish Limited Partnership arrangements \u2013 see note 12). By funding its DB pension schemes, the Group is exposed to the risk that the cost of meeting its obligations is higher than anticipated. This could occur for several reasons, for example: \u2013 Investment returns on the schemes\u2019 assets may be lower than anticipated, especially if falls in asset values are not matched by similar falls in the value of the schemes\u2019 liabilities. \u2013 The level of price inflation may be higher than that assumed, resulting in higher payments from the schemes. \u2013 Scheme members may live longer than assumed; for example, due to advances in healthcare. Members may also exercise (or not exercise) options in a way that leads to increases in the schemes\u2019 liabilities; for example, through early retirement or commutation of pension for cash. \u2013 Legislative changes could also lead to an increase in the schemes\u2019 liabilities. In addition, the Group is exposed to additional risks through its obligation to the UK DB Pension Scheme via its interest in the Scottish Limited Partnership (see note 12). In particular, under the legal terms of the Partnership, a default by the Group on the rental payments to the Partnership or a future change in legislation could trigger earlier or higher payments to the pension scheme, or an increase in the collateral to be provided by the Group. With the pensioner buy-in policies purchased in September 2020, April 2019 and March 2018, the Scheme has now, in total, insured around 80% of the pensioner cash flow liabilities for pensions in payment. The buy-in policies cover specific pensioner liabilities and pass all risks to an insurer in exchange for a fixed premium payment, thus reducing the Group\u2019s exposure to changes in longevity, interest rates, inflation and other factors. A. Pensions and other post-retirement liabilities 2023 \u00a3m 2022 \u00a3m Total market value of assets 6,781.9 10,090.7 Present value of scheme liabilities (6,299.9) (9,046.8) Net funded pension plan asset 482.0 1,043.9 Unfunded retirement benefits (2.2) (2.6) Post-retirement healthcare (2.4) (3.1) Net retirement benefit surplus 477.4 1,038.2 Analysed in the statement of financial position as: Retirement benefit asset 482.0 1,043.9 Retirement benefit deficit (4.6) (5.7) Net retirement benefit surplus 477.4 1,038.2 In the event of a plan wind-up, the pension scheme rules provide Marks and Spencer plc with an unconditional right to a refund of surplus assets assuming the full settlement of plan liabilities. In the ordinary course of business, the Trustee has no right to wind up or change the benefits due to members of the scheme. As a result, any net surplus in the UK DB Pension Scheme is recognised in full. B. Scheme assets Changes in the fair value of the scheme assets are as follows: 2023 \u00a3m 2022 \u00a3m Fair value of scheme assets at start of year 10,090.7 10,442.9 Interest income based on discount rate 267.0 204.4 Actual return on scheme assets excluding amounts included in net interest income 1 (3,231.1) (213.4) Actuarial loss \u2013 asset ceiling (38.2) (19.4) Employer contributions 38.1 41.8 Benefits paid (344.9) (359.3) Administration costs (4.6) (4.6) Exchange movement 4.9 (1.7) Fair value of scheme assets at end of year 6,781.9 10,090.7 1 The actual return on scheme assets was a loss of \u00a32,964.1m (last year: loss of \u00a39.0m). C. Pensions and other post-retirement liabilities Changes in the present value of retirement benefit obligations are as follows: 2023 \u00a3m 2022 \u00a3m Present value of obligation at start of year 9,052.5 9,811.5 Current service cost 0.1 0.2 Administration costs 0.2 0.2 Interest cost 238.3 191.2 Benefits paid (344.9) (359.3) Actuarial loss \u2013 experience 250.3 153.9 Actuarial (gain)/loss \u2013 demographic assumptions (205.4) 89.0 Actuarial (gain) \u2013 financial assumptions (2,691.4) (832.7) Exchange movement 4.8 (1.5) Present value of obligation at end of year 6,304.5 9,052.5 Analysed as: Present value of pension scheme liabilities 6,299.9 9,046.8 Unfunded pension plans 2.2 2.6 Post-retirement healthcare 2.4 3.1 Present value of obligation at end of year 6,304.5 9,052.5 The average duration of the defined benefit obligation at 1 April 2023 is 14.0 years (last year: 17.3 years).
D. Analysis of assets
The investment strategy of the UK DB Pension Scheme is driven by its liability profile, including its inflation-linked pension benefits.
In addition to its interest in the Scottish Limited Partnership (refer to note 12), the scheme invests in different types of bond (including
corporate bonds and gilts) and derivative instruments (including inflation, interest rate, cross-currency and total return swaps) in order
to align movements in the value of its assets with movements in its liabilities arising from changes in market conditions. Broadly, the
scheme has hedging that covers 94% of interest rate movements and 111% of inflation movements, as measured on the Trustee\u2019s funding
assumptions which use a discount rate derived from gilt yields.
The fair value of the total plan assets at the end of the reporting period for each category is as follows:
2023 2022
Quoted
\u00a3m
Unquoted
\u00a3m
Total
\u00a3m
Quoted
\u00a3m
Unquoted
\u00a3m
Total
\u00a3m
Debt investments
\u2013 Government bonds net of repurchase agreements
1
2,023.7 (196.6) 1,827.1 3,482.9 (1,185.2) 2,297.7
\u2013 Corporate bonds 12.0 1.2 13.2 6.0 950.0 956.0
\u2013 Asset backed securities and structured debt \u2013 443.6 443.6 \u2013 365.9 365.9
Scottish Limited Partnership Interest (see note 12) \u2013 122.8 122.8 \u2013 193.5 193.5
Equity investments
\u2013 Developed markets 41.6 \u2013 41.6 550.3 \u2013 550.3
\u2013 Emerging markets 109.5 \u2013 109.5 113.7 \u2013 113.7
Growth asset funds
\u2013 Global property \u2013 287.0 287.0 5.4 308.7 314.1
\u2013 Hedge and reinsurance 12.0 316.3 328.3 25.8 324.7 350.5
\u2013 Private equity and infrastructure \u2013 171.9 171.9 5.9 223.6 229.5
Derivatives
\u2013 Interest and inflation rate swaps 7.0 88.6 95.6 15.6 406.9 422.5
\u2013 Foreign exchange contracts and other derivatives \u2013 21.4 21.4 \u2013 (40.0) (40.0)
Cash and cash equivalents 4.0 206.2 210.2 5.9 168.1 174.0
Other
\u2013 Buy-in insurance \u2013 2,150.0 2,150.0 \u2013 2,910.0 2,910.0
\u2013 Secure income asset funds \u2013 998.3 998.3 \u2013 1,121.6 1,121.6
\u2013 Other \u2013 \u2013 \u2013 \u2013 150.8 150.8
Total
2
2,209.8 4,610.7 6,820.5 4,211.5 5,898.6 10,110.1
1 Repurchase agreements were \u00a3196.6m (last year: \u00a31,184.0m).
2 The difference between the total assets of \u00a36,820.5m above compared to \u00a36,781.9m is \u00a338.6m.This relates to the cap applied to the Irish DB scheme and therefore the \u00a338.2m
actuarial gain is not recognised and \u00a30.4m net interest income is not recognised as per IFRIC 14.
The fair values of the above equity and debt investments are based on publicly available market prices, wherever available. Unquoted
investments, hedge funds and reinsurance funds are stated at fair value estimates provided by the manager of the investment or fund.
Property includes both quoted and unquoted investments. The fair value of the Scottish Limited Partnership interest is based on the
expected cash flows and benchmark asset-backed credit spreads. It is the policy of the scheme to hedge a proportion of interest rate and
inflation risk. The scheme reduces its foreign currency exposure using forward foreign exchange contracts.
At year end, the UK schemes (UK DB Pension Scheme and post-retirement healthcare) indirectly held nil (last year: 33,210) ordinary
shares in the Company through its investment in UK Equity Index Funds .
E. Financial assumptions The financial assumptions for the UK DB Pension Scheme and the most recent actuarial valuations of the other post-retirement schemes have been updated by independent qualified actuaries to take account of the requirements of IAS 19 Employee Benefits in order to assess the liabilities of the schemes and are as follows: 2023 % 2022 % Rate of increase in pensions in payment for service 2.2-3.2 2.3-3.6 Discount rate 4.75 2.70 Inflation rate (RPI) 3.25 3.70 Long-term healthcare cost increases 7.30 7.70 F. Demographic assumptions The UK demographic assumptions are mainly in line with those adopted for the last formal actuarial valuation of the scheme performed as at 31 March 2021. The UK post-retirement mortality assumptions are based on an analysis of the pensioner mortality trends under the scheme for the period to March 2021. The specific mortality rates used are based on the VITA lite tables, with future projections based on up-to-date industry models, parameterised to reflect scheme data. The life expectancies underlying the valuation are as follows: 2023 2022 Current pensioners (at age 65) \u2013 male 22.0 22.3 \u2013 female 24.4 25.1 Future pensioners \u2013 currently in deferred status (at age 65) \u2013 male 23.6 24.0 \u2013 female 26.1 26.9 G. Sensitivity analysis The table below summarises the estimated impact of reasonably possible changes in the principal actuarial assumptions on the UK DB Pension Scheme surplus: 2023 \u00a3m 2022 \u00a3m Decrease in scheme surplus caused by a decrease in the discount rate of 0.25% (25.0) (20.0) Decrease in scheme surplus caused by a decrease in the discount rate of 0.50% (45.0) (30.0) Decrease in scheme surplus caused by a decrease in the discount rate of 2.50% (235.0) (150.0) Increase in scheme surplus caused by an increase in the discount rate of 2.50% 200.0 100.0 Decrease in scheme surplus caused by a decrease in the inflation rate of 0.25% (30.0) (70.0) Decrease in scheme surplus caused by a decrease in the inflation rate of 0.50% (60.0) (130.0) Increase in scheme surplus caused by a decrease in the average life expectancy of one year 130.0 270.0 The sensitivity analysis above is based on a change in one assumption while holding all others constant. Therefore, interdependencies between the assumptions have not been taken into account within the analysis. The sensitivities reflect the range of recent assumption movements and illustrate that the financial assumption sensitivities do not move in a linear fashion. H. Analysis of amounts charged against profits Amounts recognised in comprehensive income in respect of defined benefit retirement plans are as follows: 2023 \u00a3m 2022 \u00a3m Current service cost 0.1 0.2 Administration costs 4.8 4.8 Net interest income (28.7) (13.2) Total (23.8) (8.2) Remeasurement on the net defined benefit surplus: Actual return on scheme assets excluding amounts included in net interest income 3,231.1 213.4 Actuarial (gain)/loss \u2013 demographic assumptions (205.4) 89.0 Actuarial loss \u2013 experience 250.3 153.9 Actuarial gain \u2013 financial assumptions (2,691.4) (832.7) Actuarial loss \u2013 asset ceiling 38.2 19.4 Components of defined benefit expense/(income) recognised in other comprehensive income 622.8 (357.0) ", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800EJP14A79ZG1X44", "period": "2022-04-03T00:00:00/2023-04-02T00:00:00" } }, "fact-718": { "value": "The Group provides pension arrangements for the benefit of its UK employees through the Your M&S Pension Saving Plan (a defined contribution (\u201cDC\u201d) arrangement) and prior to 2017, through the Marks & Spencer Pension Scheme (\u201cUK DB Pension Scheme\u201d) (a defined benefit (\u201cDB\u201d) arrangement). The legacy UK DB Pension Scheme operated on a final pensionable salary basis and is governed by a Trustee board which is independent of the Group. The UK DB Pension Scheme closed to future accrual on 1 April 2017. There will be no further service charges relating to the scheme and no future monthly employer contributions for current service. At year end, the UK DB Pension Scheme had no active members (last year: nil), 49,634 deferred members (last year: 51,444) and pensioners 53,634 (last year: 53,270). The DC plan is a pension plan under which the Group pays contributions to an independently administered fund. Such contributions are based upon a fixed percentage of employees\u2019 pay. The Group has no legal or constructive obligations to pay further contributions to the fund once the contributions have been paid. Members\u2019 benefits are determined by the amount of contributions paid by the Group and the member, together with the investment returns earned on the contributions arising from the performance of each individual\u2019s investments and how each member chooses to receive their retirement benefits. As a result, actuarial risk (that benefits will be lower than expected) and investment risk (that assets invested in will not perform in line with expectations) fall on the employee. At the year end, the DC arrangement had some 50,901 active members (last year: 46,560) and some 45,908 deferred members (last year: 45,778). The Group also operates a small legacy funded DB pension scheme in the Republic of Ireland. This scheme closed to future accrual on 31 October 2013. Other retirement benefits also include a UK post-retirement healthcare scheme and unfunded retirement benefits. The total Group retirement benefit cost was \u00a336.4m (last year: \u00a355.9m). Of this, income of \u00a324.1m (last year: income of \u00a38.8m) relates to the UK DB Pension Scheme, costs of \u00a357.4m (last year: costs of \u00a362.0m) to the UK DC plan and costs of \u00a33.1m (last year: costs of \u00a32.8m) to other retirement benefit schemes. The Group considers two measures of the pension deficit. The accounting position is shown on the Group balance sheet. The funding position, calculated at the triennial actuarial valuation, is used to agree contributions made to the schemes. The two measures will vary because they are for different purposes, and are calculated at different dates and in different ways. The key calculation difference is that the funding position considers the expected returns of scheme assets when calculating the liability, whereas the accounting position calculated under IAS 19 discounts liabilities is based on corporate bond yields. The most recent actuarial valuation of the UK DB Pension Scheme was carried out as at 31 March 2021 and showed a funding surplus of \u00a3687m. This is an improvement on the previous position at 31 March 2018 (funding surplus of \u00a3652m), primarily due to lower assumed life expectancy. The Company and Trustee have confirmed, in line with the current funding arrangement, that no further contributions will be required to fund past service as a result of this valuation (other than those already contractually committed under the existing Marks and Spencer Scottish Limited Partnership arrangements \u2013 see note 12). By funding its DB pension schemes, the Group is exposed to the risk that the cost of meeting its obligations is higher than anticipated. This could occur for several reasons, for example: \u2013 Investment returns on the schemes\u2019 assets may be lower than anticipated, especially if falls in asset values are not matched by similar falls in the value of the schemes\u2019 liabilities. \u2013 The level of price inflation may be higher than that assumed, resulting in higher payments from the schemes. \u2013 Scheme members may live longer than assumed; for example, due to advances in healthcare. Members may also exercise (or not exercise) options in a way that leads to increases in the schemes\u2019 liabilities; for example, through early retirement or commutation of pension for cash. \u2013 Legislative changes could also lead to an increase in the schemes\u2019 liabilities. In addition, the Group is exposed to additional risks through its obligation to the UK DB Pension Scheme via its interest in the Scottish Limited Partnership (see note 12). In particular, under the legal terms of the Partnership, a default by the Group on the rental payments to the Partnership or a future change in legislation could trigger earlier or higher payments to the pension scheme, or an increase in the collateral to be provided by the Group. With the pensioner buy-in policies purchased in September 2020, April 2019 and March 2018, the Scheme has now, in total, insured around 80% of the pensioner cash flow liabilities for pensions in payment. The buy-in policies cover specific pensioner liabilities and pass all risks to an insurer in exchange for a fixed premium payment, thus reducing the Group\u2019s exposure to changes in longevity, interest rates, inflation and other factors. A. Pensions and other post-retirement liabilities 2023 \u00a3m 2022 \u00a3m Total market value of assets 6,781.9 10,090.7 Present value of scheme liabilities (6,299.9) (9,046.8) Net funded pension plan asset 482.0 1,043.9 Unfunded retirement benefits (2.2) (2.6) Post-retirement healthcare (2.4) (3.1) Net retirement benefit surplus 477.4 1,038.2 Analysed in the statement of financial position as: Retirement benefit asset 482.0 1,043.9 Retirement benefit deficit (4.6) (5.7) Net retirement benefit surplus 477.4 1,038.2 In the event of a plan wind-up, the pension scheme rules provide Marks and Spencer plc with an unconditional right to a refund of surplus assets assuming the full settlement of plan liabilities. In the ordinary course of business, the Trustee has no right to wind up or change the benefits due to members of the scheme. As a result, any net surplus in the UK DB Pension Scheme is recognised in full. B. Scheme assets Changes in the fair value of the scheme assets are as follows: 2023 \u00a3m 2022 \u00a3m Fair value of scheme assets at start of year 10,090.7 10,442.9 Interest income based on discount rate 267.0 204.4 Actual return on scheme assets excluding amounts included in net interest income 1 (3,231.1) (213.4) Actuarial loss \u2013 asset ceiling (38.2) (19.4) Employer contributions 38.1 41.8 Benefits paid (344.9) (359.3) Administration costs (4.6) (4.6) Exchange movement 4.9 (1.7) Fair value of scheme assets at end of year 6,781.9 10,090.7 1 The actual return on scheme assets was a loss of \u00a32,964.1m (last year: loss of \u00a39.0m). C. Pensions and other post-retirement liabilities Changes in the present value of retirement benefit obligations are as follows: 2023 \u00a3m 2022 \u00a3m Present value of obligation at start of year 9,052.5 9,811.5 Current service cost 0.1 0.2 Administration costs 0.2 0.2 Interest cost 238.3 191.2 Benefits paid (344.9) (359.3) Actuarial loss \u2013 experience 250.3 153.9 Actuarial (gain)/loss \u2013 demographic assumptions (205.4) 89.0 Actuarial (gain) \u2013 financial assumptions (2,691.4) (832.7) Exchange movement 4.8 (1.5) Present value of obligation at end of year 6,304.5 9,052.5 Analysed as: Present value of pension scheme liabilities 6,299.9 9,046.8 Unfunded pension plans 2.2 2.6 Post-retirement healthcare 2.4 3.1 Present value of obligation at end of year 6,304.5 9,052.5 The average duration of the defined benefit obligation at 1 April 2023 is 14.0 years (last year: 17.3 years). D. Analysis of assets The investment strategy of the UK DB Pension Scheme is driven by its liability profile, including its inflation-linked pension benefits. In addition to its interest in the Scottish Limited Partnership (refer to note 12), the scheme invests in different types of bond (including corporate bonds and gilts) and derivative instruments (including inflation, interest rate, cross-currency and total return swaps) in order to align movements in the value of its assets with movements in its liabilities arising from changes in market conditions. Broadly, the scheme has hedging that covers 94% of interest rate movements and 111% of inflation movements, as measured on the Trustee\u2019s funding assumptions which use a discount rate derived from gilt yields. The fair value of the total plan assets at the end of the reporting period for each category is as follows: 2023 2022 Quoted \u00a3m Unquoted \u00a3m Total \u00a3m Quoted \u00a3m Unquoted \u00a3m Total \u00a3m Debt investments \u2013 Government bonds net of repurchase agreements 1 2,023.7 (196.6) 1,827.1 3,482.9 (1,185.2) 2,297.7 \u2013 Corporate bonds 12.0 1.2 13.2 6.0 950.0 956.0 \u2013 Asset backed securities and structured debt \u2013 443.6 443.6 \u2013 365.9 365.9 Scottish Limited Partnership Interest (see note 12) \u2013 122.8 122.8 \u2013 193.5 193.5 Equity investments \u2013 Developed markets 41.6 \u2013 41.6 550.3 \u2013 550.3 \u2013 Emerging markets 109.5 \u2013 109.5 113.7 \u2013 113.7 Growth asset funds \u2013 Global property \u2013 287.0 287.0 5.4 308.7 314.1 \u2013 Hedge and reinsurance 12.0 316.3 328.3 25.8 324.7 350.5 \u2013 Private equity and infrastructure \u2013 171.9 171.9 5.9 223.6 229.5 Derivatives \u2013 Interest and inflation rate swaps 7.0 88.6 95.6 15.6 406.9 422.5 \u2013 Foreign exchange contracts and other derivatives \u2013 21.4 21.4 \u2013 (40.0) (40.0) Cash and cash equivalents 4.0 206.2 210.2 5.9 168.1 174.0 Other \u2013 Buy-in insurance \u2013 2,150.0 2,150.0 \u2013 2,910.0 2,910.0 \u2013 Secure income asset funds \u2013 998.3 998.3 \u2013 1,121.6 1,121.6 \u2013 Other \u2013 \u2013 \u2013 \u2013 150.8 150.8 Total 2 2,209.8 4,610.7 6,820.5 4,211.5 5,898.6 10,110.1 1 Repurchase agreements were \u00a3196.6m (last year: \u00a31,184.0m). 2 The difference between the total assets of \u00a36,820.5m above compared to \u00a36,781.9m is \u00a338.6m.This relates to the cap applied to the Irish DB scheme and therefore the \u00a338.2m actuarial gain is not recognised and \u00a30.4m net interest income is not recognised as per IFRIC 14. The fair values of the above equity and debt investments are based on publicly available market prices, wherever available. Unquoted investments, hedge funds and reinsurance funds are stated at fair value estimates provided by the manager of the investment or fund. Property includes both quoted and unquoted investments. The fair value of the Scottish Limited Partnership interest is based on the expected cash flows and benchmark asset-backed credit spreads. It is the policy of the scheme to hedge a proportion of interest rate and inflation risk. The scheme reduces its foreign currency exposure using forward foreign exchange contracts. At year end, the UK schemes (UK DB Pension Scheme and post-retirement healthcare) indirectly held nil (last year: 33,210) ordinary shares in the Company through its investment in UK Equity Index Funds . E. Financial assumptions The financial assumptions for the UK DB Pension Scheme and the most recent actuarial valuations of the other post-retirement schemes have been updated by independent qualified actuaries to take account of the requirements of IAS 19 Employee Benefits in order to assess the liabilities of the schemes and are as follows: 2023 % 2022 % Rate of increase in pensions in payment for service 2.2-3.2 2.3-3.6 Discount rate 4.75 2.70 Inflation rate (RPI) 3.25 3.70 Long-term healthcare cost increases 7.30 7.70 F. Demographic assumptions The UK demographic assumptions are mainly in line with those adopted for the last formal actuarial valuation of the scheme performed as at 31 March 2021. The UK post-retirement mortality assumptions are based on an analysis of the pensioner mortality trends under the scheme for the period to March 2021. The specific mortality rates used are based on the VITA lite tables, with future projections based on up-to-date industry models, parameterised to reflect scheme data. The life expectancies underlying the valuation are as follows: 2023 2022 Current pensioners (at age 65) \u2013 male 22.0 22.3 \u2013 female 24.4 25.1 Future pensioners \u2013 currently in deferred status (at age 65) \u2013 male 23.6 24.0 \u2013 female 26.1 26.9 G. Sensitivity analysis The table below summarises the estimated impact of reasonably possible changes in the principal actuarial assumptions on the UK DB Pension Scheme surplus: 2023 \u00a3m 2022 \u00a3m Decrease in scheme surplus caused by a decrease in the discount rate of 0.25% (25.0) (20.0) Decrease in scheme surplus caused by a decrease in the discount rate of 0.50% (45.0) (30.0) Decrease in scheme surplus caused by a decrease in the discount rate of 2.50% (235.0) (150.0) Increase in scheme surplus caused by an increase in the discount rate of 2.50% 200.0 100.0 Decrease in scheme surplus caused by a decrease in the inflation rate of 0.25% (30.0) (70.0) Decrease in scheme surplus caused by a decrease in the inflation rate of 0.50% (60.0) (130.0) Increase in scheme surplus caused by a decrease in the average life expectancy of one year 130.0 270.0 The sensitivity analysis above is based on a change in one assumption while holding all others constant. Therefore, interdependencies between the assumptions have not been taken into account within the analysis. The sensitivities reflect the range of recent assumption movements and illustrate that the financial assumption sensitivities do not move in a linear fashion. H. Analysis of amounts charged against profits Amounts recognised in comprehensive income in respect of defined benefit retirement plans are as follows: 2023 \u00a3m 2022 \u00a3m Current service cost 0.1 0.2 Administration costs 4.8 4.8 Net interest income (28.7) (13.2) Total (23.8) (8.2) Remeasurement on the net defined benefit surplus: Actual return on scheme assets excluding amounts included in net interest income 3,231.1 213.4 Actuarial (gain)/loss \u2013 demographic assumptions (205.4) 89.0 Actuarial loss \u2013 experience 250.3 153.9 Actuarial gain \u2013 financial assumptions (2,691.4) (832.7) Actuarial loss \u2013 asset ceiling 38.2 19.4 Components of defined benefit expense/(income) recognised in other comprehensive income 622.8 (357.0) ", "dimensions": { "concept": "ifrs-full:DisclosureOfDefinedBenefitPlansExplanatory", "language": "en", "entity": "scheme:213800EJP14A79ZG1X44", "period": "2022-04-03T00:00:00/2023-04-02T00:00:00" } }, "fact-681": { "value": "
12 MARKS AND SPENCER SCOTTISH LIMITED PARTNERSHIP
Marks and Spencer plc is a general partner and the Marks & Spencer UK Pension Scheme is a limited partner of the Marks and Spencer
Scottish Limited Partnership (the \u201cPartnership\u201d). Under the Partnership agreement, the limited partners have no involvement in the
management of the business and shall not take any part in the control of the Partnership. The general partner is responsible for the
management and control of the Partnership and, as such, the Partnership is consolidated into the results of the Group.
The Partnership holds \u00a31.3bn (last year: \u00a31.3bn) of properties at book value which have been leased back to Marks and Spencer plc. The
Group retains control over these properties, including the flexibility to substitute alternative properties into the Partnership. The first
limited Partnership interest (held by the Marks & Spencer UK Pension Scheme) entitles the Pension Scheme to receive \u00a373.0m in 2023 and
\u00a354.4m in 2024. The second Partnership interest (also held by the Marks & Spencer UK Pension Scheme) entitles the Pension Scheme to
receive a further \u00a336.4m annually from June 2017 until June 2031. All profits generated by the Partnership in excess of this are
distributable to Marks and Spencer plc.
The Partnership liability in relation to the first interest of \u00a3124.8m (last year: \u00a3192.3m) is included as a financial liability in the Group\u2019s
financial statements as it is a transferable financial instrument and measured at amortised cost, being the net present value of the future
expected distributions from the Partnership. During the year to 1 April 2023, an interest charge of \u00a34.3m (last year: \u00a34.4m) was recognised
in the income statement, representing the unwinding of the discount included in this obligation. The first limited Partnership interest of
the Pension Scheme is included within the UK DB Pension Scheme assets, valued at \u00a3122.8m (last year: \u00a3193.5m).
The second Partnership interest is not a transferable financial instrument as the Scheme Trustee does not have the right to transfer it to
any party other than a successor Trustee. It is therefore not included as a plan asset within the UK DB Pension Scheme surplus reported in
accordance with IAS 19. Similarly, the associated liability is not included on the Group\u2019s statement of financial position, rather the annual
distribution is recognised as a contribution to the scheme each year.
", "dimensions": { "concept": "marksandspencer:DisclosureOfMarksAndSpencerScottishLimitedPartnership", "language": "en", "entity": "scheme:213800EJP14A79ZG1X44", "period": "2022-04-03T00:00:00/2023-04-02T00:00:00" } }, "fact-682": { "value": "
13 SHARE-BASED PAYMENTS
This year a charge of \u00a332.7m was recognised for share based payments (last year: charge of \u00a330.2m). Of the total share-based payments
charge, \u00a315.2m (last year: \u00a314.9m) relates to the UK Save As You Earn Share Option scheme, \u00a37.0m (last year: charge of \u00a36.7m) relates to
Performance Share Plans, \u00a33.4m (last year: \u00a38.2m) relates to Restricted Share Plans, \u00a36.9m relates to Deferred Share Bonus Schemes (last
year: \u00a30.2m) and the remaining charge of \u00a30.2m relates to Republic of Ireland Save As You Earn Share Option Scheme (last year: \u00a30.2m).
In addition, a charge of \u00a35.3m was recognised in relation to Annual Bonus Schemes under the Deferred Share Bonus Scheme. The Annual
Bonus for 2022/23 is due to be granted in July 2023. Further details of the option and share schemes that the Group operates are
provided in the Remuneration Report.
A. Save As You Earn scheme \u2013 \u00a315.2m
The Save As You Earn (SAYE) scheme was approved by shareholders for a further 10 years at the 2017 Annual General Meeting (AGM).
Under the terms of the scheme, the Board may offer options to purchase ordinary shares in the Company once in each financial year
to those employees who enter into His Majesty\u2019s Revenue & Customs (HMRC) approved SAYE savings contract. The scheme allows
participants to save up to a maximum of \u00a3500 (last year: \u00a3500) each month. The price at which options may be offered is 80% of the
average mid-market price for three consecutive dealing days preceding the offer date. The options may normally be exercised during
the six-month period after the completion of the SAYE contract.
2023 2022
Number of
options
Weighted
average
exercise price
Number of
options
Weighted
average
exercise price
Outstanding at beginning of the year 110,562,961 100.9p 119,151,406 99.4p
Granted 14,349,909 99.0p 11,526,149 189.0p
Exercised (690,665) 111.1p (208,238) 138.2p
Forfeited (14,390,102) 124.9p (12,207,656) 102.6p
Expired (2,779,680) 220.0p (7,698,700) 206.5p
Outstanding at end of year 107,052,423 94.3p 110,562,961 100.9p
Exercisable at end of year 6,309,033 144.2p 11,945 186.8p
For SAYE share options exercised during the period, the weighted average share price at the date of exercise was 144.1p (last year: 206.3p) .
The fair values of the options granted during the year have been calculated using the Black-Scholes model assuming the inputs shown below: 2023 2022 3-year plan 3-year plan 2021 modified 1 3-year plan Grant date Dec 22 Dec 22 Dec 21 Share price at grant date 123p 123p 235p Exercise price 99p 189p 189p Option life in years 3 years 3 years 3 years Risk-free rate 3.3% 3.3% 0.5% Expected volatility 51.0% 51.0% 49.3% Expected dividend yield 0.0% 0.0% 0.0% Fair value of option 43p 26p 81p Incremental fair value of option n/a 17p n/a 1 In the current year, there was a modification to the 2021 scheme relating to employees cancelling awards from previous years in substitution for awards granted under the 2023 scheme. The fair value of the modified awards has been amortised based on the incremental fair value. The incremental fair value is the difference between the fair value of the 2023 options being 43p, and the fair value of repriced previous awards, calculated using 2021 award assumptions, keeping the initial exercise price consistent. The fair value of the modified options, being 17p for 2021 modified options was recognised in operating profit. Volatility has been estimated by taking the historical volatility in the Company\u2019s share price over a three-year period. The resulting fair value is expensed over the service period of three years on the assumption that 27% (last year: 10%) of options will lapse over the service period as employees leave the Group. Outstanding options granted under the UK Employee SAYE Scheme are as follows: Number of options Weighted average remaining contractual life (years) Options granted 1 2023 2022 2023 2022 Option price January 2018 \u2013 5,441 \u2013 (0.8) 251p January 2019 13,016 2,399,413 (0.8) 0.2 238p February 2020 5,732,723 8,006,941 0.3 1.3 151p February 2021 81,037,194 89,284,282 1.3 2.3 82p February 2022 6,333,538 10,866,884 2.3 3.3 189p February 2023 13,935,952 \u2013 3.3 \u2013 99p 107,052,423 110,562,961 1.6 2.3 94p 1 For the purpose of the above table, the option granted date is the contract start date. B. Performance Share Plan* \u2013 \u00a37.0m The Performance Share Plan (\u201cPSP\u201d) is the primary long-term incentive plan for approximately 165 of the most senior managers within the Group. It was first approved by shareholders at the 2005 AGM and again at the 2020 AGM. Under the plan, annual awards, based on a percentage of salary, may be offered. The extent to which an award vests is measured over a three-year period against financial targets which for 2022/23 included Earnings Per Share (\u201cEPS\u201d), Return on Capital Employed (\u201cROCE\u201d), Total Shareholder Return (\u201cTSR\u201d) and strategic measures. The value of any dividends earned on the vested shares during the three years may also be paid on vesting. Awards under this plan have been made in each year since 2005. More information is available in relation to this plan within the Remuneration Report. During the year, 22,498,271 shares (last year: 19,374,217) were awarded under the plan. The weighted average fair value of the shares awarded was 139.6p (last year: 155.1p). As at 1 April 2023, 47,532,523 shares (last year: 44,534,437) were outstanding under the plan. C. Deferred Share Bonus Plan* \u2013 \u00a312.2m The Deferred Share Bonus Plan (\u201cDSBP\u201d) was first introduced in 2005/06 as part of the Annual Bonus Scheme and was reapproved by shareholders at the 2020 AGM. It may be operated for approximately 5,000 employees within the Group. As part of the plan, the employees are required to defer a proportion of any bonus paid into shares which will be held for three years. There are no further performance conditions on these shares, other than continued employment within the Group and the value of any dividends earned on the vested shares during the deferred period may also be paid on vesting. More information is available in relation to this plan within the Remuneration Report. During the year 29,630,372 shares (last year: no shares) have been awarded under the plan in relation to the annual bonus. As at 1 April 2023, 26,794,048 shares (last year: 190,596) were outstanding under the plan. D. Restricted Share Plan* \u2013 \u00a33.4m The Restricted Share Plan (\u201cRSP\u201d) was established in 2000 as part of the reward strategy for retention and recruitment of senior managers who are vital to the success of the business and the plan was reapproved by shareholders at the 2020 AGM. The plan operates for the senior management team. Awards vest at the end of the restricted period (typically between one and three years) subject to the participant still being in employment of the Company on the relevant vesting date. The value of any dividends earned on the vested shares during the restricted period may also be paid on vesting. More information is available in relation to this plan within the Remuneration Report. During the year, 2,624,496 shares (last year: 2,441,809) have been awarded under the plan. The weighted average fair value of the shares awarded was 76.9p (last year: 158.7p). As at 1 April 2023, 5,557,542 shares (last year: 10,368,217) were outstanding under the plan. E. Republic of Ireland Save As You Earn scheme \u2013 \u00a30.2m Sharesave, the Company\u2019s Save As You Earn scheme, was introduced in 2009 to all employees in the Republic of Ireland for a 10-year period, after approval by shareholders at the 2009 AGM and again at the 2019 AGM. The scheme allows participants to save up to a maximum of \u20ac500 (last year: \u20ac500) each month. The price at which options may be offered is 80% of the average mid-market price for three consecutive dealing days preceding the offer date. The options may normally be exercised during the six-month period after the completion of the SAYE contract. During the year, no options were granted (last year: no options granted). As at 1 April 2023, 1,264,131 options (last year: 1,439,954) were outstanding under the scheme. F. Marks and Spencer Employee Benefit Trust The Marks and Spencer Employee Benefit Trust (the \u201cTrust\u201d) holds 166,057 (last year: 264,779) shares with a book value of \u00a30.0m (last year: \u00a30.0m) and a market value of \u00a30.3m (last year: \u00a30.4m). These shares were acquired by the Trust through a combination of market purchases and new issues and are shown as a reduction in retained earnings in the consolidated statement of financial position. Awards are granted to employees at the discretion of Marks and Spencer plc and the Trust agrees to satisfy the awards in accordance with the wishes of Marks and Spencer plc under the senior executive share plans described above. Dividends are waived on all of these shares. G. ShareBuy ShareBuy, the Company\u2019s Share Incentive Plan, enables the participants to buy shares directly from their gross salary. This scheme does not attract an IFRS 2 charge. * All awards both this year and last year were conditional shares. For the purposes of calculating the number of shares awarded, the share price used is the average of the mid-market price for the five consecutive dealing days preceding the grant date. ", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:213800EJP14A79ZG1X44", "period": "2022-04-03T00:00:00/2023-04-02T00:00:00" } }, "fact-733": { "value": "14 INTANGIBLE ASSETS Goodwill \u00a3m Brands \u00a3m Computer software \u00a3m Computer software under development \u00a3m Total \u00a3m At 3 April 2021 Cost 135.7 118.6 1,539.6 56.9 1,850.8 Accumulated amortisation, impairments and write-offs (112.0) (112.5) (1,362.2) (32.1) (1,618.8) Net book value 23.7 6.1 177.4 24.8 232.0 Year ended 2 April 2022 Opening net book value 23.7 6.1 177.4 24.8 232.0 Additions 4.8 0.1 0.9 63.8 69.6 Transfers and reclassifications \u2013 \u2013 29.6 (44.6) (15.0) Asset write-offs \u2013 \u2013 (0.6) \u2013 (0.6) Amortisation charge \u2013 (0.6) (93.0) \u2013 (93.6) Exchange difference 0.1 \u2013 \u2013 \u2013 0.1 Closing net book value 28.6 5.6 114.3 44.0 192.5 At 2 April 2022 Cost 140.6 118.7 1,570.1 76.1 1,905.5 Accumulated amortisation, impairments and write-offs (112.0) (113.1) (1,455.8) (32.1) (1,713.0) Net book value 28.6 5.6 114.3 44.0 192.5 Year ended 1 April 2023 Opening net book value 28.6 5.6 114.3 44.0 192.5 Additions \u2013 \u2013 5.3 79.1 84.4 Acquired through business combinations \u2013 \u2013 1.5 1.2 2.7 Transfers and reclassifications \u2013 \u2013 35.6 (64.2) (28.6) Asset write-offs \u2013 \u2013 (0.7) \u2013 (0.7) Amortisation charge \u2013 (0.6) (86.4) \u2013 (87.0) Exchange difference (0.2) \u2013 \u2013 \u2013 (0.2) Closing net book value 28.4 5.0 69.6 60.1 163.1 At 1 April 2023 Cost 140.6 118.7 1,612.5 92.2 1,964.0 Accumulated amortisation, impairments and write-offs (112.2) (113.7) (1,542.9) (32.1) (1,800.9) Net book value 28.4 5.0 69.6 60.1 163.1 Goodwill related to the following assets and groups of cash generating units (CGUs): per una \u00a3m India \u00a3m Sports Edit \u00a3m Other \u00a3m Total Goodwill \u00a3m Net book value at 2 April 2022 16.5 6.6 4.8 0.7 28.6 Exchange difference \u2013 (0.2) \u2013 \u2013 (0.2) Net book value at 1 April 2023 16.5 6.4 4.8 0.7 28.4 Goodwill impairment testing Goodwill is not amortised but is tested annually for impairment with the recoverable amount being determined from value in use calculations. The goodwill balance relates to the goodwill recognised on the acquisition of per una \u00a316.5m (last year: \u00a316.5m), India \u00a36.4m (last year: \u00a36.6m), Sports Edit \u00a34.8m (last year: \u00a34.8m) and other \u00a30.7m (last year: \u00a30.7m). Goodwill for India is monitored by management at a country level, including the combined retail and wholesale businesses, and has been tested for impairment on that basis. The per una brand is a definite life intangible asset amortised on a straight-line basis over a period of 15 years. The brand intangible was acquired for a cost of \u00a380.0m and has been fully amortised. It is held at a net book value of \u00a3nil (last year: \u00a3nil). The per una goodwill of \u00a316.5m is tested for annually for impairment. The cash flows used for impairment testing are based on the Group\u2019s latest budget and forecast cash flows, covering a three-year period, which have regard to historical performance and knowledge of the current market, together with the Group\u2019s views on the future achievable growth and the impact of committed cash flows. The cash flows include ongoing capital expenditure required to maintain the store network, but exclude any growth capital initiatives not committed. Cash flows beyond this three-year period are extrapolated using a long-term growth rate based on the Group\u2019s current view of achievable long-term growth. The Group\u2019s current view of achievable long-term growth for per una is 1.6% (last year: 1.6%), which is a reduction from the overall Group long-term growth rate of 2.0% (last year: 2.0%). The Group\u2019s current view of achievable long-term growth for India is 5.5% (last year: 5.5%). Management estimates discount rates that reflect the current market assessment of the time value of money and the risks specific to each asset or CGU. The pre-tax discount rates are derived from the Group\u2019s post-tax weighted average cost of capital (\u201cWACC\u201d) which has been calculated using the capital asset pricing model, the inputs of which include a country risk-free rate, equity risk premium, Group size premium and a risk adjustment (beta). The post-tax WACC is subsequently grossed up to a pre-tax rate and was 13.4% for per una (last year: 10.8%) and 15.4% for India (last year: 11.3%). The immediately quantifiable impacts of climate change and costs expected to be incurred in connection with our net zero commitments, are included within the Group\u2019s budget and three-year plan which have been used to support the impairment reviews, with no material impact on cash flows. Management has performed sensitivity analysis on the key assumptions in the impairment model using reasonably possible changes in these key assumptions, both individually and in combination. Management has considered reasonably possible changes in key assumptions that would cause the carrying amounts of goodwill or brands to exceed the value in use for each asset. For both per una and India respectively, there are no reasonably possible changes in key assumptions that would lead to an impairment and the assumptions do not give rise to a key source of estimation uncertainty. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:213800EJP14A79ZG1X44", "period": "2022-04-03T00:00:00/2023-04-02T00:00:00" } }, "fact-719": { "value": "14 INTANGIBLE ASSETS Goodwill \u00a3m Brands \u00a3m Computer software \u00a3m Computer software under development \u00a3m Total \u00a3m At 3 April 2021 Cost 135.7 118.6 1,539.6 56.9 1,850.8 Accumulated amortisation, impairments and write-offs (112.0) (112.5) (1,362.2) (32.1) (1,618.8) Net book value 23.7 6.1 177.4 24.8 232.0 Year ended 2 April 2022 Opening net book value 23.7 6.1 177.4 24.8 232.0 Additions 4.8 0.1 0.9 63.8 69.6 Transfers and reclassifications \u2013 \u2013 29.6 (44.6) (15.0) Asset write-offs \u2013 \u2013 (0.6) \u2013 (0.6) Amortisation charge \u2013 (0.6) (93.0) \u2013 (93.6) Exchange difference 0.1 \u2013 \u2013 \u2013 0.1 Closing net book value 28.6 5.6 114.3 44.0 192.5 At 2 April 2022 Cost 140.6 118.7 1,570.1 76.1 1,905.5 Accumulated amortisation, impairments and write-offs (112.0) (113.1) (1,455.8) (32.1) (1,713.0) Net book value 28.6 5.6 114.3 44.0 192.5 Year ended 1 April 2023 Opening net book value 28.6 5.6 114.3 44.0 192.5 Additions \u2013 \u2013 5.3 79.1 84.4 Acquired through business combinations \u2013 \u2013 1.5 1.2 2.7 Transfers and reclassifications \u2013 \u2013 35.6 (64.2) (28.6) Asset write-offs \u2013 \u2013 (0.7) \u2013 (0.7) Amortisation charge \u2013 (0.6) (86.4) \u2013 (87.0) Exchange difference (0.2) \u2013 \u2013 \u2013 (0.2) Closing net book value 28.4 5.0 69.6 60.1 163.1 At 1 April 2023 Cost 140.6 118.7 1,612.5 92.2 1,964.0 Accumulated amortisation, impairments and write-offs (112.2) (113.7) (1,542.9) (32.1) (1,800.9) Net book value 28.4 5.0 69.6 60.1 163.1 Goodwill related to the following assets and groups of cash generating units (CGUs): per una \u00a3m India \u00a3m Sports Edit \u00a3m Other \u00a3m Total Goodwill \u00a3m Net book value at 2 April 2022 16.5 6.6 4.8 0.7 28.6 Exchange difference \u2013 (0.2) \u2013 \u2013 (0.2) Net book value at 1 April 2023 16.5 6.4 4.8 0.7 28.4 Goodwill impairment testing Goodwill is not amortised but is tested annually for impairment with the recoverable amount being determined from value in use calculations. The goodwill balance relates to the goodwill recognised on the acquisition of per una \u00a316.5m (last year: \u00a316.5m), India \u00a36.4m (last year: \u00a36.6m), Sports Edit \u00a34.8m (last year: \u00a34.8m) and other \u00a30.7m (last year: \u00a30.7m). Goodwill for India is monitored by management at a country level, including the combined retail and wholesale businesses, and has been tested for impairment on that basis. The per una brand is a definite life intangible asset amortised on a straight-line basis over a period of 15 years. The brand intangible was acquired for a cost of \u00a380.0m and has been fully amortised. It is held at a net book value of \u00a3nil (last year: \u00a3nil). The per una goodwill of \u00a316.5m is tested for annually for impairment. The cash flows used for impairment testing are based on the Group\u2019s latest budget and forecast cash flows, covering a three-year period, which have regard to historical performance and knowledge of the current market, together with the Group\u2019s views on the future achievable growth and the impact of committed cash flows. The cash flows include ongoing capital expenditure required to maintain the store network, but exclude any growth capital initiatives not committed. Cash flows beyond this three-year period are extrapolated using a long-term growth rate based on the Group\u2019s current view of achievable long-term growth. The Group\u2019s current view of achievable long-term growth for per una is 1.6% (last year: 1.6%), which is a reduction from the overall Group long-term growth rate of 2.0% (last year: 2.0%). The Group\u2019s current view of achievable long-term growth for India is 5.5% (last year: 5.5%). Management estimates discount rates that reflect the current market assessment of the time value of money and the risks specific to each asset or CGU. The pre-tax discount rates are derived from the Group\u2019s post-tax weighted average cost of capital (\u201cWACC\u201d) which has been calculated using the capital asset pricing model, the inputs of which include a country risk-free rate, equity risk premium, Group size premium and a risk adjustment (beta). The post-tax WACC is subsequently grossed up to a pre-tax rate and was 13.4% for per una (last year: 10.8%) and 15.4% for India (last year: 11.3%). The immediately quantifiable impacts of climate change and costs expected to be incurred in connection with our net zero commitments, are included within the Group\u2019s budget and three-year plan which have been used to support the impairment reviews, with no material impact on cash flows. Management has performed sensitivity analysis on the key assumptions in the impairment model using reasonably possible changes in these key assumptions, both individually and in combination. Management has considered reasonably possible changes in key assumptions that would cause the carrying amounts of goodwill or brands to exceed the value in use for each asset. For both per una and India respectively, there are no reasonably possible changes in key assumptions that would lead to an impairment and the assumptions do not give rise to a key source of estimation uncertainty. ", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:213800EJP14A79ZG1X44", "period": "2022-04-03T00:00:00/2023-04-02T00:00:00" } }, "fact-683": { "value": "14 INTANGIBLE ASSETS Goodwill \u00a3m Brands \u00a3m Computer software \u00a3m Computer software under development \u00a3m Total \u00a3m At 3 April 2021 Cost 135.7 118.6 1,539.6 56.9 1,850.8 Accumulated amortisation, impairments and write-offs (112.0) (112.5) (1,362.2) (32.1) (1,618.8) Net book value 23.7 6.1 177.4 24.8 232.0 Year ended 2 April 2022 Opening net book value 23.7 6.1 177.4 24.8 232.0 Additions 4.8 0.1 0.9 63.8 69.6 Transfers and reclassifications \u2013 \u2013 29.6 (44.6) (15.0) Asset write-offs \u2013 \u2013 (0.6) \u2013 (0.6) Amortisation charge \u2013 (0.6) (93.0) \u2013 (93.6) Exchange difference 0.1 \u2013 \u2013 \u2013 0.1 Closing net book value 28.6 5.6 114.3 44.0 192.5 At 2 April 2022 Cost 140.6 118.7 1,570.1 76.1 1,905.5 Accumulated amortisation, impairments and write-offs (112.0) (113.1) (1,455.8) (32.1) (1,713.0) Net book value 28.6 5.6 114.3 44.0 192.5 Year ended 1 April 2023 Opening net book value 28.6 5.6 114.3 44.0 192.5 Additions \u2013 \u2013 5.3 79.1 84.4 Acquired through business combinations \u2013 \u2013 1.5 1.2 2.7 Transfers and reclassifications \u2013 \u2013 35.6 (64.2) (28.6) Asset write-offs \u2013 \u2013 (0.7) \u2013 (0.7) Amortisation charge \u2013 (0.6) (86.4) \u2013 (87.0) Exchange difference (0.2) \u2013 \u2013 \u2013 (0.2) Closing net book value 28.4 5.0 69.6 60.1 163.1 At 1 April 2023 Cost 140.6 118.7 1,612.5 92.2 1,964.0 Accumulated amortisation, impairments and write-offs (112.2) (113.7) (1,542.9) (32.1) (1,800.9) Net book value 28.4 5.0 69.6 60.1 163.1 Goodwill related to the following assets and groups of cash generating units (CGUs): per una \u00a3m India \u00a3m Sports Edit \u00a3m Other \u00a3m Total Goodwill \u00a3m Net book value at 2 April 2022 16.5 6.6 4.8 0.7 28.6 Exchange difference \u2013 (0.2) \u2013 \u2013 (0.2) Net book value at 1 April 2023 16.5 6.4 4.8 0.7 28.4 Goodwill impairment testing Goodwill is not amortised but is tested annually for impairment with the recoverable amount being determined from value in use calculations. The goodwill balance relates to the goodwill recognised on the acquisition of per una \u00a316.5m (last year: \u00a316.5m), India \u00a36.4m (last year: \u00a36.6m), Sports Edit \u00a34.8m (last year: \u00a34.8m) and other \u00a30.7m (last year: \u00a30.7m). Goodwill for India is monitored by management at a country level, including the combined retail and wholesale businesses, and has been tested for impairment on that basis. The per una brand is a definite life intangible asset amortised on a straight-line basis over a period of 15 years. The brand intangible was acquired for a cost of \u00a380.0m and has been fully amortised. It is held at a net book value of \u00a3nil (last year: \u00a3nil). The per una goodwill of \u00a316.5m is tested for annually for impairment. The cash flows used for impairment testing are based on the Group\u2019s latest budget and forecast cash flows, covering a three-year period, which have regard to historical performance and knowledge of the current market, together with the Group\u2019s views on the future achievable growth and the impact of committed cash flows. The cash flows include ongoing capital expenditure required to maintain the store network, but exclude any growth capital initiatives not committed. Cash flows beyond this three-year period are extrapolated using a long-term growth rate based on the Group\u2019s current view of achievable long-term growth. The Group\u2019s current view of achievable long-term growth for per una is 1.6% (last year: 1.6%), which is a reduction from the overall Group long-term growth rate of 2.0% (last year: 2.0%). The Group\u2019s current view of achievable long-term growth for India is 5.5% (last year: 5.5%). Management estimates discount rates that reflect the current market assessment of the time value of money and the risks specific to each asset or CGU. The pre-tax discount rates are derived from the Group\u2019s post-tax weighted average cost of capital (\u201cWACC\u201d) which has been calculated using the capital asset pricing model, the inputs of which include a country risk-free rate, equity risk premium, Group size premium and a risk adjustment (beta). The post-tax WACC is subsequently grossed up to a pre-tax rate and was 13.4% for per una (last year: 10.8%) and 15.4% for India (last year: 11.3%). The immediately quantifiable impacts of climate change and costs expected to be incurred in connection with our net zero commitments, are included within the Group\u2019s budget and three-year plan which have been used to support the impairment reviews, with no material impact on cash flows. Management has performed sensitivity analysis on the key assumptions in the impairment model using reasonably possible changes in these key assumptions, both individually and in combination. Management has considered reasonably possible changes in key assumptions that would cause the carrying amounts of goodwill or brands to exceed the value in use for each asset. For both per una and India respectively, there are no reasonably possible changes in key assumptions that would lead to an impairment and the assumptions do not give rise to a key source of estimation uncertainty. ", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800EJP14A79ZG1X44", "period": "2022-04-03T00:00:00/2023-04-02T00:00:00" } }, "fact-741": { "value": "Goodwill \u00a3m Brands \u00a3m Computer software \u00a3m Computer software under development \u00a3m Total \u00a3m At 3 April 2021 Cost 135.7 118.6 1,539.6 56.9 1,850.8 Accumulated amortisation, impairments and write-offs (112.0) (112.5) (1,362.2) (32.1) (1,618.8) Net book value 23.7 6.1 177.4 24.8 232.0 Year ended 2 April 2022 Opening net book value 23.7 6.1 177.4 24.8 232.0 Additions 4.8 0.1 0.9 63.8 69.6 Transfers and reclassifications \u2013 \u2013 29.6 (44.6) (15.0) Asset write-offs \u2013 \u2013 (0.6) \u2013 (0.6) Amortisation charge \u2013 (0.6) (93.0) \u2013 (93.6) Exchange difference 0.1 \u2013 \u2013 \u2013 0.1 Closing net book value 28.6 5.6 114.3 44.0 192.5 At 2 April 2022 Cost 140.6 118.7 1,570.1 76.1 1,905.5 Accumulated amortisation, impairments and write-offs (112.0) (113.1) (1,455.8) (32.1) (1,713.0) Net book value 28.6 5.6 114.3 44.0 192.5 Year ended 1 April 2023 Opening net book value 28.6 5.6 114.3 44.0 192.5 Additions \u2013 \u2013 5.3 79.1 84.4 Acquired through business combinations \u2013 \u2013 1.5 1.2 2.7 Transfers and reclassifications \u2013 \u2013 35.6 (64.2) (28.6) Asset write-offs \u2013 \u2013 (0.7) \u2013 (0.7) Amortisation charge \u2013 (0.6) (86.4) \u2013 (87.0) Exchange difference (0.2) \u2013 \u2013 \u2013 (0.2) Closing net book value 28.4 5.0 69.6 60.1 163.1 At 1 April 2023 Cost 140.6 118.7 1,612.5 92.2 1,964.0 Accumulated amortisation, impairments and write-offs (112.2) (113.7) (1,542.9) (32.1) (1,800.9) Net book value 28.4 5.0 69.6 60.1 163.1 Goodwill related to the following assets and groups of cash generating units (CGUs): per una \u00a3m India \u00a3m Sports Edit \u00a3m Other \u00a3m Total Goodwill \u00a3m Net book value at 2 April 2022 16.5 6.6 4.8 0.7 28.6 Exchange difference \u2013 (0.2) \u2013 \u2013 (0.2) Net book value at 1 April 2023 16.5 6.4 4.8 0.7 28.4 Land and buildings \u00a3m Fixtures, fittings and equipment \u00a3m Assets in the course of construction \u00a3m Total \u00a3m At 3 April 2021 Cost 2,809.9 5,450.2 67.5 8, 327.6 Accumulated depreciation, impairments and write-offs (787.5) (3,959.3) (18.2) (4,765.0) Net book value 2,022.4 1,490.9 49.3 3,562.6 Year ended 2 April 2022 Opening net book value 2,022.4 1,490.9 49.3 3,562.6 Additions 0.9 17.7 238.0 256.6 Transfers and reclassifications 3.0 175.8 (164.3) 14.5 Disposals (15.9) (1.9) \u2013 (17.8) Impairment reversals 34.5 27.6 \u2013 62.1 Impairment charge (57.6) (31.4) \u2013 (89.0) Asset write-offs 0.9 (11.4) \u2013 (10.5) Depreciation charge (34.2) (256.1) \u2013 (290.3) Exchange difference (1.7) \u2013 \u2013 (1.7) Closing net book value 1,952.3 1,411.2 123.0 3,486.5 At 2 April 2022 Cost 2,764.8 5,275.7 141.2 8,181.7 Accumulated depreciation, impairments and write-offs (812.5) (3,864.5) (18.2) (4,695.2) Net book value 1,952.3 1,411.2 123.0 3,486.5 Year ended 1 April 2023 Opening net book value 1,952.3 1,411.2 123.0 3,486.5 Additions 0.8 40.0 296.2 337.0 Acquired through business combinations 150.5 38.7 3.8 193.0 Transfers and reclassifications 15.0 292.3 (280.7) 26.6 Disposals (2.2) (2.2) \u2013 (4.4) Impairment reversals 25.8 14.4 \u2013 40.2 Impairment charge (22.5) (9.3) \u2013 (31.8) Asset write-offs 2.2 1.5 \u2013 3.7 Depreciation charge (59.9) (250.4) \u2013 (310.3) Exchange difference 5.5 1.6 0.1 7.2 Closing net book value 2 ,067.5 1,537.8 142.4 3,747.7 At 1 April 2023 Cost 2,911.4 5,532.3 160.6 8,604.3 Accumulated depreciation, impairments and write-offs (843.8) (3,994.6) (18.2) (4,856.6) Net book value 2,067.6 1,537.7 142.4 3,747.7 Right-of-use assets Land and buildings \u00a3m Fixtures, fittings and equipment \u00a3m Total \u00a3m At 3 April 2021 1,444.7 51.3 1,496.0 Additions 72.7 17.9 90.6 Transfers and reclassifications 0.5 \u2013 0.5 Disposals ( 7.7 ) (0.2) ( 7.9) Impairment reversals 28.9 \u2013 28.9 Impairment charge (25.4) \u2013 (25.4) Depreciation charge (146.2) (21.6) (167.8) Exchange difference 0.9 \u2013 0.9 At 2 April 2022 1,368.4 47.4 1,415.8 Additions 198.0 37.3 235.3 Acquired through business combinations 6.7 14.1 20.8 Transfers and reclassifications 2.1 (0.1) 2.0 Disposals (27.8) (10.7) (38.5) Impairment reversals 14.9 \u2013 14.9 Impairment charge (14.8) \u2013 (14.8) Depreciation charge (159.0) (21.9) (180.9) Exchange difference 1.3 0.1 1.4 At 1 April 2023 1,389.8 66.2 1,456.0 ", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:213800EJP14A79ZG1X44", "period": "2022-04-03T00:00:00/2023-04-02T00:00:00" } }, "fact-739": { "value": "Goodwill impairment testing Goodwill is not amortised but is tested annually for impairment with the recoverable amount being determined from value in use calculations. The goodwill balance relates to the goodwill recognised on the acquisition of per una \u00a316.5m (last year: \u00a316.5m), India \u00a36.4m (last year: \u00a36.6m), Sports Edit \u00a34.8m (last year: \u00a34.8m) and other \u00a30.7m (last year: \u00a30.7m). Goodwill for India is monitored by management at a country level, including the combined retail and wholesale businesses, and has been tested for impairment on that basis. The per una brand is a definite life intangible asset amortised on a straight-line basis over a period of 15 years. The brand intangible was acquired for a cost of \u00a380.0m and has been fully amortised. It is held at a net book value of \u00a3nil (last year: \u00a3nil). The per una goodwill of \u00a316.5m is tested for annually for impairment. The cash flows used for impairment testing are based on the Group\u2019s latest budget and forecast cash flows, covering a three-year period, which have regard to historical performance and knowledge of the current market, together with the Group\u2019s views on the future achievable growth and the impact of committed cash flows. The cash flows include ongoing capital expenditure required to maintain the store network, but exclude any growth capital initiatives not committed. Cash flows beyond this three-year period are extrapolated using a long-term growth rate based on the Group\u2019s current view of achievable long-term growth. The Group\u2019s current view of achievable long-term growth for per una is 1.6% (last year: 1.6%), which is a reduction from the overall Group long-term growth rate of 2.0% (last year: 2.0%). The Group\u2019s current view of achievable long-term growth for India is 5.5% (last year: 5.5%). Management estimates discount rates that reflect the current market assessment of the time value of money and the risks specific to each asset or CGU. The pre-tax discount rates are derived from the Group\u2019s post-tax weighted average cost of capital (\u201cWACC\u201d) which has been calculated using the capital asset pricing model, the inputs of which include a country risk-free rate, equity risk premium, Group size premium and a risk adjustment (beta). The post-tax WACC is subsequently grossed up to a pre-tax rate and was 13.4% for per una (last year: 10.8%) and 15.4% for India (last year: 11.3%). The immediately quantifiable impacts of climate change and costs expected to be incurred in connection with our net zero commitments, are included within the Group\u2019s budget and three-year plan which have been used to support the impairment reviews, with no material impact on cash flows. Management has performed sensitivity analysis on the key assumptions in the impairment model using reasonably possible changes in these key assumptions, both individually and in combination. Management has considered reasonably possible changes in key assumptions that would cause the carrying amounts of goodwill or brands to exceed the value in use for each asset. For both per una and India respectively, there are no reasonably possible changes in key assumptions that would lead to an impairment and the assumptions do not give rise to a key source of estimation uncertainty. Impairment of property, plant and equipment and right-of-use assets For impairment testing purposes, the Group has determined that each store is a separate CGU, with the exception of Outlets stores, which are considered together as one CGU. Click & Collect sales are included in the cash flows of the relevant CGU. Each CGU is tested for impairment at the balance sheet date if any indicators of impairment and impairment reversal have been identified. Stores identified within the Group\u2019s UK store estate programme are automatically tested for impairment (see note 5). The value in use of each CGU is calculated based on the Group\u2019s latest budget and forecast cash flows, covering a three-year period, which have regard to historic performance and knowledge of the current market, together with the Group\u2019s views on the future achievable growth and the impact of committed initiatives. The cash flows include ongoing capital expenditure required to maintain the store network, but exclude any growth capital initiatives not committed. Cash flows beyond this three-year period are extrapolated using a long-term growth rate based on management\u2019s future expectations, with reference to forecast GDP growth. These growth rates do not exceed the long-term growth rate for the Group\u2019s retail businesses in the relevant territory. If the CGU relates to a store which the Group has identified as part of the UK store estate programme, the value in use calculated has been modified by estimation of the future cash flows up to the point where it is estimated that trade will cease and then estimation of the timing and amount of costs associated with closure detailed fully in note 5. The immediately quantifiable impacts of climate change and costs expected to be incurred in connection with our net zero commitments, are included within the Group\u2019s budget and three-year plan which have been used to support the impairment reviews, with no material impact on cash flows. We also expect any potential store refurbishments to be phased over multiple years and therefore any changes required due to climate change would not have a material impact in any given year and the warehouse and support centres located in areas which we would not expect to be physically impacted by climate change. As a consequence there has been no material impact in the forecast cash flows used for impairment testing. The key assumptions in the value in use calculations are the growth rates of sales and gross profit margins, changes in the operating cost base, long-term growth rates and the risk-adjusted pre-tax discount rate. The pre-tax discount rates are derived from the Group\u2019s weighted average cost of capital, which has been calculated using the capital asset pricing model, the inputs of which include a country risk-free rate, equity risk premium, Group size premium and a risk adjustment (beta). The pre-tax discount rates range from 12.5% to 18.1% (last year: 9.8% to 15.8%). If the CGU relates to a store which the Group has identified as part of the UK store estate programme, the additional key assumptions in the value in use calculations are costs associated with closure, the disposal proceeds from store exits and the timing of the store exits. Impairments \u2013 UK stores excluding the UK store estate programme During the year, the Group has recognised an impairment charge of \u00a317.3m and impairment reversals of \u00a333.1m as a result of UK store impairment testing unrelated to the UK store estate programme (last year: impairment charge of \u00a36.9m and impairment reversals of \u00a363.4m). Impairment charges of \u00a317.3m and impairment reversals of \u00a333.1m have been recognised within adjusting items (see note 5). The impaired stores were impaired to their value-in-use recoverable amount of \u00a3109.8m, which is their carrying value at year end. The stores with impairment reversals were written back to the lower of their value-in-use recoverable amount, and the carrying value if the impairment had not occurred, of \u00a3159.7m. For UK stores, when considering both impairment charges and reversals, cash flows beyond the three-year period are extrapolated using the Group\u2019s current view of achievable long-term growth of 2.0%, adjusted to 0% where management believes the current trading performance and future expectations of the store do not support the growth rate of 2.0%. The rate used to discount the forecast cash flows for UK stores is 12.5% (last year: 9.8%). As disclosed in the accounting policies (note 1), the cash flows used within the impairment model are based on assumptions which are sources of estimation uncertainty and small movements in these assumptions could lead to further impairments. Management has performed sensitivity analysis on the key assumptions in the impairment model using reasonably possible changes in these key assumptions across the UK store portfolio. A reduction in sales of 5% from the three-year plan in year 3 would increase the impairment charge by \u00a324.2m and a 25 basis points reduction in the gross profit margin from year 3 onwards would increase the impairment charge by \u00a31.8m. In combination a 5% reduction in sales and a 25 basis point reduction in gross profit margin would increase the impairment charge by \u00a330.3m. A 250 basis points increase in the discount rate would increase the impairment charge by \u00a328.8m. A reduction in sales of 5% from the three-year plan in year 3 would reduce the reversal by \u00a37.0m and a 25 basis points reduction in the gross profit margin from year 3 would reduce the reversal by \u00a31.1m. In combination a 5% reduction in sales and a 25 basis point reduction in gross profit margin would reduce the reversal by \u00a38.0m. A 250 basis points increase in the discount rate would reduce the reversal by \u00a37.6m. Impairments \u2013 UK store estate programme During the year, the Group has recognised an impairment charge of \u00a328.6m and impairment reversals of \u00a322.0m relating to the ongoing UK store estate programme. These stores were impaired to their value-in-use recoverable amount of \u00a3307.2m, which is their carrying value at year end. The impairment charge relates to the store closure programme and has been recognised within adjusting items (see note 5). Impairment reversals predominantly reflect changes to expected store closure dates and improved trading expectations compared to those assumed at the end of the prior year end. Where the planned closure date for a store is outside the three-year plan period, no growth rate is applied. The rate used to discount the forecast cash flows for UK stores is 12.5% (last year: 9.8%). As disclosed in the accounting policies (note 1), the cash flows used within the impairment models for the UK store estate programme are based on assumptions which are sources of estimation uncertainty and small movements in these assumptions could lead to further impairments. Management has performed sensitivity analysis on the key assumptions in the impairment model using reasonably possible changes in these key assumptions across the UK store estate programme. A delay of 12 months in the date of each store exit would result in a decrease in the impairment charge of \u00a370.9m. A 5% reduction in planned sales in years 2 and 3 (where relevant) would result in an increase in the impairment charge of \u00a312.2m. Neither a 250 basis point increase in the discount rate, a 25 basis point reduction in management gross profit margin during the period of trading, nor a 2% increase in the costs associated with exiting a store, would result in a significant increase to the impairment charge, individually or in combination with the other reasonably possible scenarios considered. Impairments \u2013 International stores During the year the Group recognised an impairment charge of \u00a30.7m (last year: \u00a3nil) in Ireland as a result of store impairment testing. Impairment of financial assets The credit risk management practices of the Group include internal review and reporting of the ageing of trade and other receivables by days past due by a centralised accounts receivable function, and grouped by respective contractual revenue stream, along with liaison with the debtors by the credit control function. The Group applies the IFRS 9 simplified approach in measuring expected credit losses which use a lifetime expected credit loss allowance for all trade receivables and lease receivables. To measure expected credit losses, trade receivables have been grouped by shared credit risk characteristics along the lines of differing revenue streams such as international franchise, UK franchise, food, corporate and sundry, as well as by geographical location and days past due. In addition to the expected credit losses calculated using a provision matrix, the Group may provide additional provision for the receivables of particular customers if the deterioration of financial position was observed. The Group\u2019s trade receivables are of very low credit risk due to transactions being principally of high volume, low value and short maturity. Therefore, it also has very low concentration risk. The expected loss rates are determined based on the average write-offs as a proportion of average debt over a period of 36 months prior to the reporting date. The historical loss rates are adjusted for current and forward-looking information where significant. The Group considers GDP growth, unemployment, sales growth and bankruptcy rates of the countries in which goods are sold to be the most relevant factors and, where the impact of these is significant, adjusts the historical loss rates based on expected changes in these factors. Historical experience has indicated that debts aged 180 days or over are generally not recoverable. The Group has incorporated this into the expected loss model through a uniform loss rate for ageing buckets below 180 days dependent on the revenue stream and country and providing for 100% of debt aged more than 180 days past due. Where the Group specifically holds insurance or holds the legal right of offset with debtors which are also creditors, the loss provision is applied only to the extent of the uninsured or net exposure. Trade receivables are written off when there is no reasonable expectation of recovery. Indicators that there may be no reasonable expectation of recovery include the failure of the debtor to engage in a payment plan, and failure to make contractual payments within 180 days past due. Impairment losses on trade receivables are presented as net impairment losses within operating profit and subsequent recoveries are credited to the same line item. As at 2 April 2022 Current \u00a3m Up to 30 days past due \u00a3m 31-60 days past due \u00a3m 61-90 days past due \u00a3m 91-180 days past due \u00a3m 181 days or more past due \u00a3m Total \u00a3m Gross carrying amount \u2013 trade receivables 76.7 15.8 \u2013 1.9 7.5 1.1 103.0 Expected loss rate 2.9% 4.9% 0.0% 5.7% 7.8% 100.0% 4.6% Lifetime expected credit loss 2.2 0.8 \u2013 0.1 0.6 1.1 4.8 Net carrying amount 74.5 15.0 \u2013 1.8 6.9 \u2013 98.2 As at 1 April 2023 Current \u00a3m Up to 30 days past due \u00a3m 31-60 days past due \u00a3m 61-90 days past due \u00a3m 91-180 days past due \u00a3m 181 days or more past due \u00a3m Total \u00a3m Gross carrying amount \u2013 trade receivables 98.5 22.1 2.9 1.9 1.3 1.6 128.3 Expected loss rate 0.8% 3.2% 27.6% 31.6% 69.2% 100.0% 4.2% Lifetime expected credit loss 0.8 0.7 0.8 0.6 0.9 1.6 5.4 Net carrying amount 97.7 21.4 2.1 1.3 0.4 \u2013 122.9 The closing loss allowances for trade receivables reconciles to the opening loss allowances as follows: Trade receivables expected loss provision 2023 \u00a3m 2022 \u00a3m Opening loss allowance 4.8 3.7 Increase in loss allowance recognised in profit and loss during the year 5.5 1.5 Receivables written off during the year as uncollectable (4.9) (0.4) Closing loss allowance 5.4 4.8 The closing loss allowances for lease receivables reconciles to the opening loss allowances as follows: Lease receivables expected loss provision 2023 \u00a3m 2022 \u00a3m Opening loss allowance \u2013 11.9 Increase/(decrease) in loss allowance recognised in profit and loss during the year 1 10.7 (11.9) Closing loss allowance 10.7 \u2013 1 Relates to the sub-let of previously closed offices associated with the strategic programme to centralise the Group\u2019s London Head Office functions (see note 5). The provision for other receivables is highly immaterial (it can be quantified) and therefore no disclosure is provided. ", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:213800EJP14A79ZG1X44", "period": "2022-04-03T00:00:00/2023-04-02T00:00:00" } }, "fact-684": { "value": "15 PROPERTY, PLANT AND EQUIPMENT The Group\u2019s property, plant and equipment of \u00a35,203.7m (last year: \u00a34,902.3m) consists of owned assets of \u00a33,747.7m (last year: \u00a33,486.5m) and right-of-use assets of \u00a31,456.0m (last year: \u00a31,415.8m). Property, plant and equipment \u2013 owned Land and buildings \u00a3m Fixtures, fittings and equipment \u00a3m Assets in the course of construction \u00a3m Total \u00a3m At 3 April 2021 Cost 2,809.9 5,450.2 67.5 8, 327.6 Accumulated depreciation, impairments and write-offs (787.5) (3,959.3) (18.2) (4,765.0) Net book value 2,022.4 1,490.9 49.3 3,562.6 Year ended 2 April 2022 Opening net book value 2,022.4 1,490.9 49.3 3,562.6 Additions 0.9 17.7 238.0 256.6 Transfers and reclassifications 3.0 175.8 (164.3) 14.5 Disposals (15.9) (1.9) \u2013 (17.8) Impairment reversals 34.5 27.6 \u2013 62.1 Impairment charge (57.6) (31.4) \u2013 (89.0) Asset write-offs 0.9 (11.4) \u2013 (10.5) Depreciation charge (34.2) (256.1) \u2013 (290.3) Exchange difference (1.7) \u2013 \u2013 (1.7) Closing net book value 1,952.3 1,411.2 123.0 3,486.5 At 2 April 2022 Cost 2,764.8 5,275.7 141.2 8,181.7 Accumulated depreciation, impairments and write-offs (812.5) (3,864.5) (18.2) (4,695.2) Net book value 1,952.3 1,411.2 123.0 3,486.5 Year ended 1 April 2023 Opening net book value 1,952.3 1,411.2 123.0 3,486.5 Additions 0.8 40.0 296.2 337.0 Acquired through business combinations 150.5 38.7 3.8 193.0 Transfers and reclassifications 15.0 292.3 (280.7) 26.6 Disposals (2.2) (2.2) \u2013 (4.4) Impairment reversals 25.8 14.4 \u2013 40.2 Impairment charge (22.5) (9.3) \u2013 (31.8) Asset write-offs 2.2 1.5 \u2013 3.7 Depreciation charge (59.9) (250.4) \u2013 (310.3) Exchange difference 5.5 1.6 0.1 7.2 Closing net book value 2 ,067.5 1,537.8 142.4 3,747.7 At 1 April 2023 Cost 2,911.4 5,532.3 160.6 8,604.3 Accumulated depreciation, impairments and write-offs (843.8) (3,994.6) (18.2) (4,856.6) Net book value 2,067.6 1,537.7 142.4 3,747.7 Asset write-offs in the year include assets with gross book value of \u00a3240.9m (last year: \u00a3383.3m) and \u00a3nil (last year: \u00a3nil) net book value that are no longer in use and have therefore been retired. Right-of-use assets Set out below are the carrying amounts of right-of-use assets recognised and the movements during the period: Right-of-use assets Land and buildings \u00a3m Fixtures, fittings and equipment \u00a3m Total \u00a3m At 3 April 2021 1,444.7 51.3 1,496.0 Additions 72.7 17.9 90.6 Transfers and reclassifications 0.5 \u2013 0.5 Disposals ( 7.7 ) (0.2) ( 7.9) Impairment reversals 28.9 \u2013 28.9 Impairment charge (25.4) \u2013 (25.4) Depreciation charge (146.2) (21.6) (167.8) Exchange difference 0.9 \u2013 0.9 At 2 April 2022 1,368.4 47.4 1,415.8 Additions 198.0 37.3 235.3 Acquired through business combinations 6.7 14.1 20.8 Transfers and reclassifications 2.1 (0.1) 2.0 Disposals (27.8) (10.7) (38.5) Impairment reversals 14.9 \u2013 14.9 Impairment charge (14.8) \u2013 (14.8) Depreciation charge (159.0) (21.9) (180.9) Exchange difference 1.3 0.1 1.4 At 1 April 2023 1,389.8 66.2 1,456.0 Impairment of property, plant and equipment and right-of-use assets For impairment testing purposes, the Group has determined that each store is a separate CGU, with the exception of Outlets stores, which are considered together as one CGU. Click & Collect sales are included in the cash flows of the relevant CGU. Each CGU is tested for impairment at the balance sheet date if any indicators of impairment and impairment reversal have been identified. Stores identified within the Group\u2019s UK store estate programme are automatically tested for impairment (see note 5). The value in use of each CGU is calculated based on the Group\u2019s latest budget and forecast cash flows, covering a three-year period, which have regard to historic performance and knowledge of the current market, together with the Group\u2019s views on the future achievable growth and the impact of committed initiatives. The cash flows include ongoing capital expenditure required to maintain the store network, but exclude any growth capital initiatives not committed. Cash flows beyond this three-year period are extrapolated using a long-term growth rate based on management\u2019s future expectations, with reference to forecast GDP growth. These growth rates do not exceed the long-term growth rate for the Group\u2019s retail businesses in the relevant territory. If the CGU relates to a store which the Group has identified as part of the UK store estate programme, the value in use calculated has been modified by estimation of the future cash flows up to the point where it is estimated that trade will cease and then estimation of the timing and amount of costs associated with closure detailed fully in note 5. The immediately quantifiable impacts of climate change and costs expected to be incurred in connection with our net zero commitments, are included within the Group\u2019s budget and three-year plan which have been used to support the impairment reviews, with no material impact on cash flows. We also expect any potential store refurbishments to be phased over multiple years and therefore any changes required due to climate change would not have a material impact in any given year and the warehouse and support centres located in areas which we would not expect to be physically impacted by climate change. As a consequence there has been no material impact in the forecast cash flows used for impairment testing. The key assumptions in the value in use calculations are the growth rates of sales and gross profit margins, changes in the operating cost base, long-term growth rates and the risk-adjusted pre-tax discount rate. The pre-tax discount rates are derived from the Group\u2019s weighted average cost of capital, which has been calculated using the capital asset pricing model, the inputs of which include a country risk-free rate, equity risk premium, Group size premium and a risk adjustment (beta). The pre-tax discount rates range from 12.5% to 18.1% (last year: 9.8% to 15.8%). If the CGU relates to a store which the Group has identified as part of the UK store estate programme, the additional key assumptions in the value in use calculations are costs associated with closure, the disposal proceeds from store exits and the timing of the store exits. Impairments \u2013 UK stores excluding the UK store estate programme During the year, the Group has recognised an impairment charge of \u00a317.3m and impairment reversals of \u00a333.1m as a result of UK store impairment testing unrelated to the UK store estate programme (last year: impairment charge of \u00a36.9m and impairment reversals of \u00a363.4m). Impairment charges of \u00a317.3m and impairment reversals of \u00a333.1m have been recognised within adjusting items (see note 5). The impaired stores were impaired to their value-in-use recoverable amount of \u00a3109.8m, which is their carrying value at year end. The stores with impairment reversals were written back to the lower of their value-in-use recoverable amount, and the carrying value if the impairment had not occurred, of \u00a3159.7m. For UK stores, when considering both impairment charges and reversals, cash flows beyond the three-year period are extrapolated using the Group\u2019s current view of achievable long-term growth of 2.0%, adjusted to 0% where management believes the current trading performance and future expectations of the store do not support the growth rate of 2.0%. The rate used to discount the forecast cash flows for UK stores is 12.5% (last year: 9.8%). As disclosed in the accounting policies (note 1), the cash flows used within the impairment model are based on assumptions which are sources of estimation uncertainty and small movements in these assumptions could lead to further impairments. Management has performed sensitivity analysis on the key assumptions in the impairment model using reasonably possible changes in these key assumptions across the UK store portfolio. A reduction in sales of 5% from the three-year plan in year 3 would increase the impairment charge by \u00a324.2m and a 25 basis points reduction in the gross profit margin from year 3 onwards would increase the impairment charge by \u00a31.8m. In combination a 5% reduction in sales and a 25 basis point reduction in gross profit margin would increase the impairment charge by \u00a330.3m. A 250 basis points increase in the discount rate would increase the impairment charge by \u00a328.8m. A reduction in sales of 5% from the three-year plan in year 3 would reduce the reversal by \u00a37.0m and a 25 basis points reduction in the gross profit margin from year 3 would reduce the reversal by \u00a31.1m. In combination a 5% reduction in sales and a 25 basis point reduction in gross profit margin would reduce the reversal by \u00a38.0m. A 250 basis points increase in the discount rate would reduce the reversal by \u00a37.6m. Impairments \u2013 UK store estate programme During the year, the Group has recognised an impairment charge of \u00a328.6m and impairment reversals of \u00a322.0m relating to the ongoing UK store estate programme. These stores were impaired to their value-in-use recoverable amount of \u00a3307.2m, which is their carrying value at year end. The impairment charge relates to the store closure programme and has been recognised within adjusting items (see note 5). Impairment reversals predominantly reflect changes to expected store closure dates and improved trading expectations compared to those assumed at the end of the prior year end. Where the planned closure date for a store is outside the three-year plan period, no growth rate is applied. The rate used to discount the forecast cash flows for UK stores is 12.5% (last year: 9.8%). As disclosed in the accounting policies (note 1), the cash flows used within the impairment models for the UK store estate programme are based on assumptions which are sources of estimation uncertainty and small movements in these assumptions could lead to further impairments. Management has performed sensitivity analysis on the key assumptions in the impairment model using reasonably possible changes in these key assumptions across the UK store estate programme. A delay of 12 months in the date of each store exit would result in a decrease in the impairment charge of \u00a370.9m. A 5% reduction in planned sales in years 2 and 3 (where relevant) would result in an increase in the impairment charge of \u00a312.2m. Neither a 250 basis point increase in the discount rate, a 25 basis point reduction in management gross profit margin during the period of trading, nor a 2% increase in the costs associated with exiting a store, would result in a significant increase to the impairment charge, individually or in combination with the other reasonably possible scenarios considered. Impairments \u2013 International stores During the year the Group recognised an impairment charge of \u00a30.7m (last year: \u00a3nil) in Ireland as a result of store impairment testing. ", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800EJP14A79ZG1X44", "period": "2022-04-03T00:00:00/2023-04-02T00:00:00" } }, "fact-720": { "value": "Right-of-use assets Set out below are the carrying amounts of right-of-use assets recognised and the movements during the period: Right-of-use assets Land and buildings \u00a3m Fixtures, fittings and equipment \u00a3m Total \u00a3m At 3 April 2021 1,444.7 51.3 1,496.0 Additions 72.7 17.9 90.6 Transfers and reclassifications 0.5 \u2013 0.5 Disposals ( 7.7 ) (0.2) ( 7.9) Impairment reversals 28.9 \u2013 28.9 Impairment charge (25.4) \u2013 (25.4) Depreciation charge (146.2) (21.6) (167.8) Exchange difference 0.9 \u2013 0.9 At 2 April 2022 1,368.4 47.4 1,415.8 Additions 198.0 37.3 235.3 Acquired through business combinations 6.7 14.1 20.8 Transfers and reclassifications 2.1 (0.1) 2.0 Disposals (27.8) (10.7) (38.5) Impairment reversals 14.9 \u2013 14.9 Impairment charge (14.8) \u2013 (14.8) Depreciation charge (159.0) (21.9) (180.9) Exchange difference 1.3 0.1 1.4 At 1 April 2023 1,389.8 66.2 1,456.0 ", "dimensions": { "concept": "ifrs-full:DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory", "language": "en", "entity": "scheme:213800EJP14A79ZG1X44", "period": "2022-04-03T00:00:00/2023-04-02T00:00:00" } }, "fact-685": { "value": "16 OTHER FINANCIAL ASSETS 2023 \u00a3m 2022 \u00a3m Non-current Other investments1 7.9 4.5 7.9 4.5 Current Other investments2 13.0 17.6 13.0 17.6 1. Includes \u00a37.3m (last year: \u00a33.1m) of venture capital investments managed by True Capital Limited. 2. Includes \u00a35.6m (last year: \u00a38.8m) of money market deposits held by Marks and Spencer plc in an escrow account. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800EJP14A79ZG1X44", "period": "2022-04-03T00:00:00/2023-04-02T00:00:00" } }, "fact-686": { "value": "17 TRADE AND OTHER RECEIVABLES 2023 \u00a3m 2022 \u00a3m Non-current Trade receivables \u2013 0.1 Lease receivables \u2013 net of provision for impairment 64.6 74.7 Other receivables 2.5 3.3 Loans to related parties (see note 28) 30.0 \u2013 Prepayments 201.6 192.5 298.7 270.6 Current Trade receivables 128.3 103.0 Less: provision for impairment of receivables (5.4) (4.8) Trade receivables \u2013 net 122.9 98.2 Lease receivables \u2013 net of provision for impairment 0.9 0.8 Other receivables 36.8 27. 2 Prepayments 97.0 76.8 Accrued income 23.0 14.1 280.6 217.1 The directors consider that the carrying amount of trade and other receivables approximates their fair value. The Group\u2019s assessment of any expected credit losses is included in note 21B. Included in accrued income is \u00a38.8m (last year: \u00a37.7m) of accrued supplier income relating to rebates that have been earned but not yet invoiced. An immaterial amount of supplier income that has been invoiced, but not yet settled, against future trade creditor balances is included within trade creditors, where there is a right to offset. The Group entered into finance leasing arrangements as a lessor for surplus office space in the Merchant Square building in London, which is sub-let for the remaining duration of the lease. The maturity analysis of the Group\u2019s lease receivables is as follows: 2023 \u00a3m 2022 \u00a3m Timing of cash flows Within one year 4.7 4.8 Between one and two years 4.7 4.7 Between two and three years 6.1 4.7 Between three to four years 7.8 6.1 Between four to five years 7.8 7.8 More than five years 113.3 121.1 Total undiscounted cash flows 144.4 149.2 Effect of discounting (68.2) (73.7) Present value of lease payments receivable 76.2 75.5 Less: provision for impairment of receivables (10.7) \u2013 Net investment in the lease 65.5 75.5 Included within trade and other receivables is \u00a30.4m (last year: \u00a31.1m) which, due to non-recourse factoring arrangements in place, are held within a \u201chold to collect and sell\u201d business model and are measured at FVOCI. ", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800EJP14A79ZG1X44", "period": "2022-04-03T00:00:00/2023-04-02T00:00:00" } }, "fact-687": { "value": "18 CASH AND CASH EQUIVALENTS Cash and cash equivalents are \u00a31,067.9m (last year: \u00a31,197.9m). The carrying amount of these assets approximates their fair value. The effective interest rate on short-term bank deposits is 4.1% (last year: 0.7%). These deposits have an average maturity of 18 days (last year: 39 days). ", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:213800EJP14A79ZG1X44", "period": "2022-04-03T00:00:00/2023-04-02T00:00:00" } }, "fact-688": { "value": "19 TRADE AND OTHER PAYABLES 2023 \u00a3m 2022 \u00a3m Current Trade payables 801.7 732.8 Other payables 560.0 523.5 Social security and other taxes 85.3 59.1 Accruals 554.5 595.2 Deferred income 47.3 50.3 2,048.8 1,960.9 Non-current Other payables 166.6 174.4 Deferred income 14.7 13.8 181.3 188.2 Included within current other payables is \u00a37.2m (last year: \u00a3nil) of deferred and contingent consideration and within non-current other payables \u00a3100.6m (last year: \u00a3nil) of deferred and contingent consideration, both relating to the acquisition of Gist Limited. Also included in non-current other payables is \u00a364.7m (last year: \u00a3172.6m) of contingent consideration relating to the investment in Ocado Retail Limited. See note 21D for further details. A contract liability arises in respect of gift cards and voucher schemes as payment has been received for a performance obligation which will be performed at a later point in time. Included within trade and other payables are gift card/voucher scheme liabilities: 2023 \u00a3m 2022 \u00a3m Opening balance 189.6 198.1 Issues 415.9 404.2 Released to the income statement (416.3) (412.7) Closing balance 189.2 189.6 The Group operates a number of supplier financing arrangements, under which suppliers can obtain accelerated settlement on invoices from the finance provider. This is a form of reverse factoring which has the objective of serving the Group\u2019s suppliers by giving them early access to funding. The Group settles these amounts in accordance with each supplier\u2019s agreed payment terms. The Group is not party to these financing arrangements and the arrangements do not permit the Group to obtain finance from the provider by paying the provider later than the Group would have paid its supplier. The Group does not incur any interest towards the provider on the amounts due to the suppliers. The Group therefore discloses the amounts factored by suppliers within trade payables because the nature and function of the financial liability remain the same as those of other trade payables. The payments by the Group under these arrangements are included within operating cash flows because they continue to be part of the normal operating cycle of the Group and their principal nature remains operating \u2013 i.e. payments for the purchase of goods and services. At 1 April 2023, \u00a3303.9m (last year: \u00a3330.0m) of trade payables were amounts owed under these arrangements. During the year the maximum facility available at any one time under the arrangements was \u00a3442.6m (last year: \u00a3404.1m). ", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800EJP14A79ZG1X44", "period": "2022-04-03T00:00:00/2023-04-02T00:00:00" } }, "fact-721": { "value": "2023 \u00a3m 2022 \u00a3m Current Trade payables 801.7 732.8 Other payables 560.0 523.5 Social security and other taxes 85.3 59.1 Accruals 554.5 595.2 Deferred income 47.3 50.3 2,048.8 1,960.9 Non-current Other payables 166.6 174.4 Deferred income 14.7 13.8 181.3 188.2 ", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800EJP14A79ZG1X44", "period": "2022-04-03T00:00:00/2023-04-02T00:00:00" } }, "fact-722": { "value": "20 BORROWINGS AND OTHER FINANCIAL LIABILITIES 2023 \u00a3m 2022 \u00a3m Current Lease liabilities 216.7 200.2 3.00% \u00a3300m Medium Term Notes 20231 185.3 \u2013 Interest accrued on Medium Term Notes 42.0 47.0 444.0 247.2 Non-current 3.00% \u00a3300m Medium Term Notes 20231 \u2013 299.1 4.75% \u00a3400m Medium Term Notes 20251,2 330.0 409.4 3.75% \u00a3300m Medium Term Notes 20261 298.9 298.6 3.25% \u00a3250m Medium Term Notes 2027 1 248.6 248.3 7.125% US$300m Medium Term Notes 2037 3,4 251.8 192.3 Revaluation of Medium Term Notes5 (10.2) 34.8 Lease liabilities 2,064.9 2,078.5 3,184.0 3,561.0 Total 3,628.0 3,808.2 1 These notes are issued under Marks and Spencer plc\u2019s \u00a33bn Euro Medium Term Note programme and all pay interest annually. 2 The Group occasionally enters into interest rate swaps to manage interest rate exposure. At year end, \u00a36.1m (last year: \u00a310.5m) of fair value adjustment for terminated hedges to be amortised over the remaining debt maturity. 3 Interest on these bonds is payable biannually. 4 US$300m Medium Term Note exposure swapped to sterling (fixed-to-fixed cross-currency interest rate swaps). 5 Revaluation consists of foreign exchange gain on revaluation of the 7.125% US$300m Medium Term Notes 2037 of \u00a310.2m (last year: \u00a334.8m loss). Leases The Group leases various stores, offices, warehouses and equipment with varying terms, escalation clauses and renewal rights. The Group has certain leases with lease terms of 12 months or less and leases of assets with low values. The Group applies the \u201cshort-term lease\u201d and \u201clease of low-value assets\u201d recognition exemptions for these leases. Set out below are the carrying amounts of lease liabilities and the movements during the period. 2023 \u00a3m 2022 \u00a3m Opening lease liabilities 2,278.7 2,405.9 Acquisitions 21.3 \u2013 Additions 249.4 100.6 Interest expense relating to lease liabilities 121.0 124.1 Payments (353.8) (344.3) Disposals (39.0) (8.1) Exchange difference 4.0 0.5 2,281.6 2,278.7 Current 216.7 200.2 Non-current 2,064.9 2,078.5 The maturity analysis of lease liabilities is disclosed in note 21A. Future cash outflows related to the post-break clause period included in the lease liability The Group holds certain leases that contain break clause options to provide operational flexibility. In accordance with IFRS 16, the Group has calculated the full lease term, beyond break, to represent the reasonably certain lease term (except for those stores identified as part of the UK store estate programme) within the total \u00a32,281.6m of lease liabilities held on the balance sheet. The following amounts were recognised in profit or loss: 2023 \u00a3m 2022 \u00a3m Expenses relating to short-term leases 13.2 5.9 Expenses relating to low-value assets \u2013 1.4 Expenses relating to variable consideration 4.9 4.4 ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800EJP14A79ZG1X44", "period": "2022-04-03T00:00:00/2023-04-02T00:00:00" } }, "fact-689": { "value": "20 BORROWINGS AND OTHER FINANCIAL LIABILITIES 2023 \u00a3m 2022 \u00a3m Current Lease liabilities 216.7 200.2 3.00% \u00a3300m Medium Term Notes 20231 185.3 \u2013 Interest accrued on Medium Term Notes 42.0 47.0 444.0 247.2 Non-current 3.00% \u00a3300m Medium Term Notes 20231 \u2013 299.1 4.75% \u00a3400m Medium Term Notes 20251,2 330.0 409.4 3.75% \u00a3300m Medium Term Notes 20261 298.9 298.6 3.25% \u00a3250m Medium Term Notes 2027 1 248.6 248.3 7.125% US$300m Medium Term Notes 2037 3,4 251.8 192.3 Revaluation of Medium Term Notes5 (10.2) 34.8 Lease liabilities 2,064.9 2,078.5 3,184.0 3,561.0 Total 3,628.0 3,808.2 1 These notes are issued under Marks and Spencer plc\u2019s \u00a33bn Euro Medium Term Note programme and all pay interest annually. 2 The Group occasionally enters into interest rate swaps to manage interest rate exposure. At year end, \u00a36.1m (last year: \u00a310.5m) of fair value adjustment for terminated hedges to be amortised over the remaining debt maturity. 3 Interest on these bonds is payable biannually. 4 US$300m Medium Term Note exposure swapped to sterling (fixed-to-fixed cross-currency interest rate swaps). 5 Revaluation consists of foreign exchange gain on revaluation of the 7.125% US$300m Medium Term Notes 2037 of \u00a310.2m (last year: \u00a334.8m loss). Leases The Group leases various stores, offices, warehouses and equipment with varying terms, escalation clauses and renewal rights. The Group has certain leases with lease terms of 12 months or less and leases of assets with low values. The Group applies the \u201cshort-term lease\u201d and \u201clease of low-value assets\u201d recognition exemptions for these leases. Set out below are the carrying amounts of lease liabilities and the movements during the period. 2023 \u00a3m 2022 \u00a3m Opening lease liabilities 2,278.7 2,405.9 Acquisitions 21.3 \u2013 Additions 249.4 100.6 Interest expense relating to lease liabilities 121.0 124.1 Payments (353.8) (344.3) Disposals (39.0) (8.1) Exchange difference 4.0 0.5 2,281.6 2,278.7 Current 216.7 200.2 Non-current 2,064.9 2,078.5 The maturity analysis of lease liabilities is disclosed in note 21A. Future cash outflows related to the post-break clause period included in the lease liability The Group holds certain leases that contain break clause options to provide operational flexibility. In accordance with IFRS 16, the Group has calculated the full lease term, beyond break, to represent the reasonably certain lease term (except for those stores identified as part of the UK store estate programme) within the total \u00a32,281.6m of lease liabilities held on the balance sheet. The following amounts were recognised in profit or loss: 2023 \u00a3m 2022 \u00a3m Expenses relating to short-term leases 13.2 5.9 Expenses relating to low-value assets \u2013 1.4 Expenses relating to variable consideration 4.9 4.4 ", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:213800EJP14A79ZG1X44", "period": "2022-04-03T00:00:00/2023-04-02T00:00:00" } }, "fact-734": { "value": "Leases The Group leases various stores, offices, warehouses and equipment with varying terms, escalation clauses and renewal rights. The Group has certain leases with lease terms of 12 months or less and leases of assets with low values. The Group applies the \u201cshort-term lease\u201d and \u201clease of low-value assets\u201d recognition exemptions for these leases. Set out below are the carrying amounts of lease liabilities and the movements during the period. 2023 \u00a3m 2022 \u00a3m Opening lease liabilities 2,278.7 2,405.9 Acquisitions 21.3 \u2013 Additions 249.4 100.6 Interest expense relating to lease liabilities 121.0 124.1 Payments (353.8) (344.3) Disposals (39.0) (8.1) Exchange difference 4.0 0.5 2,281.6 2,278.7 Current 216.7 200.2 Non-current 2,064.9 2,078.5 The maturity analysis of lease liabilities is disclosed in note 21A. Future cash outflows related to the post-break clause period included in the lease liability The Group holds certain leases that contain break clause options to provide operational flexibility. In accordance with IFRS 16, the Group has calculated the full lease term, beyond break, to represent the reasonably certain lease term (except for those stores identified as part of the UK store estate programme) within the total \u00a32,281.6m of lease liabilities held on the balance sheet. The following amounts were recognised in profit or loss: 2023 \u00a3m 2022 \u00a3m Expenses relating to short-term leases 13.2 5.9 Expenses relating to low-value assets \u2013 1.4 Expenses relating to variable consideration 4.9 4.4 ", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:213800EJP14A79ZG1X44", "period": "2022-04-03T00:00:00/2023-04-02T00:00:00" } }, "fact-690": { "value": "21 FINANCIAL INSTRUMENTS Treasury policy The Group operates a centralised treasury function to manage the Group\u2019s funding requirements and financial risks in line with the Board-approved treasury policies and procedures, and their delegated authorities. The Group\u2019s financial instruments, other than derivatives, comprise borrowings, cash and liquid resources and various items, such as trade receivables and trade payables that arise directly from its operations. The main purpose of these financial instruments is to finance the Group\u2019s operations. The Group treasury function also enters into derivative transactions, principally cross-currency swaps, cross-currency swaps and forward currency contracts. The purpose of these transactions is to manage the interest rate and foreign currency risks arising from the Group\u2019s operations and financing. It remains the Group\u2019s policy not to hold or issue financial instruments for trading purposes, except where financial constraints necessitate the need to liquidate any outstanding investments. The treasury function is managed as a cost centre and does not engage in speculative trading. Financial risk management The principal financial risks faced by the Group are liquidity and funding, counterparty, foreign currency and interest rate risks. The policies and strategies for managing these risks are summarised on the following pages: (a) Liquidity & funding risk The risk that the Group could be unable to settle or meet its obligations as they fall due: \u2013 The Group\u2019s funding strategy ensures a mix of funding sources offering sufficient headroom, maturity and flexibility, and cost- effectiveness to match the requirements of the Group. \u2013 Marks and Spencer plc is financed by a combination of retained profits, bank borrowings, Medium Term Notes and committed syndicated bank facilities. \u2013 Operating subsidiaries are financed by a combination of retained profits, bank borrowings and intercompany loans. The Group has a committed syndicated bank revolving credit facility of \u00a3850m with a current maturity date of 13 June 2026. The facility contains a financial covenant, being the ratio of earnings before interest, tax, depreciation and amortisation; to net interest and depreciation on right-of-use assets under IFRS 16. The covenant is measured biannually. The Group was not in breach of this metric at the reporting date. The revolving credit facility includes four sustainability metrics where the margin payable on the facility is adjusted to reflect the Group\u2019s performance against ESG targets material to the Group\u2019s \u201cPlan A\u201d objectives. The Group also has a number of uncommitted facilities available to it. At year end, these amounted to \u00a325m (last year: \u00a325m), all of which are due to be reviewed within a year. At the balance sheet date, a sterling equivalent of \u00a3nil (last year: \u00a3nil) was drawn under the committed facilities and \u00a3nil (last year: \u00a3nil) was drawn under the uncommitted facilities. In addition to the existing borrowings, the Group has a Euro Medium Term Note programme of \u00a33bn, of which \u00a31.1bn (last year: \u00a31.3bn) was in issuance as at the balance sheet date. The initial rate of interest is fixed at the date of issue and the Notes are referred to as fixed rate borrowings throughout the Annual Report as the coupon does not change with movements in benchmark interest rates. However, the rate of interest on certain Notes varies both up and down in response to third-party credit ratings (to above/below Baa3 or above/below BBB-) that reflects the relative deterioration or improvement in the Group\u2019s cost of credit, and the interest payable on these Notes increases or decreases from the next interest payment date following a relevant credit rating downgrade or upgrade. As the original contractual terms of these Notes provide for changes in cash flows to be reset to reflect the relative deterioration or improvement in the Group\u2019s cost of credit, the Group considers these Notes to be floating rate instruments when determining amortised cost under IFRS 9 and consequently the Group applied IFRS 9 paragraph B5.4.5, which requires no adjustment to the carrying amount of the liabilities or immediate impact on profit and loss. If the Group had determined these Notes to be fixed rate instruments, the Notes would be remeasured to reflect the revised cash flows discounted at the original effective rate. This would result in initially a higher interest expense to profit or loss, offset by lower interest charges subsequently, when compared to the Group\u2019s treatment. Ocado Retail Limited, an associate of the Group, has entered into a \u00a330m revolving credit facility provided by BNP Paribas. The Group, along with Ocado Group plc, jointly guarantee the facility. The table below summarises the contractual maturity of the Group\u2019s non-derivative financial liabilities and derivatives, excluding trade payables, other payables and accruals. The carrying value of all trade payables, other payables (excluding contingent consideration payable) and accruals of \u00a31,910.3m (last year: \u00a31,853.3m) is equal to their contractual undiscounted cash flows (see note 19) which are due within one year. Contingent consideration (see the fair value hierarchy section within note 21) and deferred consideration of \u00a37.2m (last year: \u00a3nil) is expected to become payable within one year and \u00a3165.3m (last year: \u00a3190.8m) between two and five years. Medium Term Notes \u00a3m Lease liabilities1 \u00a3m Partnership liability to the Marks & Spencer UK Pension Scheme (note 12) \u00a3m Total borrowings and other financial liabilities \u00a3m Cash inflow on derivatives2 \u00a3m Cash outflow on derivatives 2 \u00a3m Total derivative liabilities \u00a3m Timing of cash flows Within one year (75.5) (313.2) (71.9) (460.6) 330.2 (333.6) (3.4) Between one and two years (375.5) (279.3) (73.0) (727.8) 30.9 (31.1) (0.2) Between two and five years (864.3) (786.0) (54.4) (1,704.7) \u2013 \u2013 \u2013 More than five years (668.4) (3,082.1) \u2013 (3,750.5) \u2013 \u2013 \u2013 Total undiscounted cash flows (1,983.7) (4,460.6) (199.3) (6,643.6) 361.1 (364.7) (3.6) Effect of discounting 454.2 2,181.9 7.0 2,643.1 At 2 April 2022 (1,529.5) (2,278.7) (192.3) (4,000.5) Timing of cash flows Within one year (252.7) (318.8) (73.0) (644.5) 1,062.3 (1,120.6) (58.3) Between one and two years (59.3) (320.4) (54.4) (434.1) 145.8 (147.4) (1.6) Between two and five years (1,002.2) (805.2) \u2013 (1,807.4) 26.0 (26.0) \u2013 More than five years (415.6) (2,982.1) \u2013 (3,397.7) 207.8 (214.7) (6.9) Total undiscounted cash flows (1,729.8) (4,426.5) (127.4) (6,283.7) 1,441.9 (1,508.7) (66.8) Effect of discounting 383.4 2,144.9 2.6 2,530.9 At 1 April 2023 (1,346.4) (2,281.6) (124.8) (3,752.8) 1 Total undiscounted lease payments of \u00a3750.6m relating to the period post-break clause, and the earliest contractual lease exit point, are included in lease liabilities. These undiscounted lease payments should be excluded when determining the Group\u2019s contractual indebtedness under these leases, where there is a contractual right to break. Furthermore, \u00a360.8m of these payments relate to leases where, following the break clause, the Group will have the ability to exit the lease at any point before the lease expiry with a maximum of six months\u2019 notice. 2 Cash inflows and outflows on derivative instruments that require gross settlement (such as cross-currency swaps and forward foreign exchange contracts) are disclosed gross. Cash inflows and outflows on derivative instruments that settle on a net basis are disclosed net. (b) Counterparty risk Counterparty risk exists where the Group can suffer financial loss through the default or non-performance of the counterparties with whom it transacts. Exposures are managed in accordance with the Group treasury policy which limits the value that can be placed with each approved counterparty to minimise the risk of loss. The minimum long-term rating for all counterparties is long-term Standard & Poor\u2019s (S&P)/ Moody\u2019s A-/A3 (BBB+/Baa1 for committed lending banks). In the event of a rating by one agency being different from the other, reference will be made to Fitch to determine the casting vote of the rating group. In the absence of a Fitch rating the lower agency rating will prevail. Limits are reviewed regularly by senior management. The credit risk of these financial instruments is estimated as the fair value of the assets resulting from the contracts. The table below analyses the Group\u2019s short-term investments and derivative assets by credit exposure, excluding bank balances, store cash and cash in transit. Credit rating of counterparty AAA \u00a3m AA+ \u00a3m AA \u00a3m AA- \u00a3m A+ \u00a3m A \u00a3m A- \u00a3m BBB \u00a3m Total \u00a3m Other investments 1 \u2013 \u2013 \u2013 158.5 288.6 462.0 89.0 \u2013 998.1 Derivative assets2 \u2013 \u2013 \u2013 \u2013 31.9 24.4 8.7 \u2013 65.0 At 2 April 2022 \u2013 \u2013 \u2013 158.5 320.5 486.4 97.7 \u2013 1,063.1 AAA \u00a3m AA+ \u00a3m AA \u00a3m AA- \u00a3m A+ \u00a3m A \u00a3m A- \u00a3m BBB \u00a3m Total \u00a3m Other investments 1 99.4 \u2013 \u2013 95.5 360.2 287.4 65.0 \u2013 907.5 Derivative assets2 \u2013 \u2013 \u2013 \u2013 10.0 7.4 5.0 0.3 22.7 At 1 April 2023 99.4 \u2013 \u2013 95.5 370.2 294.8 70.0 0.3 930.2 1 Includes cash on deposit and money market funds held by Marks and Spencer Scottish Limited Partnership, Marks and Spencer plc and Marks and Spencer General Insurance. Excludes cash in hand and in transit of \u00a3173.4m (last year: \u00a3217.4m). 2 Standard & Poor\u2019s equivalent rating shown as reference to the majority credit rating of the counterparty from either Standard & Poor\u2019s, Moody\u2019s or Fitch where applicable. The Group has a very low retail credit risk due to transactions principally being of high volume, low value and short maturity. The maximum exposure to credit risk at the balance sheet date was as follows: trade receivables \u00a3128.3m (last year: \u00a3103.0m), lease receivables \u00a365.5m (last year: \u00a375.5m), other receivables (including loans to related parties) \u00a369.3m (last year: \u00a330.5m), cash and cash equivalents \u00a31,067.9m (last year: \u00a31,197.9m) and derivatives \u00a322.7m (last year: \u00a365.0m). Impairment of financial assets The credit risk management practices of the Group include internal review and reporting of the ageing of trade and other receivables by days past due by a centralised accounts receivable function, and grouped by respective contractual revenue stream, along with liaison with the debtors by the credit control function. The Group applies the IFRS 9 simplified approach in measuring expected credit losses which use a lifetime expected credit loss allowance for all trade receivables and lease receivables. To measure expected credit losses, trade receivables have been grouped by shared credit risk characteristics along the lines of differing revenue streams such as international franchise, UK franchise, food, corporate and sundry, as well as by geographical location and days past due. In addition to the expected credit losses calculated using a provision matrix, the Group may provide additional provision for the receivables of particular customers if the deterioration of financial position was observed. The Group\u2019s trade receivables are of very low credit risk due to transactions being principally of high volume, low value and short maturity. Therefore, it also has very low concentration risk. The expected loss rates are determined based on the average write-offs as a proportion of average debt over a period of 36 months prior to the reporting date. The historical loss rates are adjusted for current and forward-looking information where significant. The Group considers GDP growth, unemployment, sales growth and bankruptcy rates of the countries in which goods are sold to be the most relevant factors and, where the impact of these is significant, adjusts the historical loss rates based on expected changes in these factors. Historical experience has indicated that debts aged 180 days or over are generally not recoverable. The Group has incorporated this into the expected loss model through a uniform loss rate for ageing buckets below 180 days dependent on the revenue stream and country and providing for 100% of debt aged more than 180 days past due. Where the Group specifically holds insurance or holds the legal right of offset with debtors which are also creditors, the loss provision is applied only to the extent of the uninsured or net exposure. Trade receivables are written off when there is no reasonable expectation of recovery. Indicators that there may be no reasonable expectation of recovery include the failure of the debtor to engage in a payment plan, and failure to make contractual payments within 180 days past due. Impairment losses on trade receivables are presented as net impairment losses within operating profit and subsequent recoveries are credited to the same line item. As at 2 April 2022 Current \u00a3m Up to 30 days past due \u00a3m 31-60 days past due \u00a3m 61-90 days past due \u00a3m 91-180 days past due \u00a3m 181 days or more past due \u00a3m Total \u00a3m Gross carrying amount \u2013 trade receivables 76.7 15.8 \u2013 1.9 7.5 1.1 103.0 Expected loss rate 2.9% 4.9% 0.0% 5.7% 7.8% 100.0% 4.6% Lifetime expected credit loss 2.2 0.8 \u2013 0.1 0.6 1.1 4.8 Net carrying amount 74.5 15.0 \u2013 1.8 6.9 \u2013 98.2 As at 1 April 2023 Current \u00a3m Up to 30 days past due \u00a3m 31-60 days past due \u00a3m 61-90 days past due \u00a3m 91-180 days past due \u00a3m 181 days or more past due \u00a3m Total \u00a3m Gross carrying amount \u2013 trade receivables 98.5 22.1 2.9 1.9 1.3 1.6 128.3 Expected loss rate 0.8% 3.2% 27.6% 31.6% 69.2% 100.0% 4.2% Lifetime expected credit loss 0.8 0.7 0.8 0.6 0.9 1.6 5.4 Net carrying amount 97.7 21.4 2.1 1.3 0.4 \u2013 122.9 The closing loss allowances for trade receivables reconciles to the opening loss allowances as follows: Trade receivables expected loss provision 2023 \u00a3m 2022 \u00a3m Opening loss allowance 4.8 3.7 Increase in loss allowance recognised in profit and loss during the year 5.5 1.5 Receivables written off during the year as uncollectable (4.9) (0.4) Closing loss allowance 5.4 4.8 The closing loss allowances for lease receivables reconciles to the opening loss allowances as follows: Lease receivables expected loss provision 2023 \u00a3m 2022 \u00a3m Opening loss allowance \u2013 11.9 Increase/(decrease) in loss allowance recognised in profit and loss during the year 1 10.7 (11.9) Closing loss allowance 10.7 \u2013 1 Relates to the sub-let of previously closed offices associated with the strategic programme to centralise the Group\u2019s London Head Office functions (see note 5). The provision for other receivables is highly immaterial (it can be quantified) and therefore no disclosure is provided. (c) Foreign currency risk Transactional foreign currency exposure arises primarily from the import of goods sourced from overseas suppliers and also from the export of goods from the UK to overseas subsidiaries. The most significant exposure is to the US dollar, incurred in the sourcing of Clothing & Home products from Asia. Group Treasury hedges these Clothing & Home foreign currency exposures principally using forward foreign exchange contracts progressively based on dynamic forecasts from the business. Hedging is generally carried out in the six months before the period when purchase orders are entered into. Other exposures arising from the export of goods to overseas subsidiaries are also hedged progressively over the course of the year before they are incurred. As at the balance sheet date, the gross notional value in sterling terms of forward foreign exchange sell or buy contracts amounted to \u00a31,785.7m (last year: \u00a31,865.7m) with a weighted average maturity date of six months (last year: six months). Gains and losses in equity on forward foreign exchange contracts designated in cash flow hedge relationships as at 1 April 2023 will be reclassified to the income statement at various dates over the following 14 months (last year: 15 months) from the balance sheet date. The foreign exchange forwards are designated as cash flow hedges of highly probable forecast transactions. Both spot and forward points are designated in the hedge relationship; under IFRS 9 the currency basis spread may be excluded from the hedge relationship and recognised in other comprehensive income \u2013 cost of hedging reserve. The change in the fair value of the hedging instrument, to the degree effective, is deferred in equity and subsequently either reclassified to profit or loss or removed from equity and included in the initial cost of inventory as part of the \u201cbasis adjustment\u201d. This will be realised in the income statement once the hedged item is sold. The Group has considered, and elected not to, recognise the currency basis spread element in the cost of hedging reserve, owing to the relatively short-dated nature of the hedging instruments. The Group regularly reviews the foreign exchange hedging portfolio to confirm whether the underlying transactions remain highly probable. Any identified instance of over-hedging or ineffectiveness would result in immediate recycling to the income statement. A change in the timing of a forecast item does not disqualify a hedge relationship nor the assertion of \u201chighly probable\u201d as there remains an economic relationship between the underlying transaction and the derivative. The foreign exchange forwards are recognised at fair value. The Group has considered and elected to apply credit/debit valuation adjustments. The risks at the reporting date are representative of the financial year. The Group also holds a number of cross-currency swaps to designate its fixed rate US dollar debt to fixed rate sterling debt. These are reported as cash flow hedges. The change in the fair value of the hedging instrument, to the degree effective, is retained in other comprehensive income, segregated by cost and effect of hedging. Under IFRS 9, the currency basis on the cross-currency swaps is excluded from the hedge designation and recognised in other comprehensive income \u2013 cost of hedging reserve. Effectiveness is measured using the hypothetical derivative approach. The contractual terms of the cross-currency swaps include break clauses every five years which allow for the interest rates to be reset (last reset November 2022). The cross-currency swaps are recognised at fair value. The inclusion of credit risk on cross-currency swaps will cause ineffectiveness of the hedge relationship. The Group has considered and elected to apply credit/debit valuation adjustments, owing to the swaps\u2019 relative materiality and longer dated nature. The Group also hedges foreign currency intercompany loans where these exist. Forward foreign exchange contracts in relation to the hedging of the Group\u2019s foreign currency intercompany loans are classified as fair value through profit and loss. The corresponding fair value movement of the intercompany loan balance resulted in a \u00a31.8m loss (last year: \u00a30.3m gain) in the income statement. As at the balance sheet date, the gross notional value of intercompany loan hedges was \u00a3125.8m (last year: \u00a3166.8m). After taking into account the hedging derivatives entered into by the Group, the currency and interest rate exposure of the Group\u2019s financial liabilities, excluding short-term payables and the liability to the Marks & Spencer UK Pension Scheme, is set out below: 2023 2022 Fixed rate \u00a3m Floating rate \u00a3m Total \u00a3m Fixed rate \u00a3m Floating rate \u00a3m Total \u00a3m Currency Sterling 3,419.6 \u2013 3,419.6 3,610.6 \u2013 3,610.6 Euro 106.8 \u2013 106.8 104.3 \u2013 104.3 Other 101.6 \u2013 101.6 93.3 \u2013 93.3 3,628.0 \u2013 3,628.0 3,808.2 \u2013 3,808.2 As at the balance sheet date and excluding lease liabilities, post-hedging, the GBP and USD fixed rate borrowings are at an average rate of 5.1% (last year: 5.1%) and the weighted average time for which the rate is fixed is five years (last year: five years). (d) Interest rate risk The Group is exposed to interest rate risk in relation to sterling, US dollar and euro variable rate financial assets and liabilities. The Group\u2019s policy is to use derivative contracts where necessary to maintain a mix of fixed and floating rate borrowings to manage this risk. The structure and maturity of these derivatives correspond to the underlying borrowings and are accounted for as fair value or cash flow hedges as appropriate. At the balance sheet date, fixed rate borrowings amounted to \u00a33,628.0m (last year: \u00a33,808.2m) representing the public bond issues and lease liabilities, amounting to 100% (last year: 100%) of the Group\u2019s gross borrowings. The effective interest rates at the balance sheet date were as follows: 2023 % 2022 % Committed and uncommitted borrowings N/A N/A Medium Term Notes 5.1% 5.1% Leases 5.1% 5.4% Derivative financial instruments The below table illustrates the effects of hedge accounting on the consolidated statement of financial position and consolidated income statement through detailing separately by risk category and each type of hedge the details of the associated hedging instrument and hedged item. 2 April 2022 Current Non Current Forward foreign exchange contracts \u00a3m Forward foreign exchange contracts \u00a3m Cross-currency swaps \u00a3m Forward foreign exchange contracts \u00a3m Hedging risk strategy Cash flow hedges FVTPL Cash flow hedges Cash flow hedges Notional / currency legs 1,536.9 166.8 193.5 162.0 Carrying amount assets 43.0 0.6 18.5 2.9 Carrying amount (liabilities) (2.3) (0.9) \u2013 (0.4) Maturity date to Sep 2022 to May 2022 to Dec 2037 to Apr 2023 Hedge ratio 100% n/a 100% 100% Description of hedged item Highly probable transactional FX exposures Inter-company loans/deposits USD fixed rate borrowing Highly probable transactional FX exposures Change in fair value of hedging instrument 60.1 11.1 26.7 4.8 Change in fair value of hedged item used to determine hedge effectiveness (60.1) (10.8) (25.4) (4.8) Weighted average hedge rate for the year GBP/USD 1.37; GBP/EUR 1.18 \u2013 GBP/USD 1.55 GBP/USD 1.34; GBP/EUR 1.17 Amounts recognised within finance costs in profit and loss \u2013 0.3 (0.1) \u2013 Balance on cash flow hedge reserve at 2 April 2022 (32.0) \u2013 9.5 2.5 Balance on cost of hedging reserve at 2 April 2022 \u2013 \u2013 (5.0) \u2013 1 April 2023 Current Non Current Forward foreign exchange contracts \u00a3m Forward foreign exchange contracts \u00a3m Cross-currency swaps \u00a3m Forward foreign exchange contracts \u00a3m Hedging risk strategy Cash flow hedges FVTPL Cash flow hedges Cash flow hedges Notional / currency legs 1,504.7 125.8 252.9 155.2 Carrying amount assets 22.6 \u2013 0.1 \u2013 Carrying amount (liabilities) (56.0) (2.1) (5.3) (1.8) Maturity date to Jul 2023 to Jun 2023 to Dec 2037 to May 2024 Hedge ratio 100% n/a 100% 100% Description of hedged item Highly probable transactional FX exposures Inter-company loans/deposits USD fixed rate borrowing Highly probable transactional FX exposures Change in fair value of hedging instrument 49.6 (2.1) 30.9 (4.3) Change in fair value of hedged item used to determine hedge effectiveness (49.6) 0.3 (30.0) 4.3 Weighted average hedge rate for the year GBP/USD 1.20; GBP/EUR 1.14 \u2013 GBP/USD 1.19 GBP/USD 1.22; GBP/EUR 1.12 Amounts recognised within finance costs in profit and loss \u2013 (1.8) 0.9 \u2013 Balance on cash flow hedge reserve at 1 April 2023 47.3 \u2013 (7.0) 1.8 Balance on cost of hedging reserve at 1 April 2023 \u2013 \u2013 (5.8) \u2013 1 April 2023 2 April 2022 Notional Value Fair Value Notional Value Fair Value Assets \u00a3m Liabilities \u00a3m Assets \u00a3m Liabilities \u00a3m Assets \u00a3m Liabilities \u00a3m Assets \u00a3m Liabilities \u00a3m Current Forward foreign exchange contracts \u2013 cash flow hedges 559.2 945.6 22.6 (56.0) 1,348.8 188.1 43.0 (2.3) \u2013 FVTPL 8.0 117.7 \u2013 (2.1) 37.2 129.6 0.6 (0.9) 567.2 1,063.3 22.6 (58.1) 1,386.0 317.7 43.6 (3.2) Non-current Cross- currency swaps \u2013 cash flow hedges 125.0 127.9 0.1 (5.3) 193.5 \u2013 18.5 \u2013 Forward foreign exchange contracts \u2013 cash flow hedges 18.1 137.1 \u2013 (1.8) 131.1 30.9 2.9 (0.4) 143.1 265.0 0.1 (7.1) 324.6 30.9 21.4 (0.4) The Group\u2019s hedging reserves disclosed in the consolidated statement of changes in equity, relate to the following hedging instruments: Cost of hedging reserve CCIRS1 \u00a3m Deferred tax \u00a3m Total cost of hedging reserve \u00a3m Hedge reserve FX derivatives \u00a3m Hedge reserve CCIRS \u00a3m Hedge reserve gilt locks \u00a3m Deferred tax \u00a3m Total hedge reserve \u00a3m Opening balance 4 April 2021 (5.8) 1.2 (4.6) 42.7 25.4 0.1 (13.4) 54.8 Add: Change in fair value of hedging instrument recognised in OCI2 \u2013 \u2013 \u2013 (65.7) (26.4) \u2013 \u2013 (92.1) Add: Costs of hedging deferred and recognised in OCI 0.8 \u2013 0.8 \u2013 \u2013 \u2013 \u2013 \u2013 Less: Reclassified to the cost of inventory \u2013 \u2013 \u2013 (6.5) \u2013 \u2013 \u2013 (6.5) Less: Reclassified from OCI to profit or loss \u2013 \u2013 \u2013 \u2013 10.5 \u2013 \u2013 10.5 Less: Deferred tax \u2013 0.2 0.2 \u2013 \u2013 \u2013 15.7 15.7 Closing balance 2 April 2022 (5.0) 1.4 (3.6) (29.5) 9.5 0.1 2.3 (17.6) Opening balance 3 April 2022 (5.0) 1.4 (3.6) (29.5) 9.5 0.1 2.3 (17.6) Add: Change in fair value of hedging instrument recognised in OCI \u2013 \u2013 \u2013 (45.3) (30.9) \u2013 \u2013 (76.2) Add: Costs of hedging deferred and recognised in OCI (0.8) \u2013 (0.8) \u2013 \u2013 \u2013 \u2013 \u2013 Less: Reclassified to the cost of inventory \u2013 \u2013 \u2013 123.9 \u2013 \u2013 \u2013 123.9 Less: Reclassified from OCI to profit or loss \u2013 \u2013 \u2013 \u2013 14.4 \u2013 \u2013 14.4 Less: Deferred tax \u2013 0.2 0.2 \u2013 \u2013 \u2013 (12.6) (12.6) Closing balance 1 April 2023 (5.8) 1.6 (4.2) 49.1 (7.0) 0.1 (10.3) 31.9 1 Cross-currency interest rate swaps 2 Other comprehensive income The Group holds a number of cross-currency interest rate swaps to designate its USD to GBP fixed debt. These are reported as cash flow hedges. The ineffective portion recognised in profit or loss that arises from the cash flow hedge amounts to a \u00a30.9m gain (last year: \u00a31.3m gain) as the loss on the hedged items was \u00a330.0m (last year: \u00a325.4m loss) and the movement on the hedging instruments was a \u00a330.9m gain (last year: \u00a326.7m gain). Movement in hedged items and hedging instruments 2023 \u00a3m 2022 \u00a3m Net gain in fair value of cross-currency interest rate swap 30.9 26.7 Net loss on hedged items (30.0) (25.4) Ineffectiveness 0.9 1.3 Sensitivity analysis The table below illustrates the estimated impact on the income statement and equity as a result of market movements in foreign exchange and interest rates in relation to the Group\u2019s financial instruments. The directors consider that a 2% +/- (last year: 2%) movement in interest and a 20% +/- (last year: 20%) movement in sterling against the relevant currency represent reasonably possible changes. However, this analysis is for illustrative purposes only. The directors believe that these illustrative assumed movements continue to provide sufficient guidance. The table excludes financial instruments that expose the Group to interest rate and foreign exchange risk where such a risk is fully hedged with another financial instrument. Also excluded are trade receivables and payables as these are either sterling denominated or the foreign exchange risk is hedged. Interest rates The impact in the income statement due to changes in interest rates reflects the effect on the Group\u2019s floating rate debt as at the balance sheet date. The impact in equity reflects the fair value movement in relation to the Group\u2019s cross-currency swaps. Foreign exchange The impact from foreign exchange movements reflects the change in the fair value of the Group\u2019s transactional foreign exchange cash flow hedges at the balance sheet date. The equity impact shown for foreign exchange sensitivity relates to derivatives. This value is expected to be materially offset by the re-translation of the related transactional exposures. 2% decrease in interest rates \u00a3m 2% increase in interest rates \u00a3m 20% weakening in sterling \u00a3m 20% strengthening in sterling \u00a3m At 2 April 2022 Impact on income statement: (loss)/gain (19.2) 19.2 \u2013 \u2013 Impact on other comprehensive income: (loss)/gain (4.2) 3.3 243.5 (243.5) At 1 April 2023 Impact on income statement: (loss)/gain (17.2) 17.2 \u2013 \u2013 Impact on other comprehensive income: (loss)/gain 3.0 (2.3) 227.9 (227.9) Offsetting of financial assets and liabilities The following tables set out the financial assets and financial liabilities which are subject to offsetting, enforceable master netting arrangements and similar agreements. Amounts which are set off against financial assets and liabilities in the Group\u2019s balance sheet, are set out below. For trade and other receivables and trade and other payables, amounts not offset in the balance sheet, but which could be offset under certain circumstances, are also set out. To reconcile the amount shown in the tables below to the Statement of Financial Position, items which are not subject to offsetting should be included. Gross financial assets/ (liabilities) \u00a3m Gross financial (liabilities)/ assets set off \u00a3m Net financial assets/ (liabilities) per statement of financial position \u00a3m Related amounts not set off in the statement of financial position \u00a3m Net \u00a3m At 2 April 2022 Trade and other receivables 27.9 (25.0) 2.9 \u2013 2.9 Derivative financial assets 65.0 \u2013 65.0 (3.4) 61.6 92.9 (25.0) 67.9 (3.4) 64.5 Trade and other payables (284.8) 25.0 (259.8) \u2013 (259.8) Derivative financial liabilities (3.6) \u2013 (3.6) 3.4 (0.2) (288.4) 25.0 (263.4) 3.4 (260.0) Gross financial assets/ (liabilities) \u00a3m Gross financial (liabilities)/ assets set off \u00a3m Net financial assets/ (liabilities) per statement of financial position \u00a3m Related amounts not set off in the statement of financial position \u00a3m Net \u00a3m At 1 April 2023 Trade and other receivables 19.2 (16.5) 2.7 \u2013 2.7 Derivative financial assets 22.7 \u2013 22.7 (18.0) 4.7 41.9 (16.5) 25.4 (18.0) 7.4 Trade and other payables (317. 3) 16.5 (300.8) \u2013 (300.8) Derivative financial liabilities (65.2) \u2013 (65.2) 18.0 (47.2) (382.5) 16.5 (366.0) 18.0 (348.0) Amounts which do not meet the criteria for offsetting on the balance sheet, but could be settled net in certain circumstances, principally relate to derivative transactions under International Swaps and Derivatives Association agreements where each party has the option to settle amounts on a net basis in the event of default of the other party. Fair value hierarchy The Group uses the following hierarchy for determining and disclosing the fair value of financial instruments by valuation technique: \u2013 Level 1: quoted (unadjusted) prices in active markets for identical assets and liabilities. The Group had no level 1 investments or financial instruments. \u2013 Level 2: not traded in an active market but the fair values are based on quoted market prices or alternative pricing sources with reasonable levels of price transparency. The Group\u2019s level 2 financial instruments include interest rate and foreign exchange derivatives. Fair value is calculated using discounted cash flow methodology, future cash flows are estimated based on forward exchange rates and interest rates (from observable market curves) and contract rates, discounted at a rate that reflects the credit risk of the various counterparties for those with a long maturity. \u2013 Level 3: techniques that use inputs which have a significant effect on the recorded fair value that are not based on observable market data. At the end of the reporting period, the Group held the following financial instruments at fair value: 2023 2022 Level 1 \u00a3m Level 2 \u00a3m Level 3 \u00a3m Total \u00a3m Level 1 \u00a3m Level 2 \u00a3m Level 3 \u00a3m Total \u00a3m Assets measured at fair value Financial assets at fair value through profit or loss (FVTPL) \u2013 derivatives held at FVTPL \u2013 \u2013 \u2013 \u2013 \u2013 0.6 \u2013 0.6 \u2013 other investments1 \u2013 12.3 8.6 20.9 \u2013 17.6 4.5 22.1 Derivatives used for hedging \u2013 22.7 \u2013 22.7 \u2013 64.4 \u2013 64.4 Liabilities measured at fair value Financial liabilities at fair value through profit or loss \u2013 derivatives held at FVTPL \u2013 (2.1) \u2013 (2.1) \u2013 (0.9) \u2013 (0.9) \u2013 Ocado contingent consideration2 \u2013 \u2013 (64.7) (64.7) \u2013 \u2013 (172.6) (172.6) \u2013 Gist contingent consideration 3 \u2013 \u2013 (25.0) (25.0) \u2013 \u2013 \u2013 \u2013 Derivatives used for hedging \u2013 (63.1) \u2013 (63.1) \u2013 (2.7) \u2013 (2.7) There were no transfers between the levels of the fair value hierarchy during the period. There were also no changes made to any of the valuation techniques during the period. 1. Within Level 3 other investments, the Group holds \u00a37.3m of venture capital investments, managed by True Capital Limited, measured at FVTPL (last year: \u00a33.1m) (see note 16) which are Level 3 instruments. The fair value of these investments has been determined in accordance with the International Private Equity and Venture Capital (\u201cIPEV\u201d) Valuation Guidelines. Where investments are either recently acquired or there have been recent funding rounds with third parties, the primary input when determining the valuation is the latest transaction price. 2. As part of the investment in Ocado Retail Limited, a contingent consideration arrangement was agreed. The arrangement comprises three separate elements which only become payable on the achievement of three separate financial and operational performance targets. Last year, \u00a333.8m was settled, relating to the first two targets. The final target relates to Ocado Retail Limited achieving a specified target level of earnings in the financial year ending November 2023, with any resulting payment due in 2024 following completion of the Ocado Retail Limited audited FY23 statutory accounts. The performance target is binary, meaning that a payment of \u00a3156.3m plus interest will be made if the performance target is met. Should the target not be met, no consideration would be payable. The fair value of the contingent consideration was estimated using an expected present value technique and was based on probability-weighting possible scenarios and applying an appropriate discount rate to reflect the timing of the possible payment. The Group has considered a range of scenarios reflecting current market uncertainty, taking into account Ocado Retail Limited\u2019s most recent trading update in March 2023, and determined a fair value of \u00a364.7m (last year: \u00a3172.6m). If the level of earnings assumed in the probability-weighted scenarios was 10% higher or lower, the fair value of liability would increase or decrease by \u00a317.5m respectively. A discount rate of 6.4% (last year: 4.2%) was used. During the period, a gain of \u00a3108.0m was recognised in profit or loss in relation to the remeasurement (see note 5). 3. As part of the investment in Gist Limited, the Group has agreed to pay the former owners of Gist Limited additional consideration of up to \u00a325.0m plus interest when freehold properties are disposed of under certain conditions (for other consideration payable please see note 19). There is no minimum amount payable. The Group has the ability to retain the properties should it wish to do so, in which case the full amount of \u00a325.0m plus interest will be payable on the third anniversary of completion. The fair value of the contingent consideration arrangement of \u00a325.0m was estimated by calculating the present value of the future expected cashflows. The estimates are based on a discount rate of 6.1%. A 2.5% change in the discount rate would result in a change in fair value of \u00a31.4m. The Marks & Spencer UK Pension Scheme holds a number of financial instruments which make up the pension asset of \u00a36,781.9m (last year: \u00a310,090.7m). Level 1 and Level 2 financial assets measured at fair value through other comprehensive income amounted to \u00a32,754.7m (last year: \u00a34,945.8m 1 ). Additionally, the scheme assets include \u00a34,027.2m (last year: \u00a35,144.9m1 ) of Level 3 financial assets. See note 11 for information on the Group\u2019s retirement benefits. The following table represents the changes in Level 3 instruments held by the Pension Schemes: 2023 \u00a3m 2022 \u00a3m Opening balance 5,144.9 4,996.9 Fair value (loss)/gain recognised in other comprehensive income1 (401.8) 191.6 Cash withdrawals (715.9) (43.6) Closing balance 4,027.2 5,144.9 1 Last year restated to reflect the deferred payment due from the Marks and Spencer Scottish Limited Partnership (see note 12). Fair value of financial instruments With the exception of the Group\u2019s fixed rate bond debt and the Partnership liability to the Marks & Spencer UK Pension Scheme (note 12), there were no material differences between the carrying value of non-derivative financial assets and financial liabilities and their fair values as at the balance sheet date. The carrying value of the Group\u2019s fixed rate bond debt (level 1 equivalent) was \u00a31,346.4m (last year: \u00a31,529.5m); the fair value of this debt was \u00a31,264.3m (last year: \u00a31,549.6m) which has been calculated using quoted market prices and includes accrued interest. The carrying value of the Partnership liability to the Marks & Spencer UK Pension Scheme (level 2 equivalent) is \u00a3124.8m (last year: \u00a3192.3m) and the fair value of this liability is \u00a3121.9m (last year: \u00a3187.9m). Capital policy The Group\u2019s objectives when managing capital are to fund investment in the transformation and deliver financial performance at an investment grade level, to safeguard its ability to continue as a going concern in order to provide optimal returns for shareholders and to maintain an efficient capital structure to reduce the cost of capital. In doing so, the Group\u2019s strategy is to sustain a capital structure that supports an investment grade credit rating and to retain appropriate levels of liquidity headroom to ensure financial stability and flexibility. To achieve this strategy, the Group regularly monitors key credit metrics such as the gearing ratio, cash flow to net debt and fixed charge cover to maintain this position. In addition, the Group ensures a combination of appropriate committed short-term liquidity headroom with a diverse and balanced long-term debt maturity profile. As at the balance sheet date, the Group\u2019s average debt maturity profile was five years (last year: five years). During the year, the Group maintained credit ratings of Ba1 (stable) with Moody\u2019s and BB+ (stable) with Standard & Poor\u2019s. In order to maintain or realign the capital structure, the Group will consider the appropriate level of dividends paid to shareholders and options to return capital to shareholders, issue new shares or sell assets to reduce debt. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800EJP14A79ZG1X44", "period": "2022-04-03T00:00:00/2023-04-02T00:00:00" } }, "fact-723": { "value": "Financial risk management The principal financial risks faced by the Group are liquidity and funding, counterparty, foreign currency and interest rate risks. The policies and strategies for managing these risks are summarised on the following pages: (a) Liquidity & funding risk The risk that the Group could be unable to settle or meet its obligations as they fall due: \u2013 The Group\u2019s funding strategy ensures a mix of funding sources offering sufficient headroom, maturity and flexibility, and cost- effectiveness to match the requirements of the Group. \u2013 Marks and Spencer plc is financed by a combination of retained profits, bank borrowings, Medium Term Notes and committed syndicated bank facilities. \u2013 Operating subsidiaries are financed by a combination of retained profits, bank borrowings and intercompany loans. The Group has a committed syndicated bank revolving credit facility of \u00a3850m with a current maturity date of 13 June 2026. The facility contains a financial covenant, being the ratio of earnings before interest, tax, depreciation and amortisation; to net interest and depreciation on right-of-use assets under IFRS 16. The covenant is measured biannually. The Group was not in breach of this metric at the reporting date. The revolving credit facility includes four sustainability metrics where the margin payable on the facility is adjusted to reflect the Group\u2019s performance against ESG targets material to the Group\u2019s \u201cPlan A\u201d objectives. The Group also has a number of uncommitted facilities available to it. At year end, these amounted to \u00a325m (last year: \u00a325m), all of which are due to be reviewed within a year. At the balance sheet date, a sterling equivalent of \u00a3nil (last year: \u00a3nil) was drawn under the committed facilities and \u00a3nil (last year: \u00a3nil) was drawn under the uncommitted facilities. In addition to the existing borrowings, the Group has a Euro Medium Term Note programme of \u00a33bn, of which \u00a31.1bn (last year: \u00a31.3bn) was in issuance as at the balance sheet date. The initial rate of interest is fixed at the date of issue and the Notes are referred to as fixed rate borrowings throughout the Annual Report as the coupon does not change with movements in benchmark interest rates. However, the rate of interest on certain Notes varies both up and down in response to third-party credit ratings (to above/below Baa3 or above/below BBB-) that reflects the relative deterioration or improvement in the Group\u2019s cost of credit, and the interest payable on these Notes increases or decreases from the next interest payment date following a relevant credit rating downgrade or upgrade. As the original contractual terms of these Notes provide for changes in cash flows to be reset to reflect the relative deterioration or improvement in the Group\u2019s cost of credit, the Group considers these Notes to be floating rate instruments when determining amortised cost under IFRS 9 and consequently the Group applied IFRS 9 paragraph B5.4.5, which requires no adjustment to the carrying amount of the liabilities or immediate impact on profit and loss. If the Group had determined these Notes to be fixed rate instruments, the Notes would be remeasured to reflect the revised cash flows discounted at the original effective rate. This would result in initially a higher interest expense to profit or loss, offset by lower interest charges subsequently, when compared to the Group\u2019s treatment. Ocado Retail Limited, an associate of the Group, has entered into a \u00a330m revolving credit facility provided by BNP Paribas. The Group, along with Ocado Group plc, jointly guarantee the facility. The table below summarises the contractual maturity of the Group\u2019s non-derivative financial liabilities and derivatives, excluding trade payables, other payables and accruals. The carrying value of all trade payables, other payables (excluding contingent consideration payable) and accruals of \u00a31,910.3m (last year: \u00a31,853.3m) is equal to their contractual undiscounted cash flows (see note 19) which are due within one year. Contingent consideration (see the fair value hierarchy section within note 21) and deferred consideration of \u00a37.2m (last year: \u00a3nil) is expected to become payable within one year and \u00a3165.3m (last year: \u00a3190.8m) between two and five years. Medium Term Notes \u00a3m Lease liabilities1 \u00a3m Partnership liability to the Marks & Spencer UK Pension Scheme (note 12) \u00a3m Total borrowings and other financial liabilities \u00a3m Cash inflow on derivatives2 \u00a3m Cash outflow on derivatives 2 \u00a3m Total derivative liabilities \u00a3m Timing of cash flows Within one year (75.5) (313.2) (71.9) (460.6) 330.2 (333.6) (3.4) Between one and two years (375.5) (279.3) (73.0) (727.8) 30.9 (31.1) (0.2) Between two and five years (864.3) (786.0) (54.4) (1,704.7) \u2013 \u2013 \u2013 More than five years (668.4) (3,082.1) \u2013 (3,750.5) \u2013 \u2013 \u2013 Total undiscounted cash flows (1,983.7) (4,460.6) (199.3) (6,643.6) 361.1 (364.7) (3.6) Effect of discounting 454.2 2,181.9 7.0 2,643.1 At 2 April 2022 (1,529.5) (2,278.7) (192.3) (4,000.5) Timing of cash flows Within one year (252.7) (318.8) (73.0) (644.5) 1,062.3 (1,120.6) (58.3) Between one and two years (59.3) (320.4) (54.4) (434.1) 145.8 (147.4) (1.6) Between two and five years (1,002.2) (805.2) \u2013 (1,807.4) 26.0 (26.0) \u2013 More than five years (415.6) (2,982.1) \u2013 (3,397.7) 207.8 (214.7) (6.9) Total undiscounted cash flows (1,729.8) (4,426.5) (127.4) (6,283.7) 1,441.9 (1,508.7) (66.8) Effect of discounting 383.4 2,144.9 2.6 2,530.9 At 1 April 2023 (1,346.4) (2,281.6) (124.8) (3,752.8) 1 Total undiscounted lease payments of \u00a3750.6m relating to the period post-break clause, and the earliest contractual lease exit point, are included in lease liabilities. These undiscounted lease payments should be excluded when determining the Group\u2019s contractual indebtedness under these leases, where there is a contractual right to break. Furthermore, \u00a360.8m of these payments relate to leases where, following the break clause, the Group will have the ability to exit the lease at any point before the lease expiry with a maximum of six months\u2019 notice. 2 Cash inflows and outflows on derivative instruments that require gross settlement (such as cross-currency swaps and forward foreign exchange contracts) are disclosed gross. Cash inflows and outflows on derivative instruments that settle on a net basis are disclosed net. (b) Counterparty risk Counterparty risk exists where the Group can suffer financial loss through the default or non-performance of the counterparties with whom it transacts. Exposures are managed in accordance with the Group treasury policy which limits the value that can be placed with each approved counterparty to minimise the risk of loss. The minimum long-term rating for all counterparties is long-term Standard & Poor\u2019s (S&P)/ Moody\u2019s A-/A3 (BBB+/Baa1 for committed lending banks). In the event of a rating by one agency being different from the other, reference will be made to Fitch to determine the casting vote of the rating group. In the absence of a Fitch rating the lower agency rating will prevail. Limits are reviewed regularly by senior management. The credit risk of these financial instruments is estimated as the fair value of the assets resulting from the contracts. The table below analyses the Group\u2019s short-term investments and derivative assets by credit exposure, excluding bank balances, store cash and cash in transit. Credit rating of counterparty AAA \u00a3m AA+ \u00a3m AA \u00a3m AA- \u00a3m A+ \u00a3m A \u00a3m A- \u00a3m BBB \u00a3m Total \u00a3m Other investments 1 \u2013 \u2013 \u2013 158.5 288.6 462.0 89.0 \u2013 998.1 Derivative assets2 \u2013 \u2013 \u2013 \u2013 31.9 24.4 8.7 \u2013 65.0 At 2 April 2022 \u2013 \u2013 \u2013 158.5 320.5 486.4 97.7 \u2013 1,063.1 AAA \u00a3m AA+ \u00a3m AA \u00a3m AA- \u00a3m A+ \u00a3m A \u00a3m A- \u00a3m BBB \u00a3m Total \u00a3m Other investments 1 99.4 \u2013 \u2013 95.5 360.2 287.4 65.0 \u2013 907.5 Derivative assets2 \u2013 \u2013 \u2013 \u2013 10.0 7.4 5.0 0.3 22.7 At 1 April 2023 99.4 \u2013 \u2013 95.5 370.2 294.8 70.0 0.3 930.2 1 Includes cash on deposit and money market funds held by Marks and Spencer Scottish Limited Partnership, Marks and Spencer plc and Marks and Spencer General Insurance. Excludes cash in hand and in transit of \u00a3173.4m (last year: \u00a3217.4m). 2 Standard & Poor\u2019s equivalent rating shown as reference to the majority credit rating of the counterparty from either Standard & Poor\u2019s, Moody\u2019s or Fitch where applicable. The Group has a very low retail credit risk due to transactions principally being of high volume, low value and short maturity. The maximum exposure to credit risk at the balance sheet date was as follows: trade receivables \u00a3128.3m (last year: \u00a3103.0m), lease receivables \u00a365.5m (last year: \u00a375.5m), other receivables (including loans to related parties) \u00a369.3m (last year: \u00a330.5m), cash and cash equivalents \u00a31,067.9m (last year: \u00a31,197.9m) and derivatives \u00a322.7m (last year: \u00a365.0m). Impairment of financial assets The credit risk management practices of the Group include internal review and reporting of the ageing of trade and other receivables by days past due by a centralised accounts receivable function, and grouped by respective contractual revenue stream, along with liaison with the debtors by the credit control function. The Group applies the IFRS 9 simplified approach in measuring expected credit losses which use a lifetime expected credit loss allowance for all trade receivables and lease receivables. To measure expected credit losses, trade receivables have been grouped by shared credit risk characteristics along the lines of differing revenue streams such as international franchise, UK franchise, food, corporate and sundry, as well as by geographical location and days past due. In addition to the expected credit losses calculated using a provision matrix, the Group may provide additional provision for the receivables of particular customers if the deterioration of financial position was observed. The Group\u2019s trade receivables are of very low credit risk due to transactions being principally of high volume, low value and short maturity. Therefore, it also has very low concentration risk. The expected loss rates are determined based on the average write-offs as a proportion of average debt over a period of 36 months prior to the reporting date. The historical loss rates are adjusted for current and forward-looking information where significant. The Group considers GDP growth, unemployment, sales growth and bankruptcy rates of the countries in which goods are sold to be the most relevant factors and, where the impact of these is significant, adjusts the historical loss rates based on expected changes in these factors. Historical experience has indicated that debts aged 180 days or over are generally not recoverable. The Group has incorporated this into the expected loss model through a uniform loss rate for ageing buckets below 180 days dependent on the revenue stream and country and providing for 100% of debt aged more than 180 days past due. Where the Group specifically holds insurance or holds the legal right of offset with debtors which are also creditors, the loss provision is applied only to the extent of the uninsured or net exposure. Trade receivables are written off when there is no reasonable expectation of recovery. Indicators that there may be no reasonable expectation of recovery include the failure of the debtor to engage in a payment plan, and failure to make contractual payments within 180 days past due. Impairment losses on trade receivables are presented as net impairment losses within operating profit and subsequent recoveries are credited to the same line item. As at 2 April 2022 Current \u00a3m Up to 30 days past due \u00a3m 31-60 days past due \u00a3m 61-90 days past due \u00a3m 91-180 days past due \u00a3m 181 days or more past due \u00a3m Total \u00a3m Gross carrying amount \u2013 trade receivables 76.7 15.8 \u2013 1.9 7.5 1.1 103.0 Expected loss rate 2.9% 4.9% 0.0% 5.7% 7.8% 100.0% 4.6% Lifetime expected credit loss 2.2 0.8 \u2013 0.1 0.6 1.1 4.8 Net carrying amount 74.5 15.0 \u2013 1.8 6.9 \u2013 98.2 As at 1 April 2023 Current \u00a3m Up to 30 days past due \u00a3m 31-60 days past due \u00a3m 61-90 days past due \u00a3m 91-180 days past due \u00a3m 181 days or more past due \u00a3m Total \u00a3m Gross carrying amount \u2013 trade receivables 98.5 22.1 2.9 1.9 1.3 1.6 128.3 Expected loss rate 0.8% 3.2% 27.6% 31.6% 69.2% 100.0% 4.2% Lifetime expected credit loss 0.8 0.7 0.8 0.6 0.9 1.6 5.4 Net carrying amount 97.7 21.4 2.1 1.3 0.4 \u2013 122.9 The closing loss allowances for trade receivables reconciles to the opening loss allowances as follows: Trade receivables expected loss provision 2023 \u00a3m 2022 \u00a3m Opening loss allowance 4.8 3.7 Increase in loss allowance recognised in profit and loss during the year 5.5 1.5 Receivables written off during the year as uncollectable (4.9) (0.4) Closing loss allowance 5.4 4.8 The closing loss allowances for lease receivables reconciles to the opening loss allowances as follows: Lease receivables expected loss provision 2023 \u00a3m 2022 \u00a3m Opening loss allowance \u2013 11.9 Increase/(decrease) in loss allowance recognised in profit and loss during the year 1 10.7 (11.9) Closing loss allowance 10.7 \u2013 1 Relates to the sub-let of previously closed offices associated with the strategic programme to centralise the Group\u2019s London Head Office functions (see note 5). The provision for other receivables is highly immaterial (it can be quantified) and therefore no disclosure is provided. (c) Foreign currency risk Transactional foreign currency exposure arises primarily from the import of goods sourced from overseas suppliers and also from the export of goods from the UK to overseas subsidiaries. The most significant exposure is to the US dollar, incurred in the sourcing of Clothing & Home products from Asia. Group Treasury hedges these Clothing & Home foreign currency exposures principally using forward foreign exchange contracts progressively based on dynamic forecasts from the business. Hedging is generally carried out in the six months before the period when purchase orders are entered into. Other exposures arising from the export of goods to overseas subsidiaries are also hedged progressively over the course of the year before they are incurred. As at the balance sheet date, the gross notional value in sterling terms of forward foreign exchange sell or buy contracts amounted to \u00a31,785.7m (last year: \u00a31,865.7m) with a weighted average maturity date of six months (last year: six months). Gains and losses in equity on forward foreign exchange contracts designated in cash flow hedge relationships as at 1 April 2023 will be reclassified to the income statement at various dates over the following 14 months (last year: 15 months) from the balance sheet date. The foreign exchange forwards are designated as cash flow hedges of highly probable forecast transactions. Both spot and forward points are designated in the hedge relationship; under IFRS 9 the currency basis spread may be excluded from the hedge relationship and recognised in other comprehensive income \u2013 cost of hedging reserve. The change in the fair value of the hedging instrument, to the degree effective, is deferred in equity and subsequently either reclassified to profit or loss or removed from equity and included in the initial cost of inventory as part of the \u201cbasis adjustment\u201d. This will be realised in the income statement once the hedged item is sold. The Group has considered, and elected not to, recognise the currency basis spread element in the cost of hedging reserve, owing to the relatively short-dated nature of the hedging instruments. The Group regularly reviews the foreign exchange hedging portfolio to confirm whether the underlying transactions remain highly probable. Any identified instance of over-hedging or ineffectiveness would result in immediate recycling to the income statement. A change in the timing of a forecast item does not disqualify a hedge relationship nor the assertion of \u201chighly probable\u201d as there remains an economic relationship between the underlying transaction and the derivative. The foreign exchange forwards are recognised at fair value. The Group has considered and elected to apply credit/debit valuation adjustments. The risks at the reporting date are representative of the financial year. The Group also holds a number of cross-currency swaps to designate its fixed rate US dollar debt to fixed rate sterling debt. These are reported as cash flow hedges. The change in the fair value of the hedging instrument, to the degree effective, is retained in other comprehensive income, segregated by cost and effect of hedging. Under IFRS 9, the currency basis on the cross-currency swaps is excluded from the hedge designation and recognised in other comprehensive income \u2013 cost of hedging reserve. Effectiveness is measured using the hypothetical derivative approach. The contractual terms of the cross-currency swaps include break clauses every five years which allow for the interest rates to be reset (last reset November 2022). The cross-currency swaps are recognised at fair value. The inclusion of credit risk on cross-currency swaps will cause ineffectiveness of the hedge relationship. The Group has considered and elected to apply credit/debit valuation adjustments, owing to the swaps\u2019 relative materiality and longer dated nature. The Group also hedges foreign currency intercompany loans where these exist. Forward foreign exchange contracts in relation to the hedging of the Group\u2019s foreign currency intercompany loans are classified as fair value through profit and loss. The corresponding fair value movement of the intercompany loan balance resulted in a \u00a31.8m loss (last year: \u00a30.3m gain) in the income statement. As at the balance sheet date, the gross notional value of intercompany loan hedges was \u00a3125.8m (last year: \u00a3166.8m). After taking into account the hedging derivatives entered into by the Group, the currency and interest rate exposure of the Group\u2019s financial liabilities, excluding short-term payables and the liability to the Marks & Spencer UK Pension Scheme, is set out below: 2023 2022 Fixed rate \u00a3m Floating rate \u00a3m Total \u00a3m Fixed rate \u00a3m Floating rate \u00a3m Total \u00a3m Currency Sterling 3,419.6 \u2013 3,419.6 3,610.6 \u2013 3,610.6 Euro 106.8 \u2013 106.8 104.3 \u2013 104.3 Other 101.6 \u2013 101.6 93.3 \u2013 93.3 3,628.0 \u2013 3,628.0 3,808.2 \u2013 3,808.2 As at the balance sheet date and excluding lease liabilities, post-hedging, the GBP and USD fixed rate borrowings are at an average rate of 5.1% (last year: 5.1%) and the weighted average time for which the rate is fixed is five years (last year: five years). (d) Interest rate risk The Group is exposed to interest rate risk in relation to sterling, US dollar and euro variable rate financial assets and liabilities. The Group\u2019s policy is to use derivative contracts where necessary to maintain a mix of fixed and floating rate borrowings to manage this risk. The structure and maturity of these derivatives correspond to the underlying borrowings and are accounted for as fair value or cash flow hedges as appropriate. At the balance sheet date, fixed rate borrowings amounted to \u00a33,628.0m (last year: \u00a33,808.2m) representing the public bond issues and lease liabilities, amounting to 100% (last year: 100%) of the Group\u2019s gross borrowings. The effective interest rates at the balance sheet date were as follows: 2023 % 2022 % Committed and uncommitted borrowings N/A N/A Medium Term Notes 5.1% 5.1% Leases 5.1% 5.4% ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:213800EJP14A79ZG1X44", "period": "2022-04-03T00:00:00/2023-04-02T00:00:00" } }, "fact-735": { "value": "(a) Liquidity & funding risk The risk that the Group could be unable to settle or meet its obligations as they fall due: \u2013 The Group\u2019s funding strategy ensures a mix of funding sources offering sufficient headroom, maturity and flexibility, and cost- effectiveness to match the requirements of the Group. \u2013 Marks and Spencer plc is financed by a combination of retained profits, bank borrowings, Medium Term Notes and committed syndicated bank facilities. \u2013 Operating subsidiaries are financed by a combination of retained profits, bank borrowings and intercompany loans. The Group has a committed syndicated bank revolving credit facility of \u00a3850m with a current maturity date of 13 June 2026. The facility contains a financial covenant, being the ratio of earnings before interest, tax, depreciation and amortisation; to net interest and depreciation on right-of-use assets under IFRS 16. The covenant is measured biannually. The Group was not in breach of this metric at the reporting date. The revolving credit facility includes four sustainability metrics where the margin payable on the facility is adjusted to reflect the Group\u2019s performance against ESG targets material to the Group\u2019s \u201cPlan A\u201d objectives. The Group also has a number of uncommitted facilities available to it. At year end, these amounted to \u00a325m (last year: \u00a325m), all of which are due to be reviewed within a year. At the balance sheet date, a sterling equivalent of \u00a3nil (last year: \u00a3nil) was drawn under the committed facilities and \u00a3nil (last year: \u00a3nil) was drawn under the uncommitted facilities. In addition to the existing borrowings, the Group has a Euro Medium Term Note programme of \u00a33bn, of which \u00a31.1bn (last year: \u00a31.3bn) was in issuance as at the balance sheet date. The initial rate of interest is fixed at the date of issue and the Notes are referred to as fixed rate borrowings throughout the Annual Report as the coupon does not change with movements in benchmark interest rates. However, the rate of interest on certain Notes varies both up and down in response to third-party credit ratings (to above/below Baa3 or above/below BBB-) that reflects the relative deterioration or improvement in the Group\u2019s cost of credit, and the interest payable on these Notes increases or decreases from the next interest payment date following a relevant credit rating downgrade or upgrade. As the original contractual terms of these Notes provide for changes in cash flows to be reset to reflect the relative deterioration or improvement in the Group\u2019s cost of credit, the Group considers these Notes to be floating rate instruments when determining amortised cost under IFRS 9 and consequently the Group applied IFRS 9 paragraph B5.4.5, which requires no adjustment to the carrying amount of the liabilities or immediate impact on profit and loss. If the Group had determined these Notes to be fixed rate instruments, the Notes would be remeasured to reflect the revised cash flows discounted at the original effective rate. This would result in initially a higher interest expense to profit or loss, offset by lower interest charges subsequently, when compared to the Group\u2019s treatment. Ocado Retail Limited, an associate of the Group, has entered into a \u00a330m revolving credit facility provided by BNP Paribas. The Group, along with Ocado Group plc, jointly guarantee the facility. The table below summarises the contractual maturity of the Group\u2019s non-derivative financial liabilities and derivatives, excluding trade payables, other payables and accruals. The carrying value of all trade payables, other payables (excluding contingent consideration payable) and accruals of \u00a31,910.3m (last year: \u00a31,853.3m) is equal to their contractual undiscounted cash flows (see note 19) which are due within one year. Contingent consideration (see the fair value hierarchy section within note 21) and deferred consideration of \u00a37.2m (last year: \u00a3nil) is expected to become payable within one year and \u00a3165.3m (last year: \u00a3190.8m) between two and five years. Medium Term Notes \u00a3m Lease liabilities1 \u00a3m Partnership liability to the Marks & Spencer UK Pension Scheme (note 12) \u00a3m Total borrowings and other financial liabilities \u00a3m Cash inflow on derivatives2 \u00a3m Cash outflow on derivatives 2 \u00a3m Total derivative liabilities \u00a3m Timing of cash flows Within one year (75.5) (313.2) (71.9) (460.6) 330.2 (333.6) (3.4) Between one and two years (375.5) (279.3) (73.0) (727.8) 30.9 (31.1) (0.2) Between two and five years (864.3) (786.0) (54.4) (1,704.7) \u2013 \u2013 \u2013 More than five years (668.4) (3,082.1) \u2013 (3,750.5) \u2013 \u2013 \u2013 Total undiscounted cash flows (1,983.7) (4,460.6) (199.3) (6,643.6) 361.1 (364.7) (3.6) Effect of discounting 454.2 2,181.9 7.0 2,643.1 At 2 April 2022 (1,529.5) (2,278.7) (192.3) (4,000.5) Timing of cash flows Within one year (252.7) (318.8) (73.0) (644.5) 1,062.3 (1,120.6) (58.3) Between one and two years (59.3) (320.4) (54.4) (434.1) 145.8 (147.4) (1.6) Between two and five years (1,002.2) (805.2) \u2013 (1,807.4) 26.0 (26.0) \u2013 More than five years (415.6) (2,982.1) \u2013 (3,397.7) 207.8 (214.7) (6.9) Total undiscounted cash flows (1,729.8) (4,426.5) (127.4) (6,283.7) 1,441.9 (1,508.7) (66.8) Effect of discounting 383.4 2,144.9 2.6 2,530.9 At 1 April 2023 (1,346.4) (2,281.6) (124.8) (3,752.8) 1 Total undiscounted lease payments of \u00a3750.6m relating to the period post-break clause, and the earliest contractual lease exit point, are included in lease liabilities. These undiscounted lease payments should be excluded when determining the Group\u2019s contractual indebtedness under these leases, where there is a contractual right to break. Furthermore, \u00a360.8m of these payments relate to leases where, following the break clause, the Group will have the ability to exit the lease at any point before the lease expiry with a maximum of six months\u2019 notice. 2 Cash inflows and outflows on derivative instruments that require gross settlement (such as cross-currency swaps and forward foreign exchange contracts) are disclosed gross. Cash inflows and outflows on derivative instruments that settle on a net basis are disclosed net. ", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:213800EJP14A79ZG1X44", "period": "2022-04-03T00:00:00/2023-04-02T00:00:00" } }, "fact-736": { "value": "(b) Counterparty risk Counterparty risk exists where the Group can suffer financial loss through the default or non-performance of the counterparties with whom it transacts. Exposures are managed in accordance with the Group treasury policy which limits the value that can be placed with each approved counterparty to minimise the risk of loss. The minimum long-term rating for all counterparties is long-term Standard & Poor\u2019s (S&P)/ Moody\u2019s A-/A3 (BBB+/Baa1 for committed lending banks). In the event of a rating by one agency being different from the other, reference will be made to Fitch to determine the casting vote of the rating group. In the absence of a Fitch rating the lower agency rating will prevail. Limits are reviewed regularly by senior management. The credit risk of these financial instruments is estimated as the fair value of the assets resulting from the contracts. The table below analyses the Group\u2019s short-term investments and derivative assets by credit exposure, excluding bank balances, store cash and cash in transit. Credit rating of counterparty AAA \u00a3m AA+ \u00a3m AA \u00a3m AA- \u00a3m A+ \u00a3m A \u00a3m A- \u00a3m BBB \u00a3m Total \u00a3m Other investments 1 \u2013 \u2013 \u2013 158.5 288.6 462.0 89.0 \u2013 998.1 Derivative assets2 \u2013 \u2013 \u2013 \u2013 31.9 24.4 8.7 \u2013 65.0 At 2 April 2022 \u2013 \u2013 \u2013 158.5 320.5 486.4 97.7 \u2013 1,063.1 AAA \u00a3m AA+ \u00a3m AA \u00a3m AA- \u00a3m A+ \u00a3m A \u00a3m A- \u00a3m BBB \u00a3m Total \u00a3m Other investments 1 99.4 \u2013 \u2013 95.5 360.2 287.4 65.0 \u2013 907.5 Derivative assets2 \u2013 \u2013 \u2013 \u2013 10.0 7.4 5.0 0.3 22.7 At 1 April 2023 99.4 \u2013 \u2013 95.5 370.2 294.8 70.0 0.3 930.2 1 Includes cash on deposit and money market funds held by Marks and Spencer Scottish Limited Partnership, Marks and Spencer plc and Marks and Spencer General Insurance. Excludes cash in hand and in transit of \u00a3173.4m (last year: \u00a3217.4m). 2 Standard & Poor\u2019s equivalent rating shown as reference to the majority credit rating of the counterparty from either Standard & Poor\u2019s, Moody\u2019s or Fitch where applicable. The Group has a very low retail credit risk due to transactions principally being of high volume, low value and short maturity. The maximum exposure to credit risk at the balance sheet date was as follows: trade receivables \u00a3128.3m (last year: \u00a3103.0m), lease receivables \u00a365.5m (last year: \u00a375.5m), other receivables (including loans to related parties) \u00a369.3m (last year: \u00a330.5m), cash and cash equivalents \u00a31,067.9m (last year: \u00a31,197.9m) and derivatives \u00a322.7m (last year: \u00a365.0m). Impairment of financial assets The credit risk management practices of the Group include internal review and reporting of the ageing of trade and other receivables by days past due by a centralised accounts receivable function, and grouped by respective contractual revenue stream, along with liaison with the debtors by the credit control function. The Group applies the IFRS 9 simplified approach in measuring expected credit losses which use a lifetime expected credit loss allowance for all trade receivables and lease receivables. To measure expected credit losses, trade receivables have been grouped by shared credit risk characteristics along the lines of differing revenue streams such as international franchise, UK franchise, food, corporate and sundry, as well as by geographical location and days past due. In addition to the expected credit losses calculated using a provision matrix, the Group may provide additional provision for the receivables of particular customers if the deterioration of financial position was observed. The Group\u2019s trade receivables are of very low credit risk due to transactions being principally of high volume, low value and short maturity. Therefore, it also has very low concentration risk. The expected loss rates are determined based on the average write-offs as a proportion of average debt over a period of 36 months prior to the reporting date. The historical loss rates are adjusted for current and forward-looking information where significant. The Group considers GDP growth, unemployment, sales growth and bankruptcy rates of the countries in which goods are sold to be the most relevant factors and, where the impact of these is significant, adjusts the historical loss rates based on expected changes in these factors. Historical experience has indicated that debts aged 180 days or over are generally not recoverable. The Group has incorporated this into the expected loss model through a uniform loss rate for ageing buckets below 180 days dependent on the revenue stream and country and providing for 100% of debt aged more than 180 days past due. Where the Group specifically holds insurance or holds the legal right of offset with debtors which are also creditors, the loss provision is applied only to the extent of the uninsured or net exposure. Trade receivables are written off when there is no reasonable expectation of recovery. Indicators that there may be no reasonable expectation of recovery include the failure of the debtor to engage in a payment plan, and failure to make contractual payments within 180 days past due. Impairment losses on trade receivables are presented as net impairment losses within operating profit and subsequent recoveries are credited to the same line item. As at 2 April 2022 Current \u00a3m Up to 30 days past due \u00a3m 31-60 days past due \u00a3m 61-90 days past due \u00a3m 91-180 days past due \u00a3m 181 days or more past due \u00a3m Total \u00a3m Gross carrying amount \u2013 trade receivables 76.7 15.8 \u2013 1.9 7.5 1.1 103.0 Expected loss rate 2.9% 4.9% 0.0% 5.7% 7.8% 100.0% 4.6% Lifetime expected credit loss 2.2 0.8 \u2013 0.1 0.6 1.1 4.8 Net carrying amount 74.5 15.0 \u2013 1.8 6.9 \u2013 98.2 As at 1 April 2023 Current \u00a3m Up to 30 days past due \u00a3m 31-60 days past due \u00a3m 61-90 days past due \u00a3m 91-180 days past due \u00a3m 181 days or more past due \u00a3m Total \u00a3m Gross carrying amount \u2013 trade receivables 98.5 22.1 2.9 1.9 1.3 1.6 128.3 Expected loss rate 0.8% 3.2% 27.6% 31.6% 69.2% 100.0% 4.2% Lifetime expected credit loss 0.8 0.7 0.8 0.6 0.9 1.6 5.4 Net carrying amount 97.7 21.4 2.1 1.3 0.4 \u2013 122.9 The closing loss allowances for trade receivables reconciles to the opening loss allowances as follows: Trade receivables expected loss provision 2023 \u00a3m 2022 \u00a3m Opening loss allowance 4.8 3.7 Increase in loss allowance recognised in profit and loss during the year 5.5 1.5 Receivables written off during the year as uncollectable (4.9) (0.4) Closing loss allowance 5.4 4.8 The closing loss allowances for lease receivables reconciles to the opening loss allowances as follows: Lease receivables expected loss provision 2023 \u00a3m 2022 \u00a3m Opening loss allowance \u2013 11.9 Increase/(decrease) in loss allowance recognised in profit and loss during the year 1 10.7 (11.9) Closing loss allowance 10.7 \u2013 1 Relates to the sub-let of previously closed offices associated with the strategic programme to centralise the Group\u2019s London Head Office functions (see note 5). The provision for other receivables is highly immaterial (it can be quantified) and therefore no disclosure is provided. (c) Foreign currency risk Transactional foreign currency exposure arises primarily from the import of goods sourced from overseas suppliers and also from the export of goods from the UK to overseas subsidiaries. The most significant exposure is to the US dollar, incurred in the sourcing of Clothing & Home products from Asia. Group Treasury hedges these Clothing & Home foreign currency exposures principally using forward foreign exchange contracts progressively based on dynamic forecasts from the business. Hedging is generally carried out in the six months before the period when purchase orders are entered into. Other exposures arising from the export of goods to overseas subsidiaries are also hedged progressively over the course of the year before they are incurred. As at the balance sheet date, the gross notional value in sterling terms of forward foreign exchange sell or buy contracts amounted to \u00a31,785.7m (last year: \u00a31,865.7m) with a weighted average maturity date of six months (last year: six months). Gains and losses in equity on forward foreign exchange contracts designated in cash flow hedge relationships as at 1 April 2023 will be reclassified to the income statement at various dates over the following 14 months (last year: 15 months) from the balance sheet date. The foreign exchange forwards are designated as cash flow hedges of highly probable forecast transactions. Both spot and forward points are designated in the hedge relationship; under IFRS 9 the currency basis spread may be excluded from the hedge relationship and recognised in other comprehensive income \u2013 cost of hedging reserve. The change in the fair value of the hedging instrument, to the degree effective, is deferred in equity and subsequently either reclassified to profit or loss or removed from equity and included in the initial cost of inventory as part of the \u201cbasis adjustment\u201d. This will be realised in the income statement once the hedged item is sold. The Group has considered, and elected not to, recognise the currency basis spread element in the cost of hedging reserve, owing to the relatively short-dated nature of the hedging instruments. The Group regularly reviews the foreign exchange hedging portfolio to confirm whether the underlying transactions remain highly probable. Any identified instance of over-hedging or ineffectiveness would result in immediate recycling to the income statement. A change in the timing of a forecast item does not disqualify a hedge relationship nor the assertion of \u201chighly probable\u201d as there remains an economic relationship between the underlying transaction and the derivative. The foreign exchange forwards are recognised at fair value. The Group has considered and elected to apply credit/debit valuation adjustments. The risks at the reporting date are representative of the financial year. The Group also holds a number of cross-currency swaps to designate its fixed rate US dollar debt to fixed rate sterling debt. These are reported as cash flow hedges. The change in the fair value of the hedging instrument, to the degree effective, is retained in other comprehensive income, segregated by cost and effect of hedging. Under IFRS 9, the currency basis on the cross-currency swaps is excluded from the hedge designation and recognised in other comprehensive income \u2013 cost of hedging reserve. Effectiveness is measured using the hypothetical derivative approach. The contractual terms of the cross-currency swaps include break clauses every five years which allow for the interest rates to be reset (last reset November 2022). The cross-currency swaps are recognised at fair value. The inclusion of credit risk on cross-currency swaps will cause ineffectiveness of the hedge relationship. The Group has considered and elected to apply credit/debit valuation adjustments, owing to the swaps\u2019 relative materiality and longer dated nature. The Group also hedges foreign currency intercompany loans where these exist. Forward foreign exchange contracts in relation to the hedging of the Group\u2019s foreign currency intercompany loans are classified as fair value through profit and loss. The corresponding fair value movement of the intercompany loan balance resulted in a \u00a31.8m loss (last year: \u00a30.3m gain) in the income statement. As at the balance sheet date, the gross notional value of intercompany loan hedges was \u00a3125.8m (last year: \u00a3166.8m). After taking into account the hedging derivatives entered into by the Group, the currency and interest rate exposure of the Group\u2019s financial liabilities, excluding short-term payables and the liability to the Marks & Spencer UK Pension Scheme, is set out below: 2023 2022 Fixed rate \u00a3m Floating rate \u00a3m Total \u00a3m Fixed rate \u00a3m Floating rate \u00a3m Total \u00a3m Currency Sterling 3,419.6 \u2013 3,419.6 3,610.6 \u2013 3,610.6 Euro 106.8 \u2013 106.8 104.3 \u2013 104.3 Other 101.6 \u2013 101.6 93.3 \u2013 93.3 3,628.0 \u2013 3,628.0 3,808.2 \u2013 3,808.2 As at the balance sheet date and excluding lease liabilities, post-hedging, the GBP and USD fixed rate borrowings are at an average rate of 5.1% (last year: 5.1%) and the weighted average time for which the rate is fixed is five years (last year: five years). (d) Interest rate risk The Group is exposed to interest rate risk in relation to sterling, US dollar and euro variable rate financial assets and liabilities. The Group\u2019s policy is to use derivative contracts where necessary to maintain a mix of fixed and floating rate borrowings to manage this risk. The structure and maturity of these derivatives correspond to the underlying borrowings and are accounted for as fair value or cash flow hedges as appropriate. At the balance sheet date, fixed rate borrowings amounted to \u00a33,628.0m (last year: \u00a33,808.2m) representing the public bond issues and lease liabilities, amounting to 100% (last year: 100%) of the Group\u2019s gross borrowings. The effective interest rates at the balance sheet date were as follows: 2023 % 2022 % Committed and uncommitted borrowings N/A N/A Medium Term Notes 5.1% 5.1% Leases 5.1% 5.4% ", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:213800EJP14A79ZG1X44", "period": "2022-04-03T00:00:00/2023-04-02T00:00:00" } }, "fact-724": { "value": "Derivative financial instruments The below table illustrates the effects of hedge accounting on the consolidated statement of financial position and consolidated income statement through detailing separately by risk category and each type of hedge the details of the associated hedging instrument and hedged item. 2 April 2022 Current Non Current Forward foreign exchange contracts \u00a3m Forward foreign exchange contracts \u00a3m Cross-currency swaps \u00a3m Forward foreign exchange contracts \u00a3m Hedging risk strategy Cash flow hedges FVTPL Cash flow hedges Cash flow hedges Notional / currency legs 1,536.9 166.8 193.5 162.0 Carrying amount assets 43.0 0.6 18.5 2.9 Carrying amount (liabilities) (2.3) (0.9) \u2013 (0.4) Maturity date to Sep 2022 to May 2022 to Dec 2037 to Apr 2023 Hedge ratio 100% n/a 100% 100% Description of hedged item Highly probable transactional FX exposures Inter-company loans/deposits USD fixed rate borrowing Highly probable transactional FX exposures Change in fair value of hedging instrument 60.1 11.1 26.7 4.8 Change in fair value of hedged item used to determine hedge effectiveness (60.1) (10.8) (25.4) (4.8) Weighted average hedge rate for the year GBP/USD 1.37; GBP/EUR 1.18 \u2013 GBP/USD 1.55 GBP/USD 1.34; GBP/EUR 1.17 Amounts recognised within finance costs in profit and loss \u2013 0.3 (0.1) \u2013 Balance on cash flow hedge reserve at 2 April 2022 (32.0) \u2013 9.5 2.5 Balance on cost of hedging reserve at 2 April 2022 \u2013 \u2013 (5.0) \u2013 1 April 2023 Current Non Current Forward foreign exchange contracts \u00a3m Forward foreign exchange contracts \u00a3m Cross-currency swaps \u00a3m Forward foreign exchange contracts \u00a3m Hedging risk strategy Cash flow hedges FVTPL Cash flow hedges Cash flow hedges Notional / currency legs 1,504.7 125.8 252.9 155.2 Carrying amount assets 22.6 \u2013 0.1 \u2013 Carrying amount (liabilities) (56.0) (2.1) (5.3) (1.8) Maturity date to Jul 2023 to Jun 2023 to Dec 2037 to May 2024 Hedge ratio 100% n/a 100% 100% Description of hedged item Highly probable transactional FX exposures Inter-company loans/deposits USD fixed rate borrowing Highly probable transactional FX exposures Change in fair value of hedging instrument 49.6 (2.1) 30.9 (4.3) Change in fair value of hedged item used to determine hedge effectiveness (49.6) 0.3 (30.0) 4.3 Weighted average hedge rate for the year GBP/USD 1.20; GBP/EUR 1.14 \u2013 GBP/USD 1.19 GBP/USD 1.22; GBP/EUR 1.12 Amounts recognised within finance costs in profit and loss \u2013 (1.8) 0.9 \u2013 Balance on cash flow hedge reserve at 1 April 2023 47.3 \u2013 (7.0) 1.8 Balance on cost of hedging reserve at 1 April 2023 \u2013 \u2013 (5.8) \u2013 1 April 2023 2 April 2022 Notional Value Fair Value Notional Value Fair Value Assets \u00a3m Liabilities \u00a3m Assets \u00a3m Liabilities \u00a3m Assets \u00a3m Liabilities \u00a3m Assets \u00a3m Liabilities \u00a3m Current Forward foreign exchange contracts \u2013 cash flow hedges 559.2 945.6 22.6 (56.0) 1,348.8 188.1 43.0 (2.3) \u2013 FVTPL 8.0 117.7 \u2013 (2.1) 37.2 129.6 0.6 (0.9) 567.2 1,063.3 22.6 (58.1) 1,386.0 317.7 43.6 (3.2) Non-current Cross- currency swaps \u2013 cash flow hedges 125.0 127.9 0.1 (5.3) 193.5 \u2013 18.5 \u2013 Forward foreign exchange contracts \u2013 cash flow hedges 18.1 137.1 \u2013 (1.8) 131.1 30.9 2.9 (0.4) 143.1 265.0 0.1 (7.1) 324.6 30.9 21.4 (0.4) The Group\u2019s hedging reserves disclosed in the consolidated statement of changes in equity, relate to the following hedging instruments: Cost of hedging reserve CCIRS1 \u00a3m Deferred tax \u00a3m Total cost of hedging reserve \u00a3m Hedge reserve FX derivatives \u00a3m Hedge reserve CCIRS \u00a3m Hedge reserve gilt locks \u00a3m Deferred tax \u00a3m Total hedge reserve \u00a3m Opening balance 4 April 2021 (5.8) 1.2 (4.6) 42.7 25.4 0.1 (13.4) 54.8 Add: Change in fair value of hedging instrument recognised in OCI2 \u2013 \u2013 \u2013 (65.7) (26.4) \u2013 \u2013 (92.1) Add: Costs of hedging deferred and recognised in OCI 0.8 \u2013 0.8 \u2013 \u2013 \u2013 \u2013 \u2013 Less: Reclassified to the cost of inventory \u2013 \u2013 \u2013 (6.5) \u2013 \u2013 \u2013 (6.5) Less: Reclassified from OCI to profit or loss \u2013 \u2013 \u2013 \u2013 10.5 \u2013 \u2013 10.5 Less: Deferred tax \u2013 0.2 0.2 \u2013 \u2013 \u2013 15.7 15.7 Closing balance 2 April 2022 (5.0) 1.4 (3.6) (29.5) 9.5 0.1 2.3 (17.6) Opening balance 3 April 2022 (5.0) 1.4 (3.6) (29.5) 9.5 0.1 2.3 (17.6) Add: Change in fair value of hedging instrument recognised in OCI \u2013 \u2013 \u2013 (45.3) (30.9) \u2013 \u2013 (76.2) Add: Costs of hedging deferred and recognised in OCI (0.8) \u2013 (0.8) \u2013 \u2013 \u2013 \u2013 \u2013 Less: Reclassified to the cost of inventory \u2013 \u2013 \u2013 123.9 \u2013 \u2013 \u2013 123.9 Less: Reclassified from OCI to profit or loss \u2013 \u2013 \u2013 \u2013 14.4 \u2013 \u2013 14.4 Less: Deferred tax \u2013 0.2 0.2 \u2013 \u2013 \u2013 (12.6) (12.6) Closing balance 1 April 2023 (5.8) 1.6 (4.2) 49.1 (7.0) 0.1 (10.3) 31.9 1 Cross-currency interest rate swaps 2 Other comprehensive income The Group holds a number of cross-currency interest rate swaps to designate its USD to GBP fixed debt. These are reported as cash flow hedges. The ineffective portion recognised in profit or loss that arises from the cash flow hedge amounts to a \u00a30.9m gain (last year: \u00a31.3m gain) as the loss on the hedged items was \u00a330.0m (last year: \u00a325.4m loss) and the movement on the hedging instruments was a \u00a330.9m gain (last year: \u00a326.7m gain). Movement in hedged items and hedging instruments 2023 \u00a3m 2022 \u00a3m Net gain in fair value of cross-currency interest rate swap 30.9 26.7 Net loss on hedged items (30.0) (25.4) Ineffectiveness 0.9 1.3 ", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800EJP14A79ZG1X44", "period": "2022-04-03T00:00:00/2023-04-02T00:00:00" } }, "fact-725": { "value": "Sensitivity analysis The table below illustrates the estimated impact on the income statement and equity as a result of market movements in foreign exchange and interest rates in relation to the Group\u2019s financial instruments. The directors consider that a 2% +/- (last year: 2%) movement in interest and a 20% +/- (last year: 20%) movement in sterling against the relevant currency represent reasonably possible changes. However, this analysis is for illustrative purposes only. The directors believe that these illustrative assumed movements continue to provide sufficient guidance. The table excludes financial instruments that expose the Group to interest rate and foreign exchange risk where such a risk is fully hedged with another financial instrument. Also excluded are trade receivables and payables as these are either sterling denominated or the foreign exchange risk is hedged. Interest rates The impact in the income statement due to changes in interest rates reflects the effect on the Group\u2019s floating rate debt as at the balance sheet date. The impact in equity reflects the fair value movement in relation to the Group\u2019s cross-currency swaps. Foreign exchange The impact from foreign exchange movements reflects the change in the fair value of the Group\u2019s transactional foreign exchange cash flow hedges at the balance sheet date. The equity impact shown for foreign exchange sensitivity relates to derivatives. This value is expected to be materially offset by the re-translation of the related transactional exposures. 2% decrease in interest rates \u00a3m 2% increase in interest rates \u00a3m 20% weakening in sterling \u00a3m 20% strengthening in sterling \u00a3m At 2 April 2022 Impact on income statement: (loss)/gain (19.2) 19.2 \u2013 \u2013 Impact on other comprehensive income: (loss)/gain (4.2) 3.3 243.5 (243.5) At 1 April 2023 Impact on income statement: (loss)/gain (17.2) 17.2 \u2013 \u2013 Impact on other comprehensive income: (loss)/gain 3.0 (2.3) 227.9 (227.9) ", "dimensions": { "concept": "ifrs-full:SensitivityAnalysisForEachTypeOfMarketRisk", "language": "en", "entity": "scheme:213800EJP14A79ZG1X44", "period": "2022-04-03T00:00:00/2023-04-02T00:00:00" } }, "fact-726": { "value": "Offsetting of financial assets and liabilities The following tables set out the financial assets and financial liabilities which are subject to offsetting, enforceable master netting arrangements and similar agreements. Amounts which are set off against financial assets and liabilities in the Group\u2019s balance sheet, are set out below. For trade and other receivables and trade and other payables, amounts not offset in the balance sheet, but which could be offset under certain circumstances, are also set out. To reconcile the amount shown in the tables below to the Statement of Financial Position, items which are not subject to offsetting should be included. Gross financial assets/ (liabilities) \u00a3m Gross financial (liabilities)/ assets set off \u00a3m Net financial assets/ (liabilities) per statement of financial position \u00a3m Related amounts not set off in the statement of financial position \u00a3m Net \u00a3m At 2 April 2022 Trade and other receivables 27.9 (25.0) 2.9 \u2013 2.9 Derivative financial assets 65.0 \u2013 65.0 (3.4) 61.6 92.9 (25.0) 67.9 (3.4) 64.5 Trade and other payables (284.8) 25.0 (259.8) \u2013 (259.8) Derivative financial liabilities (3.6) \u2013 (3.6) 3.4 (0.2) (288.4) 25.0 (263.4) 3.4 (260.0) Gross financial assets/ (liabilities) \u00a3m Gross financial (liabilities)/ assets set off \u00a3m Net financial assets/ (liabilities) per statement of financial position \u00a3m Related amounts not set off in the statement of financial position \u00a3m Net \u00a3m At 1 April 2023 Trade and other receivables 19.2 (16.5) 2.7 \u2013 2.7 Derivative financial assets 22.7 \u2013 22.7 (18.0) 4.7 41.9 (16.5) 25.4 (18.0) 7.4 Trade and other payables (317. 3) 16.5 (300.8) \u2013 (300.8) Derivative financial liabilities (65.2) \u2013 (65.2) 18.0 (47.2) (382.5) 16.5 (366.0) 18.0 (348.0) Amounts which do not meet the criteria for offsetting on the balance sheet, but could be settled net in certain circumstances, principally relate to derivative transactions under International Swaps and Derivatives Association agreements where each party has the option to settle amounts on a net basis in the event of default of the other party. ", "dimensions": { "concept": "ifrs-full:DisclosureOfOffsettingOfFinancialAssetsAndFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800EJP14A79ZG1X44", "period": "2022-04-03T00:00:00/2023-04-02T00:00:00" } }, "fact-737": { "value": "Fair value hierarchy The Group uses the following hierarchy for determining and disclosing the fair value of financial instruments by valuation technique: \u2013 Level 1: quoted (unadjusted) prices in active markets for identical assets and liabilities. The Group had no level 1 investments or financial instruments. \u2013 Level 2: not traded in an active market but the fair values are based on quoted market prices or alternative pricing sources with reasonable levels of price transparency. The Group\u2019s level 2 financial instruments include interest rate and foreign exchange derivatives. Fair value is calculated using discounted cash flow methodology, future cash flows are estimated based on forward exchange rates and interest rates (from observable market curves) and contract rates, discounted at a rate that reflects the credit risk of the various counterparties for those with a long maturity. \u2013 Level 3: techniques that use inputs which have a significant effect on the recorded fair value that are not based on observable market data. At the end of the reporting period, the Group held the following financial instruments at fair value: 2023 2022 Level 1 \u00a3m Level 2 \u00a3m Level 3 \u00a3m Total \u00a3m Level 1 \u00a3m Level 2 \u00a3m Level 3 \u00a3m Total \u00a3m Assets measured at fair value Financial assets at fair value through profit or loss (FVTPL) \u2013 derivatives held at FVTPL \u2013 \u2013 \u2013 \u2013 \u2013 0.6 \u2013 0.6 \u2013 other investments1 \u2013 12.3 8.6 20.9 \u2013 17.6 4.5 22.1 Derivatives used for hedging \u2013 22.7 \u2013 22.7 \u2013 64.4 \u2013 64.4 Liabilities measured at fair value Financial liabilities at fair value through profit or loss \u2013 derivatives held at FVTPL \u2013 (2.1) \u2013 (2.1) \u2013 (0.9) \u2013 (0.9) \u2013 Ocado contingent consideration2 \u2013 \u2013 (64.7) (64.7) \u2013 \u2013 (172.6) (172.6) \u2013 Gist contingent consideration 3 \u2013 \u2013 (25.0) (25.0) \u2013 \u2013 \u2013 \u2013 Derivatives used for hedging \u2013 (63.1) \u2013 (63.1) \u2013 (2.7) \u2013 (2.7) There were no transfers between the levels of the fair value hierarchy during the period. There were also no changes made to any of the valuation techniques during the period. 1. Within Level 3 other investments, the Group holds \u00a37.3m of venture capital investments, managed by True Capital Limited, measured at FVTPL (last year: \u00a33.1m) (see note 16) which are Level 3 instruments. The fair value of these investments has been determined in accordance with the International Private Equity and Venture Capital (\u201cIPEV\u201d) Valuation Guidelines. Where investments are either recently acquired or there have been recent funding rounds with third parties, the primary input when determining the valuation is the latest transaction price. 2. As part of the investment in Ocado Retail Limited, a contingent consideration arrangement was agreed. The arrangement comprises three separate elements which only become payable on the achievement of three separate financial and operational performance targets. Last year, \u00a333.8m was settled, relating to the first two targets. The final target relates to Ocado Retail Limited achieving a specified target level of earnings in the financial year ending November 2023, with any resulting payment due in 2024 following completion of the Ocado Retail Limited audited FY23 statutory accounts. The performance target is binary, meaning that a payment of \u00a3156.3m plus interest will be made if the performance target is met. Should the target not be met, no consideration would be payable. The fair value of the contingent consideration was estimated using an expected present value technique and was based on probability-weighting possible scenarios and applying an appropriate discount rate to reflect the timing of the possible payment. The Group has considered a range of scenarios reflecting current market uncertainty, taking into account Ocado Retail Limited\u2019s most recent trading update in March 2023, and determined a fair value of \u00a364.7m (last year: \u00a3172.6m). If the level of earnings assumed in the probability-weighted scenarios was 10% higher or lower, the fair value of liability would increase or decrease by \u00a317.5m respectively. A discount rate of 6.4% (last year: 4.2%) was used. During the period, a gain of \u00a3108.0m was recognised in profit or loss in relation to the remeasurement (see note 5). 3. As part of the investment in Gist Limited, the Group has agreed to pay the former owners of Gist Limited additional consideration of up to \u00a325.0m plus interest when freehold properties are disposed of under certain conditions (for other consideration payable please see note 19). There is no minimum amount payable. The Group has the ability to retain the properties should it wish to do so, in which case the full amount of \u00a325.0m plus interest will be payable on the third anniversary of completion. The fair value of the contingent consideration arrangement of \u00a325.0m was estimated by calculating the present value of the future expected cashflows. The estimates are based on a discount rate of 6.1%. A 2.5% change in the discount rate would result in a change in fair value of \u00a31.4m. The Marks & Spencer UK Pension Scheme holds a number of financial instruments which make up the pension asset of \u00a36,781.9m (last year: \u00a310,090.7m). Level 1 and Level 2 financial assets measured at fair value through other comprehensive income amounted to \u00a32,754.7m (last year: \u00a34,945.8m 1 ). Additionally, the scheme assets include \u00a34,027.2m (last year: \u00a35,144.9m1 ) of Level 3 financial assets. See note 11 for information on the Group\u2019s retirement benefits. The following table represents the changes in Level 3 instruments held by the Pension Schemes: 2023 \u00a3m 2022 \u00a3m Opening balance 5,144.9 4,996.9 Fair value (loss)/gain recognised in other comprehensive income1 (401.8) 191.6 Cash withdrawals (715.9) (43.6) Closing balance 4,027.2 5,144.9 1 Last year restated to reflect the deferred payment due from the Marks and Spencer Scottish Limited Partnership (see note 12). Fair value of financial instruments With the exception of the Group\u2019s fixed rate bond debt and the Partnership liability to the Marks & Spencer UK Pension Scheme (note 12), there were no material differences between the carrying value of non-derivative financial assets and financial liabilities and their fair values as at the balance sheet date. The carrying value of the Group\u2019s fixed rate bond debt (level 1 equivalent) was \u00a31,346.4m (last year: \u00a31,529.5m); the fair value of this debt was \u00a31,264.3m (last year: \u00a31,549.6m) which has been calculated using quoted market prices and includes accrued interest. The carrying value of the Partnership liability to the Marks & Spencer UK Pension Scheme (level 2 equivalent) is \u00a3124.8m (last year: \u00a3192.3m) and the fair value of this liability is \u00a3121.9m (last year: \u00a3187.9m). Capital policy The Group\u2019s objectives when managing capital are to fund investment in the transformation and deliver financial performance at an investment grade level, to safeguard its ability to continue as a going concern in order to provide optimal returns for shareholders and to maintain an efficient capital structure to reduce the cost of capital. In doing so, the Group\u2019s strategy is to sustain a capital structure that supports an investment grade credit rating and to retain appropriate levels of liquidity headroom to ensure financial stability and flexibility. To achieve this strategy, the Group regularly monitors key credit metrics such as the gearing ratio, cash flow to net debt and fixed charge cover to maintain this position. In addition, the Group ensures a combination of appropriate committed short-term liquidity headroom with a diverse and balanced long-term debt maturity profile. As at the balance sheet date, the Group\u2019s average debt maturity profile was five years (last year: five years). During the year, the Group maintained credit ratings of Ba1 (stable) with Moody\u2019s and BB+ (stable) with Standard & Poor\u2019s. In order to maintain or realign the capital structure, the Group will consider the appropriate level of dividends paid to shareholders and options to return capital to shareholders, issue new shares or sell assets to reduce debt. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800EJP14A79ZG1X44", "period": "2022-04-03T00:00:00/2023-04-02T00:00:00" } }, "fact-727": { "value": "Fair value hierarchy The Group uses the following hierarchy for determining and disclosing the fair value of financial instruments by valuation technique: \u2013 Level 1: quoted (unadjusted) prices in active markets for identical assets and liabilities. The Group had no level 1 investments or financial instruments. \u2013 Level 2: not traded in an active market but the fair values are based on quoted market prices or alternative pricing sources with reasonable levels of price transparency. The Group\u2019s level 2 financial instruments include interest rate and foreign exchange derivatives. Fair value is calculated using discounted cash flow methodology, future cash flows are estimated based on forward exchange rates and interest rates (from observable market curves) and contract rates, discounted at a rate that reflects the credit risk of the various counterparties for those with a long maturity. \u2013 Level 3: techniques that use inputs which have a significant effect on the recorded fair value that are not based on observable market data. At the end of the reporting period, the Group held the following financial instruments at fair value: 2023 2022 Level 1 \u00a3m Level 2 \u00a3m Level 3 \u00a3m Total \u00a3m Level 1 \u00a3m Level 2 \u00a3m Level 3 \u00a3m Total \u00a3m Assets measured at fair value Financial assets at fair value through profit or loss (FVTPL) \u2013 derivatives held at FVTPL \u2013 \u2013 \u2013 \u2013 \u2013 0.6 \u2013 0.6 \u2013 other investments1 \u2013 12.3 8.6 20.9 \u2013 17.6 4.5 22.1 Derivatives used for hedging \u2013 22.7 \u2013 22.7 \u2013 64.4 \u2013 64.4 Liabilities measured at fair value Financial liabilities at fair value through profit or loss \u2013 derivatives held at FVTPL \u2013 (2.1) \u2013 (2.1) \u2013 (0.9) \u2013 (0.9) \u2013 Ocado contingent consideration2 \u2013 \u2013 (64.7) (64.7) \u2013 \u2013 (172.6) (172.6) \u2013 Gist contingent consideration 3 \u2013 \u2013 (25.0) (25.0) \u2013 \u2013 \u2013 \u2013 Derivatives used for hedging \u2013 (63.1) \u2013 (63.1) \u2013 (2.7) \u2013 (2.7) There were no transfers between the levels of the fair value hierarchy during the period. There were also no changes made to any of the valuation techniques during the period. 1. Within Level 3 other investments, the Group holds \u00a37.3m of venture capital investments, managed by True Capital Limited, measured at FVTPL (last year: \u00a33.1m) (see note 16) which are Level 3 instruments. The fair value of these investments has been determined in accordance with the International Private Equity and Venture Capital (\u201cIPEV\u201d) Valuation Guidelines. Where investments are either recently acquired or there have been recent funding rounds with third parties, the primary input when determining the valuation is the latest transaction price. 2. As part of the investment in Ocado Retail Limited, a contingent consideration arrangement was agreed. The arrangement comprises three separate elements which only become payable on the achievement of three separate financial and operational performance targets. Last year, \u00a333.8m was settled, relating to the first two targets. The final target relates to Ocado Retail Limited achieving a specified target level of earnings in the financial year ending November 2023, with any resulting payment due in 2024 following completion of the Ocado Retail Limited audited FY23 statutory accounts. The performance target is binary, meaning that a payment of \u00a3156.3m plus interest will be made if the performance target is met. Should the target not be met, no consideration would be payable. The fair value of the contingent consideration was estimated using an expected present value technique and was based on probability-weighting possible scenarios and applying an appropriate discount rate to reflect the timing of the possible payment. The Group has considered a range of scenarios reflecting current market uncertainty, taking into account Ocado Retail Limited\u2019s most recent trading update in March 2023, and determined a fair value of \u00a364.7m (last year: \u00a3172.6m). If the level of earnings assumed in the probability-weighted scenarios was 10% higher or lower, the fair value of liability would increase or decrease by \u00a317.5m respectively. A discount rate of 6.4% (last year: 4.2%) was used. During the period, a gain of \u00a3108.0m was recognised in profit or loss in relation to the remeasurement (see note 5). 3. As part of the investment in Gist Limited, the Group has agreed to pay the former owners of Gist Limited additional consideration of up to \u00a325.0m plus interest when freehold properties are disposed of under certain conditions (for other consideration payable please see note 19). There is no minimum amount payable. The Group has the ability to retain the properties should it wish to do so, in which case the full amount of \u00a325.0m plus interest will be payable on the third anniversary of completion. The fair value of the contingent consideration arrangement of \u00a325.0m was estimated by calculating the present value of the future expected cashflows. The estimates are based on a discount rate of 6.1%. A 2.5% change in the discount rate would result in a change in fair value of \u00a31.4m. The Marks & Spencer UK Pension Scheme holds a number of financial instruments which make up the pension asset of \u00a36,781.9m (last year: \u00a310,090.7m). Level 1 and Level 2 financial assets measured at fair value through other comprehensive income amounted to \u00a32,754.7m (last year: \u00a34,945.8m 1 ). Additionally, the scheme assets include \u00a34,027.2m (last year: \u00a35,144.9m1 ) of Level 3 financial assets. See note 11 for information on the Group\u2019s retirement benefits. The following table represents the changes in Level 3 instruments held by the Pension Schemes: 2023 \u00a3m 2022 \u00a3m Opening balance 5,144.9 4,996.9 Fair value (loss)/gain recognised in other comprehensive income1 (401.8) 191.6 Cash withdrawals (715.9) (43.6) Closing balance 4,027.2 5,144.9 1 Last year restated to reflect the deferred payment due from the Marks and Spencer Scottish Limited Partnership (see note 12). Fair value of financial instruments With the exception of the Group\u2019s fixed rate bond debt and the Partnership liability to the Marks & Spencer UK Pension Scheme (note 12), there were no material differences between the carrying value of non-derivative financial assets and financial liabilities and their fair values as at the balance sheet date. The carrying value of the Group\u2019s fixed rate bond debt (level 1 equivalent) was \u00a31,346.4m (last year: \u00a31,529.5m); the fair value of this debt was \u00a31,264.3m (last year: \u00a31,549.6m) which has been calculated using quoted market prices and includes accrued interest. The carrying value of the Partnership liability to the Marks & Spencer UK Pension Scheme (level 2 equivalent) is \u00a3124.8m (last year: \u00a3192.3m) and the fair value of this liability is \u00a3121.9m (last year: \u00a3187.9m). Capital policy The Group\u2019s objectives when managing capital are to fund investment in the transformation and deliver financial performance at an investment grade level, to safeguard its ability to continue as a going concern in order to provide optimal returns for shareholders and to maintain an efficient capital structure to reduce the cost of capital. In doing so, the Group\u2019s strategy is to sustain a capital structure that supports an investment grade credit rating and to retain appropriate levels of liquidity headroom to ensure financial stability and flexibility. To achieve this strategy, the Group regularly monitors key credit metrics such as the gearing ratio, cash flow to net debt and fixed charge cover to maintain this position. In addition, the Group ensures a combination of appropriate committed short-term liquidity headroom with a diverse and balanced long-term debt maturity profile. As at the balance sheet date, the Group\u2019s average debt maturity profile was five years (last year: five years). During the year, the Group maintained credit ratings of Ba1 (stable) with Moody\u2019s and BB+ (stable) with Standard & Poor\u2019s. In order to maintain or realign the capital structure, the Group will consider the appropriate level of dividends paid to shareholders and options to return capital to shareholders, issue new shares or sell assets to reduce debt. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:213800EJP14A79ZG1X44", "period": "2022-04-03T00:00:00/2023-04-02T00:00:00" } }, "fact-691": { "value": "22 PROVISIONS Property \u00a3m Restructuring \u00a3m Other \u00a3m Total \u00a3m At 4 April 2021 76.7 28.5 12.1 117.3 Provided in the year \u2013 charged to profit or loss 23.5 38.0 6.2 67.7 Provided in the year \u2013 charged to property, plant and equipment 5.3 \u2013 \u2013 5.3 Released in the year (8.4) (2.8) (3.0) (14.2) Utilised during the year (5.1) (28.2) (0.9) (34.2) Exchange differences \u2013 (0.1) (0.2) (0.3) Discount rate unwind 3.8 \u2013 \u2013 3.8 At 2 April 2022 95.8 35.4 14.2 145.4 Analysed as: Current 53.6 Non-current 91.8 Property \u00a3m Restructuring \u00a3m Other \u00a3m Total \u00a3m At 3 April 2022 95.8 35.4 14.2 145.4 Acquired through business combinations 1.8 - 1.5 3.3 Provided in the year \u2013 charged to profit or loss 25.3 14.0 12.3 51.6 Released in the year (46.0) (0.2) (0.6) (46.8) Utilised during the year (3.5) (32.3) (3.8) (39.6) Exchange differences \u2013 \u2013 0.1 0.1 Discount rate unwind 5.4 \u2013 \u2013 5.4 At 1 April 2023 78.8 16.9 23.7 119.4 Analysed as: Current 44.0 Non-current 75.4 Property provisions relate primarily to obligations such as dilapidations arising as a result of the closure of stores in the UK, as part of the UK store estate strategic programme. These provisions are expected to be utilised over the period to the end of each specific lease (up to 10 years). Movements in restructuring provisions relate to the utilisation and finalisation of costs associated with the strategic programme to transition to a single-tier UK distribution network; the strategic programme to reduce roles across central support centres, regional management and our UK and Republic of Ireland stores; the historical International exit strategy; the restructure of certain International franchise operations; and cost savings and transformation relating to the acquisition of Gist. Closing provisions relate primarily to the strategic programme to transition to a single-tier UK distribution network, expected to be utilised over the period of closure of sites, and the restructure of certain International franchise operations, expected to be utilised within the next year. Other provisions include amounts in respect of probable liabilities for employee-related matters. Provisions related to adjusting items were \u00a3100.3m at 1 April 2023 (last year: \u00a3124.9m), with a net charge in the year of \u00a33.9m (last year: \u00a348.2m) (see note 5). ", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:213800EJP14A79ZG1X44", "period": "2022-04-03T00:00:00/2023-04-02T00:00:00" } }, "fact-692": { "value": "23 DEFERRED TAX Deferred tax is provided under the balance sheet liability method using the tax rate at which the balances are expected to unwind of 25% (last year: 19% and 25% as applicable) for UK differences and local tax rates for overseas differences. Details of the changes to the UK corporation tax rate and the impact on the Group are described in note 7. The movements in deferred tax assets and liabilities (after the offsetting of balances within the same jurisdiction as permitted by IAS 12 \u2013 \u201cIncome Taxes\u201d) during the year are shown below. Deferred tax assets/(liabilities) Land and buildings temporary differences \u00a3m Capital allowances in excess of depreciation \u00a3m Pension temporary differences \u00a3m IFRS 16 adjustment \u00a3m Other short-term temporary differences \u00a3m Total UK deferred tax \u00a3m Overseas deferred tax \u00a3m Total \u00a3m At 4 April 2021 (50.3) 22.6 (148.7) 104.9 30.6 (40.9) (1.4) (42.3) (Charged)/credited to income statement (15.4) 3.7 (14.7) 12.6 7.7 (6.1) 1.0 (5.1) (Charged)/Credited to equity/other comprehensive income \u2013 \u2013 (128.7) \u2013 (14.1) (142.8) 3.0 (139.8) At 2 April 2022 (65.7) 26.3 (292.1) 117.5 24.2 (189.8) 2.6 (187.2) At 2 April 2022 (65.7) 26.3 (292.1) 117.5 24.2 (189.8) 2.6 (187.2) Credited/(charged) to income statement 3.7 (36.4) (7.4) (5.7) 4.9 (40.9) (0.2) (41.1) Credited/(charged) to equity/other comprehensive income \u2013 \u2013 158.0 \u2013 17.6 175.6 (0.6) 175.0 Acquisition of Gist (11.5) (1.0) 1.0 \u2013 0.1 (11.4) \u2013 (11.4) At 1 April 2023 (73.5) (11.1) (140.5) 111.8 46.8 (66.5) 1.8 (64.7) Other short-term temporary differences relate mainly to employee share options and financial instruments. The deferred tax liability on land and buildings temporary differences is reduced by the benefit of capital losses with a gross value of \u00a3230.5m (last year: \u00a3236.6m) and a tax value of \u00a357.6m (last year: \u00a358.6m). The gross carried forward capital losses are \u00a3348.0m (last year: \u00a3364.7m) with a tax value of \u00a387.0m (last year: \u00a391.2m) and are inclusive of the gross \u00a3230.5m of losses used to reduce the deferred tax liability on land and buildings. Due to uncertainty over their future use, no benefit has been recognised in respect of trading losses carried forward in overseas jurisdictions with a gross value of \u00a35.2m (last year: \u00a35.6m) and a tax value of \u00a31.3m (last year: \u00a31.4m). No deferred tax is recognised in respect of undistributed earnings of overseas subsidiaries and joint ventures with a gross value of \u00a346.1m (last year: \u00a334.2m) unless a material liability is expected to arise on distribution of these earnings under applicable tax legislation. There is a potential tax liability in respect of undistributed earnings of \u00a34.4m (last year: \u00a33.1m) however this has not been recognised on the basis that the distribution can be controlled by the Group, and it is not probable that the temporary difference will reverse in the foreseeable future. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:213800EJP14A79ZG1X44", "period": "2022-04-03T00:00:00/2023-04-02T00:00:00" } }, "fact-693": { "value": "24 ORDINARY SHARE CAPITAL 2023 2022 Ordinary shares of \u00a30.01 each Ordinary shares of \u00a30.25 each Ordinary shares of \u00a30.01 each Deferred shares of \u00a30.24 each Shares \u00a3m Shares \u00a3m Shares \u00a3m Shares \u00a3m Issued and fully paid At start of year 1,958,905,344 19.7 1,956,513,591 489.2 \u2013 \u2013 \u2013 \u2013 Shares issued in respect of employee share option schemes \u2013 \u2013 1,266,035 0.3 \u2013 \u2013 \u2013 \u2013 Subdivision of ordinary share capital \u2013 \u2013 (1,957,779,626) (489.5) 1,957,779,626 19.6 1,957,779,626 469.9 Repurchase of deferred shares \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 (1,957,779,626) (469.9) Shares issued in respect of employee share option schemes 6,028,587 0.1 \u2013 \u2013 1,125,718 0.1 \u2013 \u2013 At end of year 1,964,933,931 19.8 \u2013 \u2013 1,958,905,344 19.7 \u2013 \u2013 Nominal value reduction In July 2021, the Company reduced the nominal value of its ordinary shares from \u00a30.25 to \u00a30.01. The reduction was completed by subdividing each \u00a30.25 ordinary share in issue into 1 ordinary share of \u00a30.01 and 1 deferred share of \u00a30.24. All deferred shares were then bought back for total aggregate consideration of \u00a30.01 and cancelled. The Company\u2019s issued share capital remained unchanged and each shareholder\u2019s proportionate interest in the share capital of the Company remained unchanged. Aside from the change in nominal value, the rights attaching to the ordinary shares (including voting and dividend rights and rights on a return of capital) remain unchanged. The repurchase and cancellation of the shares resulted in an increase to the Company\u2019s capital redemption reserve of \u00a3469.9m. Issue of new shares A total of 6,028,587 (last year: 2,391,753) ordinary shares having a nominal value of \u00a30.1m (last year: \u00a30.4m) were allotted during the year under the terms of the Company\u2019s share schemes which are described in note 13 of the Group financial statements. The aggregate consideration received was \u00a30.1m (last year: \u00a30.3m). ", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800EJP14A79ZG1X44", "period": "2022-04-03T00:00:00/2023-04-02T00:00:00" } }, "fact-694": { "value": "25 CONTINGENCIES AND COMMITMENTS A. Capital commitments 2023 \u00a3m 2022 \u00a3m Commitments in respect of properties in the course of construction 100.8 59.8 Software capital commitments 6.1 6.1 106.9 65.9 Last year, the Group committed to invest up to \u00a325.0m, over a three-year period to 2024/25, in an innovation and consumer growth fund managed by True Capital Limited. The fund can drawdown amounts at any time over the three-year period to make specific investments. At 1 April 2023, the Group had invested \u00a37.5m (last year: \u00a33.3m) of this commitment, which is held as a non-current other investment and measured at fair value through profit or loss (see note 16). B. Other material contracts In the event of termination of our trading arrangements with certain warehouse operators, the Group has a number of options and commitments to purchase some property, plant and equipment, at values ranging from historical net book value to market value, which are currently owned and operated by the warehouse operators on the Group\u2019s behalf. These options and commitments would have no material impact on the Group\u2019s statement of financial position. See note 12 for details on the Partnership arrangement with the Marks & Spencer UK Pension Scheme. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800EJP14A79ZG1X44", "period": "2022-04-03T00:00:00/2023-04-02T00:00:00" } }, "fact-729": { "value": "A. Capital commitments 2023 \u00a3m 2022 \u00a3m Commitments in respect of properties in the course of construction 100.8 59.8 Software capital commitments 6.1 6.1 106.9 65.9 Last year, the Group committed to invest up to \u00a325.0m, over a three-year period to 2024/25, in an innovation and consumer growth fund managed by True Capital Limited. The fund can drawdown amounts at any time over the three-year period to make specific investments. At 1 April 2023, the Group had invested \u00a37.5m (last year: \u00a33.3m) of this commitment, which is held as a non-current other investment and measured at fair value through profit or loss (see note 16). ", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:213800EJP14A79ZG1X44", "period": "2022-04-03T00:00:00/2023-04-02T00:00:00" } }, "fact-728": { "value": "B. Other material contracts In the event of termination of our trading arrangements with certain warehouse operators, the Group has a number of options and commitments to purchase some property, plant and equipment, at values ranging from historical net book value to market value, which are currently owned and operated by the warehouse operators on the Group\u2019s behalf. These options and commitments would have no material impact on the Group\u2019s statement of financial position. See note 12 for details on the Partnership arrangement with the Marks & Spencer UK Pension Scheme. ", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800EJP14A79ZG1X44", "period": "2022-04-03T00:00:00/2023-04-02T00:00:00" } }, "fact-695": { "value": "26 ANALYSIS OF CASH FLOWS GIVEN IN THE STATEMENT OF CASH FLOWS Cash flows from operating activities 2023 \u00a3m 2022 \u00a3m Profit on ordinary activities after taxation 364.5 309.0 Income tax expense 111.2 82.7 Finance costs 205.5 214.4 Finance income (166.1) (33.9) Operating profit 515.1 572.2 Share of results of Ocado Retail Limited 29.5 (13.9) Increase in inventories (58.5) (46.5) Increase in receivables (33.7) (2.9) Increase in payables 82.1 289.1 Depreciation, amortisation and write-offs 523.2 510.7 Non-cash share based payment expense 38.0 38.8 Defined benefit pension funding (36.8) (36.8) Adjusting items net cash outflows1,2 (67.9) (45.8) Adjusting items M&S Bank 3 (2.0) (16.0) Adjusting operating profit items 111.5 136.8 Cash generated from operations 1,100.5 1,385.7 1 Excludes \u00a311.5m (last year: \u00a35.6m) of surrender payments included within repayment of lease liabilities in the consolidated statement of cash flows relating to leases within the UK store estate programme. 2 Adjusting items net cash outflows relate to strategic programme costs associated with the UK store estate, UK logistics, UK structural simplification programme, the utilisation of the provisions for International store closures and impairments, and legal costs related to the acquisition of Gist Limited. 3 Adjusting items M&S Bank relates to M&S Bank income recognised in operating profit offset by charges incurred in relation to the insurance mis-selling provision, which is a non-cash item. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:213800EJP14A79ZG1X44", "period": "2022-04-03T00:00:00/2023-04-02T00:00:00" } }, "fact-696": { "value": "
27 ANALYSIS OF NET DEBT
A. Reconciliation of movement in net debt
At
4 April
2021
\u00a3m
Cash
flow
\u00a3m
Changes
in fair
values
\u00a3m
Lease
additions and
remeasurements
\u00a3m
Exchange
and other
non-cash
movements
1
\u00a3m
At
2 April
2022
\u00a3m
Net debt
Bank loans and overdrafts (see note 20) (4.7) 4.7 \u2013 \u2013 \u2013 \u2013
Cash and cash equivalents (see note 18) 674.4 531.7 \u2013 \u2013 (8.2) 1,197.9
Net cash per statement of cash flows 669.7 536.4 \u2013 \u2013 (8.2) 1,197.9
Current other financial assets (see note 16) 18.4 (0.8) \u2013 \u2013 \u2013 17.6
Liabilities from financing activities
Medium Term Notes (see note 20) (1,682.1) 244.0 \u2013 \u2013 (91.4) (1,529.5)
Lease liabilities (see note 20) (2,405.9) 344.3 \u2013 (100.6) (116.5) (2,278.7)
Partnership liability to the Marks & Spencer UK
Pension Scheme (see note 12)
(185.5) \u2013 \u2013 \u2013 (2.4) (187.9)
Derivatives held to hedge Medium Term Notes (8.1) \u2013 26.6 \u2013 \u2013 18.5
Liabilities from financing activities (4,281.6) 588.3 26.6 (100.6) (210.3) (3,977.6)
Less: Cashflows related to interest and
derivative instruments
77.6 (208.7) (26.6) \u2013 221.0 63.3
Net debt (3,515.9) 915.2 \u2013 (100.6) 2.5 (2,698.8)
At
3 April
2022
\u00a3m
Cash
flow
\u00a3m
Changes
in fair
values
\u00a3m
Lease
additions and
remeasurements
\u00a3m
Exchange
and other
non-cash
movements
1
\u00a3m
At
1 April
2023
\u00a3m
Net debt
Cash and cash equivalents (see note 18) 1,197.9 (130.5) \u2013 \u2013 0.5 1,067.9
Net cash per statement of cash flows 1,197.9 (130.5) \u2013 \u2013 0.5 1,067.9
Current other financial assets (see note 16) 17.6 (5.3) \u2013 \u2013 0.7 13.0
Liabilities from financing activities
Medium Term Notes (see note 20) (1,529.5) 262.3 \u2013 \u2013 (79.2) (1,346.4)
Lease liabilities (see note 20) (2,278.7) 353.8 \u2013 (270.7) (86.0) (2,281.6)
Partnership liability to the Marks & Spencer UK
Pension Scheme (see note 12)
(187.9) 66.0 \u2013 \u2013 \u2013 (121.9)
Derivatives held to hedge Medium Term Notes 18.5 (57.4) 33.7 \u2013 \u2013 (5.2)
Liabilities from financing activities (3,977.6) 624.7 33.7 (270.7) (165.2) (3,755.1)
Less: Cashflows related to interest and
derivative instruments
63.3 (171.7) (33.7) \u2013 179.1 37.0
Net debt (2,698.8) 317.2 \u2013 (270.7) 15.1 (2,637.2)
1 Exchange and other non-cash movements includes interest paid on Medium Term Notes of \u00a365.4m (last year: \u00a379.6m), interest paid on lease liabilities of \u00a3116.7m (last year:
\u00a3121.1m) and interest paid on the Partnership liability to the Marks & Spencer UK Pension Scheme of \u00a34.3m (last year: \u00a34.4m) .
B. Reconciliation of net debt to statement of financial position
2023
\u00a3m
2022
\u00a3m
Statement of financial position and related notes
Cash and cash equivalents (see note 18) 1,067.9 1,197.9
Current other financial assets (see note 16) 13.0 17.6
Medium Term Notes \u2013 net of foreign exchange revaluation (see note 20) (1,356.6) (1,494.7)
Lease liabilities (see note 20) (2,281.6) (2,278.7)
Partnership liability to the Marks & Spencer UK Pension Scheme (see note 12 and 21) (124.8) (192.3)
(2,682.1) (2,750.2)
Interest payable included within related borrowing and the partnership liability to the Marks & Spencer UK
Pension Scheme
44.9 51.4
Net debt (2,637.2) (2,698.8)
", "dimensions": { "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory", "language": "en", "entity": "scheme:213800EJP14A79ZG1X44", "period": "2022-04-03T00:00:00/2023-04-02T00:00:00" } }, "fact-697": { "value": "
28 RELATED PARTY TRANSACTIONS
A. Subsidiaries
Transactions between the Company and its subsidiaries, which are related parties, have been eliminated on consolidation and are not
disclosed in this note. Transactions between the Company and its subsidiaries are disclosed in the Company\u2019s separate financial statements.
B. Joint ventures and associates
Ocado Retail Limited
The following transactions were carried out with Ocado Retail Limited, an associate of the Group.
Loan to Ocado Retail Limited
2023
\u00a3m
2022
\u00a3m
Opening balance \u2013 \u2013
Loans advanced 30.0 \u2013
Interest charged 0.9 \u2013
Closing balance 30.9 \u2013
The loan matures during 2039/40 and accrues interest at Sterling Overnight Index Average (\u201cSONIA\u201d) plus an applicable margin.
Parent guarantee
Ocado Retail Limited has entered into a \u00a330.0m revolving credit facility provided by BNPP, of which \u00a325.0m was drawn at 1 April 2023 (last
year: undrawn). The Group, along with Ocado Group plc, jointly guarantee the facility.
Sales and purchases of goods and services
2023
\u00a3m
2022
\u00a3m
Sales of goods and services 35.7 36.1
Purchases of goods and services 0.1 0.2
Included within trade and other receivables is a balance of \u00a32.9m (last year: \u00a31.9m) owed by Ocado Retail Limited.
Nobody\u2019s Child Limited
Nobody\u2019s Child Limited became an associate of the Group in November 2021.
During the year, the Group made purchases of goods amounting to \u00a36.3m (last year: \u00a31.2m)
At 1 April 2023, there was no balance included within trade and other payables (last year: \u00a30.2m) owed to Nobody\u2019s Child Limited,
and a \u00a30.7m balance included within other financial assets (last year: \u00a30.7m) owed from Nobody\u2019s Child Limited.
C. Marks & Spencer UK Pension Scheme
Details of other transactions and balances held with the Marks & Spencer UK Pension Scheme are set out in notes 11 and 12 .
D. Key management compensation The Group has determined that the key management personnel constitute the Board and the members of the Executive Committee. 2023 \u00a3m 2022 \u00a3m Salaries and short-term benefits 14.3 15.3 Share-based payments 4.8 2.1 Total 19.1 17.4 E. Other related party transactions The Group acquired 77.7% of the issued share capital of The Sports Edit Limited (\u201cTSE\u201d) in February 2022. A further 4.8% of TSE\u2019s issued share capital was owned by Mr. Justin King, a Non-Executive Director of the Group (the \u201cJK TSE Shares\u201d). Following shareholder approval, the Group acquired the JK TSE Shares from Mr. Justin King at a total purchase price of \u00a30.3m in July 2022. ", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:213800EJP14A79ZG1X44", "period": "2022-04-03T00:00:00/2023-04-02T00:00:00" } }, "fact-730": { "value": "D. Key management compensation The Group has determined that the key management personnel constitute the Board and the members of the Executive Committee. 2023 \u00a3m 2022 \u00a3m Salaries and short-term benefits 14.3 15.3 Share-based payments 4.8 2.1 Total 19.1 17.4 ", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:213800EJP14A79ZG1X44", "period": "2022-04-03T00:00:00/2023-04-02T00:00:00" } }, "fact-738": { "value": "29 INVESTMENTS IN JOINT VENTURES AND ASSOCIATES The Group holds a 50% interest in Ocado Retail Limited, a company incorporated in the UK. The remaining 50% interest is held by Ocado Group plc. Ocado Retail Limited is an online grocery retailer, operating through the ocado.com and ocadozoom.com websites. Ocado Retail Limited is considered an associate of the Group as certain rights are conferred on Ocado Group plc for an initial period of at least five years from acquisition in August 2019, giving Ocado Group plc control of the company. Following this initial period, a reassessment of control will be required as the Group will have an option to obtain more control over Ocado Retail Limited if certain conditions are met. If the Group is deemed to have obtained control, Ocado Retail Limited will then be consolidated as a subsidiary of the Group. Through Board representation and shareholder voting rights, the Group is currently considered to have significant influence, therefore the investment in Ocado Retail Limited is treated as an associate and applies the equity method of accounting. Ocado Retail Limited had a financial year end date of 27 November 2022, aligning with its parent company, Ocado Group plc. For the Group\u2019s purpose of applying the equity method of accounting, Ocado Retail Limited has prepared financial information to the nearest quarter-end date of its financial year end, as to do otherwise would be impracticable. The results of Ocado Retail Limited are incorporated in these financial statements from 28 February 2022 to 26 February 2023. There were no significant events or transactions in the period from 27 February 2023 to 1 April 2023. The carrying amount of the Group\u2019s interest in Ocado Retail Limited is \u00a3756.9m (last year: \u00a3800.4m). The Group\u2019s share of Ocado Retail Limited losses of \u00a343.5m (last year: loss of \u00a318.6m) includes the Group\u2019s share of underlying losses of \u00a329.5m, which includes \u00a313.2m of exceptional income before tax related to insurance receipts (last year: share of underlying profit: \u00a313.9m) and adjusting item charges of \u00a314.0m (last year: \u00a332.5m) (see note 5). Summarised financial information in respect of Ocado Retail Limited (the Group\u2019s only material associate) is set out below and represents amounts in the Ocado Retail Limited financial statements prepared in accordance with IFRS, adjusted by the Group for equity accounting purposes. As at 26 Feb 2023 \u00a3m As at 27 Feb 2022 \u00a3m Ocado Retail Limited Current assets 220.0 291.2 Non-current assets 618.7 590.1 Current liabilities (267.7) (223.3) Non-current liabilities (421.7) (449.8) Net assets 149.3 208.2 28 Feb 2022 to 26 Feb 2023 \u00a3m 29 Feb 2021 to 27 Feb 2022 \u00a3m Revenue 2,222.0 2,248.8 (Loss)/profit for the period (59.0) 27.8 Other comprehensive income \u2013 \u2013 Total comprehensive (loss)/income (59.0) 27.8 Reconciliation of the above summarised financial information to the carrying amount of the interest in Ocado Retail Limited recognised in the consolidated financial statements: As at 1 Apr 2023 \u00a3m As at 2 Apr 2022 \u00a3m Ocado Retail Limited Net assets 149.3 208.2 Proportion of the Group\u2019s ownership interest 74.6 104.1 Goodwill 449.1 449.1 Brand 236.2 242.7 Customer relationships 67.1 77.7 Other adjustments to align accounting policies (75.8) (78.9) Acquisition costs 5.7 5.7 Carrying amount of the Group\u2019s interest in Ocado Retail Limited 756.9 800.4 In addition, the Group holds immaterial investments in joint ventures and associates totalling \u00a311.0m (last year: \u00a310.5m). The Group\u2019s share of profits totalled \u00a30.5m (last year: \u00a30.7m loss). ", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:213800EJP14A79ZG1X44", "period": "2022-04-03T00:00:00/2023-04-02T00:00:00" } }, "fact-731": { "value": "29 INVESTMENTS IN JOINT VENTURES AND ASSOCIATES The Group holds a 50% interest in Ocado Retail Limited, a company incorporated in the UK. The remaining 50% interest is held by Ocado Group plc. Ocado Retail Limited is an online grocery retailer, operating through the ocado.com and ocadozoom.com websites. Ocado Retail Limited is considered an associate of the Group as certain rights are conferred on Ocado Group plc for an initial period of at least five years from acquisition in August 2019, giving Ocado Group plc control of the company. Following this initial period, a reassessment of control will be required as the Group will have an option to obtain more control over Ocado Retail Limited if certain conditions are met. If the Group is deemed to have obtained control, Ocado Retail Limited will then be consolidated as a subsidiary of the Group. Through Board representation and shareholder voting rights, the Group is currently considered to have significant influence, therefore the investment in Ocado Retail Limited is treated as an associate and applies the equity method of accounting. Ocado Retail Limited had a financial year end date of 27 November 2022, aligning with its parent company, Ocado Group plc. For the Group\u2019s purpose of applying the equity method of accounting, Ocado Retail Limited has prepared financial information to the nearest quarter-end date of its financial year end, as to do otherwise would be impracticable. The results of Ocado Retail Limited are incorporated in these financial statements from 28 February 2022 to 26 February 2023. There were no significant events or transactions in the period from 27 February 2023 to 1 April 2023. The carrying amount of the Group\u2019s interest in Ocado Retail Limited is \u00a3756.9m (last year: \u00a3800.4m). The Group\u2019s share of Ocado Retail Limited losses of \u00a343.5m (last year: loss of \u00a318.6m) includes the Group\u2019s share of underlying losses of \u00a329.5m, which includes \u00a313.2m of exceptional income before tax related to insurance receipts (last year: share of underlying profit: \u00a313.9m) and adjusting item charges of \u00a314.0m (last year: \u00a332.5m) (see note 5). Summarised financial information in respect of Ocado Retail Limited (the Group\u2019s only material associate) is set out below and represents amounts in the Ocado Retail Limited financial statements prepared in accordance with IFRS, adjusted by the Group for equity accounting purposes. As at 26 Feb 2023 \u00a3m As at 27 Feb 2022 \u00a3m Ocado Retail Limited Current assets 220.0 291.2 Non-current assets 618.7 590.1 Current liabilities (267.7) (223.3) Non-current liabilities (421.7) (449.8) Net assets 149.3 208.2 28 Feb 2022 to 26 Feb 2023 \u00a3m 29 Feb 2021 to 27 Feb 2022 \u00a3m Revenue 2,222.0 2,248.8 (Loss)/profit for the period (59.0) 27.8 Other comprehensive income \u2013 \u2013 Total comprehensive (loss)/income (59.0) 27.8 Reconciliation of the above summarised financial information to the carrying amount of the interest in Ocado Retail Limited recognised in the consolidated financial statements: As at 1 Apr 2023 \u00a3m As at 2 Apr 2022 \u00a3m Ocado Retail Limited Net assets 149.3 208.2 Proportion of the Group\u2019s ownership interest 74.6 104.1 Goodwill 449.1 449.1 Brand 236.2 242.7 Customer relationships 67.1 77.7 Other adjustments to align accounting policies (75.8) (78.9) Acquisition costs 5.7 5.7 Carrying amount of the Group\u2019s interest in Ocado Retail Limited 756.9 800.4 In addition, the Group holds immaterial investments in joint ventures and associates totalling \u00a311.0m (last year: \u00a310.5m). The Group\u2019s share of profits totalled \u00a30.5m (last year: \u00a30.7m loss). ", "dimensions": { "concept": "ifrs-full:DisclosureOfJointVenturesExplanatory", "language": "en", "entity": "scheme:213800EJP14A79ZG1X44", "period": "2022-04-03T00:00:00/2023-04-02T00:00:00" } }, "fact-698": { "value": "29 INVESTMENTS IN JOINT VENTURES AND ASSOCIATES The Group holds a 50% interest in Ocado Retail Limited, a company incorporated in the UK. The remaining 50% interest is held by Ocado Group plc. Ocado Retail Limited is an online grocery retailer, operating through the ocado.com and ocadozoom.com websites. Ocado Retail Limited is considered an associate of the Group as certain rights are conferred on Ocado Group plc for an initial period of at least five years from acquisition in August 2019, giving Ocado Group plc control of the company. Following this initial period, a reassessment of control will be required as the Group will have an option to obtain more control over Ocado Retail Limited if certain conditions are met. If the Group is deemed to have obtained control, Ocado Retail Limited will then be consolidated as a subsidiary of the Group. Through Board representation and shareholder voting rights, the Group is currently considered to have significant influence, therefore the investment in Ocado Retail Limited is treated as an associate and applies the equity method of accounting. Ocado Retail Limited had a financial year end date of 27 November 2022, aligning with its parent company, Ocado Group plc. For the Group\u2019s purpose of applying the equity method of accounting, Ocado Retail Limited has prepared financial information to the nearest quarter-end date of its financial year end, as to do otherwise would be impracticable. The results of Ocado Retail Limited are incorporated in these financial statements from 28 February 2022 to 26 February 2023. There were no significant events or transactions in the period from 27 February 2023 to 1 April 2023. The carrying amount of the Group\u2019s interest in Ocado Retail Limited is \u00a3756.9m (last year: \u00a3800.4m). The Group\u2019s share of Ocado Retail Limited losses of \u00a343.5m (last year: loss of \u00a318.6m) includes the Group\u2019s share of underlying losses of \u00a329.5m, which includes \u00a313.2m of exceptional income before tax related to insurance receipts (last year: share of underlying profit: \u00a313.9m) and adjusting item charges of \u00a314.0m (last year: \u00a332.5m) (see note 5). Summarised financial information in respect of Ocado Retail Limited (the Group\u2019s only material associate) is set out below and represents amounts in the Ocado Retail Limited financial statements prepared in accordance with IFRS, adjusted by the Group for equity accounting purposes. As at 26 Feb 2023 \u00a3m As at 27 Feb 2022 \u00a3m Ocado Retail Limited Current assets 220.0 291.2 Non-current assets 618.7 590.1 Current liabilities (267.7) (223.3) Non-current liabilities (421.7) (449.8) Net assets 149.3 208.2 28 Feb 2022 to 26 Feb 2023 \u00a3m 29 Feb 2021 to 27 Feb 2022 \u00a3m Revenue 2,222.0 2,248.8 (Loss)/profit for the period (59.0) 27.8 Other comprehensive income \u2013 \u2013 Total comprehensive (loss)/income (59.0) 27.8 Reconciliation of the above summarised financial information to the carrying amount of the interest in Ocado Retail Limited recognised in the consolidated financial statements: As at 1 Apr 2023 \u00a3m As at 2 Apr 2022 \u00a3m Ocado Retail Limited Net assets 149.3 208.2 Proportion of the Group\u2019s ownership interest 74.6 104.1 Goodwill 449.1 449.1 Brand 236.2 242.7 Customer relationships 67.1 77.7 Other adjustments to align accounting policies (75.8) (78.9) Acquisition costs 5.7 5.7 Carrying amount of the Group\u2019s interest in Ocado Retail Limited 756.9 800.4 In addition, the Group holds immaterial investments in joint ventures and associates totalling \u00a311.0m (last year: \u00a310.5m). The Group\u2019s share of profits totalled \u00a30.5m (last year: \u00a30.7m loss). ", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:213800EJP14A79ZG1X44", "period": "2022-04-03T00:00:00/2023-04-02T00:00:00" } }, "fact-699": { "value": "30 GOVERNMENT SUPPORT The Group benefited from business rates relief of \u00a3nil in the year (last year: \u00a362.2m (including UK: \u00a359.8m)). There are no unfulfilled conditions or contingencies attached to these grants. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGovernmentGrantsExplanatory", "language": "en", "entity": "scheme:213800EJP14A79ZG1X44", "period": "2022-04-03T00:00:00/2023-04-02T00:00:00" } }, "fact-700": { "value": "31 BUSINESS COMBINATION On 30 September 2022, the Group completed the acquisition of 100% of the issued share capital and voting rights of Gist Limited (\u201cGist\u201d), a non-listed logistics and supply chain business based in the UK, thereby obtaining control. Gist provides the majority of M&S Food logistics services via a network of primary and secondary distribution centres located across the UK and the Republic of Ireland, including a number of freehold warehouses. The acquisition is expected to accelerate the Group\u2019s multi-year plan to modernise its Food supply chain network to support growth. The acquisition has been accounted for as a business combination using the acquisition method of accounting in accordance with IFRS 3 Business Combinations and consequently the Gist assets acquired, and liabilities assumed, have been recorded by the Group at fair value. As at 30 Sep 2022 \u00a3m Fair value of consideration transferred Cash 170.6 Deferred consideration 83.5 Contingent consideration 23.7 Settlement of pre-existing relationship (18.2) Total consideration transferred 259.6 Fair value of identifiable net assets Intangible assets 2.7 Property, plant and equipment 1 213.8 Inventories 3.3 Trade and other receivables 2 88.0 Cash and cash equivalents 67.8 Trade and other payables (74.1) Borrowings and other financial liabilities (21.3) Provisions (2.9) Deferred tax liabilities (11.5) Total identifiable net assets acquired 265.8 Gain on bargain purchase (6.2) Net cash outflow arising on acquisition Cash consideration 170.6 Less: cash and cash equivalents acquired (67.8) 102.8 1 Property, plant and equipment principally comprises the distribution warehouses which were fair valued following a review undertaken by RICS registered valuers. 2 The fair value of trade and other receivables is considered equivalent to the gross contractual amount and the Group expects to collect substantially all of these . The acquisition resulted in a gain on bargain purchase due to the estimated fair value of the identifiable net assets acquired exceeding the element of the purchase price treated as consideration. The gain has been recognised within adjusting items (see note 5). A bargain purchase has arisen as a result of a combination of factors including the previous owner\u2019s decision to sell Gist and the element of the acquisition price relating to settling the pre-existing relationship, as opposed to forming part of the purchase consideration. The Group incurred acquisition-related costs of \u00a36.8m, predominantly transaction costs, which have been recognised within adjusting items (see note 5). Since the acquisition date, Gist, as a standalone entity, contributed \u00a384.2m of revenue and \u00a30.1m of loss before tax to the Group\u2019s results. If the acquisition had occurred on 3 April 2022, the Group estimates that consolidated pro-forma revenue would have been c.\u00a3100m higher and profit before tax would have been c.\u00a31m higher. In determining these amounts, the Group has assumed that the fair value adjustments that arose on the date of acquisition would have been the same if the acquisition had occurred on 3 April 2022. Settlement of pre-existing relationship The Group and Gist were parties to a long-term supply contract under which Gist supplied the Group with logistics services at agreed contract rates. This pre-existing relationship was effectively terminated at the acquisition date. The Group has attributed \u00a318.2m of the consideration transferred to the settlement of the pre-existing relationship. The fair value of the settlement has been determined based on an assessment of the difference between current market rates and the rates previously agreed in the higher cost legacy supply contract. This amount has been recognised within adjusting items (see note 5). ", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:213800EJP14A79ZG1X44", "period": "2022-04-03T00:00:00/2023-04-02T00:00:00" } }, "fact-701": { "value": "32 CONTINGENT ASSETS The Group is currently seeking damages from an independent third party following its involvement in anti-competitive behaviour that adversely impacted the Group. The Group expects to receive an amount from the claim (either in settlement or from the legal proceedings), a position reinforced by recent court judgments in similar claims. The value of the claim is confidential and is therefore not disclosed. ", "dimensions": { "concept": "marksandspencer:DisclosureOfContingentAssets", "language": "en", "entity": "scheme:213800EJP14A79ZG1X44", "period": "2022-04-03T00:00:00/2023-04-02T00:00:00" } }, "fact-702": { "value": "33 SUBSEQUENT EVENTS The Board has approved a tender offer to repurchase c.\u00a3225m of the Group\u2019s Medium Term Notes which will be announced on 24 May 2023. ", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:213800EJP14A79ZG1X44", "period": "2022-04-03T00:00:00/2023-04-02T00:00:00" } } } }