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5 March 2025 and signed on its behalf by:
\n
Justin Ash
Harbant Samra
\n
Chief Executive Of\ufb01cer
Chief Financial Of\ufb01cer", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800IBJPW3SE2RA350", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ConsolidatedStatementOfCashFlows_Label_00158": { "value": "235800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInOperations", "entity": "scheme:213800IBJPW3SE2RA350", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_Label_00157": { "value": "215600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInOperations", "entity": "scheme:213800IBJPW3SE2RA350", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_00160": { "value": "100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncomeTaxesPaidClassifiedAsOperatingActivities", "entity": 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"entity": "scheme:213800IBJPW3SE2RA350", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_00186": { "value": "22000000.0", "decimals": -5, "dimensions": { "concept": "spi:InterestPaidAndOtherFinancingCosts", "entity": "scheme:213800IBJPW3SE2RA350", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_00185": { "value": "17000000.0", "decimals": -5, "dimensions": { "concept": "spi:InterestPaidAndOtherFinancingCosts", "entity": "scheme:213800IBJPW3SE2RA350", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_00196": { "value": "76100000.0", "decimals": -5, "dimensions": { "concept": "spi:InterestOnLeaseLiabilities", "entity": "scheme:213800IBJPW3SE2RA350", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_00195": { "value": "73000000.0", "decimals": -5, "dimensions": { "concept": "spi:InterestOnLeaseLiabilities", "entity": "scheme:213800IBJPW3SE2RA350", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_00200": { "value": "26200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities", "entity": "scheme:213800IBJPW3SE2RA350", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_00199": { "value": "27200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities", "entity": "scheme:213800IBJPW3SE2RA350", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_Label_00513": { "value": "5000000.0", "decimals": -5, "dimensions": { "concept": "spi:DrawDrownOnRevolvingCreditFacility", "entity": "scheme:213800IBJPW3SE2RA350", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_Label_00514": { "value": "60000000.0", "decimals": -5, "dimensions": { "concept": "spi:DrawDrownOnRevolvingCreditFacility", "entity": "scheme:213800IBJPW3SE2RA350", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_00515": { "value": "5000000.0", "decimals": -5, "dimensions": { "concept": "spi:RepaymentOnRevolvingCreditFacility", "entity": "scheme:213800IBJPW3SE2RA350", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_00516": { "value": "20000000.0", "decimals": -5, "dimensions": { "concept": "spi:RepaymentOnRevolvingCreditFacility", "entity": "scheme:213800IBJPW3SE2RA350", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_00533": { "value": "3100000.0", "decimals": -5, "dimensions": { "concept": "spi:PurchaseOfOwnSharesByEBTClassifiedAsFinancingActivities", "entity": "scheme:213800IBJPW3SE2RA350", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_00534": { "value": "3100000.0", "decimals": -5, "dimensions": { "concept": "spi:PurchaseOfOwnSharesByEBTClassifiedAsFinancingActivities", "entity": "scheme:213800IBJPW3SE2RA350", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_00551": { "value": "5400000.0", "decimals": -5, "dimensions": { "concept": "spi:SettlementOnVestedShareAwardsClassifiedAsFinancingActivities", "entity": "scheme:213800IBJPW3SE2RA350", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_00552": { "value": "600000.0", "decimals": -5, "dimensions": { "concept": "spi:SettlementOnVestedShareAwardsClassifiedAsFinancingActivities", "entity": "scheme:213800IBJPW3SE2RA350", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_00555": { "value": "8500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsPaidToEquityHoldersOfParentClassifiedAsFinancingActivities", "entity": "scheme:213800IBJPW3SE2RA350", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_00556": { "value": "2000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsPaidToEquityHoldersOfParentClassifiedAsFinancingActivities", "entity": "scheme:213800IBJPW3SE2RA350", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_00553": { "value": "700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsPaidToNoncontrollingInterestsClassifiedAsFinancingActivities", "entity": "scheme:213800IBJPW3SE2RA350", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_00554": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsPaidToNoncontrollingInterestsClassifiedAsFinancingActivities", "entity": "scheme:213800IBJPW3SE2RA350", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_Label_00557": { "value": "-3100000.0", "decimals": -5, "dimensions": { "concept": "spi:PurchaseOfOrdinarySharesforCancellationClassifiedAsFinancingActivities", "entity": "scheme:213800IBJPW3SE2RA350", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_Label_00558": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "spi:PurchaseOfOrdinarySharesforCancellationClassifiedAsFinancingActivities", "entity": "scheme:213800IBJPW3SE2RA350", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_TotalLabel_00582": { "value": "-145100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities", "entity": "scheme:213800IBJPW3SE2RA350", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_TotalLabel_00581": { "value": "-82900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities", "entity": "scheme:213800IBJPW3SE2RA350", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_TotalLabel_00202": { "value": "-8400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalents", "entity": "scheme:213800IBJPW3SE2RA350", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_TotalLabel_00201": { "value": "-24600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalents", "entity": "scheme:213800IBJPW3SE2RA350", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_PeriodStartLabel_00204": { "value": "49600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:213800IBJPW3SE2RA350", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_PeriodStartLabel_00203": { "value": "74200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:213800IBJPW3SE2RA350", "period": "2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_PeriodEndLabel_00206": { "value": "41200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:213800IBJPW3SE2RA350", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_PeriodEndLabel_00205": { "value": "49600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:213800IBJPW3SE2RA350", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_Label_00208": { "value": "-10400000.0", "decimals": -5, "dimensions": { "concept": "spi:AdjustingItemsPaidIncludedInTheCashFlow", "entity": "scheme:213800IBJPW3SE2RA350", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_Label_00207": { "value": "-2700000.0", "decimals": -5, "dimensions": { "concept": "spi:AdjustingItemsPaidIncludedInTheCashFlow", "entity": "scheme:213800IBJPW3SE2RA350", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_Label_00210": { "value": "-11900000.0", "decimals": -5, "dimensions": { "concept": "spi:TotalPretaxAdjustingItems", "entity": "scheme:213800IBJPW3SE2RA350", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_Label_00209": { "value": "-4200000.0", "decimals": -5, "dimensions": { "concept": "spi:TotalPretaxAdjustingItems", "entity": "scheme:213800IBJPW3SE2RA350", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00432": { "value": "1. General information
Spire Healthcare group plc (the \u2018company\u2019) and its subsidiaries (collectively, the \u2018group\u2019) owns and operates
private hospitals and clinics in the UK and provides a range of private healthcare services.
The \ufb01nancial statements for the year ended 31 December 2024 were authorised for issue by the board of
directors of the company on 5 March 2025.
The company is a public limited company, which is listed on the London Stock Exchange, incorporated,
registered and domiciled in England and Wales (registered number: 09084066). The address of its registered
of\ufb01ce is 3 Dorset Rise, London, EC4Y 8EN.", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800IBJPW3SE2RA350", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00211": { "value": "Spire Healthcare group plc", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:213800IBJPW3SE2RA350", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00214": { "value": "Spire Healthcare group plc", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:213800IBJPW3SE2RA350", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00217": { "value": "Spire Healthcare group plc", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:213800IBJPW3SE2RA350", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00216": { "value": "owns and operates private hospitals and clinics in the UK and provides a range of private healthcare services.", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:213800IBJPW3SE2RA350", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00212": { "value": "UK", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:213800IBJPW3SE2RA350", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00218": { "value": "2024-12-31", "dimensions": { "concept": "ifrs-full:DateOfEndOfReportingPeriod2013", "entity": "scheme:213800IBJPW3SE2RA350", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00220": { "value": "public limited company", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:213800IBJPW3SE2RA350", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00215": { "value": "England and Wales", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:213800IBJPW3SE2RA350", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00219": { "value": "England and Wales", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:213800IBJPW3SE2RA350", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00213": { "value": "3 Dorset Rise, London, EC4Y 8EN.", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:213800IBJPW3SE2RA350", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00433": { "value": "2. Accounting policies
The material accounting policies applied in the preparation of these \ufb01nancial statements are set out below.
These policies have been consistently applied to all the years presented, unless otherwise stated.
Basis of preparation
The consolidated \ufb01nancial statements of the group have been prepared in accordance with UK-adopted
International Accounting Standards (UK-adopted IFRS) as issued by the International Accounting Standards
Board (IASB) and in accordance with the Companies Act 2006.
The consolidated \ufb01nancial statements have been prepared on a historical cost basis except for derivative
\ufb01nancial instruments and \ufb01nancial assets and liabilities measured at fair value. The group \ufb01nancial statements
are presented in UK sterling and all values are rounded to the nearest million pounds (\u00a3m), except when
otherwise indicated.
The preparation of \ufb01nancial statements in accordance with UK-adopted IFRS requires the use of certain critical
accounting estimates. It also requires management to exercise its judgement in the process of applying the
group\u2019s accounting policies. Further details on the group\u2019s critical judgements and estimates are included
in Note 3.
The group has considered the future potential environmental impact on its current and future \ufb01nancial
position and considered the impact to below.
Going concern
The group assessed going concern risk for the period through to 30 June 2026. As at 31 December 2024 the
group had cash of \u00a341.2 million and borrowings of \u00a3365 million of which \u00a3325 million is a senior loan facility
and \u00a340 million drawn revolving credit facility (RCF). The group has access to an undrawn revolving credit
facility of \u00a360 million. On 3 March 2023, the group exercised the option to extend the senior loan facility and
RCF by a further year to February 2027. The \ufb01nancial covenants relating to this agreement are materially
unchanged and there have been no modi\ufb01cations to the agreement terms.
The group has undertaken extensive activity to identify plausible risks which may arise and mitigating actions,
which in the \ufb01rst instance would include management of working capital and constrained levels of capital
investment. Based on the current assessment of the likelihood of these risks arising by 30 June 2026, together
with their assessment of the planned mitigating actions being successful, the directors have concluded it is
appropriate to prepare the accounts on a going concern basis. In arriving at their conclusion, the directors have
also noted that, were these risks to arise in combination, it could result in a liquidity constraint or breach of
covenant. However, the risk of this is considered remote.
The group has also assessed, as part of its reverse stress testing, what degree of downturn in trading it could
sustain before it breaches its \ufb01nancial covenant. This stress testing was based on \ufb02exing revenue downwards
with a consistent percentage decline in variable costs, whilst maintaining the forecast of \ufb01xed costs. The
testing allows for the bene\ufb01t of mitigating actions that could be taken by management to preserve cash. This
testing suggested that there would have to be at least a 30% fall in annual forecast revenue before the group
breaches its \ufb01nancial covenant, we believe that the risk of an event giving rise to this size of reduction in
revenue is remote.
It should be noted that we remain in a period of material geopolitical and macroeconomic uncertainty. Whilst
the directors continue to closely monitor these risks and their plausible impact, their severity is hard to predict
and is dependent upon many external factors. Accordingly, the actual \ufb01nancial impact of these risks may
materially vary against the current view of their plausible impact.
Further detail on both macroeconomic-related risk is provided in the risk management and internal control
section from page 65.
Other speci\ufb01c scenarios covered by our testing were as follows:
\u2013
The group is subject to temporary suspension of trade, with a temporary adverse impact on revenue,
for example, as a result of a successful cyber-attack on key business systems
\u2013
The downside modelling of a number of risks which result in a decline in earnings, including the loss of
a contractual relationship with a key insurer
\u2013
Signi\ufb01cant change in government policy resulting in consultants going on payroll
\u2013
Short-term disruption to trade at a sub-set of hospitals owing to an extreme weather event
This review included the following key assumptions:
\u2013
No change in capital structure given the group has re\ufb01nanced its existing senior \ufb01nance facility and
revolving credit facility in February 2022 and exercised the option to extend the senior facility for a further
year; and
\u2013
The government will not make signi\ufb01cant change to its existing policy towards utilising private provision
of healthcare services to supplement the NHS
Revenue recognition
The group derives its revenue primarily from providing private healthcare services to both the public sector
and private patients in the UK. Revenue from charges to patients is recognised when the treatment is provided.
Revenue from contracts with customers
The criteria for revenue recognition are as follows: identify the contract with the customer, identify the
performance obligation, determine the transaction price, allocate the transaction price to the performance
obligations, and satisfying the performance obligation. It applies to all contracts with customers, except those
in the scope of other standards.
Revenue is recorded as services are transferred to the patient, with the consideration based on the total
amount the group expects to receive, taking account of discounts where they are quanti\ufb01able and probable.
Approximately 65% of the group\u2019s revenue is derived from inpatient and day case admissions. Revenue is
recognised day-by-day, as services are provided to patients. These services are typically provided over a short
time frame, that is, one to three days. Outpatient cases and other revenue represent approximately 35% of the
group\u2019s revenue. Outpatient cases generally do not involve surgical procedures and revenue is recognised on
an individual component basis when performance obligations are satis\ufb01ed. Similarly, other revenue, which
includes consultant revenue, and other third-party revenue streams, is recognised when performance
continued obligations are satis\ufb01ed and the control of goods or services is transferred. Outpatient revenue for
the primary care business includes rehabilitation, counselling and physiotherapy revenue. Revenue is either
recognised over the period to
which it relates or where there are multi-year contracts, the revenue is spread
over the term of the contract. The majority of outpatient revenue received is under multi-year contracts with
the NHS.
The group reports disaggregated revenue by material revenue stream (ie type of payor: PMI, NHS and self-pay)
and other revenue which includes consultant revenue, third-party revenue streams (eg pathology services).
Material revenue streams are consistent in nature, being the consideration received in return for the provision
of healthcare services to patients. The timing and uncertainty of cash \ufb02ows is similar for PMI and NHS business
while self-pay revenue is received in advance or collected by credit card shortly after treatment. In addition,
where possible and meaningful, Spire Healthcare reports revenue split between inpatient/day case, outpatient
and other. As noted above, in all cases, revenue is recognised as performance obligations are completed in the
form of services being provided to patients. Unbilled revenue is accrued at period ends. Invoices for the
combination of services provided to patients are generally produced within three days of discharge.
Interest income
Interest is recognised on an effective interest rate basis.
Cost of sales
Cost of sales principally comprises salaries of clinical staff, consultant and clinical fees, medical services and
inventories, including drugs, consumables and prostheses.
Other operating costs
Other operating costs mainly comprise non-clinical staff costs, rent associated with short or low-value leases,
the depreciation of property, plant and equipment and right-of-use assets and the maintenance and running
costs of properties and equipment. It also includes administrative expenses, including the provision of central
support services, IT and other administrative costs.
Other income
Other income comprises fair value movements on the \ufb01nancial asset, a pro\ufb01t share arrangement with Genesis
Care, and recovery of insurance claims.
Operating pro\ufb01t
Operating pro\ufb01t is the pro\ufb01t arising from the normal, recurring operations of the business and after charging
adjusting items, as de\ufb01ned below. Operating pro\ufb01t is adjusted to exclude adjusting items to calculate the key
performance indicator (KPI) \u2018operating pro\ufb01t before adjusting items (adjusted EBIT)\u2019.
Adjusting items
Adjusting items are those items which the directors believe, by virtue of their nature, size or incidence, either
individually or in aggregate, should be disclosed separately to allow a full understanding and comparison of the
underlying performance of the group. Examples of items which may be considered this way in nature include
signi\ufb01cant write-downs of goodwill and other assets, restructuring costs relating to strategic review,
impairments, hospital closures and set-up costs, business acquisition costs, medical malpractice provisions,
aborted project costs and compliance set-up costs.
Taxation, including deferred taxation
Total income tax on the result for the year comprises current and deferred tax. Income tax is recognised in
the income statement except to the extent that it relates to items recognised directly in equity and other
comprehensive income.
The group has applied the mandatory temporary exemption in IAS 12 Income Taxes to recognising and
disclosing information about deferred tax assets and liabilities related to Pillar Two income taxes.
Current tax is the expected tax payable on the taxable result for the year, using tax rates enacted, or
substantively enacted, at the balance sheet date, and any adjustments to tax payable in respect
of previous years.
Where there is an uncertain tax position, a provision is recognised when it is not probable that the tax
authority will accept the uncertain tax position, based on either the most likely amount where the range
of results is binary, or as a weighted average of possible outcomes where a range of outcomes is possible.
Deferred tax is provided on all temporary differences between the carrying amounts of assets and liabilities
for \ufb01nancial reporting purposes and the amounts used for taxation purposes, except for:
\u2013
Goodwill not deductible for tax purposes
\u2013
The initial recognition of an asset or liability in a transaction that is not a business combination and which,
at the time of the transaction, affects neither the accounting pro\ufb01t nor the taxable pro\ufb01t or loss and does
not give rise to equal taxable and deductible temporary differences
\u2013
Investments in subsidiary companies where the timing of the reversal of the temporary difference
is controlled by the group and it is probable that the temporary difference will not reverse in the
foreseeable future
It should be noted that the initial recognition exception does not apply to the majority of the group\u2019s freehold
property portfolio as these were acquired through the Bupa and Classics acquisitions in 2007 and 2008, which
were accounted for as a business combination.
The amount of deferred tax recognised is based on the expected manner of realisation or settlement of the
carrying amounts of assets and liabilities, using tax rates enacted, or substantively enacted, at the balance
sheet date. The group offsets deferred tax assets and deferred tax liabilities if, and only if, it has a legally
enforceable right to set off current tax assets and current tax liabilities and the deferred tax assets and
deferred tax liabilities relate to income taxes levied by the same taxation authority on either the same taxable
entity or different taxable entities which intend either to settle current tax liabilities and assets on a net basis,
or to realise the assets and settle the liabilities simultaneously, in each future period in which signi\ufb01cant
amounts of deferred tax liabilities or assets are expected to be settled or recovered.
In assessing the recoverability of deferred tax assets, the group relies on the same forecast assumptions used
elsewhere in the \ufb01nancial statements and in other management reports, which, among other things, re\ufb02ect
the potential impact of climate-related development on the business, such as increased costs as a result of
measures to reduce carbon emission.
A deferred tax asset, subject to the offsetting above, is only recognised to the extent that it is probable that
future taxable pro\ufb01ts will be available against which the asset can be used.
Property, plant and equipment
Property, plant and equipment is stated at cost less accumulated depreciation. Major projects are treated as
assets in the course of construction until completed when they are transferred to the appropriate asset class.
No depreciation is charged on freehold land or assets in the course of construction. Other assets are depreciated
so as to write off the carrying amounts of the assets, less their estimated residual values, over their expected
useful lives, as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Freehold property and improvements
\u2013
5 to 60 years
Leasehold improvements
\u2013
lower of unexpired lease term or expected life, with a maximum
\u00a0 \u00a0
of 35 years
Equipment
\u2013
3 to 10 years
\n
The expected useful lives and residual values of property, plant and equipment are reviewed semi-annually and
revised as appropriate. The review of the asset lives and residual values of properties takes into consideration
the plans of the business and levels of expenditure incurred on an ongoing basis to maintain the properties
in a \ufb01t and proper state for their ongoing use as hospitals. In addition, the potential impact of future climate
change is considered. In the case of major facilities opening in new locations, depreciation may be applied
to only those assets available for use at the of\ufb01cial opening date to re\ufb02ect that the site is not always fully
operational at this opening date.
Consolidation
The results of all subsidiary undertakings are included in the consolidated \ufb01nancial statements. Assets,
liabilities, income and expenses of a subsidiary acquired or disposed of during the year are included in the
consolidated \ufb01nancial statements from the date the group gains control until the date the group ceases
to control the subsidiary.
Control is achieved when the group is exposed, or has rights, to variable returns from its involvement with the
investee and has the ability to affect those returns through its power over the investee. Speci\ufb01cally, the group
controls an investee if, and only if, the group has:
\u2013
Power over the investee (ie existing rights that give it the current ability to direct the relevant activities
of the investee)
\u2013
Exposure, or rights, to variable returns from its involvement with the investee
\u2013
The ability to use its power over the investee to affect its returns
The Employee Bene\ufb01t Trust (EBT) is treated as an extension of the group and the company.
Business combinations
Business combinations are accounted for using the acquisition method. The cost of an acquisition is measured
as the aggregate of the consideration transferred measured at acquisition date fair value and the amount of
any non-controlling interests in the acquiree. For each business combination, the group elects whether to
measure the non-controlling interests in the acquiree at fair value or at the proportionate share of the
acquiree\u2019s identi\ufb01able net assets. Acquisition-related costs are expensed as incurred and included in other
operating costs.
The group determines that it has acquired a business when the acquired set of activities and assets include
an input and a substantive process that together signi\ufb01cantly contribute to the ability to create outputs.
The acquired process is considered substantive if it is critical to the ability to continue producing outputs,
and the inputs acquired include an organised workforce with the necessary skills, knowledge, or experience
to perform that process or it signi\ufb01cantly contributes to the ability to continue producing outputs and is
considered unique or scarce or cannot be replaced without signi\ufb01cant cost, effort, or delay in the ability
to continue producing outputs.
When the group acquires a business, it assesses the \ufb01nancial assets and liabilities assumed for appropriate
classi\ufb01cation and designation in accordance with the contractual terms, economic circumstances and
pertinent conditions as at the acquisition date.
Goodwill
Goodwill represents the excess of the cost of acquisition (being the fair value of consideration transferred) over
the fair value of the assets, liabilities and contingent liabilities of acquired businesses at the date of acquisition.
Goodwill is stated at cost less accumulated impairment losses.
Goodwill is allocated to one cash-generating unit or a group of cash-generating units and is not amortised but
is tested annually for impairment, or more frequently if there is an indication that the value of the goodwill
may be impaired (see impairment policy).
Intangible assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at
cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition
date where it is probable that the expected future economic bene\ufb01ts that are attributable to the asset will
\ufb02ow to the entity and the fair value of the asset can be measured reliably; the intangible asset is separable or
arises from contractual or other legal rights.
As at 31 December 2024 the intangible assets, other than goodwill are assessed to have \ufb01nite lives.
Amortisation is recognised so as to write off the cost or carrying amounts of the assets, less their estimated
residual values, over their expected useful lives, as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Customer contracts
\u2013
13 to 15 years
IT projects
\u2013
5 years
Mobilisation costs
\u2013
in line with relevant customer contract length which is typically
\u00a0 \u00a0
between 5 to 10 years
\n
The amortisation period and the amortisation method for an intangible asset with a \ufb01nite useful life are
reviewed at least at the end of each reporting period. Changes in the expected useful life or the expected
pattern of consumption of future economic bene\ufb01ts embodied in the asset are considered to modify the
amortisation period or method, as appropriate, and are treated as changes in accounting estimates. The
amortisation expense on intangible assets with \ufb01nite lives is recognised in the statement of pro\ufb01t or loss in the
expense category that is consistent with the function of the intangible assets.
Mobilisation costs
Mobilisation costs within intangible assets relate to set-up costs when a new NHS contract is won. These costs
are incurred for the bene\ufb01t of running the contract over its entire term and are classi\ufb01ed as intangible assets as
these costs are incremental costs of obtaining the contract as determined under IFRS 15. The group\u2019s policy is
to capitalise these costs and amortise them over the \ufb01xed term of the contract on a straight-line basis.
Cash and cash equivalents
Cash and cash equivalents comprise cash balances and call deposits. Bank overdrafts that are repayable on
demand and form an integral part of the group\u2019s cash management are included as a component of cash and
cash equivalents for the purpose only of the statement of cash \ufb02ows. There are no bank overdrafts in either
year presented.
Financial Instruments
A \ufb01nancial instrument is any contract that gives rise to a \ufb01nancial asset of one entity and a \ufb01nancial liability
or equity instrument of another entity.
i) Financial assets other than derivatives
Initial recognition and measurement
Financial assets are classi\ufb01ed as \ufb01nancial assets at fair value through pro\ufb01t or loss, amortised cost or fair value
through other comprehensive income (OCI).
The classi\ufb01cation of \ufb01nancial assets at initial recognition depends on the \ufb01nancial asset\u2019s contractual cash \ufb02ow
characteristics and the group\u2019s business model for managing them. With the exception of trade receivables
that do not contain a signi\ufb01cant \ufb01nancing component or for which the group has applied the practical expedient,
the group initially measures a \ufb01nancial asset at its fair value plus, in the case of a \ufb01nancial asset not at fair value
through pro\ufb01t or loss, transaction costs. Trade receivables that do not contain a signi\ufb01cant \ufb01nancing component
or for which the group has applied the practical expedient are measured at the transaction price determined
under IFRS 15.
In order for a \ufb01nancial asset to be classi\ufb01ed and measured at amortised cost or fair value through OCI, it needs
to give rise to cash \ufb02ows that are \u2018solely payments of principal and interest (SPPI)\u2019 on the principal amount
outstanding. This assessment is referred to as the SPPI test and is performed at an instrument level.
The group\u2019s business model for managing \ufb01nancial assets refers to how it manages its \ufb01nancial assets in order
to generate cash \ufb02ows. The business model determines whether cash \ufb02ows will result from collecting
contractual cash \ufb02ows, selling the \ufb01nancial assets, or both.
The company\u2019s \ufb01nancial assets include cash and short-term deposits, trade and other receivables, unbilled
receivables and receivables from pro\ufb01t share arrangements. Unbilled receivables may include contract assets
where the performance obligation has been met, but the invoice not raised due to agreement with the
customer being required in respect of the variable consideration. Unbilled receivables can also include
amounts where the performance obligation has been met, but the invoice not yet raised due to the timing
of the reporting period.
Subsequent measurement
Trade receivables and unbilled receivables are accounted for at amortised cost. The group applies the IFRS 9
simpli\ufb01ed approach to measuring expected credit losses, which uses a lifetime expected loss allowance for all
trade receivables. At each reporting period, the group makes an assessment of the asset\u2019s recoverable amount
based on forward-looking information. Losses arising from impairment are recognised in the consolidated
income statement in other operating costs.
Loans and receivables are non-derivative \ufb01nancial assets with \ufb01xed or determinable payments that are not
quoted in an active market. On initial recognition, loans and receivables are measured at fair value plus directly
attributable transaction costs. Subsequently, such assets are measured at amortised cost, using the effective
interest rate (EIR) method, less any allowance for impairment.
Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or costs
that are an integral part of the EIR. The EIR amortisation is included in interest receivable in the consolidated
income statement.
Receivables relating to pro\ufb01t share arrangements are recognised as fair value through pro\ufb01t and loss. At each
reporting period, the assets are revalued, with any movement in fair value being recognised in the consolidated
income statement. Any cash received from pro\ufb01t share arrangements is presented within cash \ufb02ows from
investing activities within the cash \ufb02ow statement.
Derecognition
A \ufb01nancial asset is derecognised when the rights to receive cash \ufb02ows from the asset have expired, or the
group has transferred its rights to receive cash \ufb02ows from the asset including transferring substantially all
the risks and rewards of the asset.
Impairment
The group recognises an allowance for expected credit losses (ECLs) for all debt instruments not held at fair
value through pro\ufb01t or loss. ECLs are based on the difference between the contractual cash \ufb02ows due in
accordance with the contract and all the cash \ufb02ows that the group expects to receive, discounted at an
approximation of the original effective interest rate. The expected cash \ufb02ows will include cash \ufb02ows from
the sale of collateral held or other credit enhancements that are integral to the contractual terms.
For trade receivables (including unbilled receivables), contract assets and lease receivables, the group applies a
simpli\ufb01ed approach in calculating ECLs. Therefore, the group does not track changes in credit risk, but instead
recognises a loss allowance based on lifetime ECLs at each reporting date. The group has established a
provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors
speci\ufb01c to the receivables and the economic environment. To measure the expected credit losses, trade
receivables have been grouped based on shared characteristics and the days past due. The group has
concluded that the expected loss rates for trade receivables, are a reasonable approximation of the loss rates
for each ageing bucket based on historical debt trends of our portfolio of customers for the last two reporting
periods, with the exception of patient debt. Patient debt is more susceptible to the economic environment. As
a result, the group has reviewed the expected loss rates for this payor group, as well as considering forward-
looking information (speci\ufb01cally the cost of living) and increased the loss rates accordingly.
ii) Financial liabilities other than derivatives
Financial liabilities within the scope of IFRS 9 are classi\ufb01ed as \ufb01nancial liabilities at fair value through pro\ufb01t or
loss, or at amortised cost. The group determines the classi\ufb01cation of \ufb01nancial liabilities at initial recognition.
Initial recognition and measurement
All \ufb01nancial liabilities are recognised initially at fair value and in the case of loans and borrowings, net of directly
attributable transaction costs.
The group\u2019s \ufb01nancial liabilities include trade and other payables, loans and borrowings, and derivative \ufb01nancial
instruments.
Subsequent measurement
After initial recognition, interest bearing loans and borrowings are subsequently measured at amortised cost
using the effective interest rate (EIR) method. Gains and losses arising on the repurchase, settlement or
otherwise cancellation of liabilities are recognised respectively in interest receivable and interest payable in the
consolidated income statement. Amortised cost is calculated by taking in to account any discount or premium
on acquisition and fees or costs that are an integral part of the EIR. The EIR amortisation is included as \ufb01nance
costs in the consolidated income statement.
Financial liabilities to purchase own equity instruments
Financial agreements entered into with non-controlling interests for the future purchase of the remaining
interest is recognised as a \ufb01nancial liability measured initially at fair value where there is an obligation on the
group to settle a liability. On initial recognition the \ufb01nancial liability is recognised through equity. In subsequent
periods, the liability will be measured at amortised cost with changed in the expected cash \ufb02ows recognised in
the income statement. Cash \ufb02ows are discounted using the weighted average cost of debt.
Derecognition
A \ufb01nancial liability is derecognised when the obligation under the liability is discharged or cancelled or expires.
When an existing \ufb01nancial liability is replaced by another from the same lender on substantially different
terms, or the terms of an existing liability are substantially modi\ufb01ed, such an exchange or modi\ufb01cation is
treated as the derecognition of the original liability and the recognition of a new liability. The difference in the
respective carrying amounts is recognised in the consolidated income statement.
iii) Derivative \ufb01nancial instruments
The group may enter into derivative \ufb01nancial instrument arrangements to manage its exposure to interest
rate risk. Derivatives are initially recognised at fair value on the date on which a derivative contract is entered
into and subsequently remeasured at fair value at each balance sheet date. Derivatives are carried as \ufb01nancial
assets when the fair value is positive and as \ufb01nancial liabilities when the fair value is negative.
The group applies cash \ufb02ow hedge accounting to such derivatives if the criteria for doing so are met. At the
inception of a hedge relationship, the group formally designates and documents the hedge relationship to
which it wishes to apply hedge accounting and the risk management objective and strategy for undertaking
the hedge.
The effective portion of the changes in the fair value of derivatives that are designated and qualify as cash \ufb02ow
hedges is recognised in other comprehensive income. The gain or loss relating to the ineffective portion is
recognised immediately in the income statement. The cash \ufb02ow hedge reserve is adjusted to the lower of the
cumulative gain or loss on the hedging instrument and the cumulative change in fair value of the hedged item.
Amounts deferred in equity are recycled in the income statement in the periods when the hedged item is
recognised, in the same line of the income statement as the recognised hedged item. If cash \ufb02ow hedge
accounting is discontinued, the amount that has been accumulated in the consolidated statement of other
comprehensive income is maintained if the hedged future cash \ufb02ows are still expected to occur. Otherwise,
the amount is immediately reclassi\ufb01ed to pro\ufb01t or loss as a reclassi\ufb01cation adjustment.
iv) Offsetting of \ufb01nancial instruments
Financial assets and \ufb01nancial liabilities are offset and the net amount reported in the consolidated balance
sheet if, and only if, there is a currently enforceable legal right to offset the recognised amounts and there is
an intention to settle on a net basis, or to realise the assets and settle the liabilities simultaneously.
Inventories
Inventories are stated at the lower of cost and net realisable value. Cost means purchase price, less trade
discounts, calculated on an average basis. Net realisable value means estimated selling price less incremental
costs including trade discounts and all costs to be incurred in marketing, selling and distribution.
The group holds consignment stock on sale or return. The group is only required to pay for the equipment
it chooses to use and therefore this stock is not recognised as an asset.
Borrowing costs
Borrowing costs that are directly attributable to the acquisition and construction of qualifying assets, which
are assets that necessarily take a substantial period of time to get ready for their intended use or sale, are
added to the cost of those assets, until such time as the assets are substantially ready for their intended
use or sale.
All other borrowing costs are recognised as an expense in the period in which they are incurred.
Provisions
A provision is recognised in the consolidated balance sheet when the group has a present legal or constructive
obligation as a result of a past event, and it is probable that an out\ufb02ow of economic bene\ufb01ts will be required
to settle the obligation. If the effect is material, provisions are determined by discounting the expected,
risk-adjusted, future cash \ufb02ows at a pre-tax risk-free rate. Management considers its best estimate of the likely
outcomes of the obligation when determining the recognition. Where a material range of outcomes could arise,
details are disclosed accordingly. Provisions are measured gross of any expected insurance recovery. Any such
insurance recoveries are recognised in other receivables when the receipt of them is judged virtually certain.
Leases
i) As a lessee
At inception, the group assesses whether a contract is or contains a lease. This assessment involves the exercise
of judgement about whether the group obtains substantially all the economic bene\ufb01ts from the use of that
asset, and whether the group has the right to direct the use of the asset when considering whether the
contract conveys the right to control the use of an identi\ufb01ed asset for a period of time in exchange for
consideration. After initial recognition, the lease liability is measured at amortised cost using the effective
interest method. A reassessment of the lease liability occurs when there is a change in lease payments. The
incremental borrowing rate is only revised where the change in payments is a result of a change in \ufb02oating
interest rates, lease term change or a change in assessment relating to the exercise of purchase option charges.
The group has elected not to separate lease and non-lease components for leases of vehicles or buildings.
The group recognises a Right-of-Use (ROU) asset and a lease liability at the commencement of the lease.
The ROU is initially measured based on the present value of lease payments, less any incentives received.
Initial direct costs and costs to dismantle or restore an asset are included. The ROU is depreciated over the
shorter of the lease term or the useful life of the underlying asset. The incremental borrowing rate is used
to discount the assets over the relevant term. The ROU is subject to testing for impairment if there is an
indicator for impairment.
Lease payments generally include \ufb01xed payments and variable payments that depend on an index (such as
in\ufb02ation index) or rate. When the lease contains an extension or purchase option that the group considered
reasonably certain to be exercised, the cost of the option is included in the lease payments. The incremental
borrowing rate is used to discount the lease payments over the term of the lease.
ROU assets are categorised to re\ufb02ect the nature of the underlying asset and to be consistent with the plant,
property and equipment (PPE) note. The assets are depreciated over the term of the lease, accounting for break
clauses or options to extend in line with the lease liability decision.
ROU assets are disclosed as PPE on the balance sheet (non-current) with a separate disclosure within the
associated note, and the lease liability is included in the headings lease liability (current and non-current)
on the Consolidated balance sheet.
The group has elected not to recognise ROU assets and liabilities for leases where the total lease term is less
than 12 months, or for leases of low-value equipment. The payments for such leases are recognised in the
Consolidated income statement on a straight-line basis over the lease term.
ii) As a lessor
When the group acts as a lessor, leases are classi\ufb01ed as \ufb01nance leases whenever the terms of the lease transfer
substantially all the risks and rewards of ownership to the lessees, over the major part of the economic life of
the asset. All other leases are classi\ufb01ed as operating leases. If an arrangment contains lease and non-lease
components, the group applies IFRS 15 to allocate the consideration in the contract. When the group is an
intermediate lessor, it accounts for its interests in the head lease and the sub-lease separately, classifying the
sub-lease with reference to the right-of-use asset arising from the head lease instead of the underlying asset.
Share capital
Ordinary shares are classi\ufb01ed as equity. Incremental costs directly attributable to the issue of new shares
are deducted from share premium. Where the employee bene\ufb01t trust purchases the company\u2019s equity share
capital, the consideration paid, including any directly attributable incremental costs, is deducted from equity
attributable to the company\u2019s equity holders in both the company and the consolidated balance sheet until
the shares are cancelled or reissued.
Dividend distribution
Dividend distribution to the company\u2019s shareholders is recognised as a liability in the group\u2019s \ufb01nancial
statements in the period in which the dividend is approved by the company\u2019s shareholders. Interim dividends
are recognised when paid.
Pensions
The group operates the Spire Healthcare Pension Plan, a de\ufb01ned contribution scheme. The assets of the
scheme are held separately from those of the group in independently administered funds.
Obligations for contributions to de\ufb01ned contribution pension schemes are recognised as an expense in the
income statement as incurred.
Other employee bene\ufb01ts
Short-term employee bene\ufb01t obligations are measured on an undiscounted basis and are expensed as the
related service is provided. A provision is recognised for the amount expected to be paid under short-term cash
bonuses if the group has a present legal or constructive obligation to pay this amount as a result of past service
provided by the employee and the obligation can be estimated reliably.
Share-based payments
The group operates a number of equity-settled, share-based payment schemes under which the group receives
services from employees as consideration for equity instruments of the group. The fair value of the employee
services received in exchange for the grant of the options is recognised as an expense. The group has estimated
the relevant fair value of the share options and awards, which are subject to total shareholder return (TSR)
market-related performance criteria, using a Monte Carlo simulation model (see Note 29). This applies to LTIP
Awards and Deferred Share Bonus Schemes.
The group also operates a Save As You Earn (SAYE) scheme, which is open to all employees. Employees are
required to save a \ufb01xed amount, up to a cap, every month for three years. At the end of the three-year period
employees are entitled to use their savings to purchase shares in the company at a stated exercise price.
Employees are free to stop contributing to the scheme and obtain a refund of contributions at any time, but
forfeit their entitlement to exercise the options if they do so. Payment of contributions into a SAYE scheme is
not a vesting condition; it does not meet the de\ufb01nition of a performance condition because it has no link to
service. Failure to meet a non-vesting condition (eg by ceasing to contribute to an SAYE scheme) is accounted
for as a cancellation of the options so that the expense is accelerated and recognised in the income statement,
with a corresponding adjustment to equity as required. The IFRS 2 charge has been calculated using an
adjusted Black Scholes model with judgements including leavers of the scheme (employees who may cease
to save) and dividend yields.
At the end of each year, the group revises its estimates of the number of options that are expected to vest
based on the non-market conditions and recognises the impact of the revision to original estimates, if any,
in the income statement, with a corresponding adjustment to equity.
Non-current assets held for sale
Non-current assets and disposal groups are classi\ufb01ed as held for sale if their carrying amount will be recovered
principally through a sale transaction rather than through continuing use. This condition is regarded as met
only when the sale is highly probable and the asset (or disposal group) is available for immediate sale in its
present condition. Management must be committed to the sale, which should be expected to qualify for
recognition as a completed sale within one year from the date of classi\ufb01cation.
Non-current assets (and disposal groups) classi\ufb01ed as held for sale are measured at the lower of their carrying
amount and fair value less costs to sell.
Impairment
The group applies its impairment policy to non-\ufb01nancial assets, being intangible assets (goodwill), plant,
property and equipment, and right-of-use assets. The group assesses, at each reporting date, whether there
is an indication that an asset may be impaired. If any indication exists, or when annual impairment testing
for an asset is required, the group estimates the asset\u2019s recoverable amount. An asset\u2019s recoverable amount
is the higher of an asset\u2019s or cash generating units (CGU)\u2019s fair value less costs of disposal or its value-in-use.
The recoverable amounts is determined for an individual asset, unless the asset does not generate cash in\ufb02ows
that are largely independent of those from other assets or groups of assets. When the carrying amount of an
asset or CGU exceeds its recoverable amount, the asset is considered impaired, and is written down to its
recoverable amount.
In assessing value-in-use, the estimated future cash \ufb02ows are discounted to their present value using a
discount rate that re\ufb02ects current market assessments of the time value of money and risks speci\ufb01c to the
asset. As part of this, the group assesses where climate risks could have a signi\ufb01cant impact, such as the
introduction of emission-reduction legislation that may increase costs. These risks in relation to climate-related
matters are included as key assumptions where they materially impact the measure of recoverable amount.
The group bases its impairment calculation on most recent budgets and forecast calculations, which are
prepared for each CGU. The forecasts generally cover a \ufb01ve-year period. A long-term growth rate is calculated
and applies to project future cash \ufb02ows after the \ufb01fth year.
Impairment losses of continuing operations are recognised in the consolidated income statement in other
operating costs. Impairment is likely to be considered an adjusting item.
For assets excluding goodwill, an assessment is made at each reporting date to determine whether there is an
indication that previously recognised impairment losses no longer exist or have decreased. If such indication
exists, the group estimates the asset\u2019s or CGU\u2019s recoverable amount. A previously recognised impairment
loss is reversed only if there has been a change in the assumptions used to determine the asset\u2019s recoverable
amount since the last impairment loss was recognised. The reversal is limited so that the carrying amount
of the asset does not exceed its recoverable amount, nor exceed the carrying amount that would have been
determined, net of depreciation, had no impairment loss been recognised for the asset in prior years. Such
reversal is recognised in the statement of pro\ufb01t or loss.
Goodwill is tested for impairment annually as at 31 December and when circumstances indicate that the
carrying value may be impaired.
Impairment is determined for goodwill by assessing the recoverable amount of each CGU (or group of CGUs)
to which the goodwill relates. When the recoverable amount of the CGU is less than its carrying amount, an
impairment loss is recognised. Impairment losses relating to goodwill cannot be reversed in future periods.
Intangible assets with inde\ufb01nite useful lives are tested for impairment annually as at 31 December at the
CGU level, as appropriate, and when circumstances indicate that the carrying value may be impaired.
Changes in accounting policy and estimates
New standards, interpretations and amendments applied
The following amendments to existing standards were effective for the group from 1 January 2024. Other than
some additional disclosures, these amendments have not had a material impact.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Effective date*
Amendments to IAS 1 \u2013 Classification of liabilities as current or non-current
1 January 2024
Amendments to IAS 1 \u2013 Non-current liabilities with covenants
1 January 2024
Amendments to IAS 7 and IFRS 7 \u2013 Supplier finance arrangements
1 January 2024
Amendments to IFRS 16 \u2013 Lease liability in a sale and leaseback
1 January 2024
\n
*
The effective dates stated above are those given in the original IASB/IFRIC standards and interpretations that are consistent with the
endorsement process for use in the UK.
New standards, interpretations and amendments in issue, but not yet effective
As at date of approval of the group \ufb01nancial statements, the following new and amended standards,
interpretations and amendments in issue are applicable to the group but not yet effective and thus, have not
been applied by the group:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Effective date*
Amendments to IFRS 9 and IFRS 7 \u2013 Amendments to the classification and measurement of
1 January 2026
financial instruments
\u00a0
IFRS 18 \u2013 Presentation and disclosure in financial statements
1 January 2027
\n
*
The effective dates stated above are those given in the original IASB/IFRIC standards and interpretations. As the group prepares its
\ufb01nancial statements in accordance with IFRS as issued by the IASB as endorsed by the UK, the application of new standards and
interpretations will result in an effective date subject to that agreed by the UK Endorsement process.
We are in the process of assessing the impact of the above on the presentation of and disclosure in the
\ufb01nancial statements.", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:213800IBJPW3SE2RA350", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00489": { "value": "Basis of preparation
The consolidated \ufb01nancial statements of the group have been prepared in accordance with UK-adopted
International Accounting Standards (UK-adopted IFRS) as issued by the International Accounting Standards
Board (IASB) and in accordance with the Companies Act 2006.
The consolidated \ufb01nancial statements have been prepared on a historical cost basis except for derivative
\ufb01nancial instruments and \ufb01nancial assets and liabilities measured at fair value. The group \ufb01nancial statements
are presented in UK sterling and all values are rounded to the nearest million pounds (\u00a3m), except when
otherwise indicated.
The preparation of \ufb01nancial statements in accordance with UK-adopted IFRS requires the use of certain critical
accounting estimates. It also requires management to exercise its judgement in the process of applying the
group\u2019s accounting policies. Further details on the group\u2019s critical judgements and estimates are included
in Note 3.
The group has considered the future potential environmental impact on its current and future \ufb01nancial
position and considered the impact to below. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800IBJPW3SE2RA350", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00490": { "value": "Going concern
The group assessed going concern risk for the period through to 30 June 2026. As at 31 December 2024 the
group had cash of \u00a341.2 million and borrowings of \u00a3365 million of which \u00a3325 million is a senior loan facility
and \u00a340 million drawn revolving credit facility (RCF). The group has access to an undrawn revolving credit
facility of \u00a360 million. On 3 March 2023, the group exercised the option to extend the senior loan facility and
RCF by a further year to February 2027. The \ufb01nancial covenants relating to this agreement are materially
unchanged and there have been no modi\ufb01cations to the agreement terms.
The group has undertaken extensive activity to identify plausible risks which may arise and mitigating actions,
which in the \ufb01rst instance would include management of working capital and constrained levels of capital
investment. Based on the current assessment of the likelihood of these risks arising by 30 June 2026, together
with their assessment of the planned mitigating actions being successful, the directors have concluded it is
appropriate to prepare the accounts on a going concern basis. In arriving at their conclusion, the directors have
also noted that, were these risks to arise in combination, it could result in a liquidity constraint or breach of
covenant. However, the risk of this is considered remote.
The group has also assessed, as part of its reverse stress testing, what degree of downturn in trading it could
sustain before it breaches its \ufb01nancial covenant. This stress testing was based on \ufb02exing revenue downwards
with a consistent percentage decline in variable costs, whilst maintaining the forecast of \ufb01xed costs. The
testing allows for the bene\ufb01t of mitigating actions that could be taken by management to preserve cash. This
testing suggested that there would have to be at least a 30% fall in annual forecast revenue before the group
breaches its \ufb01nancial covenant, we believe that the risk of an event giving rise to this size of reduction in
revenue is remote.
It should be noted that we remain in a period of material geopolitical and macroeconomic uncertainty. Whilst
the directors continue to closely monitor these risks and their plausible impact, their severity is hard to predict
and is dependent upon many external factors. Accordingly, the actual \ufb01nancial impact of these risks may
materially vary against the current view of their plausible impact.
Further detail on both macroeconomic-related risk is provided in the risk management and internal control
section from page 65.
Other speci\ufb01c scenarios covered by our testing were as follows:
\u2013
The group is subject to temporary suspension of trade, with a temporary adverse impact on revenue,
for example, as a result of a successful cyber-attack on key business systems
\u2013
The downside modelling of a number of risks which result in a decline in earnings, including the loss of
a contractual relationship with a key insurer
\u2013
Signi\ufb01cant change in government policy resulting in consultants going on payroll
\u2013
Short-term disruption to trade at a sub-set of hospitals owing to an extreme weather event
This review included the following key assumptions:
\u2013
No change in capital structure given the group has re\ufb01nanced its existing senior \ufb01nance facility and
revolving credit facility in February 2022 and exercised the option to extend the senior facility for a further
year; and
\u2013
The government will not make signi\ufb01cant change to its existing policy towards utilising private provision
of healthcare services to supplement the NHS", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:213800IBJPW3SE2RA350", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00491": { "value": "Revenue recognition
The group derives its revenue primarily from providing private healthcare services to both the public sector
and private patients in the UK. Revenue from charges to patients is recognised when the treatment is provided.
Revenue from contracts with customers
The criteria for revenue recognition are as follows: identify the contract with the customer, identify the
performance obligation, determine the transaction price, allocate the transaction price to the performance
obligations, and satisfying the performance obligation. It applies to all contracts with customers, except those
in the scope of other standards.
Revenue is recorded as services are transferred to the patient, with the consideration based on the total
amount the group expects to receive, taking account of discounts where they are quanti\ufb01able and probable.
Approximately 65% of the group\u2019s revenue is derived from inpatient and day case admissions. Revenue is
recognised day-by-day, as services are provided to patients. These services are typically provided over a short
time frame, that is, one to three days. Outpatient cases and other revenue represent approximately 35% of the
group\u2019s revenue. Outpatient cases generally do not involve surgical procedures and revenue is recognised on
an individual component basis when performance obligations are satis\ufb01ed. Similarly, other revenue, which
includes consultant revenue, and other third-party revenue streams, is recognised when performance
continued obligations are satis\ufb01ed and the control of goods or services is transferred. Outpatient revenue for
the primary care business includes rehabilitation, counselling and physiotherapy revenue. Revenue is either
recognised over the period to
which it relates or where there are multi-year contracts, the revenue is spread
over the term of the contract. The majority of outpatient revenue received is under multi-year contracts with
the NHS.
The group reports disaggregated revenue by material revenue stream (ie type of payor: PMI, NHS and self-pay)
and other revenue which includes consultant revenue, third-party revenue streams (eg pathology services).
Material revenue streams are consistent in nature, being the consideration received in return for the provision
of healthcare services to patients. The timing and uncertainty of cash \ufb02ows is similar for PMI and NHS business
while self-pay revenue is received in advance or collected by credit card shortly after treatment. In addition,
where possible and meaningful, Spire Healthcare reports revenue split between inpatient/day case, outpatient
and other. As noted above, in all cases, revenue is recognised as performance obligations are completed in the
form of services being provided to patients. Unbilled revenue is accrued at period ends. Invoices for the
combination of services provided to patients are generally produced within three days of discharge.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:213800IBJPW3SE2RA350", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00492": { "value": "Revenue from contracts with customers
The criteria for revenue recognition are as follows: identify the contract with the customer, identify the
performance obligation, determine the transaction price, allocate the transaction price to the performance
obligations, and satisfying the performance obligation. It applies to all contracts with customers, except those
in the scope of other standards.
Revenue is recorded as services are transferred to the patient, with the consideration based on the total
amount the group expects to receive, taking account of discounts where they are quanti\ufb01able and probable.
Approximately 65% of the group\u2019s revenue is derived from inpatient and day case admissions. Revenue is
recognised day-by-day, as services are provided to patients. These services are typically provided over a short
time frame, that is, one to three days. Outpatient cases and other revenue represent approximately 35% of the
group\u2019s revenue. Outpatient cases generally do not involve surgical procedures and revenue is recognised on
an individual component basis when performance obligations are satis\ufb01ed. Similarly, other revenue, which
includes consultant revenue, and other third-party revenue streams, is recognised when performance
continued obligations are satis\ufb01ed and the control of goods or services is transferred. Outpatient revenue for
the primary care business includes rehabilitation, counselling and physiotherapy revenue. Revenue is either
recognised over the period to
which it relates or where there are multi-year contracts, the revenue is spread
over the term of the contract. The majority of outpatient revenue received is under multi-year contracts with
the NHS.
The group reports disaggregated revenue by material revenue stream (ie type of payor: PMI, NHS and self-pay)
and other revenue which includes consultant revenue, third-party revenue streams (eg pathology services).
Material revenue streams are consistent in nature, being the consideration received in return for the provision
of healthcare services to patients. The timing and uncertainty of cash \ufb02ows is similar for PMI and NHS business
while self-pay revenue is received in advance or collected by credit card shortly after treatment. In addition,
where possible and meaningful, Spire Healthcare reports revenue split between inpatient/day case, outpatient
and other. As noted above, in all cases, revenue is recognised as performance obligations are completed in the
form of services being provided to patients. Unbilled revenue is accrued at period ends. Invoices for the
combination of services provided to patients are generally produced within three days of discharge.", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:213800IBJPW3SE2RA350", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00493": { "value": "Interest income Interest is recognised on an effective interest rate basis.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:213800IBJPW3SE2RA350", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00494": { "value": "Cost of sales
Cost of sales principally comprises salaries of clinical staff, consultant and clinical fees, medical services and
inventories, including drugs, consumables and prostheses.", "dimensions": { "concept": "ifrs-full:DisclosureOfCostOfSalesExplanatory", "language": "en", "entity": "scheme:213800IBJPW3SE2RA350", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00495": { "value": "Other operating costs
Other operating costs mainly comprise non-clinical staff costs, rent associated with short or low-value leases,
the depreciation of property, plant and equipment and right-of-use assets and the maintenance and running
costs of properties and equipment. It also includes administrative expenses, including the provision of central
support services, IT and other administrative costs.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:213800IBJPW3SE2RA350", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00497": { "value": "Taxation, including deferred taxation
Total income tax on the result for the year comprises current and deferred tax. Income tax is recognised in
the income statement except to the extent that it relates to items recognised directly in equity and other
comprehensive income.
The group has applied the mandatory temporary exemption in IAS 12 Income Taxes to recognising and
disclosing information about deferred tax assets and liabilities related to Pillar Two income taxes.
Current tax is the expected tax payable on the taxable result for the year, using tax rates enacted, or
substantively enacted, at the balance sheet date, and any adjustments to tax payable in respect
of previous years.
Where there is an uncertain tax position, a provision is recognised when it is not probable that the tax
authority will accept the uncertain tax position, based on either the most likely amount where the range
of results is binary, or as a weighted average of possible outcomes where a range of outcomes is possible.
Deferred tax is provided on all temporary differences between the carrying amounts of assets and liabilities
for \ufb01nancial reporting purposes and the amounts used for taxation purposes, except for:
\u2013
Goodwill not deductible for tax purposes
\u2013
The initial recognition of an asset or liability in a transaction that is not a business combination and which,
at the time of the transaction, affects neither the accounting pro\ufb01t nor the taxable pro\ufb01t or loss and does
not give rise to equal taxable and deductible temporary differences
\u2013
Investments in subsidiary companies where the timing of the reversal of the temporary difference
is controlled by the group and it is probable that the temporary difference will not reverse in the
foreseeable future
It should be noted that the initial recognition exception does not apply to the majority of the group\u2019s freehold
property portfolio as these were acquired through the Bupa and Classics acquisitions in 2007 and 2008, which
were accounted for as a business combination.
The amount of deferred tax recognised is based on the expected manner of realisation or settlement of the
carrying amounts of assets and liabilities, using tax rates enacted, or substantively enacted, at the balance
sheet date. The group offsets deferred tax assets and deferred tax liabilities if, and only if, it has a legally
enforceable right to set off current tax assets and current tax liabilities and the deferred tax assets and
deferred tax liabilities relate to income taxes levied by the same taxation authority on either the same taxable
entity or different taxable entities which intend either to settle current tax liabilities and assets on a net basis,
or to realise the assets and settle the liabilities simultaneously, in each future period in which signi\ufb01cant
amounts of deferred tax liabilities or assets are expected to be settled or recovered.
In assessing the recoverability of deferred tax assets, the group relies on the same forecast assumptions used
elsewhere in the \ufb01nancial statements and in other management reports, which, among other things, re\ufb02ect
the potential impact of climate-related development on the business, such as increased costs as a result of
measures to reduce carbon emission.
A deferred tax asset, subject to the offsetting above, is only recognised to the extent that it is probable that
future taxable pro\ufb01ts will be available against which the asset can be used.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800IBJPW3SE2RA350", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00498": { "value": "Taxation, including deferred taxation
Total income tax on the result for the year comprises current and deferred tax. Income tax is recognised in
the income statement except to the extent that it relates to items recognised directly in equity and other
comprehensive income.
The group has applied the mandatory temporary exemption in IAS 12 Income Taxes to recognising and
disclosing information about deferred tax assets and liabilities related to Pillar Two income taxes.
Current tax is the expected tax payable on the taxable result for the year, using tax rates enacted, or
substantively enacted, at the balance sheet date, and any adjustments to tax payable in respect
of previous years.
Where there is an uncertain tax position, a provision is recognised when it is not probable that the tax
authority will accept the uncertain tax position, based on either the most likely amount where the range
of results is binary, or as a weighted average of possible outcomes where a range of outcomes is possible.
Deferred tax is provided on all temporary differences between the carrying amounts of assets and liabilities
for \ufb01nancial reporting purposes and the amounts used for taxation purposes, except for:
\u2013
Goodwill not deductible for tax purposes
\u2013
The initial recognition of an asset or liability in a transaction that is not a business combination and which,
at the time of the transaction, affects neither the accounting pro\ufb01t nor the taxable pro\ufb01t or loss and does
not give rise to equal taxable and deductible temporary differences
\u2013
Investments in subsidiary companies where the timing of the reversal of the temporary difference
is controlled by the group and it is probable that the temporary difference will not reverse in the
foreseeable future
It should be noted that the initial recognition exception does not apply to the majority of the group\u2019s freehold
property portfolio as these were acquired through the Bupa and Classics acquisitions in 2007 and 2008, which
were accounted for as a business combination.
The amount of deferred tax recognised is based on the expected manner of realisation or settlement of the
carrying amounts of assets and liabilities, using tax rates enacted, or substantively enacted, at the balance
sheet date. The group offsets deferred tax assets and deferred tax liabilities if, and only if, it has a legally
enforceable right to set off current tax assets and current tax liabilities and the deferred tax assets and
deferred tax liabilities relate to income taxes levied by the same taxation authority on either the same taxable
entity or different taxable entities which intend either to settle current tax liabilities and assets on a net basis,
or to realise the assets and settle the liabilities simultaneously, in each future period in which signi\ufb01cant
amounts of deferred tax liabilities or assets are expected to be settled or recovered.
In assessing the recoverability of deferred tax assets, the group relies on the same forecast assumptions used
elsewhere in the \ufb01nancial statements and in other management reports, which, among other things, re\ufb02ect
the potential impact of climate-related development on the business, such as increased costs as a result of
measures to reduce carbon emission.
A deferred tax asset, subject to the offsetting above, is only recognised to the extent that it is probable that
future taxable pro\ufb01ts will be available against which the asset can be used.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800IBJPW3SE2RA350", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00499": { "value": "Property, plant and equipment
Property, plant and equipment is stated at cost less accumulated depreciation. Major projects are treated as
assets in the course of construction until completed when they are transferred to the appropriate asset class.
No depreciation is charged on freehold land or assets in the course of construction. Other assets are depreciated
so as to write off the carrying amounts of the assets, less their estimated residual values, over their expected
useful lives, as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Freehold property and improvements
\u2013
5 to 60 years
Leasehold improvements
\u2013
lower of unexpired lease term or expected life, with a maximum
\u00a0 \u00a0
of 35 years
Equipment
\u2013
3 to 10 years
\n
The expected useful lives and residual values of property, plant and equipment are reviewed semi-annually and
revised as appropriate. The review of the asset lives and residual values of properties takes into consideration
the plans of the business and levels of expenditure incurred on an ongoing basis to maintain the properties
in a \ufb01t and proper state for their ongoing use as hospitals. In addition, the potential impact of future climate
change is considered. In the case of major facilities opening in new locations, depreciation may be applied
to only those assets available for use at the of\ufb01cial opening date to re\ufb02ect that the site is not always fully
operational at this opening date.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800IBJPW3SE2RA350", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00500": { "value": "No depreciation is charged on freehold land or assets in the course of construction. Other assets are depreciated
so as to write off the carrying amounts of the assets, less their estimated residual values, over their expected
useful lives, as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Freehold property and improvements
\u2013
5 to 60 years
Leasehold improvements
\u2013
lower of unexpired lease term or expected life, with a maximum
\u00a0 \u00a0
of 35 years
Equipment
\u2013
3 to 10 years
\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:213800IBJPW3SE2RA350", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00501": { "value": "Consolidation
The results of all subsidiary undertakings are included in the consolidated \ufb01nancial statements. Assets,
liabilities, income and expenses of a subsidiary acquired or disposed of during the year are included in the
consolidated \ufb01nancial statements from the date the group gains control until the date the group ceases
to control the subsidiary.
Control is achieved when the group is exposed, or has rights, to variable returns from its involvement with the
investee and has the ability to affect those returns through its power over the investee. Speci\ufb01cally, the group
controls an investee if, and only if, the group has:
\u2013
Power over the investee (ie existing rights that give it the current ability to direct the relevant activities
of the investee)
\u2013
Exposure, or rights, to variable returns from its involvement with the investee
\u2013
The ability to use its power over the investee to affect its returns
The Employee Bene\ufb01t Trust (EBT) is treated as an extension of the group and the company.", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:213800IBJPW3SE2RA350", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00503": { "value": "Business combinations
Business combinations are accounted for using the acquisition method. The cost of an acquisition is measured
as the aggregate of the consideration transferred measured at acquisition date fair value and the amount of
any non-controlling interests in the acquiree. For each business combination, the group elects whether to
measure the non-controlling interests in the acquiree at fair value or at the proportionate share of the
acquiree\u2019s identi\ufb01able net assets. Acquisition-related costs are expensed as incurred and included in other
operating costs.
The group determines that it has acquired a business when the acquired set of activities and assets include
an input and a substantive process that together signi\ufb01cantly contribute to the ability to create outputs.
The acquired process is considered substantive if it is critical to the ability to continue producing outputs,
and the inputs acquired include an organised workforce with the necessary skills, knowledge, or experience
to perform that process or it signi\ufb01cantly contributes to the ability to continue producing outputs and is
considered unique or scarce or cannot be replaced without signi\ufb01cant cost, effort, or delay in the ability
to continue producing outputs.
When the group acquires a business, it assesses the \ufb01nancial assets and liabilities assumed for appropriate
classi\ufb01cation and designation in accordance with the contractual terms, economic circumstances and
pertinent conditions as at the acquisition date.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:213800IBJPW3SE2RA350", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00502": { "value": "Business combinations
Business combinations are accounted for using the acquisition method. The cost of an acquisition is measured
as the aggregate of the consideration transferred measured at acquisition date fair value and the amount of
any non-controlling interests in the acquiree. For each business combination, the group elects whether to
measure the non-controlling interests in the acquiree at fair value or at the proportionate share of the
acquiree\u2019s identi\ufb01able net assets. Acquisition-related costs are expensed as incurred and included in other
operating costs.
The group determines that it has acquired a business when the acquired set of activities and assets include
an input and a substantive process that together signi\ufb01cantly contribute to the ability to create outputs.
The acquired process is considered substantive if it is critical to the ability to continue producing outputs,
and the inputs acquired include an organised workforce with the necessary skills, knowledge, or experience
to perform that process or it signi\ufb01cantly contributes to the ability to continue producing outputs and is
considered unique or scarce or cannot be replaced without signi\ufb01cant cost, effort, or delay in the ability
to continue producing outputs.
When the group acquires a business, it assesses the \ufb01nancial assets and liabilities assumed for appropriate
classi\ufb01cation and designation in accordance with the contractual terms, economic circumstances and
pertinent conditions as at the acquisition date.
Goodwill
Goodwill represents the excess of the cost of acquisition (being the fair value of consideration transferred) over
the fair value of the assets, liabilities and contingent liabilities of acquired businesses at the date of acquisition.
Goodwill is stated at cost less accumulated impairment losses.
Goodwill is allocated to one cash-generating unit or a group of cash-generating units and is not amortised but
is tested annually for impairment, or more frequently if there is an indication that the value of the goodwill
may be impaired (see impairment policy).", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800IBJPW3SE2RA350", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00504": { "value": "Goodwill
Goodwill represents the excess of the cost of acquisition (being the fair value of consideration transferred) over
the fair value of the assets, liabilities and contingent liabilities of acquired businesses at the date of acquisition.
Goodwill is stated at cost less accumulated impairment losses.
Goodwill is allocated to one cash-generating unit or a group of cash-generating units and is not amortised but
is tested annually for impairment, or more frequently if there is an indication that the value of the goodwill
may be impaired (see impairment policy).", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:213800IBJPW3SE2RA350", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00505": { "value": "Intangible assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at
cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition
date where it is probable that the expected future economic bene\ufb01ts that are attributable to the asset will
\ufb02ow to the entity and the fair value of the asset can be measured reliably; the intangible asset is separable or
arises from contractual or other legal rights.
As at 31 December 2024 the intangible assets, other than goodwill are assessed to have \ufb01nite lives.
Amortisation is recognised so as to write off the cost or carrying amounts of the assets, less their estimated
residual values, over their expected useful lives, as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Customer contracts
\u2013
13 to 15 years
IT projects
\u2013
5 years
Mobilisation costs
\u2013
in line with relevant customer contract length which is typically
\u00a0 \u00a0
between 5 to 10 years
\n
The amortisation period and the amortisation method for an intangible asset with a \ufb01nite useful life are
reviewed at least at the end of each reporting period. Changes in the expected useful life or the expected
pattern of consumption of future economic bene\ufb01ts embodied in the asset are considered to modify the
amortisation period or method, as appropriate, and are treated as changes in accounting estimates. The
amortisation expense on intangible assets with \ufb01nite lives is recognised in the statement of pro\ufb01t or loss in the
expense category that is consistent with the function of the intangible assets.
Mobilisation costs
Mobilisation costs within intangible assets relate to set-up costs when a new NHS contract is won. These costs
are incurred for the bene\ufb01t of running the contract over its entire term and are classi\ufb01ed as intangible assets as
these costs are incremental costs of obtaining the contract as determined under IFRS 15. The group\u2019s policy is
to capitalise these costs and amortise them over the \ufb01xed term of the contract on a straight-line basis. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:213800IBJPW3SE2RA350", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00496": { "value": "Cash and cash equivalents
Cash and cash equivalents comprise cash balances and call deposits. Bank overdrafts that are repayable on
demand and form an integral part of the group\u2019s cash management are included as a component of cash and
cash equivalents for the purpose only of the statement of cash \ufb02ows. There are no bank overdrafts in either
year presented.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:213800IBJPW3SE2RA350", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00506": { "value": "Financial Instruments
A \ufb01nancial instrument is any contract that gives rise to a \ufb01nancial asset of one entity and a \ufb01nancial liability
or equity instrument of another entity.
i) Financial assets other than derivatives
Initial recognition and measurement
Financial assets are classi\ufb01ed as \ufb01nancial assets at fair value through pro\ufb01t or loss, amortised cost or fair value
through other comprehensive income (OCI).
The classi\ufb01cation of \ufb01nancial assets at initial recognition depends on the \ufb01nancial asset\u2019s contractual cash \ufb02ow
characteristics and the group\u2019s business model for managing them. With the exception of trade receivables
that do not contain a signi\ufb01cant \ufb01nancing component or for which the group has applied the practical expedient,
the group initially measures a \ufb01nancial asset at its fair value plus, in the case of a \ufb01nancial asset not at fair value
through pro\ufb01t or loss, transaction costs. Trade receivables that do not contain a signi\ufb01cant \ufb01nancing component
or for which the group has applied the practical expedient are measured at the transaction price determined
under IFRS 15.
In order for a \ufb01nancial asset to be classi\ufb01ed and measured at amortised cost or fair value through OCI, it needs
to give rise to cash \ufb02ows that are \u2018solely payments of principal and interest (SPPI)\u2019 on the principal amount
outstanding. This assessment is referred to as the SPPI test and is performed at an instrument level.
The group\u2019s business model for managing \ufb01nancial assets refers to how it manages its \ufb01nancial assets in order
to generate cash \ufb02ows. The business model determines whether cash \ufb02ows will result from collecting
contractual cash \ufb02ows, selling the \ufb01nancial assets, or both.
The company\u2019s \ufb01nancial assets include cash and short-term deposits, trade and other receivables, unbilled
receivables and receivables from pro\ufb01t share arrangements. Unbilled receivables may include contract assets
where the performance obligation has been met, but the invoice not raised due to agreement with the
customer being required in respect of the variable consideration. Unbilled receivables can also include
amounts where the performance obligation has been met, but the invoice not yet raised due to the timing
of the reporting period.
Subsequent measurement
Trade receivables and unbilled receivables are accounted for at amortised cost. The group applies the IFRS 9
simpli\ufb01ed approach to measuring expected credit losses, which uses a lifetime expected loss allowance for all
trade receivables. At each reporting period, the group makes an assessment of the asset\u2019s recoverable amount
based on forward-looking information. Losses arising from impairment are recognised in the consolidated
income statement in other operating costs.
Loans and receivables are non-derivative \ufb01nancial assets with \ufb01xed or determinable payments that are not
quoted in an active market. On initial recognition, loans and receivables are measured at fair value plus directly
attributable transaction costs. Subsequently, such assets are measured at amortised cost, using the effective
interest rate (EIR) method, less any allowance for impairment.
Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or costs
that are an integral part of the EIR. The EIR amortisation is included in interest receivable in the consolidated
income statement.
Receivables relating to pro\ufb01t share arrangements are recognised as fair value through pro\ufb01t and loss. At each
reporting period, the assets are revalued, with any movement in fair value being recognised in the consolidated
income statement. Any cash received from pro\ufb01t share arrangements is presented within cash \ufb02ows from
investing activities within the cash \ufb02ow statement.
Derecognition
A \ufb01nancial asset is derecognised when the rights to receive cash \ufb02ows from the asset have expired, or the
group has transferred its rights to receive cash \ufb02ows from the asset including transferring substantially all
the risks and rewards of the asset.
Impairment
The group recognises an allowance for expected credit losses (ECLs) for all debt instruments not held at fair
value through pro\ufb01t or loss. ECLs are based on the difference between the contractual cash \ufb02ows due in
accordance with the contract and all the cash \ufb02ows that the group expects to receive, discounted at an
approximation of the original effective interest rate. The expected cash \ufb02ows will include cash \ufb02ows from
the sale of collateral held or other credit enhancements that are integral to the contractual terms.
For trade receivables (including unbilled receivables), contract assets and lease receivables, the group applies a
simpli\ufb01ed approach in calculating ECLs. Therefore, the group does not track changes in credit risk, but instead
recognises a loss allowance based on lifetime ECLs at each reporting date. The group has established a
provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors
speci\ufb01c to the receivables and the economic environment. To measure the expected credit losses, trade
receivables have been grouped based on shared characteristics and the days past due. The group has
concluded that the expected loss rates for trade receivables, are a reasonable approximation of the loss rates
for each ageing bucket based on historical debt trends of our portfolio of customers for the last two reporting
periods, with the exception of patient debt. Patient debt is more susceptible to the economic environment. As
a result, the group has reviewed the expected loss rates for this payor group, as well as considering forward-
looking information (speci\ufb01cally the cost of living) and increased the loss rates accordingly.
ii) Financial liabilities other than derivatives
Financial liabilities within the scope of IFRS 9 are classi\ufb01ed as \ufb01nancial liabilities at fair value through pro\ufb01t or
loss, or at amortised cost. The group determines the classi\ufb01cation of \ufb01nancial liabilities at initial recognition.
Initial recognition and measurement
All \ufb01nancial liabilities are recognised initially at fair value and in the case of loans and borrowings, net of directly
attributable transaction costs.
The group\u2019s \ufb01nancial liabilities include trade and other payables, loans and borrowings, and derivative \ufb01nancial
instruments.
Subsequent measurement
After initial recognition, interest bearing loans and borrowings are subsequently measured at amortised cost
using the effective interest rate (EIR) method. Gains and losses arising on the repurchase, settlement or
otherwise cancellation of liabilities are recognised respectively in interest receivable and interest payable in the
consolidated income statement. Amortised cost is calculated by taking in to account any discount or premium
on acquisition and fees or costs that are an integral part of the EIR. The EIR amortisation is included as \ufb01nance
costs in the consolidated income statement.
Financial liabilities to purchase own equity instruments
Financial agreements entered into with non-controlling interests for the future purchase of the remaining
interest is recognised as a \ufb01nancial liability measured initially at fair value where there is an obligation on the
group to settle a liability. On initial recognition the \ufb01nancial liability is recognised through equity. In subsequent
periods, the liability will be measured at amortised cost with changed in the expected cash \ufb02ows recognised in
the income statement. Cash \ufb02ows are discounted using the weighted average cost of debt.
Derecognition
A \ufb01nancial liability is derecognised when the obligation under the liability is discharged or cancelled or expires.
When an existing \ufb01nancial liability is replaced by another from the same lender on substantially different
terms, or the terms of an existing liability are substantially modi\ufb01ed, such an exchange or modi\ufb01cation is
treated as the derecognition of the original liability and the recognition of a new liability. The difference in the
respective carrying amounts is recognised in the consolidated income statement.
iii) Derivative \ufb01nancial instruments
The group may enter into derivative \ufb01nancial instrument arrangements to manage its exposure to interest
rate risk. Derivatives are initially recognised at fair value on the date on which a derivative contract is entered
into and subsequently remeasured at fair value at each balance sheet date. Derivatives are carried as \ufb01nancial
assets when the fair value is positive and as \ufb01nancial liabilities when the fair value is negative.
The group applies cash \ufb02ow hedge accounting to such derivatives if the criteria for doing so are met. At the
inception of a hedge relationship, the group formally designates and documents the hedge relationship to
which it wishes to apply hedge accounting and the risk management objective and strategy for undertaking
the hedge.
The effective portion of the changes in the fair value of derivatives that are designated and qualify as cash \ufb02ow
hedges is recognised in other comprehensive income. The gain or loss relating to the ineffective portion is
recognised immediately in the income statement. The cash \ufb02ow hedge reserve is adjusted to the lower of the
cumulative gain or loss on the hedging instrument and the cumulative change in fair value of the hedged item.
Amounts deferred in equity are recycled in the income statement in the periods when the hedged item is
recognised, in the same line of the income statement as the recognised hedged item. If cash \ufb02ow hedge
accounting is discontinued, the amount that has been accumulated in the consolidated statement of other
comprehensive income is maintained if the hedged future cash \ufb02ows are still expected to occur. Otherwise,
the amount is immediately reclassi\ufb01ed to pro\ufb01t or loss as a reclassi\ufb01cation adjustment.
iv) Offsetting of \ufb01nancial instruments
Financial assets and \ufb01nancial liabilities are offset and the net amount reported in the consolidated balance
sheet if, and only if, there is a currently enforceable legal right to offset the recognised amounts and there is
an intention to settle on a net basis, or to realise the assets and settle the liabilities simultaneously.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800IBJPW3SE2RA350", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00507": { "value": "i) Financial assets other than derivatives
Initial recognition and measurement
Financial assets are classi\ufb01ed as \ufb01nancial assets at fair value through pro\ufb01t or loss, amortised cost or fair value
through other comprehensive income (OCI).
The classi\ufb01cation of \ufb01nancial assets at initial recognition depends on the \ufb01nancial asset\u2019s contractual cash \ufb02ow
characteristics and the group\u2019s business model for managing them. With the exception of trade receivables
that do not contain a signi\ufb01cant \ufb01nancing component or for which the group has applied the practical expedient,
the group initially measures a \ufb01nancial asset at its fair value plus, in the case of a \ufb01nancial asset not at fair value
through pro\ufb01t or loss, transaction costs. Trade receivables that do not contain a signi\ufb01cant \ufb01nancing component
or for which the group has applied the practical expedient are measured at the transaction price determined
under IFRS 15.
In order for a \ufb01nancial asset to be classi\ufb01ed and measured at amortised cost or fair value through OCI, it needs
to give rise to cash \ufb02ows that are \u2018solely payments of principal and interest (SPPI)\u2019 on the principal amount
outstanding. This assessment is referred to as the SPPI test and is performed at an instrument level.
The group\u2019s business model for managing \ufb01nancial assets refers to how it manages its \ufb01nancial assets in order
to generate cash \ufb02ows. The business model determines whether cash \ufb02ows will result from collecting
contractual cash \ufb02ows, selling the \ufb01nancial assets, or both.
The company\u2019s \ufb01nancial assets include cash and short-term deposits, trade and other receivables, unbilled
receivables and receivables from pro\ufb01t share arrangements. Unbilled receivables may include contract assets
where the performance obligation has been met, but the invoice not raised due to agreement with the
customer being required in respect of the variable consideration. Unbilled receivables can also include
amounts where the performance obligation has been met, but the invoice not yet raised due to the timing
of the reporting period.
Subsequent measurement
Trade receivables and unbilled receivables are accounted for at amortised cost. The group applies the IFRS 9
simpli\ufb01ed approach to measuring expected credit losses, which uses a lifetime expected loss allowance for all
trade receivables. At each reporting period, the group makes an assessment of the asset\u2019s recoverable amount
based on forward-looking information. Losses arising from impairment are recognised in the consolidated
income statement in other operating costs.
Loans and receivables are non-derivative \ufb01nancial assets with \ufb01xed or determinable payments that are not
quoted in an active market. On initial recognition, loans and receivables are measured at fair value plus directly
attributable transaction costs. Subsequently, such assets are measured at amortised cost, using the effective
interest rate (EIR) method, less any allowance for impairment.
Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or costs
that are an integral part of the EIR. The EIR amortisation is included in interest receivable in the consolidated
income statement.
Receivables relating to pro\ufb01t share arrangements are recognised as fair value through pro\ufb01t and loss. At each
reporting period, the assets are revalued, with any movement in fair value being recognised in the consolidated
income statement. Any cash received from pro\ufb01t share arrangements is presented within cash \ufb02ows from
investing activities within the cash \ufb02ow statement.
Derecognition
A \ufb01nancial asset is derecognised when the rights to receive cash \ufb02ows from the asset have expired, or the
group has transferred its rights to receive cash \ufb02ows from the asset including transferring substantially all
the risks and rewards of the asset.
Impairment
The group recognises an allowance for expected credit losses (ECLs) for all debt instruments not held at fair
value through pro\ufb01t or loss. ECLs are based on the difference between the contractual cash \ufb02ows due in
accordance with the contract and all the cash \ufb02ows that the group expects to receive, discounted at an
approximation of the original effective interest rate. The expected cash \ufb02ows will include cash \ufb02ows from
the sale of collateral held or other credit enhancements that are integral to the contractual terms.
For trade receivables (including unbilled receivables), contract assets and lease receivables, the group applies a
simpli\ufb01ed approach in calculating ECLs. Therefore, the group does not track changes in credit risk, but instead
recognises a loss allowance based on lifetime ECLs at each reporting date. The group has established a
provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors
speci\ufb01c to the receivables and the economic environment. To measure the expected credit losses, trade
receivables have been grouped based on shared characteristics and the days past due. The group has
concluded that the expected loss rates for trade receivables, are a reasonable approximation of the loss rates
for each ageing bucket based on historical debt trends of our portfolio of customers for the last two reporting
periods, with the exception of patient debt. Patient debt is more susceptible to the economic environment. As
a result, the group has reviewed the expected loss rates for this payor group, as well as considering forward-
looking information (speci\ufb01cally the cost of living) and increased the loss rates accordingly. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800IBJPW3SE2RA350", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00508": { "value": "Derecognition
A \ufb01nancial asset is derecognised when the rights to receive cash \ufb02ows from the asset have expired, or the
group has transferred its rights to receive cash \ufb02ows from the asset including transferring substantially all
the risks and rewards of the asset.Derecognition
A \ufb01nancial liability is derecognised when the obligation under the liability is discharged or cancelled or expires.
When an existing \ufb01nancial liability is replaced by another from the same lender on substantially different
terms, or the terms of an existing liability are substantially modi\ufb01ed, such an exchange or modi\ufb01cation is
treated as the derecognition of the original liability and the recognition of a new liability. The difference in the
respective carrying amounts is recognised in the consolidated income statement.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800IBJPW3SE2RA350", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00517": { "value": "Impairment
The group recognises an allowance for expected credit losses (ECLs) for all debt instruments not held at fair
value through pro\ufb01t or loss. ECLs are based on the difference between the contractual cash \ufb02ows due in
accordance with the contract and all the cash \ufb02ows that the group expects to receive, discounted at an
approximation of the original effective interest rate. The expected cash \ufb02ows will include cash \ufb02ows from
the sale of collateral held or other credit enhancements that are integral to the contractual terms.
For trade receivables (including unbilled receivables), contract assets and lease receivables, the group applies a
simpli\ufb01ed approach in calculating ECLs. Therefore, the group does not track changes in credit risk, but instead
recognises a loss allowance based on lifetime ECLs at each reporting date. The group has established a
provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors
speci\ufb01c to the receivables and the economic environment. To measure the expected credit losses, trade
receivables have been grouped based on shared characteristics and the days past due. The group has
concluded that the expected loss rates for trade receivables, are a reasonable approximation of the loss rates
for each ageing bucket based on historical debt trends of our portfolio of customers for the last two reporting
periods, with the exception of patient debt. Patient debt is more susceptible to the economic environment. As
a result, the group has reviewed the expected loss rates for this payor group, as well as considering forward-
looking information (speci\ufb01cally the cost of living) and increased the loss rates accordingly. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800IBJPW3SE2RA350", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00518": { "value": "ii) Financial liabilities other than derivatives
Financial liabilities within the scope of IFRS 9 are classi\ufb01ed as \ufb01nancial liabilities at fair value through pro\ufb01t or
loss, or at amortised cost. The group determines the classi\ufb01cation of \ufb01nancial liabilities at initial recognition.
Initial recognition and measurement
All \ufb01nancial liabilities are recognised initially at fair value and in the case of loans and borrowings, net of directly
attributable transaction costs.
The group\u2019s \ufb01nancial liabilities include trade and other payables, loans and borrowings, and derivative \ufb01nancial
instruments.
Subsequent measurement
After initial recognition, interest bearing loans and borrowings are subsequently measured at amortised cost
using the effective interest rate (EIR) method. Gains and losses arising on the repurchase, settlement or
otherwise cancellation of liabilities are recognised respectively in interest receivable and interest payable in the
consolidated income statement. Amortised cost is calculated by taking in to account any discount or premium
on acquisition and fees or costs that are an integral part of the EIR. The EIR amortisation is included as \ufb01nance
costs in the consolidated income statement.
Financial liabilities to purchase own equity instruments
Financial agreements entered into with non-controlling interests for the future purchase of the remaining
interest is recognised as a \ufb01nancial liability measured initially at fair value where there is an obligation on the
group to settle a liability. On initial recognition the \ufb01nancial liability is recognised through equity. In subsequent
periods, the liability will be measured at amortised cost with changed in the expected cash \ufb02ows recognised in
the income statement. Cash \ufb02ows are discounted using the weighted average cost of debt.
Derecognition
A \ufb01nancial liability is derecognised when the obligation under the liability is discharged or cancelled or expires.
When an existing \ufb01nancial liability is replaced by another from the same lender on substantially different
terms, or the terms of an existing liability are substantially modi\ufb01ed, such an exchange or modi\ufb01cation is
treated as the derecognition of the original liability and the recognition of a new liability. The difference in the
respective carrying amounts is recognised in the consolidated income statement.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800IBJPW3SE2RA350", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00519": { "value": "iii) Derivative \ufb01nancial instruments
The group may enter into derivative \ufb01nancial instrument arrangements to manage its exposure to interest
rate risk. Derivatives are initially recognised at fair value on the date on which a derivative contract is entered
into and subsequently remeasured at fair value at each balance sheet date. Derivatives are carried as \ufb01nancial
assets when the fair value is positive and as \ufb01nancial liabilities when the fair value is negative.
The group applies cash \ufb02ow hedge accounting to such derivatives if the criteria for doing so are met. At the
inception of a hedge relationship, the group formally designates and documents the hedge relationship to
which it wishes to apply hedge accounting and the risk management objective and strategy for undertaking
the hedge.
The effective portion of the changes in the fair value of derivatives that are designated and qualify as cash \ufb02ow
hedges is recognised in other comprehensive income. The gain or loss relating to the ineffective portion is
recognised immediately in the income statement. The cash \ufb02ow hedge reserve is adjusted to the lower of the
cumulative gain or loss on the hedging instrument and the cumulative change in fair value of the hedged item.
Amounts deferred in equity are recycled in the income statement in the periods when the hedged item is
recognised, in the same line of the income statement as the recognised hedged item. If cash \ufb02ow hedge
accounting is discontinued, the amount that has been accumulated in the consolidated statement of other
comprehensive income is maintained if the hedged future cash \ufb02ows are still expected to occur. Otherwise,
the amount is immediately reclassi\ufb01ed to pro\ufb01t or loss as a reclassi\ufb01cation adjustment.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800IBJPW3SE2RA350", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00520": { "value": "iv) Offsetting of \ufb01nancial instruments
Financial assets and \ufb01nancial liabilities are offset and the net amount reported in the consolidated balance
sheet if, and only if, there is a currently enforceable legal right to offset the recognised amounts and there is
an intention to settle on a net basis, or to realise the assets and settle the liabilities simultaneously.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForOffsettingOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800IBJPW3SE2RA350", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00521": { "value": "Inventories
Inventories are stated at the lower of cost and net realisable value. Cost means purchase price, less trade
discounts, calculated on an average basis. Net realisable value means estimated selling price less incremental
costs including trade discounts and all costs to be incurred in marketing, selling and distribution.
The group holds consignment stock on sale or return. The group is only required to pay for the equipment
it chooses to use and therefore this stock is not recognised as an asset. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:213800IBJPW3SE2RA350", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00522": { "value": "Borrowing costs
Borrowing costs that are directly attributable to the acquisition and construction of qualifying assets, which
are assets that necessarily take a substantial period of time to get ready for their intended use or sale, are
added to the cost of those assets, until such time as the assets are substantially ready for their intended
use or sale.
All other borrowing costs are recognised as an expense in the period in which they are incurred.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory", "language": "en", "entity": "scheme:213800IBJPW3SE2RA350", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00535": { "value": "Provisions
A provision is recognised in the consolidated balance sheet when the group has a present legal or constructive
obligation as a result of a past event, and it is probable that an out\ufb02ow of economic bene\ufb01ts will be required
to settle the obligation. If the effect is material, provisions are determined by discounting the expected,
risk-adjusted, future cash \ufb02ows at a pre-tax risk-free rate. Management considers its best estimate of the likely
outcomes of the obligation when determining the recognition. Where a material range of outcomes could arise,
details are disclosed accordingly. Provisions are measured gross of any expected insurance recovery. Any such
insurance recoveries are recognised in other receivables when the receipt of them is judged virtually certain.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:213800IBJPW3SE2RA350", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00536": { "value": "Leases
i) As a lessee
At inception, the group assesses whether a contract is or contains a lease. This assessment involves the exercise
of judgement about whether the group obtains substantially all the economic bene\ufb01ts from the use of that
asset, and whether the group has the right to direct the use of the asset when considering whether the
contract conveys the right to control the use of an identi\ufb01ed asset for a period of time in exchange for
consideration. After initial recognition, the lease liability is measured at amortised cost using the effective
interest method. A reassessment of the lease liability occurs when there is a change in lease payments. The
incremental borrowing rate is only revised where the change in payments is a result of a change in \ufb02oating
interest rates, lease term change or a change in assessment relating to the exercise of purchase option charges.
The group has elected not to separate lease and non-lease components for leases of vehicles or buildings.
The group recognises a Right-of-Use (ROU) asset and a lease liability at the commencement of the lease.
The ROU is initially measured based on the present value of lease payments, less any incentives received.
Initial direct costs and costs to dismantle or restore an asset are included. The ROU is depreciated over the
shorter of the lease term or the useful life of the underlying asset. The incremental borrowing rate is used
to discount the assets over the relevant term. The ROU is subject to testing for impairment if there is an
indicator for impairment.
Lease payments generally include \ufb01xed payments and variable payments that depend on an index (such as
in\ufb02ation index) or rate. When the lease contains an extension or purchase option that the group considered
reasonably certain to be exercised, the cost of the option is included in the lease payments. The incremental
borrowing rate is used to discount the lease payments over the term of the lease.
ROU assets are categorised to re\ufb02ect the nature of the underlying asset and to be consistent with the plant,
property and equipment (PPE) note. The assets are depreciated over the term of the lease, accounting for break
clauses or options to extend in line with the lease liability decision.
ROU assets are disclosed as PPE on the balance sheet (non-current) with a separate disclosure within the
associated note, and the lease liability is included in the headings lease liability (current and non-current)
on the Consolidated balance sheet.
The group has elected not to recognise ROU assets and liabilities for leases where the total lease term is less
than 12 months, or for leases of low-value equipment. The payments for such leases are recognised in the
Consolidated income statement on a straight-line basis over the lease term.
ii) As a lessor
When the group acts as a lessor, leases are classi\ufb01ed as \ufb01nance leases whenever the terms of the lease transfer
substantially all the risks and rewards of ownership to the lessees, over the major part of the economic life of
the asset. All other leases are classi\ufb01ed as operating leases. If an arrangment contains lease and non-lease
components, the group applies IFRS 15 to allocate the consideration in the contract. When the group is an
intermediate lessor, it accounts for its interests in the head lease and the sub-lease separately, classifying the
sub-lease with reference to the right-of-use asset arising from the head lease instead of the underlying asset.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:213800IBJPW3SE2RA350", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00537": { "value": "Share capital
Ordinary shares are classi\ufb01ed as equity. Incremental costs directly attributable to the issue of new shares
are deducted from share premium. Where the employee bene\ufb01t trust purchases the company\u2019s equity share
capital, the consideration paid, including any directly attributable incremental costs, is deducted from equity
attributable to the company\u2019s equity holders in both the company and the consolidated balance sheet until
the shares are cancelled or reissued.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800IBJPW3SE2RA350", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00538": { "value": "Dividend distribution
Dividend distribution to the company\u2019s shareholders is recognised as a liability in the group\u2019s \ufb01nancial
statements in the period in which the dividend is approved by the company\u2019s shareholders. Interim dividends
are recognised when paid.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory", "language": "en", "entity": "scheme:213800IBJPW3SE2RA350", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00539": { "value": "Pensions
The group operates the Spire Healthcare Pension Plan, a de\ufb01ned contribution scheme. The assets of the
scheme are held separately from those of the group in independently administered funds.
Obligations for contributions to de\ufb01ned contribution pension schemes are recognised as an expense in the
income statement as incurred.
Other employee bene\ufb01ts
Short-term employee bene\ufb01t obligations are measured on an undiscounted basis and are expensed as the
related service is provided. A provision is recognised for the amount expected to be paid under short-term cash
bonuses if the group has a present legal or constructive obligation to pay this amount as a result of past service
provided by the employee and the obligation can be estimated reliably.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800IBJPW3SE2RA350", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00540": { "value": "Share-based payments
The group operates a number of equity-settled, share-based payment schemes under which the group receives
services from employees as consideration for equity instruments of the group. The fair value of the employee
services received in exchange for the grant of the options is recognised as an expense. The group has estimated
the relevant fair value of the share options and awards, which are subject to total shareholder return (TSR)
market-related performance criteria, using a Monte Carlo simulation model (see Note 29). This applies to LTIP
Awards and Deferred Share Bonus Schemes.
The group also operates a Save As You Earn (SAYE) scheme, which is open to all employees. Employees are
required to save a \ufb01xed amount, up to a cap, every month for three years. At the end of the three-year period
employees are entitled to use their savings to purchase shares in the company at a stated exercise price.
Employees are free to stop contributing to the scheme and obtain a refund of contributions at any time, but
forfeit their entitlement to exercise the options if they do so. Payment of contributions into a SAYE scheme is
not a vesting condition; it does not meet the de\ufb01nition of a performance condition because it has no link to
service. Failure to meet a non-vesting condition (eg by ceasing to contribute to an SAYE scheme) is accounted
for as a cancellation of the options so that the expense is accelerated and recognised in the income statement,
with a corresponding adjustment to equity as required. The IFRS 2 charge has been calculated using an
adjusted Black Scholes model with judgements including leavers of the scheme (employees who may cease
to save) and dividend yields.
At the end of each year, the group revises its estimates of the number of options that are expected to vest
based on the non-market conditions and recognises the impact of the revision to original estimates, if any,
in the income statement, with a corresponding adjustment to equity.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:213800IBJPW3SE2RA350", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00541": { "value": "Non-current assets held for sale
Non-current assets and disposal groups are classi\ufb01ed as held for sale if their carrying amount will be recovered
principally through a sale transaction rather than through continuing use. This condition is regarded as met
only when the sale is highly probable and the asset (or disposal group) is available for immediate sale in its
present condition. Management must be committed to the sale, which should be expected to qualify for
recognition as a completed sale within one year from the date of classi\ufb01cation.
Non-current assets (and disposal groups) classi\ufb01ed as held for sale are measured at the lower of their carrying
amount and fair value less costs to sell.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:213800IBJPW3SE2RA350", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00542": { "value": "Impairment
The group applies its impairment policy to non-\ufb01nancial assets, being intangible assets (goodwill), plant,
property and equipment, and right-of-use assets. The group assesses, at each reporting date, whether there
is an indication that an asset may be impaired. If any indication exists, or when annual impairment testing
for an asset is required, the group estimates the asset\u2019s recoverable amount. An asset\u2019s recoverable amount
is the higher of an asset\u2019s or cash generating units (CGU)\u2019s fair value less costs of disposal or its value-in-use.
The recoverable amounts is determined for an individual asset, unless the asset does not generate cash in\ufb02ows
that are largely independent of those from other assets or groups of assets. When the carrying amount of an
asset or CGU exceeds its recoverable amount, the asset is considered impaired, and is written down to its
recoverable amount.
In assessing value-in-use, the estimated future cash \ufb02ows are discounted to their present value using a
discount rate that re\ufb02ects current market assessments of the time value of money and risks speci\ufb01c to the
asset. As part of this, the group assesses where climate risks could have a signi\ufb01cant impact, such as the
introduction of emission-reduction legislation that may increase costs. These risks in relation to climate-related
matters are included as key assumptions where they materially impact the measure of recoverable amount.
The group bases its impairment calculation on most recent budgets and forecast calculations, which are
prepared for each CGU. The forecasts generally cover a \ufb01ve-year period. A long-term growth rate is calculated
and applies to project future cash \ufb02ows after the \ufb01fth year.
Impairment losses of continuing operations are recognised in the consolidated income statement in other
operating costs. Impairment is likely to be considered an adjusting item.
For assets excluding goodwill, an assessment is made at each reporting date to determine whether there is an
indication that previously recognised impairment losses no longer exist or have decreased. If such indication
exists, the group estimates the asset\u2019s or CGU\u2019s recoverable amount. A previously recognised impairment
loss is reversed only if there has been a change in the assumptions used to determine the asset\u2019s recoverable
amount since the last impairment loss was recognised. The reversal is limited so that the carrying amount
of the asset does not exceed its recoverable amount, nor exceed the carrying amount that would have been
determined, net of depreciation, had no impairment loss been recognised for the asset in prior years. Such
reversal is recognised in the statement of pro\ufb01t or loss.
Goodwill is tested for impairment annually as at 31 December and when circumstances indicate that the
carrying value may be impaired.
Impairment is determined for goodwill by assessing the recoverable amount of each CGU (or group of CGUs)
to which the goodwill relates. When the recoverable amount of the CGU is less than its carrying amount, an
impairment loss is recognised. Impairment losses relating to goodwill cannot be reversed in future periods.
Intangible assets with inde\ufb01nite useful lives are tested for impairment annually as at 31 December at the
CGU level, as appropriate, and when circumstances indicate that the carrying value may be impaired.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:213800IBJPW3SE2RA350", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00559": { "value": "Impairment
The group applies its impairment policy to non-\ufb01nancial assets, being intangible assets (goodwill), plant,
property and equipment, and right-of-use assets. The group assesses, at each reporting date, whether there
is an indication that an asset may be impaired. If any indication exists, or when annual impairment testing
for an asset is required, the group estimates the asset\u2019s recoverable amount. An asset\u2019s recoverable amount
is the higher of an asset\u2019s or cash generating units (CGU)\u2019s fair value less costs of disposal or its value-in-use.
The recoverable amounts is determined for an individual asset, unless the asset does not generate cash in\ufb02ows
that are largely independent of those from other assets or groups of assets. When the carrying amount of an
asset or CGU exceeds its recoverable amount, the asset is considered impaired, and is written down to its
recoverable amount.
In assessing value-in-use, the estimated future cash \ufb02ows are discounted to their present value using a
discount rate that re\ufb02ects current market assessments of the time value of money and risks speci\ufb01c to the
asset. As part of this, the group assesses where climate risks could have a signi\ufb01cant impact, such as the
introduction of emission-reduction legislation that may increase costs. These risks in relation to climate-related
matters are included as key assumptions where they materially impact the measure of recoverable amount.
The group bases its impairment calculation on most recent budgets and forecast calculations, which are
prepared for each CGU. The forecasts generally cover a \ufb01ve-year period. A long-term growth rate is calculated
and applies to project future cash \ufb02ows after the \ufb01fth year.
Impairment losses of continuing operations are recognised in the consolidated income statement in other
operating costs. Impairment is likely to be considered an adjusting item.
For assets excluding goodwill, an assessment is made at each reporting date to determine whether there is an
indication that previously recognised impairment losses no longer exist or have decreased. If such indication
exists, the group estimates the asset\u2019s or CGU\u2019s recoverable amount. A previously recognised impairment
loss is reversed only if there has been a change in the assumptions used to determine the asset\u2019s recoverable
amount since the last impairment loss was recognised. The reversal is limited so that the carrying amount
of the asset does not exceed its recoverable amount, nor exceed the carrying amount that would have been
determined, net of depreciation, had no impairment loss been recognised for the asset in prior years. Such
reversal is recognised in the statement of pro\ufb01t or loss.
Goodwill is tested for impairment annually as at 31 December and when circumstances indicate that the
carrying value may be impaired.
Impairment is determined for goodwill by assessing the recoverable amount of each CGU (or group of CGUs)
to which the goodwill relates. When the recoverable amount of the CGU is less than its carrying amount, an
impairment loss is recognised. Impairment losses relating to goodwill cannot be reversed in future periods.
Intangible assets with inde\ufb01nite useful lives are tested for impairment annually as at 31 December at the
CGU level, as appropriate, and when circumstances indicate that the carrying value may be impaired.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800IBJPW3SE2RA350", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00560": { "value": "Changes in accounting policy and estimates
New standards, interpretations and amendments applied
The following amendments to existing standards were effective for the group from 1 January 2024. Other than
some additional disclosures, these amendments have not had a material impact.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Effective date*
Amendments to IAS 1 \u2013 Classification of liabilities as current or non-current
1 January 2024
Amendments to IAS 1 \u2013 Non-current liabilities with covenants
1 January 2024
Amendments to IAS 7 and IFRS 7 \u2013 Supplier finance arrangements
1 January 2024
Amendments to IFRS 16 \u2013 Lease liability in a sale and leaseback
1 January 2024
\n
*
The effective dates stated above are those given in the original IASB/IFRIC standards and interpretations that are consistent with the
endorsement process for use in the UK.
New standards, interpretations and amendments in issue, but not yet effective
As at date of approval of the group \ufb01nancial statements, the following new and amended standards,
interpretations and amendments in issue are applicable to the group but not yet effective and thus, have not
been applied by the group:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Effective date*
Amendments to IFRS 9 and IFRS 7 \u2013 Amendments to the classification and measurement of
1 January 2026
financial instruments
\u00a0
IFRS 18 \u2013 Presentation and disclosure in financial statements
1 January 2027
\n
*
The effective dates stated above are those given in the original IASB/IFRIC standards and interpretations. As the group prepares its
\ufb01nancial statements in accordance with IFRS as issued by the IASB as endorsed by the UK, the application of new standards and
interpretations will result in an effective date subject to that agreed by the UK Endorsement process.
We are in the process of assessing the impact of the above on the presentation of and disclosure in the
\ufb01nancial statements.", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:213800IBJPW3SE2RA350", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00593": { "value": "New standards, interpretations and amendments applied
The following amendments to existing standards were effective for the group from 1 January 2024. Other than
some additional disclosures, these amendments have not had a material impact.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Effective date*
Amendments to IAS 1 \u2013 Classification of liabilities as current or non-current
1 January 2024
Amendments to IAS 1 \u2013 Non-current liabilities with covenants
1 January 2024
Amendments to IAS 7 and IFRS 7 \u2013 Supplier finance arrangements
1 January 2024
Amendments to IFRS 16 \u2013 Lease liability in a sale and leaseback
1 January 2024
\n
*
The effective dates stated above are those given in the original IASB/IFRIC standards and interpretations that are consistent with the
endorsement process for use in the UK.", "dimensions": { "concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations", "language": "en", "entity": "scheme:213800IBJPW3SE2RA350", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00594": { "value": "New standards, interpretations and amendments in issue, but not yet effective
As at date of approval of the group \ufb01nancial statements, the following new and amended standards,
interpretations and amendments in issue are applicable to the group but not yet effective and thus, have not
been applied by the group:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Effective date*
Amendments to IFRS 9 and IFRS 7 \u2013 Amendments to the classification and measurement of
1 January 2026
financial instruments
\u00a0
IFRS 18 \u2013 Presentation and disclosure in financial statements
1 January 2027
\n
*
The effective dates stated above are those given in the original IASB/IFRIC standards and interpretations. As the group prepares its
\ufb01nancial statements in accordance with IFRS as issued by the IASB as endorsed by the UK, the application of new standards and
interpretations will result in an effective date subject to that agreed by the UK Endorsement process.
We are in the process of assessing the impact of the above on the presentation of and disclosure in the
\ufb01nancial statements.", "dimensions": { "concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations", "language": "en", "entity": "scheme:213800IBJPW3SE2RA350", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00434": { "value": "3. Critical accounting judgements and estimates
In the application of the group\u2019s accounting policies, the directors are required to make judgements and
estimates about the carrying amounts of assets and liabilities that are not readily apparent from other sources.
The estimates and associated assumptions are based on historical experience and other factors that are
considered to be relevant. Actual results may differ from these estimates.
Judgements
Adjusting items
Judgements are required as to whether items that are material in size, unusual or infrequent in nature should
be disclosed as adjusting items. Deciding which items meet the respective de\ufb01nitions requires the group to
exercise its judgement. Details of these items categorised as adjusting items are outlined in Note 11.
Leases
The application of IFRS 16 requires the group to make certain judgements which affect the value of the ROU
asset and lease liability, and these include: determining contracts in the scope of IFRS 16 and the contract term.
The lease term is determined by the group and includes the non-cancellable period of lease contracts, periods
covered by an option to extend the lease if the group is reasonably certain to exercise that option and period
covered by an option to terminate the lease if the group is reasonably certain not to exercise that option. The
group reviews the business plan, investment in leasehold improvements and market conditions when
considering the certainty of options to extend or terminate. For lease contracts with an inde\ufb01nite term, the
group determines the length of the contract to be equal to the average or typical market contract term of the
particular type of lease. The same life is then applied to determine the depreciation rate of ROU assets.
Signi\ufb01cant accounting estimates
The preparation of the group\u2019s consolidated \ufb01nancial statements includes the use of estimates and
assumptions. The signi\ufb01cant accounting estimates with a signi\ufb01cant risk of a material change to the carrying
value of assets and liabilities within the next year in terms of IAS 1, \u2018Presentation of Financial Statements\u2019, are:
Goodwill
Goodwill is tested for impairment at least annually or more frequently if there is an indication that goodwill
may be impaired. This is achieved by comparing the carrying value in the accounts with the recoverable
amount (being the value-in-use), as set out in the impairment policy. The value-in-use calculations require
the group to estimate future cash \ufb02ows expected to arise in the future, taking into account market conditions.
The current value of goodwill is underpinned by these forecasts. The present value of these cash \ufb02ows is
determined using an appropriate discount rate.
The assumptions are considered to be most critical in reviewing goodwill for impairment are contained
in note 15.
Property impairment
Property, including property ROU assets, is considered for indicators of impairment at each reporting date, or
earlier if a trigger indicates, as set out in the impairment policy. The recoverable amount, being the value-in-use,
requires the group to estimate cash \ufb02ows expected to arise in the future, taking into account market
conditions. The variables in the cash \ufb02ows are interdependent and re\ufb02ect management\u2019s expectations based
on past experience and current market trends, it takes into account both current business and committed
initiatives. The present value of these cash \ufb02ows is determined using an appropriate discount rate.
The assumptions are considered to be most critical in reviewing properties for impairment are contained
in note 14.
Other areas of accounting estimates
The consolidated \ufb01nancial statements include other areas of judgement and accounting estimates. While
these areas do not meet the de\ufb01nition under IAS 1 of signi\ufb01cant accounting estimates and critical accounting
judgements, the recognition and measurement of certain material assets and liabilities are based on
assumptions and/or are subject to longer-term uncertainties. The other areas of accounting estimates
and judgement are:
Leases
The present value of the lease payment is determined using the discount factor (incremental borrowing rate)
which is based on a risk free UK gilt rate plus an applicable credit spread or margin to re\ufb02ect the credit standing
of the group observed in the period when the lease contract commences or is modi\ufb01ed. The incremental
borrowing rate applied re\ufb02ects a rate for a similar term and security to that of the lease and is determined
at inception.
Details of incremental borrowing rates can be found in note 23.
Expected credit losses
The group has not changed the methodology in respect of the expected credit loss (ECL) calculations. The
group\u2019s customer pro\ufb01le includes large organisations that have stable credit ratings, and the payment pro\ufb01les
have remained stable for historical debts. The exception to this is patient debt where economic circumstances
can have a signi\ufb01cant impact and, given the current economic uncertainty, remains the highest risk for the
group. The ECL as at December 2024 is \u00a36.2 million (December 2023: \u00a35.5 million). See note 19.
Provisions for medical malpractice
The provision was established by Spire Healthcare in respect of implementing the recommendations of the
Independent Inquiry including a detailed patient review and support for patients of Paterson. The provision is
utilised for patient claim settlements. The variables include the number of patients which are found to have
been harmed and the associated compensation claim. The project is complex and the process for settlement of
claims, where relevant, takes some time. It is possible that, as further information becomes available, an
adjustment to this provision will be required, but at this time, it re\ufb02ects management\u2019s best estimate of the
costs and settlement of claims. This provision remains subject to ongoing review.
Details of the provision can be found in note 26.
Climate-related risk and opportunities on the \ufb01nancial statements
To date, the board has not identi\ufb01ed any climate-related risks or opportunities that would have a material
impact on the assets or liabilities of the group, and therefore has not adjusted \ufb01nancial balances for climate-
related risks or opportunities.", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:213800IBJPW3SE2RA350", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00436": { "value": "Goodwill
Goodwill is tested for impairment at least annually or more frequently if there is an indication that goodwill
may be impaired. This is achieved by comparing the carrying value in the accounts with the recoverable
amount (being the value-in-use), as set out in the impairment policy. The value-in-use calculations require
the group to estimate future cash \ufb02ows expected to arise in the future, taking into account market conditions.
The current value of goodwill is underpinned by these forecasts. The present value of these cash \ufb02ows is
determined using an appropriate discount rate.
The assumptions are considered to be most critical in reviewing goodwill for impairment are contained
in note 15.", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:213800IBJPW3SE2RA350", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00437": { "value": "Expected credit losses
The group has not changed the methodology in respect of the expected credit loss (ECL) calculations. The
group\u2019s customer pro\ufb01le includes large organisations that have stable credit ratings, and the payment pro\ufb01les
have remained stable for historical debts. The exception to this is patient debt where economic circumstances
can have a signi\ufb01cant impact and, given the current economic uncertainty, remains the highest risk for the
group. The ECL as at December 2024 is \u00a36.2 million (December 2023: \u00a35.5 million). See note 19.", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:213800IBJPW3SE2RA350", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00435": { "value": "4. Revenue
All revenue is attributable to, and all non-current assets are located in, the United Kingdom.
Revenue by location (inpatient, day case or out-patient) and wider customer (payor) group is shown below:
(\u00a3m)
2024
2023
\u00a0
Hospitals
\u00a0\u00a0
Hospitals
\u00a0\u00a0
\u00a0
Business
Primary Care
Total
Business
Primary Care
Total
Inpatient
548.0
\u2013
548.0
535.5
\u2013
535.5
Day case
426.6
0.6
427.2
399.9
\u2013
399.9
Outpatient
388.1
120.2
508.3
365.4
31.4
396.8
Other
1
27.5
0.2
27.7
26.8
\u2013
26.8
Total revenue
1,390.2
121.0
1,511.2
1,327.6
31.4
1,359.0
Insured
662.4
1.6
664.0
615.7
0.8
616.5
Self-pay
332.9
8.0
340.9
344.0
7.8
351.8
NHS
367.4
80.8
448.2
341.1
14.9
356.0
Other
1
27.5
30.6
58.1
26.8
7.9
34.7
Total revenue
1,390.2
121.0
1,511.2
1,327.6
31.4
1,359.0
\n
1. Other revenue includes fees paid to the group by consultants (eg for the use of group facilities and services) and third-party revenue
(eg pathology services to third parties).
Group revenues increased 11.2% to \u00a31,511.2 million (2023: \u00a31,359.0 million). Hospitals business revenue has
increased by 4.7% to \u00a31,390.2 million (2023: \u00a31,327.6 million), driven by the demand for private healthcare and
our expansion into Primary Care. Overall revenue growth is underpinned by increased average revenue per case
(APRC) for all payor groups Revenue for primary care is \u00a3121.0 million (2023: \u00a331.4 million), with the majority of
this from Vita Health Group, which was acquired in October 2023.", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:213800IBJPW3SE2RA350", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00439": { "value": "5. Segmental reporting
In determining the group\u2019s operating segments, management has primarily considered the \ufb01nancial information
in internal reports that are reviewed and used by the executive management team and board of directors (who
together are the chief operating decision maker of Spire Healthcare) in assessing performance and in
determining the allocation of resources. The \ufb01nancial information in those internal reports in respect of revenue
and expenses has led management to conclude that the group has three operating segments, being the
hospitals business, Vita Health Group and The Doctors Clinic Group.
The hospitals business is the group\u2019s core business activity and consists of hospitals, clinics, medical centres and
consulting rooms. They provide diagnostics, inpatient, day case and outpatient care in areas including
orthopaedics, gynaecology, cardiology, neurology, oncology and general surgery.
We have aggregated Vita Health Group and The Doctors Clinic Group into one reportable segment called
primary care, as they meet the aggregation criteria under IFRS 8 operating segments. These entities all have
similar economic characteristics such as offering similar services and have a similar type of customer. These
services being primarily focused on the primary care needs of outpatients, whether these services are GP
services, occupational health services or mental and physical health services.
Segment performance is evaluated based on pro\ufb01t or loss and is measured consistently with pro\ufb01t or loss in the
consolidated \ufb01nancial statements. The balance sheet is evaluated on a group level.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
(\u00a3m)
2024
2023
\u00a0
Hospitals
\u00a0 \u00a0
Hospitals
\u00a0 \u00a0
\u00a0
Business
Primary Care
Total
Business
Primary Care
Total
Revenue
1,390.2
121.0
1,511.2
1,327.6
31.4
1,359.0
Cost of sales
(748.4)
(79.2)
(827.6)
(714.3)
(20.5)
(734.8)
Gross profit
641.8
41.8
683.6
613.3
10.9
624.2
Other operating costs
(519.2)
(39.5)
(558.7)
(492.4)
(11.7)
(504.1)
Other Income
12.6
\u2013
12.6
6.1
\u2013
6.1
Segmental operating
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
profit (EBIT)
135.2
2.3
137.5
127.0
(0.8)
126.2
\n
Finance income, \ufb01nance costs and taxes are not allocated to individual segments as these are managed on an
overall group basis. Reconciliation of segment operating pro\ufb01t to group pro\ufb01t for the year:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
(\u00a3m)
2024
2023
Segment operating profit (EBIT)
137.5
126.2
Finance income
0.7
1.4
Finance costs
(99.9)
(93.0)
Profit before taxation
38.3
34.6
Taxation
(12.3)
(6.7)
Profit for the year
26.0
27.9
\n
Operating pro\ufb01t is arrived at after charging:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
(\u00a3m)
2024
2023
\u00a0
Hospitals
\u00a0 \u00a0
Hospitals
\u00a0 \u00a0
\u00a0
Business
Primary Care
Total
Business
Primary Care
Total
Depreciation of
106.4
1.6
108.0
102.6
0.4
103.0
property, plant and
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
equipment and
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
right-of-use assets
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Amortisation of
1.6
2.6
4.2
\u2013
0.6
0.6
intangible assets
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Lease payments made
16.6
3.8
20.4
16.9
1.7
18.6
in respect of low value
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
and short leases
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Staff costs
494.4
73.0
567.4
456.6
18.5
475.2
\n
The total pre-tax adjusting items is \u00a311.9 million (2023: \u00a34.2 million) of which \u00a38.1 million (2023: \u00a34.2 million)
relate to the hospitals business and \u00a33.8 million (2023: Nil) relate to primary care.", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:213800IBJPW3SE2RA350", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00440": { "value": "6. Other income \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
(\u00a3m)
2024
2023
Fair value movement on financial asset
4.8
2.8
Realised profit in respect of financial asset
1.0
0.8
Fair value movement on financial liability
1.6
\u2013
Profit on disposal of hospital (adjusting items) (see note 11)
4.5
\u2013
Profit on disposal of property, plant and equipment
0.7
\u2013
Settlement from an insurer (adjusting items) (see note 11)
\u2013
2.5
Total other income
12.6
6.1
\n
The fair value movement in respect of the \ufb01nancial asset was recognised to re\ufb02ect the on-going pro\ufb01t share
arrangement with Genesis Care which arose as part of the sale of the Bristol Cancer Centre in 2019. Pro\ufb01ts of
\u00a31.0 million (2023: \u00a30.8 million) have been realised in respect of this arrangement. The fair value movement on
\ufb01nancial liability relates to the change in cash \ufb02ows relating to the \ufb01nancial instruments held to purchase own
equity instruments.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory", "language": "en", "entity": "scheme:213800IBJPW3SE2RA350", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00438": { "value": "7. Auditor\u2019s remuneration
During the year, the group (including its subsidiary undertakings) obtained the following services from the
group\u2019s external auditor as detailed below:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
(\u00a3m)
2024
2023
Audit of these financial statements
1.3
1.2
Audit of the financial statements of subsidiaries of the company
\u00a0\u00a0
pursuant to legislation
0.4
0.3
Audit-related assurance services
0.2
0.1
Total
1.9
1.6
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:213800IBJPW3SE2RA350", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00441": { "value": "8. Operating pro\ufb01t
Arrived at after charging/(crediting):
(\u00a3m)
2024
2023
Depreciation of property, plant and equipment (see note 14)
67.0
65.5
Depreciation of right-of-use assets (see note 14)
41.0
37.5
Amortisation of intangible assets (see note 15)
4.2
0.6
Acquisition-related transaction costs (adjusting item) (see note 11)
\u2013
2.5
Lease payments made in respect of low value and short leases
20.4
18.6
Provision related to Ian Paterson (adjusting item) (see note 11)
4.6
2.5
Movement on the provision for expected credit losses of trade receivables
\u00a0 \u00a0
(see note 19)
1.0
0.5
(Profit)/loss on disposal of property, plant and equipment
\u2013
(0.3)
Staff restructuring costs (see note 9)
4.3
2.0
Staff costs (net of staff restructuring costs and including share-based payment
\u00a0 \u00a0
charge) (see notes 9 and 29)
567.4
475.2
\nInventory recognised as an expense in the current year is disclosed in Note 18.", "dimensions": { "concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory", "language": "en", "entity": "scheme:213800IBJPW3SE2RA350", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00445": { "value": "9. Staff costs
(No.)
2024
2023
The average number of persons employed by the group (including directors) during
\u00a0 \u00a0
the year:
\u00a0 \u00a0
Clinical
9,248
7,455
Non-clinical
6,021
5,514
Central
972
776
Total
16,240
13,745
(No.)
2024
2023
The average number of full-time equivalent persons employed by the group during
\u00a0 \u00a0
the year:
\u00a0 \u00a0
Clinical
7,004
5,831
Non-clinical
4,655
4,349
Central
848
695
Total
12,507
10,875
\n
The aggregate payroll costs of these persons were as follows:
(\u00a3m)
2024
2023
Wages and salaries
476.3
398.7
Social security costs
46.9
38.9
Pension costs, defined contribution scheme
44.3
35.9
Aggregate payroll costs excluding share based payments
567.5
473.5
Share based payment charge
4.2
3.7
Aggregate payroll costs
571.7
477.2
\n
There were \u00a31.4 million wages and salaries and social security costs for year ended 31 December 2024 in
Adjusting items (2023: \u00a31.6 million) of which \u00a30.7 million relate to business restructuring costs and which
are included in staff costs (2023: \u00a31.0 million), and are set out in note 8.
Pension costs are in respect of the de\ufb01ned contribution scheme; unpaid contributions at 31 December 2024
were \u00a34.8 million (2023: \u00a33.7 million). ", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800IBJPW3SE2RA350", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00446": { "value": "9. Staff costs
(No.)
2024
2023
The average number of persons employed by the group (including directors) during
\u00a0 \u00a0
the year:
\u00a0 \u00a0
Clinical
9,248
7,455
Non-clinical
6,021
5,514
Central
972
776
Total
16,240
13,745
(No.)
2024
2023
The average number of full-time equivalent persons employed by the group during
\u00a0 \u00a0
the year:
\u00a0 \u00a0
Clinical
7,004
5,831
Non-clinical
4,655
4,349
Central
848
695
Total
12,507
10,875
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:213800IBJPW3SE2RA350", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00442": { "value": "10. Finance income and costs
(\u00a3m)
2024
2023
Finance income
\u00a0\u00a0
Interest income on bank deposits
0.7
1.4
Total finance income
0.7
1.4
Finance cost
\u00a0\u00a0
Interest on bank facilities
22.3
18.5
Amortisation of fee arising on facilities extensions/borrowing costs
1
1.5
1.5
Interest on obligations under leases
76.1
73.0
Total finance costs
99.9
93.0
Total net finance costs
99.2
91.6
\n
1.
\u00a35.0 million of borrowing costs were capitalised on the re\ufb01nancing of the senior facility, these are being amortised over the life of the
facility.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800IBJPW3SE2RA350", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00443": { "value": "10. Finance income and costs
(\u00a3m)
2024
2023
Finance income
\u00a0\u00a0
Interest income on bank deposits
0.7
1.4
Total finance income
0.7
1.4
Finance cost
\u00a0\u00a0
Interest on bank facilities
22.3
18.5
Amortisation of fee arising on facilities extensions/borrowing costs
1
1.5
1.5
Interest on obligations under leases
76.1
73.0
Total finance costs
99.9
93.0
Total net finance costs
99.2
91.6
\n
1.
\u00a35.0 million of borrowing costs were capitalised on the re\ufb01nancing of the senior facility, these are being amortised over the life of the
facility.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:213800IBJPW3SE2RA350", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00444": { "value": "10. Finance income and costs
(\u00a3m)
2024
2023
Finance income
\u00a0\u00a0
Interest income on bank deposits
0.7
1.4
Total finance income
0.7
1.4
Finance cost
\u00a0\u00a0
Interest on bank facilities
22.3
18.5
Amortisation of fee arising on facilities extensions/borrowing costs
1
1.5
1.5
Interest on obligations under leases
76.1
73.0
Total finance costs
99.9
93.0
Total net finance costs
99.2
91.6
\n
1.
\u00a35.0 million of borrowing costs were capitalised on the re\ufb01nancing of the senior facility, these are being amortised over the life of the
facility.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:213800IBJPW3SE2RA350", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00447": { "value": "12. Taxation
(\u00a3m)
2024
2023
Current tax
\u00a0 \u00a0
UK corporation tax expense
0.7
0.9
Adjustments in respect of prior years
(1.0)
(1.3)
Total current tax credit
(0.3)
(0.4)
Deferred tax
\u00a0 \u00a0
Origination and reversal of temporary differences
10.3
10.0
Adjustments in respect of prior years
2.3
(2.9)
Total deferred tax charge
12.6
7.1
Total tax charge
12.3
6.7
\n
In addition to the above, a credit of \u00a30.3 million has been recognised in Other Comprehensive income (2023:
\u00a30.9 million credit) and \u00a30.4 million credit (2023: \u00a30.3 million credit) through equity. The \u00a30.4 million credit
through equity relates to movements on share-based payments, and re\ufb02ects a \u00a30.5 million deferred tax
charge, offset by a current tax credit of \u00a30.9 million.
Corporation tax is calculated at 25.0% (2023: 23.5%) of the estimated taxable pro\ufb01t or loss for the year. The
effective tax rate on pro\ufb01t before taxation for the year is 32.1%. The effective tax rate is higher than the UK
rate, due to the impact of prior year adjustments and non-deductible items. Excluding the adjustments to prior
years in 2024, the effective tax rate is 28.1%.
The effective tax assessed for the year, all of which arises in the UK, differs from the standard weighted rate of
corporation tax in the UK. The reconciliation of the actual tax charge to that at the domestic corporation tax
rate is as follows:
(\u00a3m)
2024
2023
Profit before taxation
38.3
34.6
Tax at the standard rate
9.6
8.1
Effects of:
\u00a0\u00a0
Expenses and income not deductible or taxable
1.1
3.2
Adjustment for movement on share-based payments
0.3
\u2013
Tax adjustment for the super-deduction allowance
\u2013
(0.8)
Adjustments in respect of prior year
1.3
(4.2)
Difference in tax rates
\u2013
0.2
Deferred tax not previously recognised
\u2013
0.2
Total tax charge
12.3
6.7
\n
Expenses and income not deductible or taxable relate mostly to depreciation on non-qualifying \ufb01xed assets,
disallowable entertaining, and legal and professional fees..
The current year and prior year charges are driven by expenses not deductible for tax purposes, adjustments to
prior year and the movement on share-based payments payments.
The group does not hold any uncertain tax positions under IFRIC 23 at the year-end (2023: none).
Pillar Two Legislation, re\ufb02ecting the OECDs Base Erosion Pro\ufb01t Shifting (\u2018BEPs\u2019) framework is effective for
periods beginning 1 January 2024. The group continues to only operate in the UK. Based on the group\u2019s
assessment, the Pillar Two effective tax rates continue to be above 15% and therefore, the group does not
expect an exposure to Pillar Two top-up taxes.", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800IBJPW3SE2RA350", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00448": { "value": "13. Earnings per share (EPS)
Basic EPS is calculated by dividing the pro\ufb01t for the year attributable to ordinary equity holders of the parent
by the weighted average number of ordinary shares outstanding during the year.
\u00a0
2024
2023
Profit for the year attributable to ordinary equity holders of the parent (\u00a3m)
25.4
27.3
Weighted average number of ordinary shares for basic EPS (No.)
403,991,639
404,117,249
Adjustment for weighted average number of shares held in EBT
(498,516)
(468,363)
Weighted average number of ordinary shares in issue (No.)
403,493,123
403,648,886
Basic earnings per share (in pence per share)
6.3
6.8
\n
For dilutive EPS, the weighted average number of ordinary shares in issue is adjusted to include all dilutive
potential ordinary shares arising from share options. Refer to the remuneration committee report for the
terms and conditions of instruments generating potential ordinary shares that affect the measurement
of diluted EPS.
\u00a0
2024
2023
Profit for the year attributable to ordinary equity holders of the parent (\u00a3m)
25.4
27.3
Weighted average number of ordinary shares in issue (No.)
403,493,123
403,648,886
Adjustment for weighted average number of contingently issuable shares
7,900,003
9,494,645
Diluted weighted average number of ordinary shares in issue (No.)
411,393,127
413,143,531
Diluted earnings per share (in pence per share)
6.2
6.6
\n
The directors believe that EPS excluding adjusting items (adjusted EPS) better re\ufb02ects the underlying
performance of the business and assists in providing a clearer view of the performance of the group.
Reconciliation of pro\ufb01t after taxation to pro\ufb01t after taxation excluding adjusting items (adjusted pro\ufb01t):
\u00a0
2024
2023
Profit for the year attributable to owners of the parent (\u00a3m)
25.4
27.3
Adjusting items (see Note 11)
10.1
4.5
Adjusted profit (\u00a3m)
35.5
31.8
Weighted average number of ordinary shares in issue
403,493,123
403,648,886
Weighted average number of dilutive ordinary shares
411,393,127
413,143,531
Adjusted basic earnings per share (in pence per share)
8.8
7.9
Adjusted diluted earnings per share (in pence per share)
8.6
7.7
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:213800IBJPW3SE2RA350", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00449": { "value": "14. Property, plant and equipment
\u00a0 \u00a0 \u00a0 \u00a0
Assets in the
\u00a0 \u00a0
\u00a0
Freehold
Leasehold
\u00a0
course of
Right-of-use
\u00a0
(\u00a3m)
property
improvements
Equipment
construction
(ROU)
Total
Cost:
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
At 1 January 2023
850.2
180.4
455.3
30.2
873.9
2,390.0
Additions
7.2
12.1
42.3
22.3
\u2013
83.9
Acquisition of a subsidiary
\u2013
\u2013
1.3
\u2013
1.3
2.6
Additions to ROU assets
\u2013
\u2013
\u2013
\u2013
14.7
14.7
Adjustments to existing assets
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
(eg indexation)
\u2013
\u2013
\u2013
\u2013
36.7
36.7
Disposals
(0.7)
(2.4)
(21.6)
(0.4)
(0.1)
(25.2)
Transfers
3.7
13.3
9.9
(26.9)
\u2013
\u2013
At 1 January 2024
860.4
203.4
487.2
25.2
926.5
2,502.7
Additions
8.9
14.8
52.9
32.7
\u2013
109.3
Additions to ROU assets
\u2013
\u2013
\u2013
\u2013
15.1
15.1
Adjustments to existing assets
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
(eg indexation)
\u2013
\u2013
\u2013
\u2013
36.9
36.9
Disposals
(1.3)
(9.6)
(84.0)
\u2013
(2.4)
(97.3)
Transfer
1.2
15.9
0.7
(17.8)
\u2013
\u2013
At 31 December 2024
869.2
224.5
456.8
40.1
976.1
2,566.7
Accumulated depreciation
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
and impairment:
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
At 1 January 2023
198.2
60.1
291.8
\u2013
255.5
805.6
Charge for the year
12.2
9.8
43.5
\u2013
37.5
103.0
Disposals
(0.6)
(2.4)
(21.6)
\u2013
(0.1)
(24.7)
Transfers
(0.2)
\u2013
0.2
\u2013
\u2013
\u2013
At 1 January 2024
209.6
67.5
313.9
\u2013
292.9
883.9
Charge for the year
12.3
10.6
44.1
\u2013
41.0
108.0
Disposals
(1.2)
(4.9)
(82.3)
\u2013
(0.2)
(88.6)
At 31 December 2024
220.7
73.2
275.7
\u2013
333.7
903.3
Net book value:
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
At 31 December 2024
648.5
151.3
181.1
40.1
642.4
1,663.4
At 31 December 2023
650.8
135.9
173.3
25.2
633.6
1,618.8
\n
The net book value of land is \u00a3156.3 million (2023: \u00a3156.3 million). Nine of the group\u2019s freehold properties are
pledged as security against the senior \ufb01nance facility, the net book value of these properties are \u00a3120.0 million
(2023: \u00a3124.0million). There were no borrowing costs capitalised during the year ended 31 December 2024
(2023: Nil). The fair value of feehold properties is \u00a31.4 billion.
On the 31 March 2024, the droup sold its Tunbridge Wells Hospital business to Maidstone and Tunbridge Wells
NHS Trust for \u00a39.975 million and derecognised property, plant and equipment of \u00a36.2 million. As part of the
sale agreement, the group has entered into a sub lease agreement with the trust to lease the Tunbridge Wells
property (refer to note 23). A right of use asset of \u00a32.4 million was derecognised and a \ufb01nance lease receivable
of \u00a34.4 million was recognised. The \ufb01nance lease receivable represents the cash \ufb02ows receivable from the trust
to settle the lease obligation in the head lease. Refer to note 23 for more details.
Impairment testing
The directors consider property and property right-of-use assets for indicators of impairment semi-annually.
As equipment and leasehold improvements do not generate independent cash \ufb02ows, they are considered
alongside the property as a single cash-generating unit (CGU). When making the assessment, the value-in-use
of the property is compared with its carrying value in the accounts. Where headroom is signi\ufb01cant, no further
work is undertaken. Where headroom is minimal, a detailed assessment is performed for the property, which
includes identifying the factors resulting in limited headroom and undertaking \ufb01nancial forecasts to assess the
level of sensitivity this has to key assumptions.
In order to estimate the value-in-use, management has used trading projections covering the period to
December 2029 from the most recent board approved strategic plan. The variables in the cash \ufb02ows are
interdependent and re\ufb02ect management\u2019s expectations based on past experience and current market trends,
it takes into account both current business and committed initiatives. To the extent that there was a shortfall
between the recent actual cash \ufb02ows and forecast, the future cash \ufb02ows have been adjusted to re\ufb02ect any
initiatives implemented by management to address the underlying cause. In addition, management consider
the potential \ufb01nancial impact from short-term climate change scenarios, and the cost of initiatives that have
substantially commenced by the group to manage the longer-term climate impacts.
Key assumptions
Management identi\ufb01ed a number of key assumptions relevant to the value-in-use calculations, being EBITDA
growth over the \ufb01ve-year period, capital maintenance spend, discount rates and long-term growth rates. The
assumptions are based on past experience and external sources of information.
The trading projections for the \ufb01ve-year period underlying the value-in-use re\ufb02ect a growth in EBITDA. EBITDA
is based on a number of elements of the operating model over the longer term, including pricing trends,
volume growth and the mix and complexity of procedures and assumptions regarding cost in\ufb02ation.
Management has performed a sensitivity analysis on these properties using reasonably possible changes for
each key assumption, keeping all other assumptions constant. The sensitivity analysis included an assessment
of the break-even point for each of the key assumptions.
The sensitivity analysis identi\ufb01ed two properties that a reasonably possible change would elimate the
headroom of the property. One property with a headroom of \u00a39.1 million is sensitive to the EBITDA growth
over the \ufb01ve year period as it, would result in the elimination of headroom. The average annual EBITDA growth
over the \ufb01ve years is 11.4%. The annual EBITDA over the \ufb01ve year period would have to decrease by 5.8% per
annum to eliminate the headroom. Another property with a headroom of \u00a33.4 million is sensitive to the
discount rate which would need to increase by 155bps to result in the elimation of the headroom.
During the 2023 \ufb01nancial year, the group moved to a post IFRS 16 discount rate, the group has used a pre-tax
discount rate of 11.2% (2023: 11.5%).
A long-term growth rate of 2.0% has been applied to cash \ufb02ows beyond 2029 based on a long-term view of
in\ufb02ation, revenue growth and market conditions. Capital maintenance spend is based on historic run rates and
our expectations of the group\u2019s requirements. The sensitivity testing identi\ufb01ed no reasonably possible changes
in the discount rate, capital maintenance and long-term growth rates that would cause the carrying amount of
any CGU to exceed its recoverable amount.
As a result, management believe that some of the key impairment review assumptions constitute a major
source of estimation uncertainty as they consider that there is a signi\ufb01cant risk of a material change to its
estimate of these assumptions within the next 12 months.
Right-of-use (ROU) assets
\u00a0
Leasehold
Equipment and
\u00a0
(\u00a3m)
property
motor vehicles
Total
Cost:
\u00a0 \u00a0 \u00a0
At 1 January 2023
849.8
24.1
873.9
New leases entered
4.3
10.4
14.7
Acquisition of a subsidiary
1.3
\u2013
1.3
Adjustments to existing assets (eg indexation)
36.7
\u2013
36.7
Disposals
\u2013
(0.1)
(0.1)
At 1 January 2024
892.1
34.4
926.5
New leases entered
4.4
10.7
15.1
Adjustments to existing assets (eg indexation)
36.9
\u2013
36.9
Disposals
(2.2)
(0.2)
(2.4)
At 31 December 2024
931.2
44.9
976.1
Accumulated depreciation and impairment:
\u00a0 \u00a0 \u00a0
At 1 January 2023
248.0
7.5
255.5
Charge for year
31.8
5.7
37.5
Disposals
\u2013
(0.1)
(0.1)
At 1 January 2024
279.8
13.1
292.9
Charge for the year
34.4
6.6
41.0
Disposals
\u2013
(0.2)
(0.2)
At 31 December 2024
314.2
19.5
333.7
Net book value:
\u00a0 \u00a0 \u00a0
At 31 December 2024
617.0
25.4
642.4
At 31 December 2023
612.3
21.3
633.6
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800IBJPW3SE2RA350", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00451": { "value": "
\u00a0 \u00a0 \u00a0 \u00a0
Assets in the
\u00a0 \u00a0
\u00a0
Freehold
Leasehold
\u00a0
course of
Right-of-use
\u00a0
(\u00a3m)
property
improvements
Equipment
construction
(ROU)
Total
Cost:
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
At 1 January 2023
850.2
180.4
455.3
30.2
873.9
2,390.0
Additions
7.2
12.1
42.3
22.3
\u2013
83.9
Acquisition of a subsidiary
\u2013
\u2013
1.3
\u2013
1.3
2.6
Additions to ROU assets
\u2013
\u2013
\u2013
\u2013
14.7
14.7
Adjustments to existing assets
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
(eg indexation)
\u2013
\u2013
\u2013
\u2013
36.7
36.7
Disposals
(0.7)
(2.4)
(21.6)
(0.4)
(0.1)
(25.2)
Transfers
3.7
13.3
9.9
(26.9)
\u2013
\u2013
At 1 January 2024
860.4
203.4
487.2
25.2
926.5
2,502.7
Additions
8.9
14.8
52.9
32.7
\u2013
109.3
Additions to ROU assets
\u2013
\u2013
\u2013
\u2013
15.1
15.1
Adjustments to existing assets
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
(eg indexation)
\u2013
\u2013
\u2013
\u2013
36.9
36.9
Disposals
(1.3)
(9.6)
(84.0)
\u2013
(2.4)
(97.3)
Transfer
1.2
15.9
0.7
(17.8)
\u2013
\u2013
At 31 December 2024
869.2
224.5
456.8
40.1
976.1
2,566.7
Accumulated depreciation
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
and impairment:
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
At 1 January 2023
198.2
60.1
291.8
\u2013
255.5
805.6
Charge for the year
12.2
9.8
43.5
\u2013
37.5
103.0
Disposals
(0.6)
(2.4)
(21.6)
\u2013
(0.1)
(24.7)
Transfers
(0.2)
\u2013
0.2
\u2013
\u2013
\u2013
At 1 January 2024
209.6
67.5
313.9
\u2013
292.9
883.9
Charge for the year
12.3
10.6
44.1
\u2013
41.0
108.0
Disposals
(1.2)
(4.9)
(82.3)
\u2013
(0.2)
(88.6)
At 31 December 2024
220.7
73.2
275.7
\u2013
333.7
903.3
Net book value:
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
At 31 December 2024
648.5
151.3
181.1
40.1
642.4
1,663.4
At 31 December 2023
650.8
135.9
173.3
25.2
633.6
1,618.8
\n
\u00a0
Leasehold
Equipment and
\u00a0
(\u00a3m)
property
motor vehicles
Total
Cost:
\u00a0 \u00a0 \u00a0
At 1 January 2023
849.8
24.1
873.9
New leases entered
4.3
10.4
14.7
Acquisition of a subsidiary
1.3
\u2013
1.3
Adjustments to existing assets (eg indexation)
36.7
\u2013
36.7
Disposals
\u2013
(0.1)
(0.1)
At 1 January 2024
892.1
34.4
926.5
New leases entered
4.4
10.7
15.1
Adjustments to existing assets (eg indexation)
36.9
\u2013
36.9
Disposals
(2.2)
(0.2)
(2.4)
At 31 December 2024
931.2
44.9
976.1
Accumulated depreciation and impairment:
\u00a0 \u00a0 \u00a0
At 1 January 2023
248.0
7.5
255.5
Charge for year
31.8
5.7
37.5
Disposals
\u2013
(0.1)
(0.1)
At 1 January 2024
279.8
13.1
292.9
Charge for the year
34.4
6.6
41.0
Disposals
\u2013
(0.2)
(0.2)
At 31 December 2024
314.2
19.5
333.7
Net book value:
\u00a0 \u00a0 \u00a0
At 31 December 2024
617.0
25.4
642.4
At 31 December 2023
612.3
21.3
633.6
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:213800IBJPW3SE2RA350", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00450": { "value": "Impairment testing
The directors consider property and property right-of-use assets for indicators of impairment semi-annually.
As equipment and leasehold improvements do not generate independent cash \ufb02ows, they are considered
alongside the property as a single cash-generating unit (CGU). When making the assessment, the value-in-use
of the property is compared with its carrying value in the accounts. Where headroom is signi\ufb01cant, no further
work is undertaken. Where headroom is minimal, a detailed assessment is performed for the property, which
includes identifying the factors resulting in limited headroom and undertaking \ufb01nancial forecasts to assess the
level of sensitivity this has to key assumptions.
In order to estimate the value-in-use, management has used trading projections covering the period to
December 2029 from the most recent board approved strategic plan. The variables in the cash \ufb02ows are
interdependent and re\ufb02ect management\u2019s expectations based on past experience and current market trends,
it takes into account both current business and committed initiatives. To the extent that there was a shortfall
between the recent actual cash \ufb02ows and forecast, the future cash \ufb02ows have been adjusted to re\ufb02ect any
initiatives implemented by management to address the underlying cause. In addition, management consider
the potential \ufb01nancial impact from short-term climate change scenarios, and the cost of initiatives that have
substantially commenced by the group to manage the longer-term climate impacts.
Key assumptions
Management identi\ufb01ed a number of key assumptions relevant to the value-in-use calculations, being EBITDA
growth over the \ufb01ve-year period, capital maintenance spend, discount rates and long-term growth rates. The
assumptions are based on past experience and external sources of information.
The trading projections for the \ufb01ve-year period underlying the value-in-use re\ufb02ect a growth in EBITDA. EBITDA
is based on a number of elements of the operating model over the longer term, including pricing trends,
volume growth and the mix and complexity of procedures and assumptions regarding cost in\ufb02ation.
Management has performed a sensitivity analysis on these properties using reasonably possible changes for
each key assumption, keeping all other assumptions constant. The sensitivity analysis included an assessment
of the break-even point for each of the key assumptions.
The sensitivity analysis identi\ufb01ed two properties that a reasonably possible change would elimate the
headroom of the property. One property with a headroom of \u00a39.1 million is sensitive to the EBITDA growth
over the \ufb01ve year period as it, would result in the elimination of headroom. The average annual EBITDA growth
over the \ufb01ve years is 11.4%. The annual EBITDA over the \ufb01ve year period would have to decrease by 5.8% per
annum to eliminate the headroom. Another property with a headroom of \u00a33.4 million is sensitive to the
discount rate which would need to increase by 155bps to result in the elimation of the headroom.
During the 2023 \ufb01nancial year, the group moved to a post IFRS 16 discount rate, the group has used a pre-tax
discount rate of 11.2% (2023: 11.5%).
A long-term growth rate of 2.0% has been applied to cash \ufb02ows beyond 2029 based on a long-term view of
in\ufb02ation, revenue growth and market conditions. Capital maintenance spend is based on historic run rates and
our expectations of the group\u2019s requirements. The sensitivity testing identi\ufb01ed no reasonably possible changes
in the discount rate, capital maintenance and long-term growth rates that would cause the carrying amount of
any CGU to exceed its recoverable amount.
As a result, management believe that some of the key impairment review assumptions constitute a major
source of estimation uncertainty as they consider that there is a signi\ufb01cant risk of a material change to its
estimate of these assumptions within the next 12 months.", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:213800IBJPW3SE2RA350", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00452": { "value": "Right-of-use (ROU) assets
\u00a0
Leasehold
Equipment and
\u00a0
(\u00a3m)
property
motor vehicles
Total
Cost:
\u00a0 \u00a0 \u00a0
At 1 January 2023
849.8
24.1
873.9
New leases entered
4.3
10.4
14.7
Acquisition of a subsidiary
1.3
\u2013
1.3
Adjustments to existing assets (eg indexation)
36.7
\u2013
36.7
Disposals
\u2013
(0.1)
(0.1)
At 1 January 2024
892.1
34.4
926.5
New leases entered
4.4
10.7
15.1
Adjustments to existing assets (eg indexation)
36.9
\u2013
36.9
Disposals
(2.2)
(0.2)
(2.4)
At 31 December 2024
931.2
44.9
976.1
Accumulated depreciation and impairment:
\u00a0 \u00a0 \u00a0
At 1 January 2023
248.0
7.5
255.5
Charge for year
31.8
5.7
37.5
Disposals
\u2013
(0.1)
(0.1)
At 1 January 2024
279.8
13.1
292.9
Charge for the year
34.4
6.6
41.0
Disposals
\u2013
(0.2)
(0.2)
At 31 December 2024
314.2
19.5
333.7
Net book value:
\u00a0 \u00a0 \u00a0
At 31 December 2024
617.0
25.4
642.4
At 31 December 2023
612.3
21.3
633.6
", "dimensions": { "concept": "ifrs-full:DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory", "language": "en", "entity": "scheme:213800IBJPW3SE2RA350", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00453": { "value": "15. Intangible assets \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
Customer
\u00a0
Mobilisation
\u00a0
(\u00a3m)
Goodwill
contracts
IT projects
costs
Total
Cost or valuation:
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
At 1 January 2023
546.8
\u2013
\u2013
\u2013
546.8
Acquisition of a subsidiary
65.3
20.6
4.3
2.4
92.6
Additions
\u2013
\u2013
0.3
0.2
0.5
At 31 December 2023
612.1
20.6
4.6
2.6
639.9
Acquisition of a subsidiary
0.5
\u2013
\u2013
\u2013
0.5
Additions
\u2013
\u2013
2.1
0.7
2.8
At 31 December 2024
612.6
20.6
6.7
3.3
643.2
Accumulated amortisation and impairment:
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
At 1 January 2023
201.0
\u2013
\u2013
\u2013
201.0
Amortisation charge during the year
\u2013
0.2
0.3
0.1
0.6
At 31 December 2023
201.0
0.2
0.3
0.1
201.6
Amortisation charge during the year
\u2013
1.9
1.6
0.7
4.2
At 31 December 2024
201.0
2.1
1.9
0.8
205.8
Carrying amount:
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
At 31 December 2024
411.6
18.5
4.8
2.5
437.4
At 31 December 2023
411.1
20.4
4.3
2.5
438.3
\n
Impairment testing
The directors treat the hospitals business, Vita Health Group and The Doctors Clinic Group as separate
cash-generating units for the purposes of testing goodwill for impairment as the goodwill can be reliably
allocated. The recoverable amount of goodwill is calculated by reference to its estimated value-in-use. In order
to estimate the value-in-use, management has used trading projections covering the period to December 2029
from the most recent board-approved budget. The variables in the cash \ufb02ows are interdependent and re\ufb02ect
management\u2019s expectations based on past experience and current market trends, it takes into account both
current business and committed initiatives. In addition, management consider the potential \ufb01nancial impact
from short-term climate change scenarios, and the cost of initiatives by the group to manage the longer-term
climate impacts.
Key assumptions
Management identi\ufb01ed a number of key assumptions relevant to the value-in-use calculations, being EBITDA
growth over the \ufb01ve-year period, capital maintenance spend, discount rates and long-term growth rates. The
assumptions are based on past experience and external sources of information.
The table below provides the resulting headroom as determined in our calculation.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Goodwill
Headroom
\u00a0
\u00a3m
\u00a3m
Hospitals business
334.6
1,136.2
Vita Health Group
(\u2018VHG\u2019)
65.9
68.0
The Doctors Clinic Group (\u2018DCG\u2019)
11.1
0.5
\n
The trading projections for the \ufb01ve-year period underlying the value-in-use re\ufb02ect a growth in EBITDA. EBITDA
is dependent on a number of elements of the operating model over the longer term, including pricing trends,
volume growth and the mix and complexity of procedures and assumptions regarding cost in\ufb02ation.
The group has used a pre-tax post discount rate of 11.2% (2023: 11.5%).
A long-term growth rate of 2.0% has been applied to cash \ufb02ows beyond 2029 based on long-term view of
in\ufb02ation and market conditions. Capital maintenance spend is based on historic run rates and our expectation
of the group\u2019s requirements.
Management has performed a sensitivity analysis using reasonably possible changes for each key assumption,
keeping all other assumptions constant. The sensitivity testing for the hospitals business and Vita Health
Group identi\ufb01ed no reasonably possible changes would cause the carrying amount of any CGU to exceed its
recoverable amount.
The Doctors Clinic Group is a younger maturity CGU and, during the year, made a small loss owing to the effect
of integration costs and one-off investments in new clinics and infrastructure. The growth rates used in the
\ufb01ve-year period are based on the return from this investment and integration with Vita Health Group and the
wider group, therefore management have determined there is no impairment. However owing to these factors
uncertainty exists in the key assumptions and we have determined that reasonable possible changes exists
which could lead to an impairment.
The value in use calculation uses an average EBITDA growth over the \ufb01ve-year period of 61.8%. A change in the
three key assumptions would result in the elimination of the headroom, being an increase of 78bps in the
pre-tax discount rate and a decrease in the average EBITDA growth rate to 58.3% resulting in a decrease of 5.7%
per annum over the \ufb01ve year period and a decrease of 42bps in the long-term growth rate.
A reasonable possible change in the three key assumptions that would result in the recognition of an
impairment would be a decrease in the average EBITDA growth rate to 30.9% resulting in a decrease of 50.0%
per annum over the \ufb01ve year period this would result in an impairment of \u00a33.4 million. In addition, an increase
of 230bps in the pre-tax discount rate would result in a \u00a30.8 million impairment and a decrease of 1.0% in the
long-term growth rate would lead to a \u00a30.7 million impairment. The capital maintenance assumption did not
identify a reasonable possible change.
As a result, management believe that some of the key impairment review assumptions constitute a major
source of estimation uncertainty as they consider that there is a signi\ufb01cant risk of a material change to its
estimate of these assumptions within the next 12 months.", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:213800IBJPW3SE2RA350", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00454": { "value": "16. Financial assets
Financial assets of \u00a314.8 million (2023: \u00a310.0 million) consist of a \u00a312.3 million (2023: \u00a37.5 million) pro\ufb01t share
arrangement and a prepayment of the Monte\ufb01ore option to purchase the remaining 25% interest of \u00a32.5
million (2023: \u00a32.5 million). The prepayment of the Monte\ufb01ore option to purchase is classi\ufb01ed as current as the
option has been excerised after the year end. Refer to note 24 for further information relating to the non-
controlling interest option.
On 31 October 2019, the group entered into a pro\ufb01t share arrangement with Genesis Care. The agreement
provides the group with an entitlement to a gross pro\ufb01t share relating to the chemotherapy business
transferred to Genesis Care as part of the sale of the Bristol Cancer Centre in perpetuity. Under the agreement
after the ten-year anniversary of the agreement, the buyer (Genesis Care) may exit the arrangement by serving
notice and paying a multiple of ten times the gross margin in the preceding 12 months.
The group has recognised a \ufb01nancial asset in respect of this gross pro\ufb01t share and the asset is classed as a fair
value through pro\ufb01t and loss asset. The \ufb01nancial asset is valued using the expected present value technique \u2013
method 2 in determining the fair value. Management uses forward looking and historical trends of gross
pro\ufb01ts, growth rate, risk premium and an appropriate discount rate to determine the fair value. At the
inception of the transaction we applied a risk premium to the fair value of the asset re\ufb02ecting the fact that it
was a new venture and so any future forecasted cash\ufb02ows contained an element of uncertainty. This risk
premium has been reduced over time and re\ufb02ects our growing con\ufb01dence in the operation\u2019s ability to hit its
future forecasts. Sensitivities are also taken into account when reviewing the fair value.
This valuation is reviewed at each reporting date, with movements in fair value being recognised through the
consolidated income statement. Cash received is adjusted against the \ufb01nancial asset, and is included within
cash \ufb02ows from investing activities on the consolidated statement of cash \ufb02ows.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
(\u00a3m)
2024
2023
Valuation at 1 January
7.5
4.6
Cash receipt
(1.0)
(0.8)
Fair value adjustments
5.8
3.7
Carrying amount at 31 December
12.3
7.5
\n
Management completes relevant sensitivities on the inputs when assessing the fair value.
With all other inputs remaining constant:
\u2013
A 1.2% increase (decrease) in the discount rate used, would see a decrease (increase) in fair value of \u00a31.0
million (\u00a31.3 million) (2023: 1.2% increase (decrease) \u00a30.8 million (\u00a30.6 million))
\u2013
A 20% increase (decrease) in the forecast annual cash \ufb02ow of \u00a30.19 million (2023: \u00a30.16 million), would see
an increase (decrease) in fair value of \u00a32.3 million (\u00a32.3 million) (2023: \u00a31.4 million (\u00a31.4 million)).", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800IBJPW3SE2RA350", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00455": { "value": "17. Subsidiary undertakings and non-controlling interest
As at 31 December 2024, these consolidated \ufb01nancial statements of the group comprise the company and the
following companies, most of which are incorporated in, and whose operations are conducted in, the United
Kingdom. All subsidiaries are 100% owned unless otherwise indicated.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Incorporated in England and Wales and registered at 3 Dorset Rise, London, EC4Y 8EN,
\u00a0\u00a0
unless otherwise stated
Principal activity
Class of share
Claremont Hospital Holdings Limited
Holding company
Ordinary
Claremont Hospital LLP
!
Health provision
N/A
Classic Hospitals Group Limited
#
Holding company
Ordinary
Classic Hospitals Limited
#
Non-trading company
Ordinary
Classic Hospitals Property Limited
Property company
Ordinary
Didsbury MSK Limited\u00b0
Health provision
Ordinary
Fox Healthcare Acquisitions Limited
Leasing company
Ordinary
Lifescan Limited
#
Non-trading company
Ordinary
Spire Occupational Health Limited
Health provision
Ordinary
Medicainsure Limited
Non-trading company
Ordinary
Montefiore House Limited
+
Health provision
Ordinary
SHC Holdings Limited
#
Holding company
Ordinary
Soma Health Limited
Health provision
Ordinary
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Incorporated in England and Wales and registered at 3 Dorset Rise, London, EC4Y 8EN,
\u00a0\u00a0
unless otherwise stated
Principal activity
Class of share
Spire Cambridge (Disposal) Limited
#
Non-trading company
Ordinary
Spire Fertility (Disposal) Limited
#
Non-trading company
Ordinary
Spire Healthcare (Holdings) Limited
Holding company
Ordinary
Spire Healthcare Finance Limited*
Holding company
Ordinary
Spire Healthcare Holdings 1
&#
Holding company
Ordinary
Spire Healthcare Property Developments Limited
Development company
Ordinary
Spire Healthcare Holdings 2 Limited#
Holding company
Ordinary
Spire Healthcare Limited
Health provision
Ordinary
Spire Healthcare Properties Limited
Property company
Ordinary
Spire Property 1 Limited
Property company
Ordinary
Spire Property 4 Limited
Property company
Ordinary
Spire Property 5 Limited
Property company
Ordinary
Spire Property 6 Limited
Property company
Ordinary
Spire Property 13 Limited
Property company
Ordinary
Spire Property 16 Limited
Property company
Ordinary
Spire Property 18 Limited
Property company
Ordinary
Spire Property 19 Limited
Property company
Ordinary
Spire Property 23 Limited
Property company
Ordinary
Spire Thames Valley Hospital Limited
#
Non-trading company
Ordinary
Spire Thames Valley Hospital Propco Limited
Property company
Ordinary
Spire UK Holdco 4 Limited
Holding company
Ordinary
The Doctors Clinic Group Ltd
Holding company and
Ordinary
\u00a0
health provision
\u00a0
The London Doctors Clinic Ltd
Non-trading company
Ordinary
Kingfisher Topco Limited
Holding company
Ordinary
Kingfisher Midco Limited
Holding company
Ordinary
Kingfisher Bidco Limited
Holding company
Ordinary
Vita Health Group Limited
Health provision
Ordinary
Crystal Palace Physio Holdings Limited
Holding company
Ordinary
Vita Health Solutions Limited
Health provision
Ordinary
Pennine MSK Partnership Limited
Health provision
A Ordinary &
\u00a0\u00a0
B Ordinary
Physio For All Limited
Health provision
Ordinary
Physiotherapy2fit Ltd
Health provision
A Ordinary &
\u00a0\u00a0
B Ordinary
Physiotherapy Specialists Ltd
Health provision
Ordinary
The Abbey Clinic Limited
Health provision
Ordinary
The Bisham Abbey Knee Clinic Limited
Health provision
Ordinary
Vita Health Wellness Limited
Health provision
Ordinary
\n
\u00b0
Ownership interest is 51.0%.
+
Ownership interest is 75.1%.
*
Direct shareholding of the company.
&
Spire Healthcare Holdings 1 is an undertaking with unlimited liability.
!
The LLP has \u2018Members\u2019 capital classi\ufb01ed as equity\u2019 in lieu of \u2018Class of shares\u2019.
#
In liquidation and expected to be dissolved during 2025.
In 2021, in order to simplify the structure of the group and reduce costs, the group undertook a process in
which a number of companies within the group were identi\ufb01ed for members\u2019 voluntary liquidation. The
entities in members\u2019 voluntary liquidation at year end are shown above and they are expected to be formally
dissolved at Companies House during 2025.
Non-controlling interest
Financial information of subsidiaries that have a material non-controlling interest is provided below. The
entities, as set out above, are Monte\ufb01ore House Limited and Didsbury MSK Limited. In 2023, Spire Healthcare
acquired an additional 24.9% interest in Monte\ufb01ore House Limited, and now owns 75.1% of this entity. The
accumulated interest relating to Monte\ufb01ore has therefore been reclassi\ufb01ed to retained earnings.
Accumulated balances of material non-controlling interest:
\n\n\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0
Montefiore
Didsbury MSK
\u00a0
(\u00a3m)
House Limited
Limited
Total
Accumulated balances of non-controlling interest at
\u00a0 \u00a0 \u00a0
1 January 2023
(6.4)
0.5
(5.9)
Profit allocated to non-controlling interests
\u2013
0.6
0.6
Recycled loss for non-controlling interest purchased by parent
3.2
\u2013
3.2
Accumulated balances of material non-controlling interest at
\u00a0 \u00a0 \u00a0
31 December 2024
(3.2)
1.1
(2.1)
Profit allocated to non-controlling interests
0.3
0.3
0.6
Dividends paid to non-controlling interests
\u2013
(0.7)
(0.7)
Accumulated balances of non-controlling interest at
\u00a0 \u00a0 \u00a0
31 December 2024
(2.9)
0.7
(2.2)
\n
Within the entities, the most material assets and liabilities relate to right of use assets and lease liabilities in
respect of property. Except for the lease rental payments, the majority of cash \ufb02ows are generated through
operations. In 2023, the group entered into an agreement with the non-controlling interest of Monte\ufb01ore
House Limited, in which both parties can exercise an option for Spire to purchase the remaining 25% interest in
the subsidiary at a future date. The purchase price is calculated in line with pre-determined metrics which are
based on the subsidiary\u2019s EBITDA performance and the group multiple.
Guarantees with group undertakings for the year ended 31 December 2024
Spire Healthcare Group plc agreed to provide a guarantee, in the course of ordinary business to the below
subsidiaries to take exemption from having their \ufb01nancial statements audited under section 479A to 479C of
the Companies Act 2006. The guarantee to these subsidiaries is to guarantee outstanding liabilities, including
contingent and prospective liabilities, for the \ufb01nancial year ended 31 December 2024. In respect to this
guarantee, it is judged to be remote that any cash out\ufb02ow will arise.
\n\n\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
Subsidiary
Companies house registration number
Spire Healthcare Properties Limited
01829406
Spire Healthcare Property Developments Limited
08996103
Claremont Hospital Holdings Limited
08534235
Spire Thames Valley Hospital Propco Limited
06480375
Fox Healthcare Acquisitions Limited
06487777
Classic Hospitals Property Limited
05389607
\n\n\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
Subsidiary
Companies house registration number
Spire UK Holdco 4 Limited
06342689
Spire Property 1 Limited
06408718
Spire Property 4 Limited
06408872
Spire Property 5 Limited
06408908
Spire Property 6 Limited
06408930
Spire Property 13 Limited
06409008
Spire Property 16 Limited
06409066
Spire Property 18 Limited
06409117
Spire Property 19 Limited
06409119
Spire Property 23 Limited
06409139
Pennine MSK Partnership Limited
06598870
Physio For All Limited
04467367
Physiotherapy2fit Ltd
07780826
The Abbey Clinic Limited
06611658
The Bisham Abbey Knee Clinic Limited
10265025
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:213800IBJPW3SE2RA350", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00456": { "value": "17. Subsidiary undertakings and non-controlling interest
As at 31 December 2024, these consolidated \ufb01nancial statements of the group comprise the company and the
following companies, most of which are incorporated in, and whose operations are conducted in, the United
Kingdom. All subsidiaries are 100% owned unless otherwise indicated.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Incorporated in England and Wales and registered at 3 Dorset Rise, London, EC4Y 8EN,
\u00a0\u00a0
unless otherwise stated
Principal activity
Class of share
Claremont Hospital Holdings Limited
Holding company
Ordinary
Claremont Hospital LLP
!
Health provision
N/A
Classic Hospitals Group Limited
#
Holding company
Ordinary
Classic Hospitals Limited
#
Non-trading company
Ordinary
Classic Hospitals Property Limited
Property company
Ordinary
Didsbury MSK Limited\u00b0
Health provision
Ordinary
Fox Healthcare Acquisitions Limited
Leasing company
Ordinary
Lifescan Limited
#
Non-trading company
Ordinary
Spire Occupational Health Limited
Health provision
Ordinary
Medicainsure Limited
Non-trading company
Ordinary
Montefiore House Limited
+
Health provision
Ordinary
SHC Holdings Limited
#
Holding company
Ordinary
Soma Health Limited
Health provision
Ordinary
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Incorporated in England and Wales and registered at 3 Dorset Rise, London, EC4Y 8EN,
\u00a0\u00a0
unless otherwise stated
Principal activity
Class of share
Spire Cambridge (Disposal) Limited
#
Non-trading company
Ordinary
Spire Fertility (Disposal) Limited
#
Non-trading company
Ordinary
Spire Healthcare (Holdings) Limited
Holding company
Ordinary
Spire Healthcare Finance Limited*
Holding company
Ordinary
Spire Healthcare Holdings 1
&#
Holding company
Ordinary
Spire Healthcare Property Developments Limited
Development company
Ordinary
Spire Healthcare Holdings 2 Limited#
Holding company
Ordinary
Spire Healthcare Limited
Health provision
Ordinary
Spire Healthcare Properties Limited
Property company
Ordinary
Spire Property 1 Limited
Property company
Ordinary
Spire Property 4 Limited
Property company
Ordinary
Spire Property 5 Limited
Property company
Ordinary
Spire Property 6 Limited
Property company
Ordinary
Spire Property 13 Limited
Property company
Ordinary
Spire Property 16 Limited
Property company
Ordinary
Spire Property 18 Limited
Property company
Ordinary
Spire Property 19 Limited
Property company
Ordinary
Spire Property 23 Limited
Property company
Ordinary
Spire Thames Valley Hospital Limited
#
Non-trading company
Ordinary
Spire Thames Valley Hospital Propco Limited
Property company
Ordinary
Spire UK Holdco 4 Limited
Holding company
Ordinary
The Doctors Clinic Group Ltd
Holding company and
Ordinary
\u00a0
health provision
\u00a0
The London Doctors Clinic Ltd
Non-trading company
Ordinary
Kingfisher Topco Limited
Holding company
Ordinary
Kingfisher Midco Limited
Holding company
Ordinary
Kingfisher Bidco Limited
Holding company
Ordinary
Vita Health Group Limited
Health provision
Ordinary
Crystal Palace Physio Holdings Limited
Holding company
Ordinary
Vita Health Solutions Limited
Health provision
Ordinary
Pennine MSK Partnership Limited
Health provision
A Ordinary &
\u00a0\u00a0
B Ordinary
Physio For All Limited
Health provision
Ordinary
Physiotherapy2fit Ltd
Health provision
A Ordinary &
\u00a0\u00a0
B Ordinary
Physiotherapy Specialists Ltd
Health provision
Ordinary
The Abbey Clinic Limited
Health provision
Ordinary
The Bisham Abbey Knee Clinic Limited
Health provision
Ordinary
Vita Health Wellness Limited
Health provision
Ordinary
\n
\u00b0
Ownership interest is 51.0%.
+
Ownership interest is 75.1%.
*
Direct shareholding of the company.
&
Spire Healthcare Holdings 1 is an undertaking with unlimited liability.
!
The LLP has \u2018Members\u2019 capital classi\ufb01ed as equity\u2019 in lieu of \u2018Class of shares\u2019.
#
In liquidation and expected to be dissolved during 2025.
In 2021, in order to simplify the structure of the group and reduce costs, the group undertook a process in
which a number of companies within the group were identi\ufb01ed for members\u2019 voluntary liquidation. The
entities in members\u2019 voluntary liquidation at year end are shown above and they are expected to be formally
dissolved at Companies House during 2025.
Non-controlling interest
Financial information of subsidiaries that have a material non-controlling interest is provided below. The
entities, as set out above, are Monte\ufb01ore House Limited and Didsbury MSK Limited. In 2023, Spire Healthcare
acquired an additional 24.9% interest in Monte\ufb01ore House Limited, and now owns 75.1% of this entity. The
accumulated interest relating to Monte\ufb01ore has therefore been reclassi\ufb01ed to retained earnings.
Accumulated balances of material non-controlling interest:
\n\n\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0
Montefiore
Didsbury MSK
\u00a0
(\u00a3m)
House Limited
Limited
Total
Accumulated balances of non-controlling interest at
\u00a0 \u00a0 \u00a0
1 January 2023
(6.4)
0.5
(5.9)
Profit allocated to non-controlling interests
\u2013
0.6
0.6
Recycled loss for non-controlling interest purchased by parent
3.2
\u2013
3.2
Accumulated balances of material non-controlling interest at
\u00a0 \u00a0 \u00a0
31 December 2024
(3.2)
1.1
(2.1)
Profit allocated to non-controlling interests
0.3
0.3
0.6
Dividends paid to non-controlling interests
\u2013
(0.7)
(0.7)
Accumulated balances of non-controlling interest at
\u00a0 \u00a0 \u00a0
31 December 2024
(2.9)
0.7
(2.2)
\n
Within the entities, the most material assets and liabilities relate to right of use assets and lease liabilities in
respect of property. Except for the lease rental payments, the majority of cash \ufb02ows are generated through
operations. In 2023, the group entered into an agreement with the non-controlling interest of Monte\ufb01ore
House Limited, in which both parties can exercise an option for Spire to purchase the remaining 25% interest in
the subsidiary at a future date. The purchase price is calculated in line with pre-determined metrics which are
based on the subsidiary\u2019s EBITDA performance and the group multiple.
Guarantees with group undertakings for the year ended 31 December 2024
Spire Healthcare Group plc agreed to provide a guarantee, in the course of ordinary business to the below
subsidiaries to take exemption from having their \ufb01nancial statements audited under section 479A to 479C of
the Companies Act 2006. The guarantee to these subsidiaries is to guarantee outstanding liabilities, including
contingent and prospective liabilities, for the \ufb01nancial year ended 31 December 2024. In respect to this
guarantee, it is judged to be remote that any cash out\ufb02ow will arise.
\n\n\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
Subsidiary
Companies house registration number
Spire Healthcare Properties Limited
01829406
Spire Healthcare Property Developments Limited
08996103
Claremont Hospital Holdings Limited
08534235
Spire Thames Valley Hospital Propco Limited
06480375
Fox Healthcare Acquisitions Limited
06487777
Classic Hospitals Property Limited
05389607
\n\n\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
Subsidiary
Companies house registration number
Spire UK Holdco 4 Limited
06342689
Spire Property 1 Limited
06408718
Spire Property 4 Limited
06408872
Spire Property 5 Limited
06408908
Spire Property 6 Limited
06408930
Spire Property 13 Limited
06409008
Spire Property 16 Limited
06409066
Spire Property 18 Limited
06409117
Spire Property 19 Limited
06409119
Spire Property 23 Limited
06409139
Pennine MSK Partnership Limited
06598870
Physio For All Limited
04467367
Physiotherapy2fit Ltd
07780826
The Abbey Clinic Limited
06611658
The Bisham Abbey Knee Clinic Limited
10265025
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:213800IBJPW3SE2RA350", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00457": { "value": "18. Inventories \n \n
(\u00a3m)
2024
2023
Prostheses, drugs, medical and other consumables
46.6
44.3
Cost of sales for the year ended 31 December 2024 includes inventories recognised as an expense amounting
to \u00a3275.1 million (2023: \u00a3265.0 million).", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:213800IBJPW3SE2RA350", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00458": { "value": "19. Trade and other receivables \n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
(\u00a3m)
2024
2023
Amounts falling due within one year:
\u00a0 \u00a0
Trade receivables
83.1
74.8
Unbilled receivables
22.2
20.2
Prepayments
26.1
21.9
Other receivables
6.2
10.2
\u00a0
137.6
127.1
Allowance for expected credit losses
(6.2)
(5.5)
Total current trade and other receivables
131.4
121.6
\n
Unbilled receivables re\ufb02ects work in progress where a patient had treatment, or was receiving treatment, at
the end of the period and the invoice had not yet been raised.
Other receivables of \u00a36.2m includes \u00a34.3 million insurance reimbursement right (2023: \u00a34.6 million); and
\u00a31.3 million (2023: \u00a34.1 million) reimbursement right related to the Paterson fund.
The Paterson fund is being held by solicitors on account until payments are made, with any amount not paid
out being returned to Spire Healthcare. During the year, \u00a34.7 million was paid out of this fund and an additional
\u00a31.4 million was paid into the fund. The amounts paid to the Paterson fund do not re\ufb02ect an investment in a
\ufb01nancial asset, but merely a right to reimbursement should the fund not be utilised in full.
Trade receivables comprise amounts due from private medical insurers, the NHS, self-pay patients, consultants
and other third parties who use the group\u2019s facilities. Invoices to customers fall due within 60 days of the date
of issue.
The group was successful in its bid to be included on the NHSE Framework for purchasing additional activity
from the independent sector, which commenced in April 2021. Inclusion on the framework is at an agreed price
for activity, based on the NHS tariff, but carries no guaranteed volumes. For contracts under the framework
that include an estimated contract value, billing is in advance for the expected volume, with a quarterly
true-up for actual volumes undertaken. For contracts under the framework without an estimated contract
value (which can include local agreements), billing is in arrears based on actual volumes only.
The ageing of trade receivables is shown below and shows amounts that are past due at the reporting date
(excluding payments on account where there is no right to offset these at the reporting date). A provision for
expected credit losses has been recognised at the reporting date through consideration of the ageing pro\ufb01le
of the group\u2019s trade receivables and the perceived credit quality of its customers re\ufb02ecting net debt due. The
carrying amount of trade receivables, net of expected credit losses, is considered to be an approximation to
its fair value.
The loss allowance as at 31 December 2024 for trade receivables was determined as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Current
0-30 days
31-90 days
91-364 days
1-2 years
Total
Expected loss rate
1.0%
3.9%
42.9%
57.6%
33.9%
5.6%
Gross debt (\u00a3m)
81.8
17.8
2.1
3.3
5.6
110.6
Less payments on account (\u00a3m)
\u2013
\u2013
\u2013
\u2013
\u2013
(27.5)
Carrying amount of trade receivables (\u00a3m)
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
83.1
Loss allowance (\u00a3m)
0.8
0.7
0.9
1.9
1.9
6.2
\n
The loss allowance as at 31 December 2023 for trade receivables was determined as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Current
0-30 days
31-90 days
91-364 days
1-2 years
Total
Expected loss rate
0.0%
2.7%
16.3%
29.0%
41.9%
5.1%
Gross debt (\u00a3m)
75.3
14.8
4.3
6.2
6.2
106.8
Less payments on account (\u00a3m)
\u2013
\u2013
\u2013
\u2013
\u2013
(32.0)
Carrying amount of trade receivables (\u00a3m)
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
74.8
Loss allowance (\u00a3m)
\u2013
0.4
0.7
1.8
2.6
5.5
\n
Trade receivables are written off when there is no longer a reasonable expectation of recovery. Indicators that
there is no reasonable expectation of recovery include, among others, the failure of a debtor to engage in a
repayment plan with the group, and failure to make contractual payments for a period of greater than two
years past due.
The group assesses on a forward-looking basis expected credit losses associated with its debt instruments
carried at amortised cost. The impairment methodology applied for trade receivables is the simpli\ufb01ed
approach, which requires expected lifetime losses to be recognised from initial recognition of the
trade receivables.
Trade receivables after expected credit losses comprise the following wider customer/payor groups:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
(\u00a3m)
2024
2023
Private medical insurers
31.1
29.5
NHS
30.7
25.0
Patient debt
6.0
4.1
Other
9.1
10.7
\u00a0
76.9
69.3
\n
The movement in the allowance for impairment in respect of trade receivables during the year was as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
(\u00a3m)
2024
2023
At 1 January
5.5
5.0
Provided in the year
2.0
1.6
Utilised during the year
(0.3)
(0.3)
Released during the year
(1.0)
(0.9)
At 31 December
6.2
5.5
\n
The group applies the IFRS 9 simpli\ufb01ed approach to measuring Expected Credit Losses (ECLs) for trade
receivables. Under this standard, lifetime ECL provisions are recognised for trade receivables using a matrix
of rates dependent on age thresholds and customer types. The ECL rates are determined with reference to
historical performance of each payor age group during the last two years.
To develop the ECL matrix, trade receivables were grouped according to shared characteristics (payor/payor
type) and the days past due. As the majority of the group\u2019s debt is receivable from large, well-funded insurance
companies, the National Health Service or from a large number of individuals, the group has concluded that
historical debt performance of the portfolio during the last two reporting periods provides a reasonable
approximation of the future expected loss rates for each payor age category.", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800IBJPW3SE2RA350", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00459": { "value": "20. Cash and cash equivalents \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
(\u00a3m)
2024
2023
Cash at bank
33.8
20.7
Short-term deposits
7.4
28.9
\u00a0
41.2
49.6
\n
Cash and cash equivalents comprise cash balances, short-term deposits and other short-term highly liquid
investments (including money market funds) with maturities not exceeding three months placed with
investment grade counterparties which are subject to an insigni\ufb01cant risk of change in value.", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:213800IBJPW3SE2RA350", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00460": { "value": "21. Non-current assets held for sale
As at 31 December 2024 the group\u2019s management have committed to sell a parcel of land at Bostocks Lane as
the group has accepted an offer on the property. The sale is considered highly probable and the assessment
has not changed. It therefore remains as classi\ufb01ed as held for sale.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
(\u00a3m)
2024
2023
Bostocks Lane (East Midlands Cancer Centre)
1.1
1.1
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:213800IBJPW3SE2RA350", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00461": { "value": "22. Share capital and reserves \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2024
2023
Authorised shares
\u00a0 \u00a0
Ordinary share of \u00a30.01 each
402,751,824
404,126,630
\u00a0
402,751,824
404,126,630
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2024
\u00a0
2023
\u00a0
\u00a0
\u00a30.01 ordinary shares
\u00a0
\u00a30.01 ordinary shares
\u00a0
\u00a0
Shares
\u00a3\u2019000
Shares
\u00a3\u2019000
Issued and fully paid
\u00a0 \u00a0 \u00a0 \u00a0
At 1 January
404,126,630
4,042
404,108,470
4,041
Issued during the year
13,943
\u2013
18,160
1
Cancelled during the year
(1,388,749)
(14)
\u2013
\u2013
At 31 December
402,751,824
4,028
404,126,630
4,042
\n
Share premium
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
(\u00a3m)
2024
2023
At 1 January
830.0
830.0
Issue of new shares
\u2013
\u2013
At 31 December
830.0
830.0
\n
Capital reserves
This reserve represents the loans of \u00a3376.1 million due to the former ultimate parent undertaking and
management that were forgiven by those counterparties as part of the reorganisation of the group prior to the
IPO in 2014.
Capital redemption reserve
During the year, the group announced a share buyback programme, the company redeemed 1,388,749 shares
with a nominal value of \u00a30.01 per share, resulting in a transfer of \u00a313,887 from distributable pro\ufb01ts to the
Capital redemption reserve.
EBT share reserves
Equiniti Trust (Jersey) Limited is acting in its capacity as trustee of the company\u2019s Employee Bene\ufb01t Trust (EBT).
The purpose of the EBT is to further the interests of the company by bene\ufb01tting employees and former
employees of the group and certain of their dependants. The EBT is treated as an extension of the group and
the company.
During the year, the EBT purchased 1,312,000 shares and transferred 1,235,976 (2023: 1,339,634 shares
acquired and 1,054,620 transferred) in order to settle share awards in relation to the directors\u2019 share bonus
award and Long-Term Incentive Plan.
Where the EBT purchases the company\u2019s equity share capital the consideration paid, including any directly
attributable incremental costs, is deducted from equity attributable to the company\u2019s equity holders until the
shares are cancelled or reissued. As at 31 December 2024, 388,184 shares (2023: 312,160) were held by the EBT
in relation to the directors\u2019 share bonus award and Long-Term Incentive Plan. The EBT share reserve represents
the consideration paid when the EBT purchases the company\u2019s equity share capital, until the shares are
reissued.
As with prior years, the company will continue to fund the Spire Healthcare Employee Bene\ufb01t Trust (EBT), a
discretionary trust held for the bene\ufb01t of the group\u2019s employees, for the ongoing acquisition of shares to satisfy
the exercise of share plan awards by employees.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0\u00a0
2024
\u00a0
2023
\u00a0\u00a0
(Number of
\u00a0
(Number of
\u00a0
(\u00a3m)
shares)
(\u00a3m)
shares)
At 1 January
0.7
312,160
\u2013
27,146
Purchased
3.1
1,312,000
3.1
1,339,634
Exercised
(2.9)
(1,235,976)
(2.4)
(1,054,620)
At 31 December
0.9
388,184
0.7
312,160
\n
Hedging reserve
The balance of \u00a32.1 million at 31 December 2024 (2023: \u00a33.3 million) re\ufb02ects the \u00a34.3 million debit (2023: \u00a34.4
million debit) recycled in the period, the fair value credit of \u00a32.8 million (2023: \u00a30.2 million credit) and the \u00a30.3
million tax credit on the pro\ufb01t (2023: \u00a30.9 million credit) to give a net movement of a decrease of \u00a31.2 million
during the year (2023: a decrease of \u00a33.3 million) on a hedged transaction. See note 23 for further information.", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800IBJPW3SE2RA350", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00462": { "value": "22. Share capital and reserves \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2024
2023
Authorised shares
\u00a0 \u00a0
Ordinary share of \u00a30.01 each
402,751,824
404,126,630
\u00a0
402,751,824
404,126,630
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2024
\u00a0
2023
\u00a0
\u00a0
\u00a30.01 ordinary shares
\u00a0
\u00a30.01 ordinary shares
\u00a0
\u00a0
Shares
\u00a3\u2019000
Shares
\u00a3\u2019000
Issued and fully paid
\u00a0 \u00a0 \u00a0 \u00a0
At 1 January
404,126,630
4,042
404,108,470
4,041
Issued during the year
13,943
\u2013
18,160
1
Cancelled during the year
(1,388,749)
(14)
\u2013
\u2013
At 31 December
402,751,824
4,028
404,126,630
4,042
\n
Share premium
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
(\u00a3m)
2024
2023
At 1 January
830.0
830.0
Issue of new shares
\u2013
\u2013
At 31 December
830.0
830.0
\n
Capital reserves
This reserve represents the loans of \u00a3376.1 million due to the former ultimate parent undertaking and
management that were forgiven by those counterparties as part of the reorganisation of the group prior to the
IPO in 2014.
Capital redemption reserve
During the year, the group announced a share buyback programme, the company redeemed 1,388,749 shares
with a nominal value of \u00a30.01 per share, resulting in a transfer of \u00a313,887 from distributable pro\ufb01ts to the
Capital redemption reserve.
EBT share reserves
Equiniti Trust (Jersey) Limited is acting in its capacity as trustee of the company\u2019s Employee Bene\ufb01t Trust (EBT).
The purpose of the EBT is to further the interests of the company by bene\ufb01tting employees and former
employees of the group and certain of their dependants. The EBT is treated as an extension of the group and
the company.
During the year, the EBT purchased 1,312,000 shares and transferred 1,235,976 (2023: 1,339,634 shares
acquired and 1,054,620 transferred) in order to settle share awards in relation to the directors\u2019 share bonus
award and Long-Term Incentive Plan.
Where the EBT purchases the company\u2019s equity share capital the consideration paid, including any directly
attributable incremental costs, is deducted from equity attributable to the company\u2019s equity holders until the
shares are cancelled or reissued. As at 31 December 2024, 388,184 shares (2023: 312,160) were held by the EBT
in relation to the directors\u2019 share bonus award and Long-Term Incentive Plan. The EBT share reserve represents
the consideration paid when the EBT purchases the company\u2019s equity share capital, until the shares are
reissued.
As with prior years, the company will continue to fund the Spire Healthcare Employee Bene\ufb01t Trust (EBT), a
discretionary trust held for the bene\ufb01t of the group\u2019s employees, for the ongoing acquisition of shares to satisfy
the exercise of share plan awards by employees.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0\u00a0
2024
\u00a0
2023
\u00a0\u00a0
(Number of
\u00a0
(Number of
\u00a0
(\u00a3m)
shares)
(\u00a3m)
shares)
At 1 January
0.7
312,160
\u2013
27,146
Purchased
3.1
1,312,000
3.1
1,339,634
Exercised
(2.9)
(1,235,976)
(2.4)
(1,054,620)
At 31 December
0.9
388,184
0.7
312,160
\n
Hedging reserve
The balance of \u00a32.1 million at 31 December 2024 (2023: \u00a33.3 million) re\ufb02ects the \u00a34.3 million debit (2023: \u00a34.4
million debit) recycled in the period, the fair value credit of \u00a32.8 million (2023: \u00a30.2 million credit) and the \u00a30.3
million tax credit on the pro\ufb01t (2023: \u00a30.9 million credit) to give a net movement of a decrease of \u00a31.2 million
during the year (2023: a decrease of \u00a33.3 million) on a hedged transaction. See note 23 for further information.", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800IBJPW3SE2RA350", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00463": { "value": "22. Share capital and reserves \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2024
2023
Authorised shares
\u00a0 \u00a0
Ordinary share of \u00a30.01 each
402,751,824
404,126,630
\u00a0
402,751,824
404,126,630
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2024
\u00a0
2023
\u00a0
\u00a0
\u00a30.01 ordinary shares
\u00a0
\u00a30.01 ordinary shares
\u00a0
\u00a0
Shares
\u00a3\u2019000
Shares
\u00a3\u2019000
Issued and fully paid
\u00a0 \u00a0 \u00a0 \u00a0
At 1 January
404,126,630
4,042
404,108,470
4,041
Issued during the year
13,943
\u2013
18,160
1
Cancelled during the year
(1,388,749)
(14)
\u2013
\u2013
At 31 December
402,751,824
4,028
404,126,630
4,042
\n
Share premium
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
(\u00a3m)
2024
2023
At 1 January
830.0
830.0
Issue of new shares
\u2013
\u2013
At 31 December
830.0
830.0
\n
Capital reserves
This reserve represents the loans of \u00a3376.1 million due to the former ultimate parent undertaking and
management that were forgiven by those counterparties as part of the reorganisation of the group prior to the
IPO in 2014.
Capital redemption reserve
During the year, the group announced a share buyback programme, the company redeemed 1,388,749 shares
with a nominal value of \u00a30.01 per share, resulting in a transfer of \u00a313,887 from distributable pro\ufb01ts to the
Capital redemption reserve.
EBT share reserves
Equiniti Trust (Jersey) Limited is acting in its capacity as trustee of the company\u2019s Employee Bene\ufb01t Trust (EBT).
The purpose of the EBT is to further the interests of the company by bene\ufb01tting employees and former
employees of the group and certain of their dependants. The EBT is treated as an extension of the group and
the company.
During the year, the EBT purchased 1,312,000 shares and transferred 1,235,976 (2023: 1,339,634 shares
acquired and 1,054,620 transferred) in order to settle share awards in relation to the directors\u2019 share bonus
award and Long-Term Incentive Plan.
Where the EBT purchases the company\u2019s equity share capital the consideration paid, including any directly
attributable incremental costs, is deducted from equity attributable to the company\u2019s equity holders until the
shares are cancelled or reissued. As at 31 December 2024, 388,184 shares (2023: 312,160) were held by the EBT
in relation to the directors\u2019 share bonus award and Long-Term Incentive Plan. The EBT share reserve represents
the consideration paid when the EBT purchases the company\u2019s equity share capital, until the shares are
reissued.
As with prior years, the company will continue to fund the Spire Healthcare Employee Bene\ufb01t Trust (EBT), a
discretionary trust held for the bene\ufb01t of the group\u2019s employees, for the ongoing acquisition of shares to satisfy
the exercise of share plan awards by employees.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0\u00a0
2024
\u00a0
2023
\u00a0\u00a0
(Number of
\u00a0
(Number of
\u00a0
(\u00a3m)
shares)
(\u00a3m)
shares)
At 1 January
0.7
312,160
\u2013
27,146
Purchased
3.1
1,312,000
3.1
1,339,634
Exercised
(2.9)
(1,235,976)
(2.4)
(1,054,620)
At 31 December
0.9
388,184
0.7
312,160
\n
Hedging reserve
The balance of \u00a32.1 million at 31 December 2024 (2023: \u00a33.3 million) re\ufb02ects the \u00a34.3 million debit (2023: \u00a34.4
million debit) recycled in the period, the fair value credit of \u00a32.8 million (2023: \u00a30.2 million credit) and the \u00a30.3
million tax credit on the pro\ufb01t (2023: \u00a30.9 million credit) to give a net movement of a decrease of \u00a31.2 million
during the year (2023: a decrease of \u00a33.3 million) on a hedged transaction. See note 23 for further information.", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800IBJPW3SE2RA350", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00464": { "value": "23. Borrowings
The group has borrowings in two forms, bank borrowings and lease liabilities as disclosed on the consolidated
balance sheet. Total borrowings at 31 December 2024 were \u00a31,279.9 million (2023: \u00a31,257.0 million). More
detail in respect of these two forms of borrowings are set out below.
Bank borrowings
The bank loans are secured on \ufb01xed and \ufb02oating charges over both the present and future assets of material
subsidiaries of the group. On 24 February 2022, the group successfully re\ufb01nanced its debt facilities with a
syndicate of existing and new lenders. The arrangement has a maturity of February 2027. The \ufb01nancial
covenants relating to this new agreement are materially unchanged. The loan is non-amortising and carries
interest at a margin of 2.05% over SONIA (2023: 2.05% over SONIA).
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
(\u00a3m)
2024
2023
Amount due for settlement within 12 months
3.6
3.4
Amount due for settlement after 12 months
363.5
361.9
Total bank borrowings
367.1
365.3
\n
Terms and debt repayment schedule
The maturity date is the date on which the relevant bank loans are due to be fully repaid.
The carrying amounts drawn (after issue costs and including interest accrued) under facilities in place at the
balance sheet date were as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
(\u00a3m)
Maturity
Margin over SONIA
2024
2023
Senior finance facility
February 2027
2.05%
327.1
325.3
Revolving credit facility
February 2027
1.95%
40.0
40.0
Net debt for the purposes of the covenant test in respect of the Senior Loan Facility was \u00a3323.8 million (2023:
\u00a3315.4 million) and the net debt to EBITDA ratio was 2.0x (2023: 2.2x). The net debt for covenant purposes
comprises the senior facility of \u00a3325.0 million, drawn revolving credit facility of \u00a340.0 million less cash and cash
equivalents of \u00a341.2 million. EBITDA for covenant purposes comprises Adjusted EBITDA for Last Twelve Months
(LTM) of pre-IFRS 16 Adjusted EBITDA of \u00a3171.1 million (2023: \u00a3152.9 million) less the rental of a \ufb01nance lease
pre-IFRS 16 of \u00a310.4 million (2023: \u00a310.0 million).
The interest cover for covenant purposes was 7.5x (2023: 8.5x) and is calculated as the pre-IFRS 16 EBITDA
described above over pre-IFRS 16 \ufb01nance costs paid.
The senior \ufb01nance facility includes a sustainability-linked element connected to environmental and quality
factors. The group also has access to a further \u00a360.0 million through a committed and undrawn revolving
credit facility to February 2027.
Effect of covenants
The group\u2019s non-current bank borrowings include borrowings amounting to \u00a3365.0 million that contain
covenants, which, if not met, would result in the borrowings becoming repayable on demand. These
borrowings are otherwise repayable more than 12 months after the end of the reporting period. The \ufb01nancial
covenants are tested by reference to the most recent consolidated \ufb01nancial statements of the group, namely,
30 June and 31 December each year. The \ufb01nancial covenants are for the leverage ratio to be below 4.0x and
interest cover to be in excess of 4.0x. As at 31 December 2024, the group complied with all covenants as the
leverage measure stood at 2.0x and interest cover of 7.5x and therefore bank borrowings remain classi\ufb01ed as
non-current liabilities. The group is not aware of any circumstances in which there will be a breach in \ufb01nancial
covenants.
Lease liabilities
The group has \ufb01nance in respect of hospital properties, vehicles, of\ufb01ce and medical equipment. The leases are
secured on \ufb01xed and \ufb02oating charges over both the present and future assets of material subsidiaries in the
group. Leases, with a present value liability of \u00a3912.8 million (2023: \u00a3891.7 million), expire in various years to 2046
and carry incremental borrowing rates in the range 3.2% \u2013 14.6% (2023: 3.1% \u2013 14.6%). Rents in respect of hospital
property leases are reviewed annually with reference to RPI or CPI, subject to assorted \ufb02oors and caps. The
discount rates used are calculated on a lease by lease basis, and are based on estimates of incremental borrowing
rates. A movement in the incremental borrowing rate of 1% would result in an 7.5% movement in lease liability.
In the year, the group recognised charges of \u00a33.4 million (2023: \u00a33.8 million) of lease expenses relating to low
value leases and \u00a317.0 million (2023: \u00a314.8 million) of lease expense in respect of short-term leases for which
the exemption under IFRS 16 has been taken. Lease commitments for short term leases are not dissimilar to
the expense recognised. The total cash out\ufb02ow for leases is \u00a3122.7 million (2023: \u00a3118.8 million). The group
has not made any variable lease payments in the year. The group is a lessor to one lease to external parties and
has recognised a \ufb01nance lease receivable of \u00a34.4 million (2023: Nil). The terms of the sublease are the same as
those contained in the head-lease. There have been no (2023: no) sale and leaseback transactions in the year.
Where new leases have the right to extend and management is not reasonably certain to exercise the
extension option, those future cash \ufb02ows are not re\ufb02ected in the lease liability balance. If the option to extend
was exercised the lease liability would increase by \u00a3239 million.
During the year the group sold its Tunbridge Wells Hospital business to Maidstone and Tunbridge Wells NHS
Trust. As part of the sale agreement, the group has entered into a sub lease agreement with the trust to lease
the Tunbridge Wells property. The \ufb01nance lease receivable represents the cash \ufb02ows receivable from the trust
to settle the lease obligation in the head lease.
Some leases receive RPI increases on an annual basis which affects both the cash \ufb02ow and interest charged on
those leases. Except for this increase, cash \ufb02ows and charges are expected to remain in line with current year.
The cash \ufb02ows above do not re\ufb02ect any termination, extension or break clause options as management is
reasonably certain that the options will not be exercised. There are no signi\ufb01cant restrictions or covenants
which impact the cash \ufb02ows in respect of these leases.
See note 14 for more detail on the depreciation of the Right-of-use (ROU) assets and note 10 for more detail on
the interest expense relating to leases.
Changes in bank borrowings and lease liabilities arising from \ufb01nancing activities
\u00a0\u00a0\u00a0
Non cash
\u00a0\u00a0
(\u00a3m)
1 January
Cash flows
changes
1
Additions
2
31 December
2024
\u00a0\u00a0\u00a0\u00a0\u00a0
Bank loans
365.3
(22.0)
23.8
\u2013
367.1
Lease liabilities
891.7
(102.3)
76.1
47.3
912.8
Total
1,257.0
(124.3)
99.9
47.3
1,279.9
\u00a0\u00a0\u00a0
Non cash
\u00a0\u00a0
(\u00a3m)
1 January
Cash flows
changes
1
Additions
2
31 December
2023
\u00a0\u00a0\u00a0\u00a0\u00a0
Bank loans
324.3
(17.0)
18.0
40.0
365.3
Lease liabilities
866.5
(100.2)
73.0
52.4
891.7
Total
1,190.8
(117.2)
91.0
92.4
1,257.0
\n
1.
Non-cash changes re\ufb02ect interest charged on the loan.
2.
Additions include both new leases entered into, indexation of existing leases and acquisitions of subsidiaries.
Derivatives
The following derivatives were in place at 31 December:
\u00a0 \u00a0 \u00a0 \u00a0
Carrying value
\u00a0
Interest rate
Maturity date
Notional amount
Asset
31 December 2024 (\u00a3m)
\u00a0 \u00a0 \u00a0 \u00a0
Interest rate swaps
2.7780%
Feb 2026
162.5
2.9
31 December 2023 (\u00a3m)
\u00a0 \u00a0 \u00a0 \u00a0
Interest rate swaps
2.7780%
Feb 2026
243.8
4.4
(\u00a3m)
2024
2023
Amount due for settlement within 12 months
2.5
4.0
Amount due for settlement after 12 months
0.4
0.4
Total derivatives asset
2.9
4.4
\n
The group entered into interest rate swaps on the 25 July 2022. The movement in respect of derivatives
re\ufb02ects \u00a34.3 million (2023: \u00a34.4 million) recycled in the period and a \u00a32.8 million credit (2023: \u00a30.2 million
credit) in fair value. All movements are re\ufb02ected within other comprehensive income. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:213800IBJPW3SE2RA350", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00465": { "value": "Bank borrowings
The bank loans are secured on \ufb01xed and \ufb02oating charges over both the present and future assets of material
subsidiaries of the group. On 24 February 2022, the group successfully re\ufb01nanced its debt facilities with a
syndicate of existing and new lenders. The arrangement has a maturity of February 2027. The \ufb01nancial
covenants relating to this new agreement are materially unchanged. The loan is non-amortising and carries
interest at a margin of 2.05% over SONIA (2023: 2.05% over SONIA).
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
(\u00a3m)
2024
2023
Amount due for settlement within 12 months
3.6
3.4
Amount due for settlement after 12 months
363.5
361.9
Total bank borrowings
367.1
365.3
\n
Terms and debt repayment schedule
The maturity date is the date on which the relevant bank loans are due to be fully repaid.
The carrying amounts drawn (after issue costs and including interest accrued) under facilities in place at the
balance sheet date were as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
(\u00a3m)
Maturity
Margin over SONIA
2024
2023
Senior finance facility
February 2027
2.05%
327.1
325.3
Revolving credit facility
February 2027
1.95%
40.0
40.0
Net debt for the purposes of the covenant test in respect of the Senior Loan Facility was \u00a3323.8 million (2023:
\u00a3315.4 million) and the net debt to EBITDA ratio was 2.0x (2023: 2.2x). The net debt for covenant purposes
comprises the senior facility of \u00a3325.0 million, drawn revolving credit facility of \u00a340.0 million less cash and cash
equivalents of \u00a341.2 million. EBITDA for covenant purposes comprises Adjusted EBITDA for Last Twelve Months
(LTM) of pre-IFRS 16 Adjusted EBITDA of \u00a3171.1 million (2023: \u00a3152.9 million) less the rental of a \ufb01nance lease
pre-IFRS 16 of \u00a310.4 million (2023: \u00a310.0 million).
The interest cover for covenant purposes was 7.5x (2023: 8.5x) and is calculated as the pre-IFRS 16 EBITDA
described above over pre-IFRS 16 \ufb01nance costs paid.
The senior \ufb01nance facility includes a sustainability-linked element connected to environmental and quality
factors. The group also has access to a further \u00a360.0 million through a committed and undrawn revolving
credit facility to February 2027.
Effect of covenants
The group\u2019s non-current bank borrowings include borrowings amounting to \u00a3365.0 million that contain
covenants, which, if not met, would result in the borrowings becoming repayable on demand. These
borrowings are otherwise repayable more than 12 months after the end of the reporting period. The \ufb01nancial
covenants are tested by reference to the most recent consolidated \ufb01nancial statements of the group, namely,
30 June and 31 December each year. The \ufb01nancial covenants are for the leverage ratio to be below 4.0x and
interest cover to be in excess of 4.0x. As at 31 December 2024, the group complied with all covenants as the
leverage measure stood at 2.0x and interest cover of 7.5x and therefore bank borrowings remain classi\ufb01ed as
non-current liabilities. The group is not aware of any circumstances in which there will be a breach in \ufb01nancial
covenants.", "dimensions": { "concept": "ifrs-full:DisclosureOfLoansAndAdvancesToBanksExplanatory", "language": "en", "entity": "scheme:213800IBJPW3SE2RA350", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00466": { "value": "Lease liabilities
The group has \ufb01nance in respect of hospital properties, vehicles, of\ufb01ce and medical equipment. The leases are
secured on \ufb01xed and \ufb02oating charges over both the present and future assets of material subsidiaries in the
group. Leases, with a present value liability of \u00a3912.8 million (2023: \u00a3891.7 million), expire in various years to 2046
and carry incremental borrowing rates in the range 3.2% \u2013 14.6% (2023: 3.1% \u2013 14.6%). Rents in respect of hospital
property leases are reviewed annually with reference to RPI or CPI, subject to assorted \ufb02oors and caps. The
discount rates used are calculated on a lease by lease basis, and are based on estimates of incremental borrowing
rates. A movement in the incremental borrowing rate of 1% would result in an 7.5% movement in lease liability.
In the year, the group recognised charges of \u00a33.4 million (2023: \u00a33.8 million) of lease expenses relating to low
value leases and \u00a317.0 million (2023: \u00a314.8 million) of lease expense in respect of short-term leases for which
the exemption under IFRS 16 has been taken. Lease commitments for short term leases are not dissimilar to
the expense recognised. The total cash out\ufb02ow for leases is \u00a3122.7 million (2023: \u00a3118.8 million). The group
has not made any variable lease payments in the year. The group is a lessor to one lease to external parties and
has recognised a \ufb01nance lease receivable of \u00a34.4 million (2023: Nil). The terms of the sublease are the same as
those contained in the head-lease. There have been no (2023: no) sale and leaseback transactions in the year.
Where new leases have the right to extend and management is not reasonably certain to exercise the
extension option, those future cash \ufb02ows are not re\ufb02ected in the lease liability balance. If the option to extend
was exercised the lease liability would increase by \u00a3239 million.
During the year the group sold its Tunbridge Wells Hospital business to Maidstone and Tunbridge Wells NHS
Trust. As part of the sale agreement, the group has entered into a sub lease agreement with the trust to lease
the Tunbridge Wells property. The \ufb01nance lease receivable represents the cash \ufb02ows receivable from the trust
to settle the lease obligation in the head lease.
Some leases receive RPI increases on an annual basis which affects both the cash \ufb02ow and interest charged on
those leases. Except for this increase, cash \ufb02ows and charges are expected to remain in line with current year.
The cash \ufb02ows above do not re\ufb02ect any termination, extension or break clause options as management is
reasonably certain that the options will not be exercised. There are no signi\ufb01cant restrictions or covenants
which impact the cash \ufb02ows in respect of these leases.
See note 14 for more detail on the depreciation of the Right-of-use (ROU) assets and note 10 for more detail on
the interest expense relating to leases.
Changes in bank borrowings and lease liabilities arising from \ufb01nancing activities
\u00a0\u00a0\u00a0
Non cash
\u00a0\u00a0
(\u00a3m)
1 January
Cash flows
changes
1
Additions
2
31 December
2024
\u00a0\u00a0\u00a0\u00a0\u00a0
Bank loans
365.3
(22.0)
23.8
\u2013
367.1
Lease liabilities
891.7
(102.3)
76.1
47.3
912.8
Total
1,257.0
(124.3)
99.9
47.3
1,279.9
\u00a0\u00a0\u00a0
Non cash
\u00a0\u00a0
(\u00a3m)
1 January
Cash flows
changes
1
Additions
2
31 December
2023
\u00a0\u00a0\u00a0\u00a0\u00a0
Bank loans
324.3
(17.0)
18.0
40.0
365.3
Lease liabilities
866.5
(100.2)
73.0
52.4
891.7
Total
1,190.8
(117.2)
91.0
92.4
1,257.0
\n
1.
Non-cash changes re\ufb02ect interest charged on the loan.
2.
Additions include both new leases entered into, indexation of existing leases and acquisitions of subsidiaries.", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:213800IBJPW3SE2RA350", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00467": { "value": "Derivatives
The following derivatives were in place at 31 December:
\u00a0 \u00a0 \u00a0 \u00a0
Carrying value
\u00a0
Interest rate
Maturity date
Notional amount
Asset
31 December 2024 (\u00a3m)
\u00a0 \u00a0 \u00a0 \u00a0
Interest rate swaps
2.7780%
Feb 2026
162.5
2.9
31 December 2023 (\u00a3m)
\u00a0 \u00a0 \u00a0 \u00a0
Interest rate swaps
2.7780%
Feb 2026
243.8
4.4
(\u00a3m)
2024
2023
Amount due for settlement within 12 months
2.5
4.0
Amount due for settlement after 12 months
0.4
0.4
Total derivatives asset
2.9
4.4
\n
The group entered into interest rate swaps on the 25 July 2022. The movement in respect of derivatives
re\ufb02ects \u00a34.3 million (2023: \u00a34.4 million) recycled in the period and a \u00a32.8 million credit (2023: \u00a30.2 million
credit) in fair value. All movements are re\ufb02ected within other comprehensive income.", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800IBJPW3SE2RA350", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00483": { "value": "24. Financial liabilities
Financial instruments to purchase non-controlling interest
In 2023 the group entered into an agreement with the non-controlling interest of one of its subsidiaries,
Monte\ufb01ore House Limited, in which both parties can exercise an option for Spire Healthcare to purchase the
remaining 25% interest in the subsidiary at a future date. On 21 February 2025, Brighton Orthopaedic and
Sports Injury Clinic Limited (BOSIC) formally noti\ufb01ed Spire Healthcare of the intention to exercise their option.
The purchase price is calculated in line with pre-determined metrics which are based on the subsidiary\u2019s
EBITDA performance and the group multiple. The option can be exercised between two to \ufb01ve years. The
expected future cash \ufb02ow to settle the obligation is discounted at the group cost of debt of 8.1%. The \ufb01nancial
liability is initially recognised through equity at the present value of future cash \ufb02ows and subsequently
recognised at amortised cost.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
(\u00a3m)
2024
2023
Valuation at 1 January
9.6
\u2013
Movement in financial liability
(1.6)
\u2013
Option to purchase non-controlling interests
\u2013
9.6
Valuation at 31 December
8.0
9.6
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800IBJPW3SE2RA350", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00468": { "value": "25. Deferred tax \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Provisions
\u00a0
\u00a0
Property,
\u00a0
IFRS 16
\u00a0
Share-
\u00a0
and other
\u00a0
\u00a0
plant and
\u00a0
leases \u2013
\u00a0
based
\u00a0
temporary
\u00a0
(\u00a3m)
equipment
Intangible
spreading
IFRS 16
payments
Losses
differences
Total
At 1 January 2023
78.0
\u2013
(45.2)
33.0
(4.0)
(6.2)
0.6
56.2
(Credit)/charge to the
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
profit or loss
7.2
\u2013
2.3
1.4
(0.6)
\u2013
(0.3)
10.0
(Credit)/charge to other
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
comprehensive income
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
and equity
\u2013
\u2013
\u2013
\u2013
0.5
\u2013
(0.9)
(0.4)
Adjustment in respect
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
of prior year
0.3
\u2013
\u2013
\u2013
\u2013
\u2013
(3.2)
(2.9)
Recognised on acquisition
1.1
5.0
\u2013
\u2013
\u2013
(1.1)
\u2013
5.0
At 1 January 2024
86.6
5.0
(42.9)
34.4
(4.1)
(7.3)
(3.8)
67.9
(Credit)/charge to the
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
profit or loss
6.4
(0.4)
2.4
0.8
(0.1)
\u2013
1.2
10.3
(Credit)/charge to other
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
comprehensive income
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
and equity
\u2013
\u2013
\u2013
\u2013
0.5
\u2013
(0.2)
0.3
Adjustment in respect
0.6
\u2013
\u2013
\u2013
(0.1)
0.2
1.6
2.3
of prior year
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
At 31 December 2024
93.6
4.6
(40.5)
35.2
(3.8)
(7.1)
(1.2)
80.8
Disclosed within liabilities
93.6
4.6
(40.5)
35.2
(3.8)
(7.1)
(1.2)
80.8
\n
Deferred tax on property, plant and equipment has arisen on differences between the carrying value of the
relevant assets and the tax base.
On the acquisition of Vita Health Group, a deferred tax asset has been recognised for losses as they are
expected to be available for utilisation across the wider group from the \ufb01fth anniversary of the acquisition
date. In addition, a deferred tax liability has been recognised in respect of \ufb01xed assets. On acquisition, the
group has recognised an intangible asset in respect of customer contracts. A deferred tax liability of \u00a35 million
was recognised in the prior year and is unwinding in line with amortisation of the intangible in future years.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period when
the asset is realised or the liability settled, based on tax rates that have been enacted, or substantively enacted,
at the balance sheet date. The group has separately calculated the tax rates applicable in respect of adjusting
items for the period. Deferred tax in the current period continues to be measured at 25%.
Deferred tax assets are recognised on the basis that the deferred tax liabilities represent forecast pro\ufb01ts of the
appropriate type (either capital or trading) and therefore represent a suitable taxable pro\ufb01t against the reversal
of the deferred tax assets can be offset. Deferred tax assets and liabilities in relation to property are only offset
to the extent that they relate to the same site.
The group has unrecognised deferred tax assets (which do not expire) as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2024
2023
(\u00a3m)
Gross
Tax effected
Gross
Tax effected
Trading losses
10.4
2.6
11.7
2.6
Tax basis for future capital disposals
11.6
2.9
11.6
2.9
Total
22.0
5.5
23.3
5.5
\n
These amounts are the expected tax value of the gross temporary difference at the enacted long-term tax rate
of 25% (2023: 25%). A deferred tax asset has not been recognised in respect of these amounts due to
uncertainties as to the timing of future pro\ufb01ts that the trading losses could be offset against and tax basis for
capital disposals could be utilised.", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:213800IBJPW3SE2RA350", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00469": { "value": "26. Provisions \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
Business
\u00a0
\u00a0
Medical
restructuring
\u00a0
(\u00a3m)
malpractice
and other
Total
At 1 January 2024
15.1
1.3
16.4
Increase in existing provisions
4.6
0.8
5.4
Provisions utilised
(6.5)
(0.2)
(6.7)
Provisions released
\u2013
(0.9)
(0.9)
At 31 December 2024
13.2
1.0
14.2
\n
Medical malpractice relates to estimated liabilities arising from claims for damages in respect of services
previously supplied to patients. During the period \u00a34.6 million was added due to additional claims received, and
\u00a36.5 million utilised. Amounts are shown gross of insured liabilities. Any such insurance recoveries of \u00a34.3
million (December 2023: \u00a34.6 million) are recognised in other receivables.
In response to the publication of the public inquiry report on Paterson on 4 February 2020, Spire Healthcare
established a provision in respect of implementing the recommendations including a detailed patient review
and support for patients. Since inception of the provision in 2021 \u00a313.1 million has been utilised in settlement
of patient claims. The provision to complete the reviews, settle any claims and costs in respect of other
Paterson items has been increased by \u00a34.6 million as reported in June 2024.
The provision was established by Spire Healthcare in respect of implementing the recommendations of the
independent inquiry including a detailed patient review and support for patients of Paterson. The project is
complex and the process for review and settlement of claims, where relevant, takes some time. The detailed
patient review has now reached the milestone of having contacted all living patients and invited them, where
appropriate, to consultations to discuss their care. As a consequence, the rate of new claims has dropped
signi\ufb01cantly, as most patients now have their outcomes of their review and have initiated their claim, where
relevant. Claims activity in the second half of the year has therefore been in line with the assumptions taken by
management and the provision established at the half year. As a result there has been no subsequent increase
in the provision. In addition, \u00a31.7 million of legal fees have been incurred for the ongoing inquests. While it is
possible that, as further information becomes available, an adjustment to this provision will be required, at this
time it re\ufb02ects management\u2019s best estimate of the costs and settlement of claims.
As at 31 December 2024, the business restructuring and other provisions primarily includes dilapidation
provisions for the primary care business. During the year the group released its provision related to acquisition
tax matters other than income tax as the relevant tax years have closed for review.
Provisions as at 31 December 2024 are materially considered to be current and expected to be utilised at any
time within the next twelve months, subject to external factors beyond the group\u2019s control. ", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:213800IBJPW3SE2RA350", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00470": { "value": "27. Trade and other payables \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
(\u00a3m)
2024
2023
Trade payables
84.9
63.9
Accrued expenses
53.8
65.9
Deferred income
10.5
10.4
Social security and other taxes
18.4
15.2
Other payables
46.4
41.7
Trade and other payables
214.0
197.1
\n
Accrued expenses includes general operating expenses incurred but not invoiced as at the year end, as well
as holiday pay accrued of \u00a32.1 million (2023: \u00a32.1 million), and bonuses accrued during the year and paid during
the following year of \u00a35.3 million (2023: \u00a312.7 million). Deferred income of \u00a310.5 million relates to contract
revenue of VHG.
Other payables include an accrual for pensions and payments on account. Revenue is not recognised in respect
of payments on account until the performance obligation has been met at year end the balance of payments
on account was \u00a32.4 million (2023: \u00a310.3 million). In addition other credit balances re-classed from trade
debtors were \u00a338.1 million (2023: \u00a332.0 million), which largely relate to NHS credits. Payments on account are
expected to be utilised against patient procedures within the following 12 months. The balance of payments
on account as at 31 December 2023 were utilised in the current year when the patient attended the procedure,
and not cancelling or deferring treatment, such payments on account could result in repayment to the patient
should they request so.", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800IBJPW3SE2RA350", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00471": { "value": "28. Dividends \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
(\u00a3m)
2024
2023
Final dividend for the year ended 31 December 2022 (0.5 pence per share)
\u2013
2.0
Final dividend for the year ended 31 December 2023 (2.1 pence per share)
8.5
\u2013
Dividend paid to non-controlling interests
0.7
\u2013
Total dividends paid
9.2
2.0
\n
Since the end of the \ufb01nancial year, the directors have proposed a \ufb01nal dividend of approximately 2.3 pence per
share. The dividend is subject to approval by shareholders at the Annual General Meeting and is therefore not
included in the balance sheet as a liability at 31 December 2024.", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:213800IBJPW3SE2RA350", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00472": { "value": "29. Share-based payments
The group operates a number of share-based payment schemes for executive directors and other employees,
all of which are equity settled.
The group has no legal or constructive obligation to repurchase or settle any of the options in cash. The total
cost in respect of LTIPs and SAYE recognised in the income statement was \u00a34.2 million in the year ended
31 December 2024 (2023: \u00a33.7 million). Employer\u2019s national insurance is being accrued, where applicable, at the
rate of 14.3%, which management expects to be the prevailing rate at the time the options are exercised,
based on the share price at the reporting date. The total national insurance charge for the year was \u00a30.5 million
(2023: \u00a30.4 million).
The following table analyses the total cost between each of the relevant schemes, together with the number
of options outstanding:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2024
2023
\u00a0 \u00a0
Number of
\u00a0
Number of
\u00a0
Charge
options
Charge
options
\u00a0
\u00a3m
(thousands)
\u00a3m
(thousands)
Long Term Incentive Plan
3.3
11,643
3.0
12,394
Deferred Share Bonus Plan
\u2013
531
\u2013
449
Save As You Earn (SAYE)
0.7
2,957
0.7
3,252
Cash-settled Long Term Incentive Plan
0.2
\u2013
\u2013
\u2013
\u00a0
4.2
15,131
3.7
16,095
\n
A summary of the main features of the scheme is shown below:
Long Term Incentive Plan
The Long Term Incentive Plan (LTIP) is open to executive directors and designated senior managers, and awards
are made at the discretion of the remuneration committee. Awards are subject to market and non-market
performance criteria.
Awards granted under the LTIP vest subject to achievement of performance conditions measured over a period
of at least three years, unless the committee determines otherwise. Awards may be in the form of conditional
share awards or nil-cost options or any other form allowed by the plan rules.
Vesting of awards will be dependent on a range of \ufb01nancial, operational or share price measures, as set by
the committee, which are aligned with the long-term strategic objectives of the group and shareholder value
creation. No less than 30% of an award will be based on share price measures. The remainder will be based on
either \ufb01nancial and/or operational measures. At the threshold performance, no more than 25% of the award
\n
will vest, rising to 100% for maximum performance.
\n
On 14 March 2022, the company granted a total of 3,097,060 options to the executive directors and other
\n
senior management. The options will vest based on return on capital employed (ROCE) (35%) targets for the
\n
\ufb01nancial year ending 31 December 2024, relative total shareholder return (TSR) (35%) targets on performance
\n
over the three-year period to 31 December 2024 and operational excellence (OE) (30%) targets based on
\n
employee engagement targets and regulatory ratings for the current portfolio of hospitals, subject to continued
\n
employment. Upon vesting, the options will remain exercisable until March 2032. The executive directors are
\n
subject to a two-year holding period, whilst other senior management are not.
\n
On 15 March 2023, the company granted a total of 2,980,384 options to the executive directors and other
\n
senior management. The options will vest based on return on capital employed (ROCE) (35%) targets for the
\n
\ufb01nancial year ending 31 December 2025, relative total shareholder return (TSR) (35%) targets on performance
\n
over the three-year period to 31 December 2025 and operational excellence (OE) (30%) targets based on
\n
employee engagement targets and regulatory ratings for the current portfolio of hospitals, subject to
\n
continued employment. Upon vesting, the options will remain exercisable until March 2033. The executive
\n
directors are subject to a two-year holding period, whilst other senior management are not.
\n
On 14 March 2024, the company granted a total of 2,054,599 options to the executive directors and other
\n
senior management. The options will vest based on return on capital employed (\u2018ROCE\u2019) (35%) targets for the
\n
\ufb01nancial year ending 31 December 2026, relative total shareholder return (\u2018TSR\u2019) (20%) targets over the three
\n
year period to 31 December 2026, EBITDA margin (15%) targets for the \ufb01nancial year ending 31 December 2026
\n
for the Company\u2019s Hospital Business and operational excellence (\u2018OE\u2019) (30%) targets based on employee
\n
engagement targets and regulatory ratings for the current portfolio of hospitals (including The Doctors Clinic
\n
Group, but excluding new clinics that open during the performance period and Vita Health Group). The options
\n
are subject to continued employment and, upon vesting, will remain exercisable until March 2034. The
\n
executive directors are subject to a two-year holding period.
\n
On 14 March 2024, the company also granted a total of 235,231 options to senior management. These options
\n
will vest based on return on capital employed (\u2018ROCE\u2019) (35%) targets for the \ufb01nancial year ending 31 December
\n
2026, relative total shareholder return (\u2018TSR\u2019) (20%) targets on performance over the three year period to 31
\n
December 2026, EBITDA margin (15%) targets for the \ufb01nancial year ending 31 December 2026 for the VHG and
\n
operational excellence (\u2018OE\u2019) (30%) targets (based on non-market vesting conditions related to access rates and
\n
recovery for mature contracts and employee engagement targets for the VHG). The options are subject to
\n
continued employment and, upon vesting, will remain exercisable until March 2034.
\n
Deferred Share Bonus Plan
\n
The Deferred Share Bonus Plan is a discretionary executive share bonus plan under which the remuneration
\n
committee determines that a proportion of a participant\u2019s annual bonus will be deferred. The market value of
\n
the shares granted to any employee will be equal to one-third of the total annual bonus that would otherwise
\n
have been payable to the individual. The awards will be granted on the day after the announcement of the
\n
group\u2019s annual results. The awards will normally vest over a three-year period.
\n
On 14 March 2022, the company granted a total of 142,427 options to executive directors, with a vesting date
\n
of 14 March 2025. There are no performance conditions in respect of the scheme and is subject to continued
\n
employment.
\n
On 15 March 2023, the company granted a total of 168,042 options to executive directors, with a vesting date
\n
of 15 March 2026. There are no performance conditions in respect of the scheme and is subject to continued
\n
employment.
\n
On 14 March 2024, the company granted a total of 221,319 options to executive directors, with a vesting date
\n
of 14 March 2027. There are no performance conditions in respect of the scheme and is subject to continued
\n
employment.
\n
Save As You Earn
\n
The Save As You Earn (SAYE) is open to all Spire Healthcare employees. Vesting will be dependent on continued
\n
employment for a period of three years from grant. The requirement to save is a non-vesting condition.
\n
On 24 April 2022, the company granted 3,800,557 options to employees with a vesting date of 1 June 2025.
\n
There are no performance conditions in respect of the scheme. Upon vesting, the options will remain
\n
exercisable for six months. The IFRS 2 charge has been calculated using an adjusted Black Scholes model with
\n
judgements including leavers of the scheme (employees who may cease to save) and dividend yields.
\n
The aggregate number of share awards outstanding for the group and their weighted average contractual life
\n
is shown below:
\n\n \n
2024
LTIP (ROCE
LTIP (TSR
LTIP (EBITDA
LTIP (EPS
LTIP (OE
Deferred Share
condition)
condition)
condition)
condition)
condition)
Bonus Plan
SAYE
(thousands)
(thousands)
(thousands)
(thousands)
(thousands)
(thousands)
(thousands)
At 1 January
3,076
4,458
\u2013
902
3,958
449
3,252
Granted
801
458
343
\u2013
687
221
\u2013
Exercised
(181)
(865)
\u2013
(423)
(716)
(139)
(14)
Surrendered
1
(99)
(99)
\u2013
\u2013
(84)
\u2013
\u2013
Cancelled
2
(476)
337
\u2013
(479)
45
\u2013
(281)
At 31 December
3,121
4,289
343
\u2013
3,890
531
2,957
Exercisable at 31
December
417
1,928
\u2013
\u2013
1,571
\u2013
32
Weighted average
contractual life
1.0 years
0.6 years
2.2 years
0 years
0.7 years
1.3 years
0.4 years
\n\n \n
2023
LTIP (ROCE
LTIP (TSR
LTIP (EPS
LTIP (OE
Deferred Share
condition)
condition)
condition)
condition)
Bonus Plan
SAYE
(thousands)
(thousands)
(thousands)
(thousands)
(thousands)
(thousands)
At 1 January
2,169
4,726
1,540
4,343
525
3,652
Granted
1,043
1,043
\u2013
894
168
\u2013
Exercised
\u2013
(652)
(380)
(636)
(244)
(18)
Surrendered
1
(69)
(69)
\u2013
(59)
\u2013
\u2013
Cancelled
2
(67)
(590)
(258)
(584)
\u2013
(382)
At 31 December
3,076
4,458
902
3,958
449
3,252
Exercisable at 31 December
\u2013
\u2013
\u2013
\u2013
\u2013
14
Weighted average contractual life
2.6 years
2.0 years
0.7 years
2.0 years
1.3 years
1.4 years
\n
1.
These are shares where the participants are considered to be good leavers and forfeit a proportion of their shares on pro-rata basis.
\n
2. These are shares where the participants forfeit all share options.
The weighted average share price for the share awards exercised during the period is \u00a32.34 per share.
Share options outstanding at the end of the year have the following expiry date:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0 \u00a0
Share options
\u00a0 \u00a0
Exercise price
thousands
Grant \u2013 vest
Expiry date
(\u00a3)
2024
2023
LTIP grants
\u00a0 \u00a0 \u00a0 \u00a0
30/03/2017 \u2013 March 2020
30/03/2027
\u2013
\u2013
2
28/03/2018 \u2013 March 2021
28/03/2028
\u2013
\u2013
18
25/03/2019 \u2013 March 2022
25/03/2029
\u2013
\u2013
1,188
06/04/2020 \u2013 April 2023
06/04/2030
\u2013
2,176
2,396
18/03/2021 \u2013 March 2024
18/03/2031
\u2013
1,741
3,038
14/03/2022 \u2013 March 2025
14/03/2032
\u2013
2,644
2,860
15/03/2023 \u2013 March 2026
15/03/2033
\u2013
2,792
2,892
14/03/2024 \u2013 March 2027
14/03/2034
\u2013
2,290
\u2013
Deferred Share Bonus Plan
\u00a0 \u00a0 \u00a0 \u00a0
18/03/2021 \u2013 March 2024
17/03/2031
\u2013
\u2013
139
14/03/2022 \u2013 March 2025
13/03/2032
\u2013
142
142
15/03/2023 \u2013 March 2026
14/03/2033
\u2013
168
168
14/03/2024 \u2013 March 2027
13/03/2034
\u2013
221
\u2013
Save As You Earn
\u00a0 \u00a0 \u00a0 \u00a0
26/04/2022 \u2013 June 2025
01/12/2025
1.98
2,957
3,252
\n
During the year, 1,162,366 shares, relating to LTIPs, were exercised from the company\u2019s Employee Bene\ufb01t Trust
(EBT), during the year (see note 22 for more information). Where considered the most appropriate use of
surplus cash, the company will continue to fund the Spire Healthcare Employee Bene\ufb01t Trust (EBT), a
discretionary trust held for the bene\ufb01t of the group\u2019s employees, for the ongoing acquisition of shares to
satisfy the exercise of share plan awards by employees.
The following information is relevant to the determination of the fair value of the awards granted for the years
ended 31 December 2024 and 2023, respectively, under the schemes:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
LTIP
LTIP
LTIP
LTIP
Deferred Share
2024
(TSR condition)
(ROCE condition)
(EBITDA condition)
(OE condition)
Bonus Plan
Option pricing model
\u00a0
Fair value at
Fair value at
Fair value at
\u00a0
\u00a0
Monte Carlo
grant date
grant date
grant date
n/a
Fair value at grant date (\u00a3)
1.35
2.36
2.36
2.36
n/a
Fair value at grant date for
\u00a0\u00a0\u00a0\u00a0\u00a0
shares subject to holding
\u00a0\u00a0\u00a0\u00a0\u00a0
period (\u00a3)
1.23
2.15
2.15
2.15
n/a
Weighted average share price
\u00a0\u00a0\u00a0\u00a0\u00a0
at grant date (\u00a3)
2.36
2.36
2.36
2.36
n/a
Exercise price (\u00a3)
Nil
Nil
Nil
Nil
n/a
Weighted average
\u00a0\u00a0\u00a0\u00a0\u00a0
contractual life
3.8 years
3.8 years
3.8 years
3.8 years
3 years
Expected dividend yield
n/a
n/a
n/a
n/a
n/a
Risk-free interest rate
4.1%
n/a
n/a
n/a
n/a
Volatility
1
28%
n/a
n/a
n/a
n/a
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
LTIP
LTIP
LTIP
Deferred Share
\u00a0
2023
(TSR condition)
(ROCE condition)
(OE condition)
Bonus Plan
Save as you Earn
Option pricing model
\u00a0
Fair value at
Fair value at
\u00a0
Black-Sch\u00f6les
\u00a0
Monte Carlo
grant date
grant date
n/a
model
Fair value at grant date (\u00a3)
1.26
2.10
2.10
n/a
0.71
Fair value at grant date for
\u00a0\u00a0\u00a0\u00a0\u00a0
shares subject to holding
\u00a0\u00a0\u00a0\u00a0\u00a0
period (\u00a3)
1.07
1.78
1.78
n/a
n/a
Weighted average share price
\u00a0\u00a0\u00a0\u00a0\u00a0
at grant date (\u00a3)
2.10
2.10
2.10
n/a
2.10
Exercise price (\u00a3)
Nil
Nil
Nil
Nil
1.98
Weighted average
\u00a0\u00a0\u00a0\u00a0\u00a0
contractual life
3.1 years
3.1 years
3.1 years
1.8 years
1.4 years
Expected dividend yield
n/a
n/a
n/a
n/a
n/a
Risk-free interest rate
3.4%
n/a
n/a
n/a
n/a
Volatility
1
49%
49%
49%
n/a
n/a
\n
1.
The expected volatility is based on the historical volatility of the company and a comparator group of other international healthcare
companies.", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:213800IBJPW3SE2RA350", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00473": { "value": "30. Reconciliation of cash generated from operations \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
(\u00a3m)
Note
2024
2023
Cash flows from operating activities
\u00a0\u00a0\u00a0
Profit before taxation
\u00a0
38.3
34.6
Adjustments to reconcile profit before tax to net cash flows:
\u00a0\u00a0\u00a0
Fair value movement on financial liability
\u00a0
(1.6)
\u2013
(Profit)/loss on disposal of property, plant and equipment
\u00a0
(5.2)
(0.3)
Adjusting items \u2013 other
\u00a0
1.5
1.5
Depreciation of property, plant and equipment and right-of-use assets
14
108.0
103.0
Amortisation on intangible assets
15
4.2
0.6
Finance income
10
(0.7)
(1.4)
Finance costs
10
99.9
93.0
Other income
6
(5.8)
(3.6)
Share-based payments expense
29
4.2
3.7
Movements in working capital:
\u00a0\u00a0\u00a0
Increase in trade receivables and other receivables
\u00a0
(11.0)
(12.7)
Increase in inventories
\u00a0
(2.3)
(3.7)
Increase in trade and other payables
\u00a0
9.0
2.2
Decrease in provisions
\u00a0
(2.7)
(1.3)
Cash generated from operations
\u00a0
235.8
215.6
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:213800IBJPW3SE2RA350", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00474": { "value": "31. Commitments
Consignment stock
At 31 December 2024, the group held consignment stock on sale or return of \u00a325.5 million (2023: \u00a324.5 million).
The group is only required to pay for the equipment it chooses to use and therefore this stock is not recognised
as an asset.
Capital commitments
Capital commitments comprise amounts payable under capital contracts which are duly authorised and in
progress at the consolidated balance sheet date. They include the full cost of goods and services to be provided
under the contracts through to completion. The group has rights within its contracts to terminate at short
notice and, therefore, cancellation payments are minimal.
Capital commitments at the end of the year were as follows:
(\u00a3m)
2024
2023
Contracted but not provided for
24.7
31.6
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:213800IBJPW3SE2RA350", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00475": { "value": "32. Financial guarantees
The group had the following guarantees at 31 December 2024:
\u2013
The bankers to Spire Healthcare Limited have issued a letter of credit in the maximum amount of \u00a31.5 million
(2023: \u00a31.5 million) in relation to contractual pension obligations
\u2013
Under certain lease agreements entered into on 26 January 2010, the group has given undertakings relating
to obligations in the lease documentation and the assets of the group are subject to a \ufb01xed and \ufb02oating
charge. See note C11 for details of \ufb01nancial guarantees in respect of lease arrangements and agreements. ", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800IBJPW3SE2RA350", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00476": { "value": "33. Financial risk management and impairment of \ufb01nancial assets
The group has exposure to the following risks from its use of \ufb01nancial instruments:
\u2013
Credit risk
\u2013
Liquidity risk
\u2013
Market risk
This note presents information about the group\u2019s exposure to each of the above risks, the group\u2019s objectives,
policies and processes for measuring and managing risk. Further quantitative disclosures are included
throughout these \ufb01nancial statements.
The directors have overall responsibility for the establishment and oversight of the group\u2019s risk management
framework. The group\u2019s risk management policies are established to identify and analyse the risks faced by the
group, to set appropriate risk limits and controls, and to monitor risks and adherence to limits.
Credit risk and impairment
Credit risk is the risk of \ufb01nancial loss to the group if a customer or counterparty to a \ufb01nancial instrument fails
to meet its contractual obligations, and arises principally from the group\u2019s receivables from customers and
investment securities.
Trade and other receivables
The group\u2019s exposure to credit risk is in\ufb02uenced mainly by the individual characteristics of each customer.
The group\u2019s exposure to credit risk from trade receivables is considered to be low because of the nature of
its customers and policies in place to prevent credit risk occurring in normal circumstances.
Most revenues arise from insured patients\u2019 business and the NHS. Insured revenues give rise to trade
receivables which are mainly due from large insurance institutions, which have high credit worthiness.
The remainder of revenues arise from individual self-pay patients and consultants.
The group establishes an allowance for impairment that represents its ECL in respect of trade and other
receivables. This allowance is composed of speci\ufb01c losses that relate to individual exposures and also an
ECL component established using rates re\ufb02ecting historical information for payor groups, and forward
looking information.
During the period, trade receivables have increased in line with revenue, but aged debt has reduced. Individual
self-pay patients continues to be the largest risk for the group given the current economic uncertainty. The
group has considered the provision required and maintained a provision accordingly through the expected loss
rate percentages, which is in line with the position at December 2023. The Expected Credit Loss (ECL) as at year
end is \u00a36.2 million (2023: \u00a35.5 million).
Note 19 shows the ageing and customer pro\ufb01les of trade receivables outstanding at the year end.
Unbilled receivables are considered for expected credit losses, but these are not considered material and
therefore not recognised.
Investments
The group limits its exposure to credit risk by only investing in short-term money market deposits with large
\ufb01nancial institutions, which must be rated at least Investment Grade by key rating agencies.
Market risk
Market risk is the risk that changes in market prices, such as interest rates, will affect the group\u2019s income or
the value of its holdings of \ufb01nancial instruments. The objective of market risk management is to manage
and control market risk exposures within acceptable parameters, while optimising the return on risk.
Interest rate risk
The group is exposed to interest rate risk arising from \ufb02uctuations in market rates. This affects future cash
\ufb02ows from money market investments and the cost of \ufb02oating rate borrowings.
From time-to-time, the group considers the cost bene\ufb01t of entering into derivative \ufb01nancial instruments to
hedge its exposure to interest rate volatility based on existing variable rates, current and predicted interest
yield curves and the cost of associated medium-term derivative \ufb01nancial instruments.
Interest rates on variable rate loans are determined by SONIA \ufb01xings on a quarterly basis. Interest is settled
on all loans in line with agreements and is settled at least annually.
\u00a0
Variable
Total
Undrawn facility
1
31 December 2024 (\u00a3m)
365.0
365.0
60.0
Effective interest rate (%)
5.85%
5.85%
\u00a0
31 December 2023 (\u00a3m)
365.0
365.0
60.0
Effective interest rate (%)
5.63%
5.63%
\u00a0
\n
1.
If this facility was drawn the interest rate would be in line with the variable rate loans.
The group has an interest rate swap derivative asset of \u00a32.9 million (2023: \u00a34.4 million liability) in place (refer
to note 23).
The fair value of this instrument is considered the same as its carrying value and level two of the fair value
hierarchy is used to measure the fair value of the instrument. The variable rate consideration received by the
group is Sterling three month SONIA.
Sensitivity analysis
A change of 25 basis points (bp) in interest rates at the reporting date would have increased/(decreased) equity
and reported results by the amounts shown below. This analysis assumes that all other variables
remain constant.
Liquidity risk
Liquidity risk is the risk that the group will not be able to meet its \ufb01nancial obligations as they fall due.
The group\u2019s approach to managing liquidity is to ensure, as far as possible, that it will always have suf\ufb01cient
liquidity to meet its liabilities when due, under both normal and stressed conditions, without incurring
unacceptable losses or risking damage to the group\u2019s reputation.
Liquidity is managed across the group and consideration is taken of the segregation of accounts for regulatory
purposes. Short-term operational working capital requirements are met by cash in hand.
Typically the group ensures that it has suf\ufb01cient cash on demand to meet expected operational expenses for
a period of at least 90 days, including the servicing of \ufb01nancial obligations. In addition to cash on demand,
the group has available the following line of credit:
\u2013
\u00a360.0 million of revolving credit facility, which was undrawn as at 31 December 2024 (2023: \u00a360.0 million
undrawn)
The following are contractual maturities, at as the balance sheet date, of \ufb01nancial liabilities, including interest
payments and excluding the impact of netting agreements:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0 \u00a0
Maturity analysis
At 31 December 2024
Carrying
Contractual
Within
Between 1
Between 2
Between 3
Between 4
More than
(\u00a3m)
amount
cash flows
1 year
and 2 years
and 3 years
and 4 years
and 5 years
5 years
Trade and other payables
185.1
185.1
185.1
\u2013
\u2013
\u2013
\u2013
\u2013
Bank borrowings
367.1
418.6
23.7
22.6
372.3
\u2013
\u2013
\u2013
Lease liabilities
912.8
1,802.5
104.7
104.1
103.1
103.1
101.9
1,285.7
\u00a0
1,465.0
2,406.2
313.5
126.7
475.4
103.1
101.9
1,285.7
Derivative financial assets
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Interest rate swaps
(2.9)
(3.3)
(2.6)
(0.7)
\u2013
\u2013
\u2013
\u2013
\u00a0
1,462.1
2,402.9
310.9
126.0
475.4
103.1
101.9
1,285.7
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Maturity analysis
\u00a0 \u00a0 \u00a0
At 31 December 2023
Carrying
Contractual
Within
Between 1
Between 2
Between 3
Between 4
More than
(\u00a3m)
amount
cash flows
1 year
and 2 years
and 3 years
and 4 years
and 5 years
5 years
Trade and other payables
171.5
171.5
171.5
\u2013
\u2013
\u2013
\u2013
\u2013
Bank borrowings
365.3
434.3
24.7
19.9
18.7
371.0
\u2013
\u2013
Lease liabilities
891.7
1,818.7
99.8
100.0
98.1
97.8
97.7
1,325.3
\u00a0
1,428.5
2,424.5
296.0
119.9
116.8
468.8
97.7
1,325.3
Derivative financial assets
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Interest rate swaps
(4.4)
(5.0)
(4.1)
(0.8)
(0.1)
\u2013
\u2013
\u2013
\u00a0
1,424.1
2,419.5
291.9
119.1
116.7
468.8
97.7
1,325.3
\n
Capital management
The group\u2019s objective is to maintain an appropriate balance of debt and equity \ufb01nancing to enable the group
to continue as a going concern, to continue the future development of the business and to optimise returns
to shareholders and bene\ufb01ts to other stakeholders.
The board closely manages trading capital, de\ufb01ned as net assets plus net debt. The group\u2019s net assets at 31
December 2024 were \u00a3746.2 million (2023: \u00a3737.8 million) and net debt, calculated as bank borrowings of
\u00a3367.1 million (2023: \u00a3365.3 million) less cash and cash equivalents of \u00a341.2 million (2023: \u00a349.6 million)
amounted to \u00a3325.9 million (2023: \u00a3315.7 million).
The principal focus of capital management revolves around working capital management and compliance
with externally imposed \ufb01nancial covenants see note 23 for more detail.
Major investment decisions are based on reviewing the expected future cash \ufb02ows and all major capital
expenditure requires approval by the board.
At the balance sheet date, the group\u2019s committed undrawn facilities, and cash and cash equivalents were
as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
(\u00a3m)
2024
2023
Committed undrawn revolving credit facility
60.0
60.0
Cash and cash equivalents
41.2
49.6
\n
Fair value measurement
As of 31 December 2024, except for an interest rate swap and \ufb01nancial asset relating to a gross pro\ufb01t share,
the group did not hold \ufb01nancial instruments that are included in level 1, 2 or 3 of the hierarchy.
Management assessed that cash and short-term deposits, trade and other receivables, unbilled receivables,
trade payables and other current liabilities approximate their carrying amounts largely due to the short-term
maturities of these instruments. The carrying value of debt is approximately equal to its fair value. During the
year ended 31 December 2024, there were no transfers between the levels in the fair value hierarchy.
In determining fair value measurement, the impact of potential climate-related matters, including legislation,
which may affect the fair value measurement of assets and liabilities in the \ufb01nancial statements has
been considered.
A derivative is a \ufb01nancial instrument whose value is based on one or more underlying variables. The group
uses derivative \ufb01nancial instruments to hedge its exposure to interest rate risk. Derivatives are not held for
speculative reasons. Fair values are obtained from market observable pricing information including interest
rate yield curves and have been calculated as follows; fair value of interest rate swaps is determined as the
present value of the estimated future cash \ufb02ows based on observable yield curves.
The \ufb01nancial asset re\ufb02ects a pro\ufb01t share arrangement with a partner. There are no market observable prices
for the valuation. Management therefore assesses forward looking information and appropriate discount rates
and risk factors to determine the fair value. Sensitivities are also taken into account when reviewing the fair
value (note 16).
As at 31 December 2024, the group held the following \ufb01nancial instruments measured at fair value:
\u00a0
Maturity analysis
\u00a0
Value as at
\u00a0 \u00a0 \u00a0
Financial instruments measured at fair value
31 December
\u00a0 \u00a0 \u00a0
(\u00a3m)
2024
Level 1
Level 2
Level 3
Financial assets at fair value through profit and loss
\u00a0 \u00a0 \u00a0 \u00a0
Profit share arrangement (Note 16)
12.3
\u2013
\u2013
12.3
Interest rate swaps
2.9
\u2013
2.9
\u2013
Financial assets measured at fair value
15.2
\u2013
2.9
12.3
\n
During the year, Spire Healthcare received a pro\ufb01t share in respect of the \ufb01nancial asset of \u00a31.0 million (2023:
\u00a30.8 million). In addition an unrealised fair value movement of \u00a34.8 million (2023: \u00a33.0 million) was recognised
in income upon review of the \ufb01nancial asset to increase the value of the \ufb01nancial asset on the balance sheet.
As at 31 December 2023, the group held the following \ufb01nancial instruments measured at fair value:
\u00a0
Maturity analysis
\u00a0
Value as at
\u00a0\u00a0\u00a0
Financial instruments measured at fair value
31 December
\u00a0\u00a0\u00a0
(\u00a3m)
2023
Level 1
Level 2
Level 3
Financial assets at fair value through profit and loss
\u00a0\u00a0\u00a0\u00a0
Profit share arrangement (Note 16)
7.5
\u2013
\u2013
7.5
Interest rate swaps
4.4
\u2013
4.4
\u2013
Financial assets measured at fair value
11.9
\u2013
4.4
7.5
\n
Cash \ufb02ow hedge
The group designate, as cash \ufb02ow hedges, interest rate swaps entered into with three counterparties maturing
in February 2026. These interest rate swaps convert \ufb02oating interest rate liabilities into \ufb01xed interest rate
liabilities. The swaps run concurrently with the hedged item, being the group\u2019s \ufb02oating rate liabilities under
the senior \ufb01nance facility. For the years ended December 2024 and 2023, there were no signi\ufb01cant amounts
recognised in the pro\ufb01t or loss relating to the ineffective portion of hedges or portions excluded from the
assessment of hedge effectiveness. The movement in the interest rate swap relates to fair value movement
and is recognised through other comprehensive income.
Fair value hierarchy
The group uses the following hierarchy for determining and disclosing the fair value of \ufb01nancial instruments
by valuation technique:
Level 1: quoted (unadjusted) prices in active markets for identical assets or liabilities;
Level 2: other techniques for which all inputs which have a signi\ufb01cant effect on the recorded fair value are
observable, either directly or indirectly; and
Level 3: techniques which use inputs which have a signi\ufb01cant effect on the recorded fair value that are not
based on observable market data.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:213800IBJPW3SE2RA350", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00477": { "value": "Credit risk and impairment
Credit risk is the risk of \ufb01nancial loss to the group if a customer or counterparty to a \ufb01nancial instrument fails
to meet its contractual obligations, and arises principally from the group\u2019s receivables from customers and
investment securities.
Trade and other receivables
The group\u2019s exposure to credit risk is in\ufb02uenced mainly by the individual characteristics of each customer.
The group\u2019s exposure to credit risk from trade receivables is considered to be low because of the nature of
its customers and policies in place to prevent credit risk occurring in normal circumstances.
Most revenues arise from insured patients\u2019 business and the NHS. Insured revenues give rise to trade
receivables which are mainly due from large insurance institutions, which have high credit worthiness.
The remainder of revenues arise from individual self-pay patients and consultants.
The group establishes an allowance for impairment that represents its ECL in respect of trade and other
receivables. This allowance is composed of speci\ufb01c losses that relate to individual exposures and also an
ECL component established using rates re\ufb02ecting historical information for payor groups, and forward
looking information.
During the period, trade receivables have increased in line with revenue, but aged debt has reduced. Individual
self-pay patients continues to be the largest risk for the group given the current economic uncertainty. The
group has considered the provision required and maintained a provision accordingly through the expected loss
rate percentages, which is in line with the position at December 2023. The Expected Credit Loss (ECL) as at year
end is \u00a36.2 million (2023: \u00a35.5 million).
Note 19 shows the ageing and customer pro\ufb01les of trade receivables outstanding at the year end.
Unbilled receivables are considered for expected credit losses, but these are not considered material and
therefore not recognised.
Investments
The group limits its exposure to credit risk by only investing in short-term money market deposits with large
\ufb01nancial institutions, which must be rated at least Investment Grade by key rating agencies.", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:213800IBJPW3SE2RA350", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00478": { "value": "Market risk
Market risk is the risk that changes in market prices, such as interest rates, will affect the group\u2019s income or
the value of its holdings of \ufb01nancial instruments. The objective of market risk management is to manage
and control market risk exposures within acceptable parameters, while optimising the return on risk.
Interest rate risk
The group is exposed to interest rate risk arising from \ufb02uctuations in market rates. This affects future cash
\ufb02ows from money market investments and the cost of \ufb02oating rate borrowings.
From time-to-time, the group considers the cost bene\ufb01t of entering into derivative \ufb01nancial instruments to
hedge its exposure to interest rate volatility based on existing variable rates, current and predicted interest
yield curves and the cost of associated medium-term derivative \ufb01nancial instruments.
Interest rates on variable rate loans are determined by SONIA \ufb01xings on a quarterly basis. Interest is settled
on all loans in line with agreements and is settled at least annually.
\u00a0
Variable
Total
Undrawn facility
1
31 December 2024 (\u00a3m)
365.0
365.0
60.0
Effective interest rate (%)
5.85%
5.85%
\u00a0
31 December 2023 (\u00a3m)
365.0
365.0
60.0
Effective interest rate (%)
5.63%
5.63%
\u00a0
\n
1.
If this facility was drawn the interest rate would be in line with the variable rate loans.
The group has an interest rate swap derivative asset of \u00a32.9 million (2023: \u00a34.4 million liability) in place (refer
to note 23).
The fair value of this instrument is considered the same as its carrying value and level two of the fair value
hierarchy is used to measure the fair value of the instrument. The variable rate consideration received by the
group is Sterling three month SONIA", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:213800IBJPW3SE2RA350", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00479": { "value": "Sensitivity analysis
A change of 25 basis points (bp) in interest rates at the reporting date would have increased/(decreased) equity
and reported results by the amounts shown below. This analysis assumes that all other variables
remain constant.", "dimensions": { "concept": "ifrs-full:DisclosureOfSensitivityAnalysisForActuarialAssumptionsExplanatory", "language": "en", "entity": "scheme:213800IBJPW3SE2RA350", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00480": { "value": "Liquidity risk
Liquidity risk is the risk that the group will not be able to meet its \ufb01nancial obligations as they fall due.
The group\u2019s approach to managing liquidity is to ensure, as far as possible, that it will always have suf\ufb01cient
liquidity to meet its liabilities when due, under both normal and stressed conditions, without incurring
unacceptable losses or risking damage to the group\u2019s reputation.
Liquidity is managed across the group and consideration is taken of the segregation of accounts for regulatory
purposes. Short-term operational working capital requirements are met by cash in hand.
Typically the group ensures that it has suf\ufb01cient cash on demand to meet expected operational expenses for
a period of at least 90 days, including the servicing of \ufb01nancial obligations. In addition to cash on demand,
the group has available the following line of credit:
\u2013
\u00a360.0 million of revolving credit facility, which was undrawn as at 31 December 2024 (2023: \u00a360.0 million
undrawn)
The following are contractual maturities, at as the balance sheet date, of \ufb01nancial liabilities, including interest
payments and excluding the impact of netting agreements:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0 \u00a0
Maturity analysis
At 31 December 2024
Carrying
Contractual
Within
Between 1
Between 2
Between 3
Between 4
More than
(\u00a3m)
amount
cash flows
1 year
and 2 years
and 3 years
and 4 years
and 5 years
5 years
Trade and other payables
185.1
185.1
185.1
\u2013
\u2013
\u2013
\u2013
\u2013
Bank borrowings
367.1
418.6
23.7
22.6
372.3
\u2013
\u2013
\u2013
Lease liabilities
912.8
1,802.5
104.7
104.1
103.1
103.1
101.9
1,285.7
\u00a0
1,465.0
2,406.2
313.5
126.7
475.4
103.1
101.9
1,285.7
Derivative financial assets
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Interest rate swaps
(2.9)
(3.3)
(2.6)
(0.7)
\u2013
\u2013
\u2013
\u2013
\u00a0
1,462.1
2,402.9
310.9
126.0
475.4
103.1
101.9
1,285.7
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Maturity analysis
\u00a0 \u00a0 \u00a0
At 31 December 2023
Carrying
Contractual
Within
Between 1
Between 2
Between 3
Between 4
More than
(\u00a3m)
amount
cash flows
1 year
and 2 years
and 3 years
and 4 years
and 5 years
5 years
Trade and other payables
171.5
171.5
171.5
\u2013
\u2013
\u2013
\u2013
\u2013
Bank borrowings
365.3
434.3
24.7
19.9
18.7
371.0
\u2013
\u2013
Lease liabilities
891.7
1,818.7
99.8
100.0
98.1
97.8
97.7
1,325.3
\u00a0
1,428.5
2,424.5
296.0
119.9
116.8
468.8
97.7
1,325.3
Derivative financial assets
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Interest rate swaps
(4.4)
(5.0)
(4.1)
(0.8)
(0.1)
\u2013
\u2013
\u2013
\u00a0
1,424.1
2,419.5
291.9
119.1
116.7
468.8
97.7
1,325.3
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:213800IBJPW3SE2RA350", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00481": { "value": "Capital management
The group\u2019s objective is to maintain an appropriate balance of debt and equity \ufb01nancing to enable the group
to continue as a going concern, to continue the future development of the business and to optimise returns
to shareholders and bene\ufb01ts to other stakeholders.
The board closely manages trading capital, de\ufb01ned as net assets plus net debt. The group\u2019s net assets at 31
December 2024 were \u00a3746.2 million (2023: \u00a3737.8 million) and net debt, calculated as bank borrowings of
\u00a3367.1 million (2023: \u00a3365.3 million) less cash and cash equivalents of \u00a341.2 million (2023: \u00a349.6 million)
amounted to \u00a3325.9 million (2023: \u00a3315.7 million).
The principal focus of capital management revolves around working capital management and compliance
with externally imposed \ufb01nancial covenants see note 23 for more detail.
Major investment decisions are based on reviewing the expected future cash \ufb02ows and all major capital
expenditure requires approval by the board.
At the balance sheet date, the group\u2019s committed undrawn facilities, and cash and cash equivalents were
as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
(\u00a3m)
2024
2023
Committed undrawn revolving credit facility
60.0
60.0
Cash and cash equivalents
41.2
49.6
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:213800IBJPW3SE2RA350", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00482": { "value": "Fair value measurement
As of 31 December 2024, except for an interest rate swap and \ufb01nancial asset relating to a gross pro\ufb01t share,
the group did not hold \ufb01nancial instruments that are included in level 1, 2 or 3 of the hierarchy.
Management assessed that cash and short-term deposits, trade and other receivables, unbilled receivables,
trade payables and other current liabilities approximate their carrying amounts largely due to the short-term
maturities of these instruments. The carrying value of debt is approximately equal to its fair value. During the
year ended 31 December 2024, there were no transfers between the levels in the fair value hierarchy.
In determining fair value measurement, the impact of potential climate-related matters, including legislation,
which may affect the fair value measurement of assets and liabilities in the \ufb01nancial statements has
been considered.
A derivative is a \ufb01nancial instrument whose value is based on one or more underlying variables. The group
uses derivative \ufb01nancial instruments to hedge its exposure to interest rate risk. Derivatives are not held for
speculative reasons. Fair values are obtained from market observable pricing information including interest
rate yield curves and have been calculated as follows; fair value of interest rate swaps is determined as the
present value of the estimated future cash \ufb02ows based on observable yield curves.
The \ufb01nancial asset re\ufb02ects a pro\ufb01t share arrangement with a partner. There are no market observable prices
for the valuation. Management therefore assesses forward looking information and appropriate discount rates
and risk factors to determine the fair value. Sensitivities are also taken into account when reviewing the fair
value (note 16).
As at 31 December 2024, the group held the following \ufb01nancial instruments measured at fair value:
\u00a0
Maturity analysis
\u00a0
Value as at
\u00a0 \u00a0 \u00a0
Financial instruments measured at fair value
31 December
\u00a0 \u00a0 \u00a0
(\u00a3m)
2024
Level 1
Level 2
Level 3
Financial assets at fair value through profit and loss
\u00a0 \u00a0 \u00a0 \u00a0
Profit share arrangement (Note 16)
12.3
\u2013
\u2013
12.3
Interest rate swaps
2.9
\u2013
2.9
\u2013
Financial assets measured at fair value
15.2
\u2013
2.9
12.3
\n
During the year, Spire Healthcare received a pro\ufb01t share in respect of the \ufb01nancial asset of \u00a31.0 million (2023:
\u00a30.8 million). In addition an unrealised fair value movement of \u00a34.8 million (2023: \u00a33.0 million) was recognised
in income upon review of the \ufb01nancial asset to increase the value of the \ufb01nancial asset on the balance sheet.
As at 31 December 2023, the group held the following \ufb01nancial instruments measured at fair value:
\u00a0
Maturity analysis
\u00a0
Value as at
\u00a0\u00a0\u00a0
Financial instruments measured at fair value
31 December
\u00a0\u00a0\u00a0
(\u00a3m)
2023
Level 1
Level 2
Level 3
Financial assets at fair value through profit and loss
\u00a0\u00a0\u00a0\u00a0
Profit share arrangement (Note 16)
7.5
\u2013
\u2013
7.5
Interest rate swaps
4.4
\u2013
4.4
\u2013
Financial assets measured at fair value
11.9
\u2013
4.4
7.5
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:213800IBJPW3SE2RA350", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00484": { "value": "34. Related party transactions
Key management personnel
Key management personnel are those persons having authority and responsibility for planning, directing and
controlling the activities of the group, directly or indirectly. They include the board and executive committee,
as identi\ufb01ed on pages 98 to 100.
Compensation for key management personnel is set out in the table below:
Key management compensation
(\u00a3m)
2024
2023
Salaries and other short-term employee benefits
7.5
5.2
Post-employment benefits
\u2013
0.4
Share-based payments
3.7
1.3
\u00a0
11.2
6.9
\n
Further information about the remuneration of individual directors is provided in the audited part of the
directors\u2019 remuneration report on pages 111 to 122. There were no transactions with related parties external to
the group in the year to 31 December 2024 (2023: nil). ", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:213800IBJPW3SE2RA350", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00485": { "value": "Key management personnel
Key management personnel are those persons having authority and responsibility for planning, directing and
controlling the activities of the group, directly or indirectly. They include the board and executive committee,
as identi\ufb01ed on pages 98 to 100.
Compensation for key management personnel is set out in the table below:
Key management compensation
(\u00a3m)
2024
2023
Salaries and other short-term employee benefits
7.5
5.2
Post-employment benefits
\u2013
0.4
Share-based payments
3.7
1.3
\u00a0
11.2
6.9
\n
Further information about the remuneration of individual directors is provided in the audited part of the
directors\u2019 remuneration report on pages 111 to 122. There were no transactions with related parties external to
the group in the year to 31 December 2024 (2023: nil). ", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:213800IBJPW3SE2RA350", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00486": { "value": "35. Disposals and acquisitions
On 31 March 2024, the group sold the assets and operations of its Tunbridge Wells hospital to Maidstone and
Tunbridge Wells NHS Trust. The group recognised a total pro\ufb01t on disposals in the period of \u00a34.5 million. The
pro\ufb01t is reported within adjusting items (note 11). As part of the sale agreement the group has entered into a
sub lease agreement with the trust to lease the Tunbridge Wells property. Included in the pro\ufb01t is \u00a32.0 million
relating to the derecognition of the right of use asset (\u00a32.4 million) and recognition of the \ufb01nance lease
receivable (\u00a34.4 million). The \ufb01nance lease receivable represents the cash \ufb02ows receivable from the trust to
settle the lease obligation in the head lease. In addition, the group entered into a management service
agreement whereby Spire will operate the administration function of the hospital for a \ufb01xed monthly fee at an
arm\u2019s length basis to allow for the proper transfer of contracts and operations. The management service
agreement ended in September 2024. The pro\ufb01t on disposal is as follows:
(\u00a3m)
2024
Consideration received
10.0
Net assets disposed
(5.8)
Disposal costs
(1.7)
Derecognise right of use asset
(2.4)
Recognise finance lease receivable
4.4
Profit on disposal
4.5
Deferred tax charge
(1.2)
Profit on disposal after tax
3.3
\n
Prior year acquisition of Vita Health Group
During the year, the group reviewed its goodwill position in respect of Vita Health Group in line with IFRS 3 and
a provision of \u00a30.5 million has been recognised in respect of deferred consideration this has been adjusted
through goodwill.", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:213800IBJPW3SE2RA350", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00487": { "value": "35. Disposals and acquisitions
On 31 March 2024, the group sold the assets and operations of its Tunbridge Wells hospital to Maidstone and
Tunbridge Wells NHS Trust. The group recognised a total pro\ufb01t on disposals in the period of \u00a34.5 million. The
pro\ufb01t is reported within adjusting items (note 11). As part of the sale agreement the group has entered into a
sub lease agreement with the trust to lease the Tunbridge Wells property. Included in the pro\ufb01t is \u00a32.0 million
relating to the derecognition of the right of use asset (\u00a32.4 million) and recognition of the \ufb01nance lease
receivable (\u00a34.4 million). The \ufb01nance lease receivable represents the cash \ufb02ows receivable from the trust to
settle the lease obligation in the head lease. In addition, the group entered into a management service
agreement whereby Spire will operate the administration function of the hospital for a \ufb01xed monthly fee at an
arm\u2019s length basis to allow for the proper transfer of contracts and operations. The management service
agreement ended in September 2024. The pro\ufb01t on disposal is as follows:
(\u00a3m)
2024
Consideration received
10.0
Net assets disposed
(5.8)
Disposal costs
(1.7)
Derecognise right of use asset
(2.4)
Recognise finance lease receivable
4.4
Profit on disposal
4.5
Deferred tax charge
(1.2)
Profit on disposal after tax
3.3
\n
Prior year acquisition of Vita Health Group
During the year, the group reviewed its goodwill position in respect of Vita Health Group in line with IFRS 3 and
a provision of \u00a30.5 million has been recognised in respect of deferred consideration this has been adjusted
through goodwill.", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:213800IBJPW3SE2RA350", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00488": { "value": "36. Events after the reporting period
On 21 February 2025 Brighton Orthopaedic and Sports Injury Clinic Limited (BOSIC)
formally noti\ufb01ed Spire
Healthcare of the intention to exercise their put option for Spire Healthcare to purchase the remaining 25%
interest in Monte\ufb01ore House Limited. A \ufb01nancial liability of \u00a38.0 million is provided for this purchase, refer to
note 24.", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:213800IBJPW3SE2RA350", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } } } }