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"dimensions": { "concept": "ifrs-full:BankOverdraftsClassifiedAsCashEquivalents", "entity": "scheme:213800TKR59ER8Z69V16", "period": "2026-01-04T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlowsGroupNetDebt_NegatedLabel_00180": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:BankOverdraftsClassifiedAsCashEquivalents", "entity": "scheme:213800TKR59ER8Z69V16", "period": "2025-01-05T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlowsGroupNetDebt_Label_00354": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CurrentInvestments", "entity": "scheme:213800TKR59ER8Z69V16", "period": "2026-01-04T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlowsGroupNetDebt_Label_00353": { "value": "100000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CurrentInvestments", "entity": "scheme:213800TKR59ER8Z69V16", "period": "2025-01-05T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlowsGroupNetDebt_NegatedTotalLabel_00356": { "value": "1504000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:NetDebt", "entity": "scheme:213800TKR59ER8Z69V16", "period": "2026-01-04T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlowsGroupNetDebt_NegatedTotalLabel_00355": { "value": "1257000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:NetDebt", "entity": "scheme:213800TKR59ER8Z69V16", "period": "2025-01-05T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlowsGroupNetDebt_Label_00358": { "value": "9000000.0", "decimals": -6, "dimensions": { "concept": "coop:AccruedInterestOnAmortisedDebt", "entity": "scheme:213800TKR59ER8Z69V16", "period": "2026-01-04T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlowsGroupNetDebt_Label_00357": { "value": "9000000.0", "decimals": -6, "dimensions": { "concept": "coop:AccruedInterestOnAmortisedDebt", "entity": "scheme:213800TKR59ER8Z69V16", "period": "2025-01-05T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlowsGroupNetDebt_NegatedTotalLabel_00359": { "value": "1495000000.0", "decimals": -6, "dimensions": { "concept": "coop:GroupNetDebtExcludingAccruedInterestOnAmortisedDebt", "entity": "scheme:213800TKR59ER8Z69V16", "period": "2026-01-04T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlowsGroupNetDebt_NegatedTotalLabel_00360": { "value": "1248000000.0", "decimals": -6, "dimensions": { "concept": "coop:GroupNetDebtExcludingAccruedInterestOnAmortisedDebt", "entity": "scheme:213800TKR59ER8Z69V16", "period": "2025-01-05T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlowsGroupNetDebt_NegatedTotalLabel_00399": { "value": "317000000.0", "decimals": -6, "dimensions": { "concept": "coop:GroupNetDebtExcludingLeaseLiabilitiesAndAccruedInterestOnAmortisedDebt", "entity": "scheme:213800TKR59ER8Z69V16", "period": "2026-01-04T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlowsGroupNetDebt_NegatedTotalLabel_00400": { "value": "55000000.0", "decimals": -6, "dimensions": { "concept": "coop:GroupNetDebtExcludingLeaseLiabilitiesAndAccruedInterestOnAmortisedDebt", "entity": "scheme:213800TKR59ER8Z69V16", "period": "2025-01-05T00:00:00", "unit": "iso4217:GBP" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00215": { "value": "1
Operating segments
The Group identifies its operating segments based on its divisions, which are organised according to the different products and services it
offers its customers. The operating segments (and the captions) reported below are based on the periodic results reported into the Chief
Operating Decision Maker which is the Board and where the respective division's results meet the minimum reporting thresholds set out in
IFRS 8 (Operating Segments). Our other holding and support companies are included within costs from support functions.
\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\t\n\t\t\t\n\t\t\t\n\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
Food
B2B
Life Services
Support
Total
\u00a0
Retail
Federal
Wholesale
Funeral
Legal
Insurance
functions
\u00a0
2025
\u00a0
(e)
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Revenue from external customers
7,256
1,964
1,387
309
83
26
-
11,025
Cost of goods and services
(5,016)
(1,964)
(1,211)
(50)
(4)
-
-
(8,245)
Employee benefits expense
(1,221)
-
(19)
(111)
(36)
(5)
(156)
(1,548)
Distribution and other costs and income
(985)
-
(171)
(141)
(21)
(9)
60
(1,267)
Underlying operating (loss) / profit
(c)
34
-
(14)
7
22
12
(96)
(35)
Property disposals and closures (c) (i)
-
-
-
-
-
-
11
11
(Impairment) / reversals of non-current assets
(37)
-
-
-
-
-
8
(29)
Change in value of investment properties
-
-
-
-
-
-
10
10
Cyber attack (incremental costs) (iii)
(10)
-
-
-
-
-
(11)
(21)
Other non-underlying items (c) (iv)
(4)
-
(1)
(1)
-
2
11
7
Operating (loss) / profit
(a)
(17)
-
(15)
6
22
14
(67)
(57)
Profit before tax (Funerals only) (f)
\u00a0\u00a0\u00a0
116
\u00a0\u00a0\u00a0\u00a0
Depreciation and amortisation
301
-
6
31
1
-
23
362
EBITDA*
284
-
(9)
37
23
14
(44)
305
Underlying EBITDA*
335
-
(8)
38
23
12
(73)
327
Additions to non-current assets (d)
257
-
7
18
-
-
36
318
\n
Funeral revenue comprises \u00a3102m (2024: \u00a391m) in relation to pre-need funeral plans and \u00a3207m (2024: \u00a3198m) for at-need funerals.
Wholesale revenue includes sales of \u00a391m (2024: \u00a374m) generated by our franchise business.
*Details of the Group's APMs (alternative performance measures) including EBITDA can be found in the Glossary on page 241.
\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\t\n\t\t\t\n\t\t\t\n\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
Food
B2B
Life Services
Support
Total
\u00a0
Retail
Federal
Wholesale
Funeral**
Legal
Insurance
functions
\u00a0
2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Revenue from external customers
7,403
2,076
1,399
289
84
28
-
11,279
Cost of goods and services
(5,056)
(2,076)
(1,220)
(59)
(8)
-
-
(8,419)
Employee benefits expense
(1,181)
-
(18)
(106)
(35)
(5)
(174)
(1,519)
Distribution and other costs and income
(965)
-
(162)
(125)
(14)
(8)
64
(1,210)
Underlying operating profit / (loss) (c)
201
-
(1)
(1)
27
15
(110)
131
Property disposals and closures (c) (i)
7
-
1
-
-
-
11
19
Impairment of non-current assets (c) (ii)
(17)
-
(1)
-
-
-
-
(18)
Change in value of investment properties
-
-
-
-
-
-
14
14
Other non-underlying items (c) (iv)
19
-
(1)
(8)
-
-
(5)
5
Operating profit / (loss)
(a)
210
-
(2)
(9)
27
15
(90)
151
Profit before tax (Funerals only) (f)
\u00a0 \u00a0 \u00a0
103
\u00a0 \u00a0 \u00a0 \u00a0
Depreciation and amortisation
293
-
6
29
1
-
21
350
EBITDA*
503
-
4
20
28
15
(69)
501
Underlying EBITDA*
494
-
5
28
28
15
(89)
481
Additions to non-current assets (d)
194
-
6
31
-
-
42
273
\n
**Certain costs have been reclassified in the table above between Cost of goods and services and Distribution and other costs and income.
a) Each segment earns its revenue and profits from the sale of goods and provision of services. Transactions between operating segments
\n
excluded in the analysis are \u00a310m (2024: \u00a3125m) of sales of goods by Food to Wholesale net of supplier income and \u00a3101m (2024: \u00a3136m)
\n
of pass through recharges (e.g. payroll and transport costs) made by Food to Wholesale. Food also provides a wholesale service to other
\n
independent co-operative societies on a cost recovery basis. The cost of this service amounting to \u00a3159m (2024: \u00a3158m) is shown in Cost of
\n
goods and services in the Federal segment, with the corresponding income in Food presented in Distribution and other costs and income
\n
line. In addition, group central cost recharges to other business segments amounting to \u00a3210m (2024: \u00a3208m) are included within the
\n
Distribution and other costs and income line.
\n
b) The Group's external revenue and non-current assets arise primarily within the United Kingdom. The Group does not have any major
\n
customers who account for 10% or more of revenue. In-line with how information is presented to the Board then underlying segment
\n
operating profit includes an appropriate allocation of central support centre costs which are re-charged to the operating segments.
\n
c) Underlying operating (loss) / profit is a non-GAAP measure of operating (loss) / profit before the impact of non-underlying items, as
\n
detailed in notes (i) - (iv) below. Underlying (loss) / profit before tax includes charges for underlying interest on our borrowings and leases.
\n
The Directors believe that these Alternative Performance Measures (\"APMs\") help our members understand our Group's and business
\n
segments underlying performance. Further details on the Group's APMs is given in the Glossary section (page 241). The difference between
\n
underlying operating (loss) / profit and operating (loss) / profit includes:
\n
(i) Gains from property and business disposals of \u00a311m (2024: \u00a319m) comprise a \u00a311m gain (2024: \u00a311m gain) on non-trading properties
\n
held in our central supporting function segment and \u00a3nil gain (2024: \u00a37m gain) on Food stores and \u00a3nil gain (2024: \u00a31m gain) in Wholesale.
\n
(ii) Net impairment charges of \u00a329m (2024: \u00a318m) relate to an impairment charge over our Food stores of \u00a337m (2024: \u00a317m in Food and
\n
\u00a31m in Wholesale) offset by a net \u00a31m impairment reversal relating to our support centre (2024: \u00a3nil), and a further reversal of \u00a37m of the
\n
previously recognised impairment on our sub-leased estate (2024:\u00a3nil).
\n
(iii) During the period our Co-op was the victim of a cyber attack (April 2025). Our proactive cyber containment, defensive action and
\n
subsequent recovery has impacted our financials in the period across multiple areas.
Incremental, non recurring costs relating to additional
\n
activities and costs incurred as a direct result of the cyber attack totalling \u00a321m (2024: \u00a3nil) have been recognised within non-underlying
\n
items. These mainly relate to incremental stock losses (\u00a34m) and stock wastage (\u00a36m) in our Food business (totalling \u00a310m), incremental
\n
third party costs incurred with our professional services partners as well as incremental payroll costs incurred as part of the cyber recovery
\n
process (\u00a311m). Full analysis of the cyber impact on our Co-op is included in the Financial Review section of this report.
\n
(iv) Other non-underlying items totalling a \u00a37m gain (2024: \u00a35m gain) comprises \u00a313m of net gains from releases and charges to legal and
\n
regulatory provisions, a \u00a32m gain following a change in accounting treatment of deferred acquisition costs in our Insurance business, net of
\n
a \u00a38m charge relating to a multi-year business restructuring activity.
\n
d) Additions to non-current assets are shown on a cash flow basis (and exclude funeral plan investments).
\n
e) Federal relates to the activities of a joint buying group that is operated by the Group for itself and other independent co-operative
\n
societies. The Group acts as a wholesaler to the other independent co-operatives and generates sales from this. This is run on a cost
\n
recovery basis and therefore no profit is derived from its activities.
\n
f) The Funeral segment includes the results of our pre-need funeral plan business recorded under IFRS 17 (Insurance Contracts). Underlying
\n
operating profit remains an important performance measure and basis of our segmental reporting, however for the Funeral segment we
\n
consider that this should be reviewed alongside other metrics to understand the performance of the Funeralcare business. As such we have
\n
included profit before tax as an additional metric in the segmental tables for the Funeral business to aid a reader's understanding of the
\n
performance of that business. Additionally, the net cash from operating activities is included in the table below to further aid a reader's
\n
understanding of the performance of that business.
\n\n \n
Funerals segment (\u00a3m)
2025
2024
Operating profit / (loss)
6
(9)
Finance income (funeral plans)
110
102
Finance cost (funeral plans)
(20)
(18)
Finance income (other)
22
30
Finance costs (other)
(2)
(2)
Profit before tax
116
103
Net cash from operating activities
17
20
g) A reconciliation between Underlying operating (loss) / profit, Underlying (loss) / profit before tax and Loss / (profit) before tax is
provided below:
\u00a0\u00a0
2025
2024
Continuing Operations
Notes
\u00a3m
\u00a3m
Underlying operating (loss) / profit
\u00a0
(35)
131
Underlying net interest on loans and deposits
6, 7
(27)
(22)
Underlying net interest expense on leases
6, 7
(64)
(64)
Underlying (loss) / profit before tax
\u00a0
(126)
45
Property disposals and closures
1
11
19
Impairment of non-current assets (net)
1
(29)
(18)
Change in value of investment properties
23
10
14
Cyber attack (incremental costs)
1
(21)
-
Other non-underlying items
1
7
5
Finance income (net pension income)
6
18
17
Fair value movement on foreign exchange contracts and commodity derivatives (net)
6
1
(1)
Fair value movement on interest rate swaps not designated for hedge accounting
6
2
3
Fair value movement on quoted Group debt
6
1
(3)
Finance income (funeral plans)
6
110
102
Finance costs (funeral plans)
7
(20)
(18)
Other non-underlying finance income
6
-
5
Other non-underlying finance interest
7
(7)
(9)
(Loss) / profit before tax
\u00a0
(43)
161
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfOperatingSegmentsExplanatory", "language": "en", "entity": "scheme:213800TKR59ER8Z69V16", "period": "2025-01-04T00:00:00/2026-01-04T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00217": { "value": "2
Revenue
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Retail sales
7,256
7,403
Provision of services
316
310
Insurance revenue (funeral plans)
102
91
Wholesale sales (excluding Franchise sales)
1,296
1,325
Franchise sales
91
74
Federal sales
1,964
2,076
Total Revenue
11,025
11,279
Accounting policies
\n
Unless stated otherwise, Revenue is recognised in line with IFRS 15 (Revenue from Contracts with Customers). IFRS 15 defines performance
\n
obligations as a 'promise to provide a distinct good or service or a series of distinct goods or services'. Revenue is recognised when a
\n
performance obligation has been delivered which reflects the point when control over a product or service transfers to a customer.
\n
Revenue is measured based on the consideration set out in the contract with the customer and excludes amounts collected on behalf of
\n
third parties. As noted below; Revenue on funeral plans (our pre-need business) is recognised in line with IFRS 17 (Insurance Contracts).
\n
Sale of goods
\n
The Group recognises revenue when it transfers control over a product to a customer. For goods sold in store, revenue is recognised at the
\n
point of sale. For online or wholesale sales of goods, revenue is recognised on collection by, or delivery to, the customer. Any rebates, VAT
\n
and other sales tax or duty items are deducted from revenue. Included within the Wholesale segment are sales to our franchise stores
\n
(where franchisees operate a food store using the Co-op brand and Co-op supplied products). Co-op act as principal in the arrangement
\n
and recognise income gross in respect of goods supplied by Co-op to the franchisees as well as a franchise fee based on turnover for
\n
provision of the Co-op brand and additional support services.
\n
Provision of services
\n
Provision of services relates to activities in our Funerals (at-need business only), Legal services and Insurance businesses. Revenue is
\n
recognised when separate performance obligations are delivered to the customer.
\n
i) Funerals (at-need);
the only separable performance obligation is the funeral itself and therefore revenue is only recognised when the
\n
funeral is performed (or the funeral plan is redeemed and the funeral is performed). Revenue comprises the amount recoverable from
\n
clients for the provision of funerals and income from crematoria and other services, once those services have been performed or the goods
\n
supplied. Co-op pays certain disbursements (such as burial plots, cremation fees, doctors' fees or ministers' fees) on behalf of its
\n
customers, which are recovered as part of the invoicing process. The charges are passed through to customers at cost with Co-op acting as
\n
an agent in the transaction (as we do not control the goods or services) and therefore no revenue is recognised. Income from memorial
\n
sales is recognised at the point of sale, to the extent that the goods have been supplied. In the supply of monumental masonry, revenue is
\n
recognised at the point the masonry is fitted into place.
\n
ii) Legal Services;
revenue within personal injury and probate is recognised using a fixed milestone methodology which represents the
\n
progression and fulfilment of a case. Milestones have been derived by using the output method, which means consideration on
\n
performance and value transfer to the client. This approach and timing of milestones is reviewed on a regular basis to ensure revenue is
\n
recognised within the appropriate accounting period. Revenue includes income generated on assets (client monies) under management in
\n
respect of the delivery of regulated services.
\n
iii) Insurance;
revenue relates to brokerage commission receivable for products not underwritten by Co-op and the recognition of
\n
income received in advance of services performed under a distribution agreement. Revenue is recognised when performance obligations
\n
are met being the later of the policy inception date and the date on which policy placement is complete, net of expected commission claw
\n
back. Co-op receives commission for the brokerage service it provides on products underwritten by third party insurer partners.
\n
Performance obligations are satisfied at the date on which policy placement is complete and the policy is incepted. The transaction price
\n
recognised as revenue is calculated based on the contracted commission rates payable by the third party insurer which underwrites each
\n
policy and the policy premium. Incremental costs that are directly incurred securing new business (such as aggregator fees from price
\n
comparision websites) are deferred and held on the balance sheet (within Trade and Other Receiveables) as an asset when we expect to
\n
recover those costs through future income on the new business. The deferred costs are subsequently charged to the Income statement on
\n
a systematic basis that is consistent with the revenue that is expected to be earned from the customer of the services to which the asset
\n
relates over the average life of the relationship with the customer.
\n
Funerals (pre-need) Insurance revenue (funeral plans)
\n
The Group adopted IFRS 17 (Insurance Contracts) from 1 January 2023 which specifically applies to the Group's pre-need funeral plans
\n
(including the re-insurance of the payment waiver risk where Group waives the remaining payments if a customer dies during the payment
\n
term subject to conditions). Under IFRS 17 the Group recognises revenue over the contract coverage period (being the duration of the
\n
funeral plan). Further detail as to the accounting policies used to record revenue, recognise profit and value the insurance contract liability
\n
are given in Note 20.
\n
Federal sales - principal versus agent presentation
\n
The Group operates a joint buying group for itself and other independent co-operative societies. The Group acts as a wholesaler to the
\n
other independent co-operatives and generates sales from this. This is run on a cost recovery basis and therefore no profit is derived from
\n
its activities. The Group controls the goods prior to the transfer to the independent co-operatives, and in accordance with IFRS 15, the
\n
Group is acting as the principal in these transactions (as opposed to an agent) and records revenue on that basis. The Group also
\n
administers the invoicing for the supply of certain goods direct from suppliers to the independent co-operative societies. Although the
\n
Group does not have control of the goods, it negotiates the supply contracts and bears the bad debt risk, so is acting as principal under
\nIFRS 15", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:213800TKR59ER8Z69V16", "period": "2025-01-04T00:00:00/2026-01-04T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00216": { "value": "Accounting policies
Unless stated otherwise, Revenue is recognised in line with IFRS 15 (Revenue from Contracts with Customers). IFRS 15 defines performance
\n
obligations as a 'promise to provide a distinct good or service or a series of distinct goods or services'. Revenue is recognised when a
\n
performance obligation has been delivered which reflects the point when control over a product or service transfers to a customer.
\n
Revenue is measured based on the consideration set out in the contract with the customer and excludes amounts collected on behalf of
\n
third parties. As noted below; Revenue on funeral plans (our pre-need business) is recognised in line with IFRS 17 (Insurance Contracts).
\n
Sale of goods
\n
The Group recognises revenue when it transfers control over a product to a customer. For goods sold in store, revenue is recognised at the
\n
point of sale. For online or wholesale sales of goods, revenue is recognised on collection by, or delivery to, the customer. Any rebates, VAT
\n
and other sales tax or duty items are deducted from revenue. Included within the Wholesale segment are sales to our franchise stores
\n
(where franchisees operate a food store using the Co-op brand and Co-op supplied products). Co-op act as principal in the arrangement
\n
and recognise income gross in respect of goods supplied by Co-op to the franchisees as well as a franchise fee based on turnover for
\n
provision of the Co-op brand and additional support services.
\n
Provision of services
\n
Provision of services relates to activities in our Funerals (at-need business only), Legal services and Insurance businesses. Revenue is
\n
recognised when separate performance obligations are delivered to the customer.
\n
i) Funerals (at-need);
the only separable performance obligation is the funeral itself and therefore revenue is only recognised when the
\n
funeral is performed (or the funeral plan is redeemed and the funeral is performed). Revenue comprises the amount recoverable from
\n
clients for the provision of funerals and income from crematoria and other services, once those services have been performed or the goods
\n
supplied. Co-op pays certain disbursements (such as burial plots, cremation fees, doctors' fees or ministers' fees) on behalf of its
\n
customers, which are recovered as part of the invoicing process. The charges are passed through to customers at cost with Co-op acting as
\n
an agent in the transaction (as we do not control the goods or services) and therefore no revenue is recognised. Income from memorial
\n
sales is recognised at the point of sale, to the extent that the goods have been supplied. In the supply of monumental masonry, revenue is
\n
recognised at the point the masonry is fitted into place.
\n
ii) Legal Services;
revenue within personal injury and probate is recognised using a fixed milestone methodology which represents the
\n
progression and fulfilment of a case. Milestones have been derived by using the output method, which means consideration on
\n
performance and value transfer to the client. This approach and timing of milestones is reviewed on a regular basis to ensure revenue is
\n
recognised within the appropriate accounting period. Revenue includes income generated on assets (client monies) under management in
\n
respect of the delivery of regulated services.
\n
iii) Insurance;
revenue relates to brokerage commission receivable for products not underwritten by Co-op and the recognition of
\n
income received in advance of services performed under a distribution agreement. Revenue is recognised when performance obligations
\n
are met being the later of the policy inception date and the date on which policy placement is complete, net of expected commission claw
\n
back. Co-op receives commission for the brokerage service it provides on products underwritten by third party insurer partners.
\n
Performance obligations are satisfied at the date on which policy placement is complete and the policy is incepted. The transaction price
\n
recognised as revenue is calculated based on the contracted commission rates payable by the third party insurer which underwrites each
\n
policy and the policy premium. Incremental costs that are directly incurred securing new business (such as aggregator fees from price
\n
comparision websites) are deferred and held on the balance sheet (within Trade and Other Receiveables) as an asset when we expect to
\n
recover those costs through future income on the new business. The deferred costs are subsequently charged to the Income statement on
\n
a systematic basis that is consistent with the revenue that is expected to be earned from the customer of the services to which the asset
\n
relates over the average life of the relationship with the customer.
\n
Funerals (pre-need) Insurance revenue (funeral plans)
\n
The Group adopted IFRS 17 (Insurance Contracts) from 1 January 2023 which specifically applies to the Group's pre-need funeral plans
\n
(including the re-insurance of the payment waiver risk where Group waives the remaining payments if a customer dies during the payment
\n
term subject to conditions). Under IFRS 17 the Group recognises revenue over the contract coverage period (being the duration of the
\n
funeral plan). Further detail as to the accounting policies used to record revenue, recognise profit and value the insurance contract liability
\n
are given in Note 20.
\n
Federal sales - principal versus agent presentation
\n
The Group operates a joint buying group for itself and other independent co-operative societies. The Group acts as a wholesaler to the
\n
other independent co-operatives and generates sales from this. This is run on a cost recovery basis and therefore no profit is derived from
\n
its activities. The Group controls the goods prior to the transfer to the independent co-operatives, and in accordance with IFRS 15, the
\n
Group is acting as the principal in these transactions (as opposed to an agent) and records revenue on that basis. The Group also
\n
administers the invoicing for the supply of certain goods direct from suppliers to the independent co-operative societies. Although the
\n
Group does not have control of the goods, it negotiates the supply contracts and bears the bad debt risk, so is acting as principal under
IFRS 15.Accounting policies
Operating expenses are analysed by nature, as defined by IAS 1 (Presentation of Financial Statements). Payments to charitable organisations
or colleague members are treated as charges in the income statement.Accounting policies
Supplier income
Supplier income is recognised as a deduction from cost of sales on an accruals basis, based on the expected entitlement that has been
earned up to the balance sheet date for each relevant supplier contract. Where amounts received are in the expectation of future business,
these are recognised in the income statement in line with that future business.
The Group has a mixture of contractual terms with its suppliers. Where our trading terms state that the supplier income is netted against
amounts owing to
\u202f
that supplier and it is our intention to settle the balances on a net basis then any outstanding invoiced supplier income at
the reporting date is included within trade payables (Note 19). Any
\u202f
amounts received in advance of income being recognised are included
in accruals and deferred income (Note 19). When we do not have the right of offset (or we do not intend to settle on a net basis) then the
Group classifies outstanding supplier income within trade receivables (Note 15). Where the supplier income is earned but not yet invoiced
to the supplier at the reporting date, this is classified within accrued income (Note 15).
There are three main types of income:
1. Long-term agreements:
These refer to supplier income rebates based on the value of purchases Co-op places with its suppliers.
Typically, these are annual % rebate agreements applied to the purchases Co-op makes from its suppliers. Income is only recognised once
the rebate agreement is in place with the supplier.
2. Bonus income:
These are typically unique payments made by the supplier and are not based on volume. They include payments for
marketing support, range promotion and product development. These amounts are recognised when the income is earned and confirmed
by suppliers. An element of the income is deferred if it relates to a future period.
3. Promotional income:
Rebates based on sales volumes relating to agreed promotional activity. These are retrospective rebates based
on sales volumes.
The inventory balance is stated net of any supplier income value on goods not sold at year-end.Accounting policies
Rental income from investment and non-investment properties
Rental income arising from operating leases on both investment and non-investment properties is accounted for on a straight-line basis
over the lease term. Rental income arising on these non-trading properties is shown as Other Income (rather than as Revenue) as the
income does not form an integral part of our core business strategy and operating model. For accounting policies relating to investment
properties, refer to Note 23.Accounting policies
Income tax on the profit or loss for the period is made up of current and deferred tax. Income tax is recognised in the income statement
except to the extent that it relates to items recognised directly in reserves, in which case it is recognised in other comprehensive income.
Current tax is the expected tax payable on the taxable income for the period, using tax rates enacted or substantively enacted at the
balance sheet date, and any adjustment to tax payable in respect of previous years.Accounting policies Refer to note 17 for details of the accounting policy for Cash and cash equivalents. Accounting policies
Where parts of an item of property, plant and equipment have materially different useful economic lives, they are accounted for as
separate items of property, plant and equipment. Cost includes purchase price plus any costs directly attributable to bringing the assets
to the location and condition necessary for it to be capable of operating in the manner intended by management. Depreciation is
provided on the cost or valuation less estimated residual value (excluding freehold land) on a straight-line basis over the anticipated
working lives of the assets. The estimated useful lives are as follows and where appropriate would also include our assessment of the
expected impact on asset lives of our plan to move to net zero by 2040:
Property
Freehold buildings - 50 years
All properties are measured at cost less accumulated depreciation and impairment losses.
Land is not depreciated
Plant & equipment
Plant and machinery - 3 to 13 years
Vehicles - 3 to 9 years
We no longer include property, plant and equipment in our balance sheet when the Group loses the right to the future economic benefits
associated with the asset. For property, this usually happens when we have exchanged contracts on an unconditional basis to sell it.
Impairment
For the Food segment, the Group treats each store as a separate cash-generating unit (CGU) for impairment testing of property, plant and
equipment and right-of-use assets. The Group allocates goodwill to groups of cash-generating units, where appropriate. Whilst the
individual food stores represent the CGUs, the lowest level at which internal management monitor the performance of the business is at a
total Food segment level. To meet the requirements of IAS 36 CGUs are grouped together for goodwill impairment testing as described
in note 12.
For the Funerals segment, the Group treats a local network of interdependent branches, known as a Funeralcare Hub, as a separate cash-
generating unit for impairment testing of property, plant and equipment, right-of-use assets and goodwill. Where an individual branch
within a local network is to be closed, the individual branch is defined as the CGU, rather than being included with the network of
interdependent branches. This is because the branch is no longer expected to contribute to the business through cash generated through
its operating activities but instead through any proceeds on disposal.
\n\n\n\n\n\n
At each reporting date, the Group reviews the carrying amounts of its property, plant and equipment to determine whether there is any
\n
indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset, is estimated
\n
in order to determine the extent of the impairment loss. The recoverable amount for Food and Funeral cash generating units (CGUs) is the
\n
greater of the fair value of the CGU (less costs to sell) and the value in use (VIU) of the CGU. For freehold stores the fair value of the CGUs
\n
(less costs to sell) is estimated using internal valuations based on rateable values or recent market values where known. Where the VIU
\n
estimates are higher than the fair value estimates the VIU estimates have been used in the impairment assessments. The VIU for Food and
\n
Funeral CGUs has been determined using discounted cash flow calculations. Impairment losses are recognised in the income statement.
\n
Where the asset does not generate cash inflows that are independent from other assets, the Group estimates the recoverable amount of the
\n
cash-generating unit (CGU) to which the asset belongs. An impairment loss is reversed if there has been a change in the estimate used to
\n
determine the recoverable amount. An impairment loss is reversed only to the extent that the asset\u2019s carrying amount is returned to what it
\nwould have been, net of depreciation or amortisation, if no impairment loss had been recognised.Accounting policies
Right-of-use assets
The Group recognises right-of-use assets at the commencement date of the lease (i.e. the date the underlying asset is available for use).
Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement
of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognised, initial direct costs incurred, and lease
payments made at or before the commencement date less any lease incentives received. Unless the Group is reasonably certain to obtain
ownership of the leased asset at the end of the lease term, the recognised right-of-use assets are depreciated on a straight-line basis over
the shorter of its estimated useful life and the lease term. Right-of-use assets are subject to impairment.
Lease liabilities
At the commencement date of the lease, the Group recognises lease liabilities measured at the present value of lease payments to be
made over the lease term. The lease payments include fixed payments (including in-substance fixed payments) less any lease incentives
receivable, variable lease payments that depend on an index or a rate, and amounts expected to be paid under residual value guarantees.
The lease payments also include the exercise price of a purchase option reasonably certain to be exercised by the Group and payments of
penalties for terminating a lease, if the lease term reflects the Group exercising the option to terminate. The variable lease payments that
do not depend on an index or a rate are recognised as expense in the period on which the event or condition that triggers the payment
occurs. In calculating the present value of lease payments, the Group uses the incremental borrowing rate at the lease commencement
date if the interest rate implicit in the lease is not readily determinable. After the commencement date, the amount of lease liabilities is
increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities
is remeasured if there is a modification, a change in the lease term, a change in the in-substance fixed lease payments or a change in the
assessment to purchase the underlying asset.
Short-term leases and leases of low-value assets
The Group applies the short-term lease recognition exemption to its short-term leases of machinery and equipment (i.e., those leases that
have a lease term of 12 months or less from the commencement date and do not contain a purchase option). It also applies the lease of low-
value assets recognition exemption to leases that are considered of low value (i.e. below \u00a35,000). Lease payments on short-term leases and
leases of low-value assets are recognised as expense on a straight-line basis over the lease term.Accounting policies
Goodwill
\n
Goodwill represents the difference between the cost of the acquisition and the fair value of the identifiable assets, liabilities and contingent
\n
liabilities acquired.
\n
Assets and liabilities accepted under a transfer of engagements are restated at fair value, including any adjustments necessary to comply
\n
with the accounting policies of the Group.
\n
Goodwill is stated at cost less any accumulated impairment losses. Goodwill is allocated to cash-generating units and is not amortised but
\n
is tested annually for impairment. In respect of associates, the carrying value of goodwill is included in the carrying amount of the
\n
investment in the associate. Where impairment is required the amount is recognised in the income statement and cannot be written back.
\n
Negative goodwill arising on an acquisition is recognised directly in the income statement.
\n
Acquisition costs are expensed to the income statement when incurred.
\n
Computer software
\n
Computer software is stated at cost less accumulated amortisation and impairment. Costs directly attributable to the development of
\n
computer software for internal use are capitalised and classified as intangible assets where they are not an integral part of the related
\n
hardware and amortised over their useful life up to a maximum of seven years. We have considered the impact of guidance issued in
\n
March 2021 by the IFRS Interpretations Committee, which clarified IAS 38 guidance around what costs should and should not be
\n
capitalised specifically in relation to Software as a Service (\u2018SaaS\u2019) contracts, and concluded that our policy continues to be compliant with
\n
the standard.
\n
Subsequent expenditure
\n
Subsequent expenditure on capitalised intangible assets is capitalised only when it increases the future economic benefits embodied in
\n
the specific asset to which it relates. All other expenditure is charged to the income statement as incurred.
\n
Amortisation
\n
Amortisation is charged to the income statement on a straight-line basis over the estimated useful lives of intangible assets. Goodwill with
\n
an indefinite useful life is tested for impairment at each balance sheet date. Other intangible assets are amortised from the date they are
\n
available for use. The estimated useful lives are as follows:
\n
\u2022 Software development costs: 3 \u2013 15 years
\n
\u2022 Other intangible assets: 1 - 10 years
\n
Impairment
\n
Goodwill is tested for impairment at least annually by assessing the recoverable amount of each cash-generating unit (CGU), or group of
\n
cash-generating units, to which the goodwill relates.
\n
Food:
\n
In the Food business, the CGUs to which goodwill has been allocated and the level at which it is monitored is deemed to be the Food
\n
segment as a whole as goodwill arising on acquisitions reflects synergies (principally buying benefits) that benefit the whole business.
\n
Accordingly, impairment testing for all store goodwill balances is carried out using all the food stores as the group of CGUs.
\n
Other businesses:
\n
The majority of goodwill within other businesses is allocated to the Funerals business.
\n
In the Funerals business, a CGU to which goodwill has been allocated is determined as a local network of interdependent branches, known
\n
as a Funeralcare Hub.
\n
Where an individual branch within a local network is to be closed, the CGU attributable to that branch is redefined as being solely that
\n
individual branch on the basis that the branch is no longer expected to contribute to the business through cash generated through its
operating activities but instead through any proceeds on disposal.Accounting policies
Deferred tax is provided for, with no discounting, using the balance sheet liability method, providing for temporary differences between
the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. The following
temporary differences are not provided for: the initial recognition of assets or liabilities that affect neither accounting nor taxable profits,
and differences relating to investments in subsidiaries to the extent that they will probably not reverse in the foreseeable future. The
amount of deferred tax provided is based on the expected manner of realisation or settlement of the carrying amount of assets and
liabilities, using tax rates enacted or substantively enacted at the balance sheet date. A deferred tax asset is recognised only to the extent
that it is probable that future taxable profits will be available to use the asset against. Deferred tax assets are reduced to the extent that it is
no longer probable that the related tax benefit will be realised.Accounting policies
Inventories are stated at the lower of cost, including attributable overheads, and net realisable value. The inventory balance is stated net of
any supplier income value on goods not sold at year-end. Accounting policies Refer to Note 26 Financial Instruments for the accounting policies relating to trade receivables and allowances for expected credit losses. Accounting policies
Cash and cash equivalents;
in the consolidated balance sheet comprise cash in hand, cash in transit and cash at bank and short-term
deposits with banks with a maturity of three months or less, which are subject to an immaterial risk of changes in value. Cash and cash
equivalents includes debit and credit card payments made by customers which are receivable from banks and clear the bank within three
days of the transaction date. Cash and cash equivalents also includes \u00a35m (2024: \u00a3nil) of restricted cash relating to receipts to be invested
in funeral plan investments (these are included in cash and cash equivalents on a statutory basis but are excluded from our net debt APM
metric (see Glossary for further details)). In the statement of consolidated cash flows, cash and cash equivalents includes bank overdrafts as
they are repayable on demand and deemed to form an integral part of the Group's cash management. Amounts held in trustee-
administered bank accounts of the Group of \u00a39m (2024: \u00a39m), which can only be utilised to meet liabilities in respect of funeral plans, are
classed as Funeral plan investments (see Note 13) and not Cash and cash equivalents.
Short-term investments;
represent surplus cash placed on deposit with banks or other financial institutions for periods of less than twelve
months but more than three months. Balances are held at amortised cost and are included within our net debt calculation as short term
investments.Accounting policies
The Group measures its interest-bearing loans and borrowings in two main ways:
\n
1) Fair value through the income statement. Such debt is restated as its fair value each period with the fair value movement going through
\n
the income statement. The \u00a3105m of the Group's derivatives that mature in 2026 are not formally designated as hedging instruments but
\n
under IFRS 9 (Financial Instruments) they are used to match against a proportion of the 2026 Bond liabilities carried at fair value through
\n
the income statement. The impact of movements in the fair value of the quoted debt partially offsets any fair value movement in the interest
\n
rate swaps (notes 6, 7 and 26). The \u00a3175m of interest rate swaps that mature in 2030 have been formally designated as hedging
\n
instruments for hedge accounting under IFRS 9 and will provide a cashflow hedge against 50% of the new \u00a3350m term loan when it is
\n
drawn in July 2026.
\n
The remaining portion of the quoted Bond debt is accounted for at amortised cost in accordance with IFRS 9 (see below). This approach
\n
applies to those borrowings taken out prior to the adoption of IFRS 9 in 2018.
\n
2) Amortised cost. Borrowings are recognised initially at fair value, which equates to issue proceeds net of transaction costs incurred.
\n
Borrowings are subsequently stated at amortised cost. Any difference between proceeds net of transaction costs and the redemption value
\n
is recognised in the income statement over the period of the borrowings using the effective interest rate method. The effective interest rate
\n
is calculated when borrowings are first taken out and is the rate that exactly discounts the estimated future cash payments associated with
\n
the borrowings to the value when they are initially recognised.
For more general information on accounting policies on financial instruments, refer to Note 26.Accounting policies Refer to Note 26 Financial instruments for the accounting policies relating to trade payables.Accounting Policies
Summary of material accounting policies:
In applying the insurance standard and the requirements of IFRS 17 the Group has adopted a variety of accounting policies in relation
to the accounting for funeral plans and the waiver insurance on instalment plans. The Group has elected to use the General
Measurement Model (GMM) under IFRS 17 to measure the liability for remaining coverage. A summary of the material accounting
policies is noted below:
Initial recognition
- an insurance contract is defined as a contract under which the Group accepts significant insurance risk from
another party by agreeing to compensate that party if it is adversely affected by a specified uncertain future event. The new standard
applies to all of the Group\u2019s funeral plans and also covers the re-insurance of the payment waiver risk on instalment plans.
Level of aggregation and onerous contracts
- the aggregation of insurance contracts determines the \u2018unit of account\u2019 to be used
when applying IFRS 17 which affects the allocation of the contractual service margin (CSM) to insurance revenue and the level at which
onerous contracts are identified. IFRS 17 specifically requires that portfolios of re-insurance contracts are separately held from
portfolios of insurance contracts issued. The aggregation requirements of IFRS 17 arrange insurance and re-insurance contract cash
flows into buckets based on two stages or levels:
\u00b7
Portfolio level:
(1) by primary risk type and (2) whether contracts are managed together.
\u00b7
Group level:
(1) by time of issuance (one-year issuing period); and (2) by degree of expected profitability at initial recognition.
Application by Co-op:
Portfolio level:
The following IFRS 17 portfolios were identified for the Group's consolidated financial statements:
\u00b7
Pre-need funeral plans - (insurance contracts issued)
\u00b7
Premium waiver on underlying Instalment plans \u2013 (re-insurance contracts held)
Group level:
Time of issuance - Cohort year. IFRS 17 requires a portfolio of contracts to be divided into annual \u2018cohorts\u2019 or shorter time
buckets. A group of contracts may not include contracts issued more than one year apart. Co-op allocates cohorts by annual periods
based on the financial year of issue.
Group level:
Degree of profitability at initial recognition. IFRS 17 requires portfolios of contracts issued in a given cohort year to be
assessed by \u2018sets\u2019 for the purpose of determining whether contracts are onerous or have no significant possibility of becoming onerous.
The Group determines the sets based on assessed similarities in pricing and margin and expected sensitivity to future changes in
financial and non-financial assumptions over the coverage period. Losses on onerous contracts are taken to the Income statement as
incurred.
Fulfilment Cashflows:
IFRS 17 requires insurance liabilities to be measured at a current fulfilment value. Fulfilment cashflows cover:
(A)
best estimates of future cashflows;
(B)
an adjustment for the time value of money (i.e. discounting) and financial risks associated with the future cash flows; and
(C)
a risk adjustment for non-financial risk.
(A) Best estimate of future cashflows - IFRS 17 requires an explicit, unbiased and probability weighted estimate (i.e. expected value) of
the present value of the future cash outflows less the present value of the future cash inflows that will arise as the entity fulfils insurance
contracts, including a risk adjustment for non-financial risk.
For the Group these cashflows mainly comprise; premiums received from customers for pre-paid plans and LCIPs, premiums paid or
repayable to re-insurers, internal and external direct fulfilment costs of delivering funerals on behalf of the policy holder, amounts
recoverable from re-insurers and insurance acquisition cash flows attributable to the portfolio of contracts.
(B) An adjustment for the time value of money (i.e. discounting) and financial risks associated with the future cash flows; - a key
component of IFRS 17 is the need to reflect the time value of money when estimating insurance cash flows, and the financial risks
related to those cash flows. The Group applies a bottom-up approach to derive the discount rate based on a risk free rate plus an
illiquidity premium. Risk free rates are determined by reference to the yields of highly liquid AAA-rated sovereign securities (UK Gilts).
The illiquidity premium is determined by reference to observable market rates. The discount rate used to determine the finance costs
relating to funeral plans, uses the discount rate at initial recognition of the funeral plan cohort.
\n\n\n\n
(C)
A risk adjustment (RA) for non-financial risk - this reflects the compensation Co-op requires for bearing the uncertainty about the
\n
amount and timing of the cash flows that arise from non-financial risk as the Group fulfils insurance contracts. The risk adjustment reflects
\n
an amount that Co-op would rationally pay to remove the uncertainty that future cash flows will exceed the expected value amount. IFRS
\n
17 does not prescribe any methodologies for calculating the RA but instead outlines principles that the technique used to quantify the RA
\n
will need to adhere to. The RA is important because it is a component of the fulfilment cash flows and therefore impacts the profitability
\n
classification of funeral plans. The release of the RA over time is a key component of revenue, along with the contractual service margin. Co-
\n
op estimate the RA using a confidence level (probability of sufficiency) approach at 70%.
\n
Insurance acquisition cashflows
- IFRS 17 requires expenses that are \u201cdirectly attributable\u201d to issuing and fulfilling insurance contracts to
\n
be included in the measurement of insurance contracts. This includes insurance acquisition cash flows, which are defined as cash flows
\n
arising from the costs of selling, underwriting, and starting a group of insurance contracts (issued or expected to be issued) that are
\n
directly attributable to the portfolio of insurance contracts to which the group belongs. The classification and reporting of expenses under
\n
IFRS 17 involves the following 3 steps:
\n
1) Classification of all expenses into one of the following categories:
\n
\u00b7
Directly attributable acquisition (direct costs of acquiring new funeral plans such as internal salaries or external commission paid);
\n
\u00b7
Directly attributable maintenance (direct costs of servicing already acquired funeral plans such as costs of handling claims or policy
\n
changes);
\n
\u00b7
Non-directly attributable expenses.
\n
2) Allocation of directly attributable expenses into IFRS 17 Portfolios and then to current and future cohort groups of contracts.
\n
3) Amortisation of each group of directly attributable acquisition costs in a manner consistent with the revenue earning pattern of the
\n
related contracts in the group. Directly attributable maintenance and non-directly attributable expenses are fully expensed when incurred.
\n
When estimating fulfilment cash flows, the Group allocates fixed and variable overheads directly attributable to the fulfilment of insurance
\n
contracts. This requires management judgement and is undertaken in-line with our normal internal processes for allocating central
\n
overheads to cost centres. We also make an assessment as to the amount of maintenance costs such as claims handling, policy
\n
administration and associated overheads.
\n
Contractual Service Margin (CSM) and Coverage units
- the CSM for a group of insurance contracts at the end of each reporting period
\n
represents the unearned profit relating to future service to be provided under the contracts in the group and is calculated using a roll-
\n
forward approach. The five items that are included in the CSM roll forward are:
\n
\u00b7
the effect of new contracts added to the group;
\n
\u00b7
interest accretion on the carrying amount of the CSM;
\n
\u00b7
the change in fulfilment cash flows relating to future service (limited by the amount of CSM);
\n
\u00b7
the effect of any currency exchange differences on the CSM; and
\n
\u00b7
the amounts recognized as insurance revenue because of the transfer of services in the period (\u201camortization of CSM\u201d).
\n
The concept of \"coverage units\" was introduced in IFRS 17 as a means of reflecting the pattern of services provided under a group of
\n
contracts and recognizing revenue from CSM (effectively \"amortization\" of CSM) according to that pattern. The number of coverage units
\n
in a group is based on the quantity of service provided by the contracts in the group. For each group of contracts, we are required to
\n
consider the quantity of service and its expected coverage period.
\n
Co-op have determined that it is appropriate to measure coverage units based on the maximum expected funeral benefit per period of all
\n
the contracts in the IFRS 17 group. The maximum expected pay-out represents the total funeral benefit per period of all contracts
\n
expected to be in force in the group for that period. For portfolios of Premium waiver reinsurance contracts, the coverage units will be
\n
based on the maximum expected recoverable per period.
\n
Experience adjustments:
\n
Experience variances represents the expected expenses, claims and amortisation of acquisition cash flows which are reported as part of
\n
the insurance service revenue. This is offset with the actual expenses and claims incurred in the period and recovery of acquisition cash
\n
flows.
\n\n\n\n
Low Cost Investment Plans (LCIPs):
\n
LCIPs can be paid for by instalments over between 2 and 25 years or they can be paid off in full at any time during this period without any
\n
penalties. If the plan holder dies before the instalments have been made in full (and provided that the plan has been in place for at least 12
\n
months or the cause of death was as a result of an accident) then the funeral will still be provided by the Group and the customer will not
\n
have to settle the outstanding balance on any instalments and the balance of any monies owed will be waived. Any shortfall (the difference
\n
between the full value of the plan and the amount paid up to death by the customer) are covered by an assured benefit from a third party
\n
insurer. The assured benefit is between the Group and the third party insurer and has nothing to do with the customer. The Society
\n
continues to apply instalment monies received against customers' individual funeral plans until such time as a plan is redeemed and or
\n
cancelled.
\n
The assured benefit between the Group and the 3rd party is judged to represent an insurance contract and as such falls under the scope of
\n
IFRS 17 (Insurance Contracts).
\n
Presentation and Disclosures:
\n
The Group has elected to apply certain disclosure policies as permitted under IFRS 17:
\n
1) The change in the risk adjustment (RA) for non-financial risk is disaggregated between insurance service result and insurance finance
\n
expense in the Income statement;
\n
2) Income and expenses from a group of reinsurance contracts is presented as a single amount;
\n
3) The Group has elected to disaggregate that element of finance income / expense that arise due to changes in the discount rate and
\n
record the impact of those changes in other comprehensive income (OCI) rather than in the Income statement. The discount rate used to
\n
determine the finance costs relating to funeral plans, uses the discount rate at initial recognition of the funeral plan cohort.
\n
4) Changes to our inflation assumptions are deemed to be non-financial, as the ultimate inflationary cost risk does not relate to a financial
\n
market indices, and to the extent that they can be covered are first charged to the CSM buffer rather than direct to the Income statement.
\n
The table below summarises where the financial impact of a change in the assumptions used in the actuarial calculations would be
\n
reflected in our financial statements:
\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\t\n\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
Assumption
Financial Statement Impact
Discount rate
Consolidated statement of comprehensive income
Fulfilment costs
Consolidated income statement
Inflation rate
Consolidated income statement
Risk adjustment
Consolidated income statement
Maintenance costs
Consolidated income statement
Mortality rates
Consolidated income statement
Cancellation rates
Consolidated income statement
\nAccounting policies
A provision is recognised in the balance sheet when the Group has a legal or constructive obligation as a result of a past event, and it is probable
that an outflow of economic benefits will be required to settle the obligation. If the effect is material, provisions are determined by discounting the
expected future cash flows at a discount rate that reflects current market assessments of the time value of money and, where appropriate, the risks
specific to the liability.Accounting policies
Properties held for long-term rental yields that are not occupied by the Group or properties held for capital growth are classified as
\n
investment properties. Investment properties are freehold land and buildings and right-of-use assets. These are carried at fair value (level
\n
3 under IFRS 13 hierachy) which is determined by either independent valuers or internally each year on a three-year cyclical basis in
\n
accordance with the RICS Appraisal and Valuation Manual. Fair value is initially based on observable inputs (such as current prices in an
\n
active market for similar properties in the same location and condition) but may include subsequent adjustments (unobservable inputs) to
\n
those valuations to reflect site specific conditions not reflected in the market value (such as the precise progression of planning or access
\n
permission applications). Significant increases (decreases) in those unobservable input adjustments would result in a significantly higher
\n
(lower) fair value of the Investment Properties. Any gain or loss arising from a change in fair value is recognised in the income statement.
\n
If we start to occupy or trade from one of our investment properties, it is reclassified as property, plant and equipment, and its fair value at
\n
the date of reclassification becomes its cost for subsequent accounting purposes. Other disclosures required by IAS 40 (Investment
Properties) are not considered to be material. Accounting policies
The Group operates various defined contribution and defined benefit pension schemes for its colleagues as stated above. A defined
\n
contribution scheme is a pension plan under which the Group pays pre-specified contributions into a separate entity and has no legal or
\n
constructive obligation to pay any further contributions. A defined benefit scheme is a pension plan that defines an amount of pension
\n
benefit that a colleague will receive on retirement. In respect of the defined benefit pension scheme, the pension scheme surplus or deficit
\n
recognised in the balance sheet represents the difference between the fair value of the plan assets and the present value of the defined
\n
benefit obligation at the balance sheet date. The calculation of the defined benefit obligations is performed annually by qualified actuaries
\n
(and half-yearly for Pace) using the projected unit credit method. Plan assets are recorded at fair value. When the calculation results in a
\n
potential asset for the Group, the recognised asset reflects the present value of the economic benefits that will arise from the surplus in the
\n
form of any future refunds from the plan or reductions in future contributions to the plan. Obligations for contributions to defined
\n
contribution plans are expensed as the related service is provided. Prepaid contributions are recognised as an asset to the extent that a
\n
cash refund or a reduction in future payments is available.
\n
Remeasurements of the surplus / liability of each scheme (which comprise actuarial gains and losses and asset returns excluding interest
\n
income) are included within other comprehensive income. Net interest expense and other items of expense relating to the defined benefit
\n
plans are recognised in the income statement. Administrative costs of the plans are recognised in operating profit. Net interest expense is
\n
determined by applying the discount rate used to measure the defined benefit obligation at the beginning of the year to the net defined
\n
asset / liability at that point in time taking into account contributions within the period.
\n
The Insurance transactions entered into by the Co-op, in respect of its pension arrangements, are assets of the Co-op pension schemes
\n
and the schemes have retained all responsibility to meet future pension payments to pensioners. Insurance annuities are recorded at the
\n
same value as the liabilities to which they relate and movements in liabilities will be offset by an equivalent movement in the insurance
\n
annuity asset. These movements are recorded through items in other comprehensive income.
\n
The premium cost of the Rothesay transaction (in the prior period) was greater than the value of the liabilities secured. As with previous
\n
insurance contracts entered into, this was a buy-in transaction where the scheme retains the responsibility for paying pensions and
therefore the loss was recorded through other comprehensive income. Accounting policies
Financial assets and financial liabilities are recognised on the Group\u2019s balance sheet when the Group becomes a party to the contractual
provisions of the instrument. The Group classifies its financial assets and liabilities as either:
\u2022 fair value through the income statement; or
\u2022 at amortised cost.
A) General Recognition
i) Recognition of financial assets
Financial assets are recognised on the trade date which is the date it commits to purchase the instruments. Loans are recognised when the
funds are advanced. All other financial instruments are recognised on the date that they are originated. The classification of financial assets
at initial recognition depends on the financial asset\u2019s contractual cash flow characteristics and the Group\u2019s business model for managing
them. The Group initially measures a financial asset at its fair value, with the exception of trade receivables that don\u2019t contain a material
financing component or where the customer will pay for the related goods or services within one year of receiving them. For financial assets
which are not held at fair value through the income statement, transaction costs are also added to the initial fair value. Trade receivables that
don\u2019t contain a material financing component or where the customer will pay for the related goods or services within one year of receiving
them are measured at the transaction price determined under IFRS 15 (Revenue from Contracts with Customers). See accounting policies for
revenue and IFRS 15 in Note 2.
ii) Recognition of financial liabilities
The Group recognises financial liabilities at either amortised cost or at fair value. See section C) Financial liabilities for further detail. All
derivative financial liabilities are classified as FVTPL. Financial liabilities costs, including premiums payable on settlement or redemption and
direct issue costs, are accounted for on an accrual basis in the income statement using the effective interest rate method and are added to
the carrying amount of the instrument to the extent that they are not settled in the period in which they arise.
The Group\u2019s non-derivative financial liabilities comprise:
\u2022 Borrowings
\u2022 Trade and other payables
\u2022 Lease liabilities
ii) Derecognition of financial assets and financial liabilities
Financial assets and liabilities are derecognised (removed from the balance sheet) when:
\u2022 the rights to receive cash flows from the assets have ceased; or
\u2022 the Group has transferred substantially all the risks and rewards of ownership of the assets.
A financial liability is derecognised when the obligation under the liability is discharged, cancelled or expires. When an existing liability is
replaced by the same counterparty on substantially different terms or the terms of an existing liability are substantially modified, the original
liability is derecognised and a new liability is recognised, with any difference in carrying amounts recognised in the income statement.
B) Financial Assets
i) Loans and receivables (amortised cost)
Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market which
we do not intend to sell immediately or in the near term. These are initially measured at fair value plus transaction costs that are directly
attributable to the financial asset. Subsequently these are measured at amortised cost. The amortised cost is the initial amount at recognition
less principal repayments, plus or minus the cumulative amortisation using the effective interest method of any difference between that
initial amount and the maturity amount, less impairment provisions for incurred losses.
ii) Funeral plans (fair value through the income statement)
Funeral plans
When a customer takes out a funeral plan the premiums received are recognised as an investment asset in the balance sheet. The
investments are held in insurance policies or cash-based trusts and attract interest and bonus payments throughout the year dependent
upon market conditions. The plan investment is a financial asset, which is recorded at fair value each period through the income statement
using valuations provided by the insurance policy provider or reflecting the trust cash balances.
The obligation to deliver the funeral is treated as an insurance contract liability under accounting standard IFRS 17 (Insurance Contracts) and
held separately on our balance sheet. The standard applies to all of the Group\u2019s funeral plans (including the re-insurance of the payment
waiver on instalment plans). See Note 20 for details of the Group's Insurance contract and Re-insurance contract liabilities and associated
accounting policies.
iii) Funeral benefit options (FBOs) - (amortised cost)
FBOs are attached to Guaranteed Over 50\u2019s life insurance plans (GOFs) sold by the Group\u2019s third party insurance partners. An FBO is the
assignment of the sum-assured proceeds of a GOF policy to Funeralcare for the purposes of undertaking their funeral. In exchange the GOF
customer is awarded a discount on the price of the funeral.
No revenue is recognised by the Group at the point of assignment and instead an element of the costs that have been incurred in obtaining
the FBO are deferred onto the balance sheet. These are then expensed at the point of redemption when the revenue is recognised. Any
plans that are cancelled are written off at the point at which Funeralcare are made aware of the cancellation. A separate provision is also
made to cover the expected cancellations of FBOs. No investment or liability is recognised for FBOs as the option does not guarantee a
funeral and the liability for which remains with the insurance partner. Any difference between the funeral price and the sum assured at the
point of redemption is the liability of the deceased estate or whoever takes responsibility for arranging the funeral.
iv) Trade receivables - (amortised cost)
An impairment analysis is performed at each reporting date using a provision matrix to measure expected credit losses. The provision rates
are based on days past due for groupings of various customer segments with similar loss patterns (for example, by business division,
customer, coverage by letters of credit or other forms of credit insurance).
The calculation reflects the probability-weighted outcome, the time value of money and reasonable and supportable information that is
available at the reporting date about past events, current conditions and forecasts of future economic conditions. Generally, trade
receivables are written-off if past due for more than one year and are not insured or subject to enforcement activity. The maximum exposure
to credit risk at the reporting date is the carrying value of each class of financial assets disclosed in trade and other receivables (Note 16).
v) Lease receivables - (amortised cost)
- refer to Accounting Policy section of Note 11 (Leases).
vi) Financial Assets - Credit risk, liquidity risk and impairment of financial assets
a) Credit risk
Credit risk is the risk that a counterparty will not meet its obligations under a financial instrument or customer contract, leading to a financial
loss. The Group is exposed to credit risk from its operating activities (primarily trade receivables) and from its financing activities, including
deposits with banks and financial institutions, foreign exchange transactions and other financial instruments.
Credit risk from balances with banks and financial institutions is managed by the Group\u2019s Treasury department in accordance with the
Group\u2019s policy. Investments of surplus funds are made only with approved counterparties and within credit limits assigned to each
counterparty. Counterparty credit limits are monitored regularly based on Board approved Treasury Policy, with changes to the credit limits
being reported monthly to the Treasury Committee. The limits are set to minimise the concentration of credit risk. Financial assets held at fair
value through the income statement are primarily held in low-risk investments.
b) Liquidity risk
The Group\u2019s objective is to maintain a balance between continuity of funding and flexibility through the use of bank overdrafts, bank loans,
bonds and leases.
\n\n\n
c) Impairment of financial assets carried at amortised cost
\n
The amount of the impairment loss on assets carried at amortised cost is recognised immediately through the income statement and a
\n
corresponding reduction in the value of the financial asset is recognised through the use of an allowance account. A write-off is made when
\n
all or part of an asset is deemed uncollectable or forgiven after all the possible collection procedures have been completed and the
\n
amount of loss has been determined. Write-offs are charged against previously established provisions for impairment or directly to the
\n
income statement. Any additional recoveries from borrowers, counterparties or other third parties made in future periods are offset against
\n
the write-off charge in the income statement once they are received. Provisions are released at the point when it is deemed that following a
\n
subsequent event the risk of loss has reduced to the extent that a provision is no longer required.
\n
C) Financial Liabilities
\n
Financial liabilities are classified according to the substance of the contractual arrangements entered into.
\n
i) Trade and Other Payables - (amortised cost)
\n
Trade and other payables are recognised initially at fair value, are not interest bearing and are subsequently measured at amortised cost.
\n
ii) Fixed rate Sterling bonds - (fair value through the Income Statement)
\n
The fixed rate sterling bond values are determined in whole by using quoted market prices.
\n
iii) Interest-bearing loans and borrowings - (amortised cost)
\n
Interest-bearing bank loans and overdrafts are recorded initially at fair value, which is generally the proceeds received, net of direct issue
\n
costs. Subsequently, these liabilities are held at amortised cost using the effective interest rate method. Transaction costs are amortised on
\n
a straight-line basis over the life of the facility they relate to.
\n
iv) Lease liabilities - (amortised cost) -
refer to Accounting Policy section of Note 11 (Leases)
.
\n
v) Derivatives - (fair value through the income statement)
\n
The Group uses derivative financial instruments to provide an economic hedge to its exposure to interest rate risks arising from operational,
\n
financing and investment activities. In accordance with its Treasury policy, the Group does not hold or issue derivative financial instruments
\n
for trading purposes.
\n
Derivatives entered into include interest rate swaps, foreign exchange contracts, commodity (diesel) swaps and energy contracts. Derivative
\n
financial instruments are measured at fair value and any gains or losses are included in the income statement. Fair values are based on
\n
quoted prices and where these are not available, valuation techniques such as discounted cash flow models are used.
\n
Interest payments or receipts arising from interest rate swaps are recognised within finance income or finance costs in the period in which
\n
the interest is incurred or earned.
\n
vi) Derivatives - (designated for hedge accounting under IFRS 9)
\n
The fair value of derivative financial instruments designated in hedge relationships are disclosed in the tables at the start of this Note. At
\n
inception of the hedge relationship, the Group formally documents the economic relationship between the hedging instrument and the
\n
hedged item, the Group's risk management objective and strategy for undertaking the hedge transactions and whether the instrument is
\n
effective in offsetting changes in the fair value or cashflows of the hedged item attributable to the hedge risk, which is when the hedging
\n
relationships meet all of the following hedge effectiveness requirements:
\n
- there is an economic hedge relationship between the hedged item and the hedging instrument;
\n
- the effect of credit risk does not dominate the value changes that result from that economic relationshp; and
\n
- the hedge ratio of the hedging relationship is the same as that resulting from the quantity of the hedge item that the Group actually
\n
hedges and the quantity of the hedging instrument that the Group actually uses to hedge the quantity of the hedged item.
\n
The Group uses the hypothetical derivative method to determine the changes in the fair value of the hedged item. The Group assess the
\n
hedge effectiveness using the Dollar-offset methodology by comparing the changes in the fair value of a hypothetical derivative reflecting
\n
the terms of the floating rate borrowing with the changes in the fair value of the derivatives used to hedge the exposure. The Group
\n
determines the hedge ratio by comparing the notional amount of the derivatives with the principal of the designated portion of the
\n
borrowing.
\n
The effective portion of the gain or loss on the hedging instrument is recognised in Other Comprehensive Income in the hedging reserve,
\n
while any ineffective portion is recognised immediately in the Consolidated Income Statement. The hedging reserve is adjusted to the
\n
lower of the cumulative gain or loss on the hedging instrument and the cumulative change in the fair value of the hedged item. Amounts
\n
accumulated in equity are reclassified to Retained earnings within the Statement of changes in equity in the periods when the hedged item
\n
affects profit or loss (the gain or loss relating to the effective portion of the interest rate swaps hedging variable rate borrowings is
\nrecognised in profit or loss within finance costs at the same time as the interest expense on the hedged borrowings).Accounting policies and basis of preparation
General information
Co-operative Group Limited ('the Group\u2019) is a registered co-operative society (525R) domiciled in England and Wales. The address of the
Group\u2019s registered office is 1 Angel Square, Manchester, M60 0AG, and the trading locations of all stores and branches can be located on
our website https://www.coop.co.uk/store-finder.
Basis of preparation
The Group accounts have been prepared in accordance with UK adopted international accounting standards for the 52 week period ended
3 January 2026. As permitted by statute, a separate set of financial statements for the Society are not included.
The accounts are presented in pounds sterling and are principally prepared on the basis of historical cost. Areas where other bases are
applied are explained in the relevant accounting policy in the notes. Amounts have been rounded to the nearest million. The accounting
policies set out in the notes have been applied consistently to all periods presented in these financial statements, except where stated
otherwise. The accounts are prepared on a going concern basis. See later section on \u2018
Going Concern\u2019.
Climate Change Considerations
In preparing the Group's Consolidated Financial statements management has considered the impact of climate change covering both the
financial statements and the disclosures included in the Strategic report. This included an assessment of the potential impact of, and
associated responses to, climate change, and how that could impact the non-current assets that we hold as well as our expectations of
future trading conditions. This assessment did not identify any requirement to shorten asset lives of the Group\u2019s asset base and neither did it
identify any material impact on the valuation of the Group\u2019s assets or liabilities. Where material the Group has included the impact of
climate change within its forecasts, impairment reviews and assessments of going concern and viability. Further detail is given later in this
section under 'Material accounting judgements, estimates and assumptions in relation to climate change.' The Group will keep this
assessment under review and continue to monitor developments in the future.
Basis of consolidation
The financial statements consolidate Co-operative Group Limited, which is the ultimate parent society, and its subsidiary undertakings. The
Group controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to
affect those returns through its power over the entity. The Group's consolidated results include those of The Manx Co-operative Society on
that basis. The financial statements of subsidiaries are included in the consolidated financial statements from the date that control
commences until the date that control ceases.
The diagram below shows the composition of the Group and its principal subsidiaries. Further details can be found in Note 29 (Principal
subsidiary undertakings). A full list of subsidiaries that make up the Group for the purposes of these financial statements can be found at:
http://www.co-operative.coop/investors/rules
Co-operative Group Ltd
Co-operative Group Holdings (2011) Ltd
Rochpion Properties (4) LLP
Co-operative Group Food Ltd
Funeral Services Ltd
Co-op Wholesale Ltd**
Co-operative Foodstores Ltd
Co-op Funeral Plans Ltd *
Co-op Insurance Services Ltd
Co-operative Legal Services Ltd
Direct holding
Indirect holding
All shareholdings are 100% owned unless otherwise stated.
* Co-op Funeral Plans Ltd is owned 33% by Co-operative Group Ltd and 67% by Co-operative Group Holdings Ltd.
** Formerly Nisa Retail Ltd
Accounting dates
The Group and its main trading subsidiaries prepare their accounts to the first Saturday of January unless 31 December is a Saturday.
These financial statements are therefore prepared for the 52 weeks ended 3 January 2026. Comparative information is presented for the
52 weeks ended 4 January 2025. Since the financial periods are virtually in line with calendar years, the current period figures are headed
2025 and the comparative figures are headed 2024.
Co-operative Insurances Services Limited and certain small holding companies have prepared accounts for the period ended 31
December 2025. This differs from the Group and the other subsidiaries. For the period ending 3 January 2026, there are no material
transactions or events which need to be adjusted for to reflect the difference in reporting dates.
Non-underlying items and non-GAAP (Generally Accepted Accounting Procedures) measures
Non-underlying items include costs relating to activities such as large restructuring programmes and costs or income which would not
normally be seen as costs or income relating to the underlying principal activities of the Group.
Two non-GAAP measures of performance are presented to help the reader understand the underlying profitability of the Group: (i)
underlying operating profit / (loss) and (ii) underlying profit / (loss) before tax. These are shown in the table at the bottom of the income
statement and we show the adjustments between these measures and operating profit. In calculating these non-GAAP measures, property
and business disposals (including individual store impairments), the change in value of investment properties and other non-underlying
items are adjusted for. Further detail on the Group's Alternative Performance Measures (APMs) can be found in the Glossary on page 241.
Offsetting
Financial assets and financial liabilities are offset and the net amount reported in the balance sheet when there is a legally enforceable
right to do so and there is an intention to settle on a net basis, or realise the asset and settle the liability simultaneously.
Material accounting judgements, estimates and assumptions
The preparation of financial statements that comply with IFRS requires management to make judgements, estimates and assumptions that
affect the application of policies and reported amounts of assets and liabilities, income and expenses. The estimates and associated
assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the
results of which form the basis of making the judgements about carrying values of assets and liabilities that are not readily apparent from
other sources. Actual results may differ from these estimates.
In assessing the Group\u2019s judgements and sources of estimation uncertainty, consideration has also been given to the impact of climate
change risk. Details are shown at the end of this section.
Key judgements:
In the process of applying the Group\u2019s accounting policies, management has made the following key judgements which have the most
material impact on the consolidated financial statements:
\u2022
Determining the lease term of contracts with extension and termination options (Note 11)
The Group determines the lease term as the non-cancellable term of the lease, together with any periods covered by an option to extend
the lease if it is reasonably certain to be exercised, or any periods covered by an option to terminate the lease, if it is reasonably certain
not to be exercised.
The Group has the option, under some of its leases to lease the assets for additional terms of 5 to 10 years. The Group applies judgement
in evaluating whether it is reasonably certain to exercise the option to renew. That is, it considers all relevant factors that create an
economic incentive for it to exercise the renewal. After the commencement date, the Group reassesses the lease term if there is a material
event or change in circumstances that is within its control and affects its ability to exercise (or not to exercise) the option to renew.
\u2022
Cyber attack (Note 1)
As disclosed earlier in this document, our Co-op was the victim of a cyber attack in April 2025. Actual costs that we have incurred in
relation to the Cyber attack that are assessed as being directly incremental costs of the incident
have been treated as non-underlying
items for our underlying profit metrics (APMs). Such costs mainly relate to incremental stock losses and stock wastage in our Food
business, incremental third party costs incurred with our professional services partners as well as incremental payroll costs incurred as part
of the cyber recovery process. Any Cyber related costs that are not assessed as being directly incremental costs of the incident have not
been treated as non-underlying for the purposes of our APMs. No adjustments have been made for lost opportunity items (such as sales
or margin) due to the Cyber attack. The assessment and classification of costs as non-underlying is a key judgement and reflects both the
scale of the financial impact (which is assessed as being material for the Group) and nature of the costs incurred (being directly
incremental costs of the incident). This assessment has been applied consistently and is in-line with the Group's accounting policies.
\u2022
Provisions (Note 21)
\u2013 a provision is recognised in the balance sheet when the Group has a legal or constructive obligation as a result of
\n
a past event, and it is probable that an outflow of economic benefits will be required to settle the obligation. If the effect is material,
\n
provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the
\n
time value of money and, where appropriate, the risks specific to the liability. Regulatory and legal provisions are typically held in relation
\n
to on-going legal or regulatory claims and material assumptions and estimates are made in relation to the estimation of future cash flows
\n
and the discount rate applied. The likely outcome in a legal or regulatory claim may be uncertain and difficult to predict based on the
\n
evidence and circumstances involved. This means there may be considerable inherent uncertainty with an assessment as to whether a
\n
provision exists at the balance sheet date. No separate disclosure is made of the detail of such claims, the assumptions used to calculate
\n
the amount provided or the uncertainties relating to the range of possible outcomes considered, because in management's view, to do so
\n
could seriously prejudice our position.
\n
The Group takes into account the potential impact of climate change on its legal and constructive obligations, such as potential changes in
\n
regulations related to carbon emissions, environmental liabilities and natural disasters. The Group also considers the potential impact of
\n
climate change on the costs of complying with environmental regulations and the costs of natural disasters. The Group has reviewed its
\n
provisions and concluded that no adjustments need to be made for climate change risks, nor that any new provisions need to be
\n
recognised for climate-related matters.
\n
Key accounting estimates and assumptions
:
\n
In the process of applying the Group\u2019s accounting policies, management has made the following key accounting estimates and
\n
assumptions which have the most material impact on the consolidated financial statements:
\n
\u2022 Insurance contract liabilities (Note 20)
\n
Under IFRS 17 (Insurance Contracts) the Group's funeral plan liabilities reflect the current estimate of the present value of the future
\n
cashflows to provide the funeral. These are calculated using actuarial advice and are based on a range of assumptions and estimates. The
\n
assumptions used are management's best estimates chosen from a range of possible actuarial assumptions which may not necessarily be
\n
borne out in practice.
\n
The main actuarial assumptions include estimates in relation to discount rates, future costs to deliver a funeral including inflation and
\n
expense assumptions, mortality rates, risk adjustments and plan cancellation rates. The insurance contract liability calculation is most
\n
sensitive to changes in the discount rate and inflation assumptions and further detail on these items is noted below.
\n
Discount rate
- the Group applies a bottom-up approach to derive the discount rate such that our insurance contract liabilities (funeral
\n
plans) are calculated by discounting expected future cash flows at a risk free rate, plus an illiquidity premium (credit spread). The risk free
\n
rate has been derived by reference to market yields on sterling-denominated high quality corporate bonds of appropriate duration
\n
consistent with the funeral plans at that date (UK Gilt curve at the valuation date converted from continuous to annual rates). The illiquidity
\n
premium is determined by reference to observable market rates (assessed as the average credit spread on 10-15 A rated and 10-15 year
\n
AA rated bonds at the valuation date). See Note 20 for sensitivity analysis.
\n
Inflation
- the rate of inflation is set based on the Bank of England Forward Inflation Curve at the valuation date converted from continuous
\n
to annual. From 2022 onwards a reduction of 25 basis points has been applied to allow for high levels of demand for inflation linked gilts
\n
increasing inflation expectations. Years 2025 to 2028 have been adjusted to reflect managements' view based on experience of funeral
\n
cost inflation. See Note 20 for sensitivity analysis.
\n
Fullfilment costs
- the Group applies an absorbed fulfilment cost, based on methodology consistent with IAS37, calculated for each year.
\n
See Note 20 for sensitivity analysis.
\n
Mortality
- an average 111% loading is applied to the English Life Tables 2017 (\u201cELT17\u201d). This reflects that mortality rates are deemed to
\n
be approximately 10% heavier than those shown in ELT17. The basis is consistent with the mortality analysis used for 2024 (which indicated
\n
a 112% loading), adjusted by a 2% reduction to allow for two years of expected future mortality improvements. An allowance for future
\n
longevity improvements of 1% per annum is also included. See Note 20 for sensitivity analysis.
\n
\u2022
Pensions (Note 23)
\u2013 the Group\u2019s defined benefit pension obligations are determined following actuarial advice and are calculated
\n
using the projected unit method. The assumptions used are the best estimates chosen from a range of possible actuarial assumptions
\n
which may not necessarily be borne out in practice. The most material assumptions relate to the determination of the discount rate, future
\n
salary increases, mortality rates and future pension increases. Due to the complexities involved in the valuation and its long-term nature,
\n
the Group\u2019s defined benefit obligation is highly sensitive to changes in these assumptions. Further details of the financial and demographic
\n
assumptions that have been used are shown in Note 24 along with associated sensitivities to those assumptions.
\u2022
Impairment of non-financial assets (Notes 10, 11 & 12)
- the carrying amount of non-financial assets (such as property, plant and
\n
equipment, right-of-use assets, goodwill and intangibles) are reviewed at each balance sheet date and if there is any indication of
\n
impairment, the asset's recoverable amount is estimated.
\n
The recoverable amount is the greater of the fair value of the asset (less costs to sell) and the value in use of the asset. An impairment loss
\n
is recognised whenever the carrying amount of an asset or its cash-generating unit (CGU) exceeds its estimated recoverable amount. For
\n
property assets the fair value less costs to sell are measured using internal valuations based on the rental yield of the property.
\n
This review is performed annually or in the event where indicators of impairment are present. At 3 January 2026, the Group has
\n
considered whether general uncertainty in the wider macro-economic environment including the cost-of-living crisis, rising inflation,
\n
energy price increases, and the on-going conflicts in Ukraine and the Middle East has the potential to represent a significant impairment
\n
indicator.
\n
Despite the difficult trading conditions and associated additional costs of serving our customers the Group\u2019s main business areas have
\n
proven resilient and the performance of the Group\u2019s cash-generating units has remained strong. Therefore, management concluded that
\n
the impact of the factors noted on the longer term outlook for these cash generating units did not constitute an indicator of material
\n
impairment and hence a full impairment test across all CGUs was not required. This judgement is unchanged from 4 January 2025. An
\n
impairment assessment has been performed over our Food and Funeralcare estate where indicators of impairment have been identified
\n
as disclosed in Note 10.
\n
The Group estimates the value in use of an asset by projecting future cash flows into perpetuity and discounting the cash flows (DCF)
\n
associated with that asset at a pre-tax rate of between 10-12% (2024: 9-11%) dependent on the business. The key assumptions used to
\n
determine the recoverable amount for the different CGUs, and the sensitivity analysis that is undertaken, are disclosed and further
\n
explained in Notes 10 and 12.
\n
Material accounting judgements, estimates and assumptions in relation to climate change
\n
In assessing the Group\u2019s judgements and sources of estimation uncertainty, consideration has been given to the impact of climate change
\n
risk. Aside from areas noted below climate change risks do not have any impacts on the Group\u2019s other judgements or sources of
\n
estimation uncertainty.
\n
Impairment of non-current assets
\n
As described in notes 10 and 12, our impairment assessment over the Group's property, plan and equipment, right of use assets and
\n
goodwill, has taken into consideration any climate related risks identified through our risk assessment process. Our assessment concluded
\n
that the expected climate related risks did not have a material impact on the Group's impairment considerations at the reporting date. The
\n
Board-approved plan underpinning our impairment assessments, takes into consideration any incremental costs of climate related actions
\n
to mitigate these risks where these are expected to crystallise within the timeframe of the plan. This represents a developing area with
\n
inherent uncertainty which is constantly evolving.
New and amended standards adopted by the Group:
\n
The Group has considered the following standards and amendments that are effective for the Group for the period commencing 5
\n
January 2025 and concluded that they are either not relevant to the Group or do not have a significant impact on the financial statements:
\n
\u2022 Amendments to IAS 21 - Lack of Exchangeability
\n
Standards, amendments and interpretations issued but not yet effective
\n
Certain new accounting standards and interpretations have been published that are not mandatory for 5 January 2025 reporting periods
\n
and the Group has not early adopted the following standards and statements. Unless noted the adoption of these standards is not
\n
expected to have a material impact on the Group\u2019s accounts:
\n
\u2022 Amendments to IFRS 9 and IFRS 7 - Classification and Measurement of Financial Instruments*
\n
\u2022 Amendments to IFRS 9 and IFRS 7 - Contracts Referencing Nature-dependent Electricity*
\n
\u2022 Annual Improvements to IFRS Accounting Standards - Volume 11*
\n
\u2022 IFRS 18 - Presentation and Disclosure in Financial Statements**
\n
\u2022 IFRS 19 - Subsidiaries without Public Accountability: Disclosures**
\n
\u2022 Amendments to IAS 21 - Transition to a hyperinflationary presentational currency**
\n
*Applicable for reporting periods on or after 1st January 2026. **Applicable for reporting periods on or after 1st January 2027.
\n
The Group is currently reviewing the likely impact of IFRS 18 on its statutory reporting which may change the format and presentation of
\n
the Consolidated Income statement and certain disclosure notes including the requirement for a dedicated disclosure note for
\n
management performance measures (MPMs). Furthermore, the Group is also reviewing the likely impact of the amendments to IFRS 9 with
\n
specific reference to the timing and date of derecognition of finanical assets and liabilities with particular reference to receipts and
\n
payments settled via electronic transfer. This may impact the valuation and categorisation between line items in the Conslidated Balance
\n
Sheet (such as Cash and cash equivalents, Trade and other receivables and Trade and other Payables).
Going concern basis of preparation
The financial statements are prepared on a going concern basis as the directors have a reasonable expectation that the Group has
sufficient liquidity and adequate resources to continue in operational existence for the foreseeable future, being a period of at least 12
months post the date of approval of these financial statements.
In assessing the Group\u2019s ability to continue as a going concern, the directors have considered the Group\u2019s most recent forecasting
process and specifically the Group\u2019s profitability, cashflows, covenant compliance and the Group\u2019s liquidity position for the going
concern assessment period, up to 31 December 2027. Our Co-op operates with net current liabilities as our working capital cycle means
cash receipts from revenues arise in advance of the payments to suppliers for the cost of goods sold. We also borrow money from banks
and other funding sources, structuring our borrowings with phased maturities to manage our refinancing risk as well as maintaining
sufficient levels of liquidity for our Co-op. As part of the going concern review, we have ensured that our forecasts demonstrate
compliance with the terms of these agreements, for example related banking covenants and facility levels.
As part of strategic planning, the directors make key assumptions about business performance and stress-test financial scenarios to
ensure compliance with facility terms, even under principal risk events. Although our Co-op has a robust planning process, which reflects
the continuing economic uncertainty and headwinds impacting the group, we have performed additional stress testing of the going
concern basis under severe but plausible downside scenarios which also align to our principal risks. The results of our stress testing of
severe but plausible downside scenarios provided a reasonable basis to support the directors\u2019 conclusion over going concern. Although
the cyber attack has had a material impact on our full year results, the group continues to have sufficient liquidity throughout the going
concern assessment period.
In arriving at the conclusion of the appropriateness of the going concern assumption, the directors have considered the following:
1. Review and challenge management\u2019s base case forecast:
The directors have considered the Group\u2019s cash flow forecasts and profitability projections for the period to December 2027 (\u201cBase
Case\u201d). Co-op\u2019s base case forecast takes into consideration the continued uncertainty in the convenience market. The Board has reviewed
and approved these plans.
The key assumptions in the plan are:
a. Growth in volume and margin rate.
b. This growth is tempered with impact of continued cost headwinds on payroll, and goods not for resale inflation, being offset by
assumed significant operating cost savings.
c. Rebuilding the balance sheet through working capital improvement, reducing net debt.
d. The new \u00a3350m loan facility secured in June 2025 will be drawn down for the purpose of repaying the \u00a3350m bond debt maturing in
July 2026. The plan assumes the raising of additional funding in 2026 of \u00a3300m from the bond market, to boost our liquidity position and
to keep our Coop protected from known and unknown business risks that may arise in the future.
2. Ensure compliance with the terms of our bank facility agreements and covenant compliance:
The potential scenarios which could lead to our Co-op not being a going concern are: a. Not having enough liquidity to meet our debt
liabilities as they fall due; and/or b. A breach of the financial covenants implicit in our bank revolving credit facility.
As at 3 January 2026, the Group had gross liquidity headroom of \u00a3441m, being cash of \u00a393m excluding restricted cash, and headroom of
\u00a3348m on the Group\u2019s Revolving credit facility (\u201cRCF\u201d). The Base case has sufficient liquidity and bank covenants headroom over the
going concern period, with the tightest point for liquidity headroom at period 6 2027, and tightest point for EBITDA at period 6 2026 to
breach covenants. The Group has been in compliance with all covenants applicable to its facilities through the period and is forecast to
continue to be in compliance for going concern assessment period up to December 2027.
A definition of our banking covenants is provided in Note 18. Further details on capital management, financial instruments, and risk
exposures are provided in Note 27 to the financial statements.
3. Assess downside scenarios against the base case:
\n
The directors have also considered the impact on forecasted performance of severe but plausible downside scenarios (\u201cDownside Case\u201d),
\n
including (but not limited to) the following:
\n
a. reduction in trade volumes, margin rate and market share in our Food business;
\n
b. market share, product mix and death rate sensitivities in our Funeralcare business;
\n
c. reduction in the growth and cost efficiency assumptions in our Wholesale business;
\n
d. operating cost out programme non delivery;
\n
e. exclusion of the additional funding of \u00a3300m assumed in the base plan.
\n
The downside sensitivities identified do not risk the validity of our Co-op as a going concern even before applying the mitigating actions
\n
considered below. We have also considered a severe but plausible combination of the sensitivities happening concurrently and we still
\n
have liquidity and covenant headroom over the going concern assessment period.
\n
Whilst out of line with our strategic ambition, there are several options and management mitigating actions within the business' control
\n
we could exercise, if the above risks materialised, or in the unlikely scenario of a cash outflow arising from an adverse legal matter
\n
outcome or an unpredictable event occurring similar to the cyber attack in 2025. Options include (but not limited to) our Co-op\u2019s ability to
\n
control the level and timing of its capital expenditure programme, apply cost control measures across both variable and overhead
\n
budgets and sale and lease back opportunities.
\n
4. Conduct reverse stress testing:
\nA reverse stress test identifies the point where the model fails. Following our modelling, we consider this scenario to be remote.", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:213800TKR59ER8Z69V16", "period": "2025-01-04T00:00:00/2026-01-04T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00282": { "value": "Accounting policies
Unless stated otherwise, Revenue is recognised in line with IFRS 15 (Revenue from Contracts with Customers). IFRS 15 defines performance
\n
obligations as a 'promise to provide a distinct good or service or a series of distinct goods or services'. Revenue is recognised when a
\n
performance obligation has been delivered which reflects the point when control over a product or service transfers to a customer.
\n
Revenue is measured based on the consideration set out in the contract with the customer and excludes amounts collected on behalf of
\n
third parties. As noted below; Revenue on funeral plans (our pre-need business) is recognised in line with IFRS 17 (Insurance Contracts).
\n
Sale of goods
\n
The Group recognises revenue when it transfers control over a product to a customer. For goods sold in store, revenue is recognised at the
\n
point of sale. For online or wholesale sales of goods, revenue is recognised on collection by, or delivery to, the customer. Any rebates, VAT
\n
and other sales tax or duty items are deducted from revenue. Included within the Wholesale segment are sales to our franchise stores
\n
(where franchisees operate a food store using the Co-op brand and Co-op supplied products). Co-op act as principal in the arrangement
\n
and recognise income gross in respect of goods supplied by Co-op to the franchisees as well as a franchise fee based on turnover for
\n
provision of the Co-op brand and additional support services.
\n
Provision of services
\n
Provision of services relates to activities in our Funerals (at-need business only), Legal services and Insurance businesses. Revenue is
\n
recognised when separate performance obligations are delivered to the customer.
\n
i) Funerals (at-need);
the only separable performance obligation is the funeral itself and therefore revenue is only recognised when the
\n
funeral is performed (or the funeral plan is redeemed and the funeral is performed). Revenue comprises the amount recoverable from
\n
clients for the provision of funerals and income from crematoria and other services, once those services have been performed or the goods
\n
supplied. Co-op pays certain disbursements (such as burial plots, cremation fees, doctors' fees or ministers' fees) on behalf of its
\n
customers, which are recovered as part of the invoicing process. The charges are passed through to customers at cost with Co-op acting as
\n
an agent in the transaction (as we do not control the goods or services) and therefore no revenue is recognised. Income from memorial
\n
sales is recognised at the point of sale, to the extent that the goods have been supplied. In the supply of monumental masonry, revenue is
\n
recognised at the point the masonry is fitted into place.
\n
ii) Legal Services;
revenue within personal injury and probate is recognised using a fixed milestone methodology which represents the
\n
progression and fulfilment of a case. Milestones have been derived by using the output method, which means consideration on
\n
performance and value transfer to the client. This approach and timing of milestones is reviewed on a regular basis to ensure revenue is
\n
recognised within the appropriate accounting period. Revenue includes income generated on assets (client monies) under management in
\n
respect of the delivery of regulated services.
\n
iii) Insurance;
revenue relates to brokerage commission receivable for products not underwritten by Co-op and the recognition of
\n
income received in advance of services performed under a distribution agreement. Revenue is recognised when performance obligations
\n
are met being the later of the policy inception date and the date on which policy placement is complete, net of expected commission claw
\n
back. Co-op receives commission for the brokerage service it provides on products underwritten by third party insurer partners.
\n
Performance obligations are satisfied at the date on which policy placement is complete and the policy is incepted. The transaction price
\n
recognised as revenue is calculated based on the contracted commission rates payable by the third party insurer which underwrites each
\n
policy and the policy premium. Incremental costs that are directly incurred securing new business (such as aggregator fees from price
\n
comparision websites) are deferred and held on the balance sheet (within Trade and Other Receiveables) as an asset when we expect to
\n
recover those costs through future income on the new business. The deferred costs are subsequently charged to the Income statement on
\n
a systematic basis that is consistent with the revenue that is expected to be earned from the customer of the services to which the asset
\n
relates over the average life of the relationship with the customer.
\n
Funerals (pre-need) Insurance revenue (funeral plans)
\n
The Group adopted IFRS 17 (Insurance Contracts) from 1 January 2023 which specifically applies to the Group's pre-need funeral plans
\n
(including the re-insurance of the payment waiver risk where Group waives the remaining payments if a customer dies during the payment
\n
term subject to conditions). Under IFRS 17 the Group recognises revenue over the contract coverage period (being the duration of the
\n
funeral plan). Further detail as to the accounting policies used to record revenue, recognise profit and value the insurance contract liability
\n
are given in Note 20.
\n
Federal sales - principal versus agent presentation
\n
The Group operates a joint buying group for itself and other independent co-operative societies. The Group acts as a wholesaler to the
\n
other independent co-operatives and generates sales from this. This is run on a cost recovery basis and therefore no profit is derived from
\n
its activities. The Group controls the goods prior to the transfer to the independent co-operatives, and in accordance with IFRS 15, the
\n
Group is acting as the principal in these transactions (as opposed to an agent) and records revenue on that basis. The Group also
\n
administers the invoicing for the supply of certain goods direct from suppliers to the independent co-operative societies. Although the
\n
Group does not have control of the goods, it negotiates the supply contracts and bears the bad debt risk, so is acting as principal under
IFRS 15.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:213800TKR59ER8Z69V16", "period": "2025-01-04T00:00:00/2026-01-04T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00218": { "value": "3
Operating expenses
Operating (loss) / profit is stated after (charging) / crediting the following:
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Cost of goods and services recognised as an expense
(8,245)
(8,419)
Employee benefits expense (see below)
(1,548)
(1,519)
Impairment of plant, property and equipment and goodwill
(17)
(15)
Impairment of plant, property and equipment and goodwill (reversals)
-
7
Impairment of right-of-use assets
(23)
(10)
Impairment of right-of-use assets (reversals)
3
-
Impairment of subleases (reversals)
8
-
Cyber attack (incremental costs) - see Note 1 (c iii)
(21)
-
Depreciation of plant, property and equipment
(217)
(208)
Depreciation of right-of-use assets
(112)
(110)
Amortisation of intangible assets
(33)
(32)
Charge on allowance for expected credit losses on trade receivables
(3)
(8)
Credit on allowance for expected credit losses on trade receivables
1
9
Subscriptions and donations
(8)
(9)
\n
Employee benefits expense
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Wages and salaries
(1,346)
(1,355)
Social security costs
(132)
(97)
Pension costs - defined benefit schemes
(6)
(6)
Pension costs - defined contribution schemes
(64)
(61)
Total employee benefits expense
(1,548)
(1,519)
\n
Employee benefits expense includes executive directors.
Employee numbers
The average number of people employed by the Group in the UK during the year (including executive directors) was:
\u00a0
2025
2024
\u00a0
Number
Number
Full-time
16,938
17,373
Part-time
36,477
37,482
Total average employees
53,415
54,855
\n
As at the balance sheet date (3rd January 2026) there were 53,131 employees; comprising 16,807 (full-time) and 36,324 (part-time).
Remuneration of key management
We regard the Board and Executive as our key management personnel and details of their remuneration can be found on pages 76 - 95.
\u00a0
2025
2024
Auditor remuneration
\u00a3m
\u00a3m
Audit of these financial statements
3.3
3.2
Audit of financial statements of subsidiaries
0.9
0.9
Non-audit services
0.1
0.1
Total fees
4.3
4.2
\n
Accounting policies
Operating expenses are analysed by nature, as defined by IAS 1 (Presentation of Financial Statements). Payments to charitable organisations
or colleague members are treated as charges in the income statement.", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:213800TKR59ER8Z69V16", "period": "2025-01-04T00:00:00/2026-01-04T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00219": { "value": "3
Operating expenses
Operating (loss) / profit is stated after (charging) / crediting the following:
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Cost of goods and services recognised as an expense
(8,245)
(8,419)
Employee benefits expense (see below)
(1,548)
(1,519)
Impairment of plant, property and equipment and goodwill
(17)
(15)
Impairment of plant, property and equipment and goodwill (reversals)
-
7
Impairment of right-of-use assets
(23)
(10)
Impairment of right-of-use assets (reversals)
3
-
Impairment of subleases (reversals)
8
-
Cyber attack (incremental costs) - see Note 1 (c iii)
(21)
-
Depreciation of plant, property and equipment
(217)
(208)
Depreciation of right-of-use assets
(112)
(110)
Amortisation of intangible assets
(33)
(32)
Charge on allowance for expected credit losses on trade receivables
(3)
(8)
Credit on allowance for expected credit losses on trade receivables
1
9
Subscriptions and donations
(8)
(9)
\n
Employee benefits expense
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Wages and salaries
(1,346)
(1,355)
Social security costs
(132)
(97)
Pension costs - defined benefit schemes
(6)
(6)
Pension costs - defined contribution schemes
(64)
(61)
Total employee benefits expense
(1,548)
(1,519)
\n
Employee benefits expense includes executive directors.
Employee numbers
The average number of people employed by the Group in the UK during the year (including executive directors) was:
\u00a0
2025
2024
\u00a0
Number
Number
Full-time
16,938
17,373
Part-time
36,477
37,482
Total average employees
53,415
54,855
\n
As at the balance sheet date (3rd January 2026) there were 53,131 employees; comprising 16,807 (full-time) and 36,324 (part-time).
Remuneration of key management
We regard the Board and Executive as our key management personnel and details of their remuneration can be found on pages 76 - 95.
\u00a0
2025
2024
Auditor remuneration
\u00a3m
\u00a3m
Audit of these financial statements
3.3
3.2
Audit of financial statements of subsidiaries
0.9
0.9
Non-audit services
0.1
0.1
Total fees
4.3
4.2
\n
Accounting policies
Operating expenses are analysed by nature, as defined by IAS 1 (Presentation of Financial Statements). Payments to charitable organisations
or colleague members are treated as charges in the income statement.5
Other income
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Rental income from non-investment properties
4
7
Rental income from investment properties
3
2
Gain on property, business disposals and closures (before impairments)
11
19
Change in value of investment properties
10
14
Impairment reversals of non-current assets
11
7
Net gain on other plant and equipment disposals
-
2
Gain on one-off fair value adjustment *
-
17
Total other income
39
68
\n
* In the prior year; this related to a one-off adjustment to eliminate an historic fair value adjustment to certain Property, plant and
equipment assets.
Accounting policies
Rental income from investment and non-investment properties
Rental income arising from operating leases on both investment and non-investment properties is accounted for on a straight-line basis
over the lease term. Rental income arising on these non-trading properties is shown as Other Income (rather than as Revenue) as the
income does not form an integral part of our core business strategy and operating model. For accounting policies relating to investment
properties, refer to Note 23.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800TKR59ER8Z69V16", "period": "2025-01-04T00:00:00/2026-01-04T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00220": { "value": "3
Operating expenses
Operating (loss) / profit is stated after (charging) / crediting the following:
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Cost of goods and services recognised as an expense
(8,245)
(8,419)
Employee benefits expense (see below)
(1,548)
(1,519)
Impairment of plant, property and equipment and goodwill
(17)
(15)
Impairment of plant, property and equipment and goodwill (reversals)
-
7
Impairment of right-of-use assets
(23)
(10)
Impairment of right-of-use assets (reversals)
3
-
Impairment of subleases (reversals)
8
-
Cyber attack (incremental costs) - see Note 1 (c iii)
(21)
-
Depreciation of plant, property and equipment
(217)
(208)
Depreciation of right-of-use assets
(112)
(110)
Amortisation of intangible assets
(33)
(32)
Charge on allowance for expected credit losses on trade receivables
(3)
(8)
Credit on allowance for expected credit losses on trade receivables
1
9
Subscriptions and donations
(8)
(9)
\n
Employee benefits expense
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Wages and salaries
(1,346)
(1,355)
Social security costs
(132)
(97)
Pension costs - defined benefit schemes
(6)
(6)
Pension costs - defined contribution schemes
(64)
(61)
Total employee benefits expense
(1,548)
(1,519)
\n
Employee benefits expense includes executive directors.
Employee numbers
The average number of people employed by the Group in the UK during the year (including executive directors) was:
\u00a0
2025
2024
\u00a0
Number
Number
Full-time
16,938
17,373
Part-time
36,477
37,482
Total average employees
53,415
54,855
\n
As at the balance sheet date (3rd January 2026) there were 53,131 employees; comprising 16,807 (full-time) and 36,324 (part-time).
Remuneration of key management
We regard the Board and Executive as our key management personnel and details of their remuneration can be found on pages 76 - 95.
\u00a0
2025
2024
Auditor remuneration
\u00a3m
\u00a3m
Audit of these financial statements
3.3
3.2
Audit of financial statements of subsidiaries
0.9
0.9
Non-audit services
0.1
0.1
Total fees
4.3
4.2
\n
Accounting policies
Operating expenses are analysed by nature, as defined by IAS 1 (Presentation of Financial Statements). Payments to charitable organisations
or colleague members are treated as charges in the income statement.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:213800TKR59ER8Z69V16", "period": "2025-01-04T00:00:00/2026-01-04T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00221": { "value": "Employee benefits expense
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Wages and salaries
(1,346)
(1,355)
Social security costs
(132)
(97)
Pension costs - defined benefit schemes
(6)
(6)
Pension costs - defined contribution schemes
(64)
(61)
Total employee benefits expense
(1,548)
(1,519)
\n
Employee benefits expense includes executive directors.
Employee numbers
The average number of people employed by the Group in the UK during the year (including executive directors) was:
\u00a0
2025
2024
\u00a0
Number
Number
Full-time
16,938
17,373
Part-time
36,477
37,482
Total average employees
53,415
54,855
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800TKR59ER8Z69V16", "period": "2025-01-04T00:00:00/2026-01-04T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00222": { "value": "Employee numbers
The average number of people employed by the Group in the UK during the year (including executive directors) was:
\u00a0
2025
2024
\u00a0
Number
Number
Full-time
16,938
17,373
Part-time
36,477
37,482
Total average employees
53,415
54,855
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:213800TKR59ER8Z69V16", "period": "2025-01-04T00:00:00/2026-01-04T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00224": { "value": "Remuneration of key management We regard the Board and Executive as our key management personnel and details of their remuneration can be found on pages 76 - 95.", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:213800TKR59ER8Z69V16", "period": "2025-01-04T00:00:00/2026-01-04T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00223": { "value": "
\u00a0
2025
2024
Auditor remuneration
\u00a3m
\u00a3m
Audit of these financial statements
3.3
3.2
Audit of financial statements of subsidiaries
0.9
0.9
Non-audit services
0.1
0.1
Total fees
4.3
4.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:213800TKR59ER8Z69V16", "period": "2025-01-04T00:00:00/2026-01-04T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00283": { "value": "Accounting policies
Operating expenses are analysed by nature, as defined by IAS 1 (Presentation of Financial Statements). Payments to charitable organisations
or colleague members are treated as charges in the income statement.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory", "language": "en", "entity": "scheme:213800TKR59ER8Z69V16", "period": "2025-01-04T00:00:00/2026-01-04T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00225": { "value": "4
Supplier income
\u00a0
2025
2024
Supplier income
\u00a3m
\u00a3m
Food - Long-term agreements
159
166
Food - Bonus income
115
130
Food - Promotional income
242
258
Total Food supplier income
516
554
Wholesale - Long-term agreements
21
26
Wholesale - Bonus income
13
10
Wholesale - Promotional income
73
69
Total Wholesale supplier income
107
105
Total supplier income
623
659
Percentage of Cost of Sales before deducting Supplier income
2025
2024
Food - Long-term agreements
3.0%
3.0%
Food - Bonus income
2.1%
2.4%
Food - Promotional income
4.5%
4.7%
Total Food supplier income percentage
9.6%
10.1%
Wholesale - Long-term agreements
1.7%
2.1%
Wholesale - Bonus income
1.1%
0.8%
Wholesale - Promotional income
6.1%
5.5%
Total Wholesale supplier income percentage
8.9%
8.4%
\n
All figures exclude any income or purchases made as part of the Federal joint buying group (as supplier income is passed on to Federal
(FRTS) members in the same proportion as the ratio to their cost of sales).
Accounting policies
Supplier income
Supplier income is recognised as a deduction from cost of sales on an accruals basis, based on the expected entitlement that has been
earned up to the balance sheet date for each relevant supplier contract. Where amounts received are in the expectation of future business,
these are recognised in the income statement in line with that future business.
The Group has a mixture of contractual terms with its suppliers. Where our trading terms state that the supplier income is netted against
amounts owing to
\u202f
that supplier and it is our intention to settle the balances on a net basis then any outstanding invoiced supplier income at
the reporting date is included within trade payables (Note 19). Any
\u202f
amounts received in advance of income being recognised are included
in accruals and deferred income (Note 19). When we do not have the right of offset (or we do not intend to settle on a net basis) then the
Group classifies outstanding supplier income within trade receivables (Note 15). Where the supplier income is earned but not yet invoiced
to the supplier at the reporting date, this is classified within accrued income (Note 15).
There are three main types of income:
1. Long-term agreements:
These refer to supplier income rebates based on the value of purchases Co-op places with its suppliers.
Typically, these are annual % rebate agreements applied to the purchases Co-op makes from its suppliers. Income is only recognised once
the rebate agreement is in place with the supplier.
2. Bonus income:
These are typically unique payments made by the supplier and are not based on volume. They include payments for
marketing support, range promotion and product development. These amounts are recognised when the income is earned and confirmed
by suppliers. An element of the income is deferred if it relates to a future period.
3. Promotional income:
Rebates based on sales volumes relating to agreed promotional activity. These are retrospective rebates based
on sales volumes.
The inventory balance is stated net of any supplier income value on goods not sold at year-end.", "dimensions": { "concept": "coop:DisclosureOfSupplierIncomeExplanatoryTextBlock", "language": "en", "entity": "scheme:213800TKR59ER8Z69V16", "period": "2025-01-04T00:00:00/2026-01-04T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00284": { "value": "Accounting policies
Supplier income
Supplier income is recognised as a deduction from cost of sales on an accruals basis, based on the expected entitlement that has been
earned up to the balance sheet date for each relevant supplier contract. Where amounts received are in the expectation of future business,
these are recognised in the income statement in line with that future business.
The Group has a mixture of contractual terms with its suppliers. Where our trading terms state that the supplier income is netted against
amounts owing to
\u202f
that supplier and it is our intention to settle the balances on a net basis then any outstanding invoiced supplier income at
the reporting date is included within trade payables (Note 19). Any
\u202f
amounts received in advance of income being recognised are included
in accruals and deferred income (Note 19). When we do not have the right of offset (or we do not intend to settle on a net basis) then the
Group classifies outstanding supplier income within trade receivables (Note 15). Where the supplier income is earned but not yet invoiced
to the supplier at the reporting date, this is classified within accrued income (Note 15).
There are three main types of income:
1. Long-term agreements:
These refer to supplier income rebates based on the value of purchases Co-op places with its suppliers.
Typically, these are annual % rebate agreements applied to the purchases Co-op makes from its suppliers. Income is only recognised once
the rebate agreement is in place with the supplier.
2. Bonus income:
These are typically unique payments made by the supplier and are not based on volume. They include payments for
marketing support, range promotion and product development. These amounts are recognised when the income is earned and confirmed
by suppliers. An element of the income is deferred if it relates to a future period.
3. Promotional income:
Rebates based on sales volumes relating to agreed promotional activity. These are retrospective rebates based
on sales volumes.
The inventory balance is stated net of any supplier income value on goods not sold at year-end.", "dimensions": { "concept": "coop:DescriptionOfAccountingPolicyForSupplierIncomeExplanatoryPolicyTextBlock", "language": "en", "entity": "scheme:213800TKR59ER8Z69V16", "period": "2025-01-04T00:00:00/2026-01-04T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00226": { "value": "5
Other income
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Rental income from non-investment properties
4
7
Rental income from investment properties
3
2
Gain on property, business disposals and closures (before impairments)
11
19
Change in value of investment properties
10
14
Impairment reversals of non-current assets
11
7
Net gain on other plant and equipment disposals
-
2
Gain on one-off fair value adjustment *
-
17
Total other income
39
68
\n
* In the prior year; this related to a one-off adjustment to eliminate an historic fair value adjustment to certain Property, plant and
equipment assets.
Accounting policies
Rental income from investment and non-investment properties
Rental income arising from operating leases on both investment and non-investment properties is accounted for on a straight-line basis
over the lease term. Rental income arising on these non-trading properties is shown as Other Income (rather than as Revenue) as the
income does not form an integral part of our core business strategy and operating model. For accounting policies relating to investment
properties, refer to Note 23. ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory", "language": "en", "entity": "scheme:213800TKR59ER8Z69V16", "period": "2025-01-04T00:00:00/2026-01-04T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00285": { "value": "Accounting policies
Rental income from investment and non-investment properties
Rental income arising from operating leases on both investment and non-investment properties is accounted for on a straight-line basis
over the lease term. Rental income arising on these non-trading properties is shown as Other Income (rather than as Revenue) as the
income does not form an integral part of our core business strategy and operating model. For accounting policies relating to investment
properties, refer to Note 23.", "dimensions": { "concept": "coop:DescriptionOfAccountingPolicyForOtherIncomeExplanatoryPolicyTextBlock", "language": "en", "entity": "scheme:213800TKR59ER8Z69V16", "period": "2025-01-04T00:00:00/2026-01-04T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00227": { "value": "6
Finance income
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Underlying finance income:
\u00a0 \u00a0
Interest income from finance lease receivables
2
2
Interest receivable on deposits
14
25
Total underlying finance income
16
27
Non-underlying finance income:
\u00a0 \u00a0
Net pension finance income
18
17
Fair value movement on interest rate swaps*
2
3
Fair value movement on foreign exchange contracts and commodity derivatives
1
-
Fair value movement on quoted Group debt
1
-
Unrealised fair value movement on funeral plan investments
110
102
Other non-underlying finance income**
-
5
Total non-underlying finance income
132
127
Total finance income
148
154
\n
*The fair value movement noted in the Finance income table above relates to the \u00a3105m of interest rate swaps that are not designated for
hedge accounting. The effective portion of the fair value movement on the \u00a3175m of swaps designated for hedge accounting has been
reflected in the Hedge Reserve (see Note 22).
** The \u00a35m gain noted in the prior year related to the net impact of a refinement of our actuarial model during that year (following the
adoption of IFRS 17 in 2023) resulting in a one-off adjustment to plan liabilities of \u00a319m (Note 20) and \u00a314m of investments relating to fixed
monthly payment plans (FMPs) that were de-recognised during the prior year (Note 13).", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:213800TKR59ER8Z69V16", "period": "2025-01-04T00:00:00/2026-01-04T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00228": { "value": "6
Finance income
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Underlying finance income:
\u00a0 \u00a0
Interest income from finance lease receivables
2
2
Interest receivable on deposits
14
25
Total underlying finance income
16
27
Non-underlying finance income:
\u00a0 \u00a0
Net pension finance income
18
17
Fair value movement on interest rate swaps*
2
3
Fair value movement on foreign exchange contracts and commodity derivatives
1
-
Fair value movement on quoted Group debt
1
-
Unrealised fair value movement on funeral plan investments
110
102
Other non-underlying finance income**
-
5
Total non-underlying finance income
132
127
Total finance income
148
154
\n
*The fair value movement noted in the Finance income table above relates to the \u00a3105m of interest rate swaps that are not designated for
hedge accounting. The effective portion of the fair value movement on the \u00a3175m of swaps designated for hedge accounting has been
reflected in the Hedge Reserve (see Note 22).
** The \u00a35m gain noted in the prior year related to the net impact of a refinement of our actuarial model during that year (following the
adoption of IFRS 17 in 2023) resulting in a one-off adjustment to plan liabilities of \u00a319m (Note 20) and \u00a314m of investments relating to fixed
monthly payment plans (FMPs) that were de-recognised during the prior year (Note 13).
7
Finance costs
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Underlying finance costs:
\u00a0\u00a0
Interest on loans (all repayable within five years)
(41)
(47)
Interest expense on lease liabilities
(66)
(66)
Total underlying finance cost
(107)
(113)
Non-underlying finance costs:
\u00a0\u00a0
Fair value movement on foreign exchange contracts and commodity derivatives
-
(1)
Fair value movement on quoted Group debt
-
(3)
Other non-underlying finance interest
(7)
(9)
Insurance finance expenses (funeral plans)
(20)
(18)
Total non-underlying finance cost
(27)
(31)
Total finance costs
(134)
(144)
\n
Total interest expense on financial liabilities (including lease liabilities) that are not at fair value through the income statement was \u00a399m
(2024: \u00a3104m).", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800TKR59ER8Z69V16", "period": "2025-01-04T00:00:00/2026-01-04T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00229": { "value": "7
Finance costs
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Underlying finance costs:
\u00a0\u00a0
Interest on loans (all repayable within five years)
(41)
(47)
Interest expense on lease liabilities
(66)
(66)
Total underlying finance cost
(107)
(113)
Non-underlying finance costs:
\u00a0\u00a0
Fair value movement on foreign exchange contracts and commodity derivatives
-
(1)
Fair value movement on quoted Group debt
-
(3)
Other non-underlying finance interest
(7)
(9)
Insurance finance expenses (funeral plans)
(20)
(18)
Total non-underlying finance cost
(27)
(31)
Total finance costs
(134)
(144)
\n
Total interest expense on financial liabilities (including lease liabilities) that are not at fair value through the income statement was \u00a399m
(2024: \u00a3104m).", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:213800TKR59ER8Z69V16", "period": "2025-01-04T00:00:00/2026-01-04T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00230": { "value": "8
Taxation
\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\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
\u00a0 \u00a0
2025
2024
\u00a0
Footnote
\u00a3m
\u00a3m
Current tax credit - current period
(i)
-
-
Current tax credit - adjustment in respect of prior periods
\u00a0
-
-
Net current tax credit - in respect of continuing operations
\u00a0
-
-
Net current tax charge - in respect of discontinued operations
\u00a0
-
-
Total current tax charge
\u00a0
-
-
Deferred tax charge - current period
(ii)
(1)
(74)
Deferred tax credit - adjustments in respect of prior periods
(iii)
(3)
11
Deferred tax charge - impact of rate change (see note below)
(ii)
-
-
Total deferred tax charge
\u00a0
(4)
(63)
Total tax charge reported in the income statement
\u00a0
(4)
(63)
Total tax charge
\u00a0
(4)
(63)
\n
The tax on the Group\u2019s net profit before tax differs from the theoretical amount that would arise using the standard applicable rate of
corporation tax of 25.0% (2024: 25.0%) 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\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\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
2025
2024
\u00a0
Footnote
\u00a3m
\u00a3m
(Loss) / profit before tax from continuing operations
\u00a0
(43)
161
Profit before tax from discontinued operation
\u00a0
-
-
Total (loss) / profit before tax
\u00a0
(43)
161
Tax credit / (charge) at 25.0% (2024: 25.0%)
\u00a0
11
(40)
Current tax reconciliation:
\u00a0\u00a0\u00a0
Expenses not deductible for tax (including one-off costs)
(iv)
(1)
(20)
Depreciation and amortisation on non-qualifying assets
(v)
(11)
(12)
Capital gains arising on property disposals
(vi)
-
(2)
Impact on current tax for movement in temporary tax differences (see below)
\u00a0
1
74
Total current tax charge
\u00a0
-
-
Deferred tax reconciliation:
(Utilisation) / increase of temporary tax differences - see Note 14 footnote (vii)
\u00a0\u00a0\u00a0
Utilisation of capital allowances in excess of depreciation on qualifying assets
\u00a0
(7)
(78)
Utilisation of brought forward tax losses
\u00a0
(1)
(1)
Pension timing differences
\u00a0
13
10
Unwind of restatement adjustment on adoption of IFRS 16
\u00a0
(6)
(5)
IFRS 17 Funeral plan liabilities
\u00a0
-
-
Unrealised gains on investment properties, rolled-over gains and historic business combinations
\u00a0
-
-
Subtotal of deferred tax reconciling items
\u00a0
(1)
(74)
Other deferred tax items:
\u00a0\u00a0\u00a0
Adjustment in respect of previous periods
(iii)
(3)
11
Impact of restatement of deferred tax to enacted rate
(vii)
-
-
Total deferred tax charge
\u00a0
(4)
(63)
Total tax charge
\u00a0
(4)
(63)
Tax expense on items taken directly to consolidated statement of comprehensive income:
\n\n \n
2025
2024
\u00a3m
\u00a3m
Actuarial gains and losses on employee pension scheme
1
(2)
IFRS 17 Funeral plan liabilities
14
(24)
Tax on items taken directly to consolidated statement of comprehensive income
15
(26)
\n
Of the \u00a315m tax taken directly to the consolidated statement of comprehensive income, \u00a31m credit (2024: \u00a32m debit) arises on the
\n
actuarial movement on employee pension schemes with the main movement through OCI being the \u00a314m credit in relation to IFRS 17.
\n
There was no movement this year directly to the consolidated statement of comprehensive income in respect of investment properties
\n
revaluations.
\n
Tax policy
\n
We publish our tax policy on our website (https://www.co-operative.coop/ethics/tax-policy) and have complied with the commitments set
\n
out in that policy.
\n
Pillar 2
\n
The OECD has promoted Pillar 2 reform and this has now been introduced into the UK tax system. The new rules are designed to promote
\n
the international actions put forward by the OECD to impose a minimum tax rate of 15%. The Co-op have considered the new rules and
\n
concluded that its prevailing Effective Tax Rate is above 15% and that therefore the Pillar 2 rules have no application in terms of affecting
\n
the Group\u2019s tax cost. This is mainly due to prevailing and integral permanent differences in the Group\u2019s tax calculations which will have the
\n
impact of increasing the accounting Profit Before Tax for the foreseeable future.
\n
Footnotes to Taxation note 8:
\n
i) The Group is not tax-paying in the UK in respect of 2025 (2024: not tax-paying) due to the fact it has offset its current year profits by
\n
utilising some of its brought forward tax attributes. The tax attributes used have mainly been brought forward capital allowances (\u00a3366m
\n
gross claimed in 2025) and tax losses (\u00a35m gross utilised in 2025) that offset its taxable profits for the period (2024: \u00a3373m gross claimed
\n
and \u00a35m gross utilised). These allowances and losses are explained in more detail in Note 14. The current tax charge nets to \u00a3nil.
\n
Outside of the UK, our Isle of Man resident subsidiary, Manx Co-operative Society, a convenience retailing business in the Isle of Man
\n
showed a small profit in 2025, giving rise to a small current tax liability of \u00a30.3m (2024: \u00a30.2m). This is the Group's only non-UK resident
\n
entity for tax purposes, which employs 71 part-time and 128 full-time colleagues out of our total Group headcount figure (2024: 89 part-
\n
time and 147 full-time). All other income in the consolidated income statement is generated by UK activities and all other colleagues are
\n
employed in the UK.
\n
The 2025 revenue of Manx Co-operative Society is \u00a332m (2024: \u00a342m) and all other revenue reflected in the consolidated income
\n
statement is generated by UK trading activities. The net assets of Manx Co-operative Society at 3 January 2026 were \u00a314m (4 January
\n
2025: \u00a316m, compared to net assets of the consolidated Group of \u00a32,108m (2024: \u00a32,198m). The Manx assets represent the only overseas
\n
trading assets within the Group. A full copy of the most recent accounts is available here https://www.co-operative.coop/investors/rules.
\n
The presence of this Isle of Man resident subsidiary has not resulted in any additional tax charge in 2025 over and above that payable to
\n
the Isle of Man authorities stated above. If these activities had been carried out in the UK, these profits would have been included within
\n
the Group's taxable profit prior to the availability of capital allowances and tax losses.
\n
ii) Deferred tax is an accounting concept that reflects how some income and expenses can affect the tax charge in different periods to
\n
when they are reflected for accounting purposes. These differences are a result of tax legislation which require us to make these
\n
adjustments in our annual tax returns. The \u00a34m deferred tax charge mainly relates to the net use of temporary differences in respect of the
\n
movements on pension assets and capital allowances not yet claimed. Note 14 gives further detail on how each deferred tax balance has
\n
moved in the year.
\n
iii) The deferred tax adjustments in respect of prior years is a common adjustment. It reflects the difference between what is known at the
\n
time and reflected in the notes to these accounts and when the final tax returns are submitted to HMRC. In this year, we have made an \u00a33m
\n
credit adjustment in respect of prior years.
iv) Some expenses incurred by the Group may be entirely appropriate charges for inclusion in its financial statements but are not allowed
as a deduction against taxable income when calculating the Group's tax liability. Examples of this include some repairs, entertaining costs
and certain legal costs.
v) During the year the Group incurred expenditure on depreciating fixed assets which do not qualify for capital allowances. As this
expenditure will never attract tax relief, this has led to an adjusting difference on the reconciliation.
vi) During the year a number of properties were sold, where the net taxable profit was more than the accounting profit.
vii) It is a requirement to measure deferred tax balances at the substantively enacted corporation tax rate at which they are expected to
unwind. As the enacted deferred tax rate is the same as the current tax rate of 25%, there has been no difference to record this year.
Accounting policies
Income tax on the profit or loss for the period is made up of current and deferred tax. Income tax is recognised in the income statement
except to the extent that it relates to items recognised directly in reserves, in which case it is recognised in other comprehensive income.
Current tax is the expected tax payable on the taxable income for the period, using tax rates enacted or substantively enacted at the
balance sheet date, and any adjustment to tax payable in respect of previous years.", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800TKR59ER8Z69V16", "period": "2025-01-04T00:00:00/2026-01-04T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00286": { "value": "Accounting policies
Income tax on the profit or loss for the period is made up of current and deferred tax. Income tax is recognised in the income statement
except to the extent that it relates to items recognised directly in reserves, in which case it is recognised in other comprehensive income.
Current tax is the expected tax payable on the taxable income for the period, using tax rates enacted or substantively enacted at the
balance sheet date, and any adjustment to tax payable in respect of previous years.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800TKR59ER8Z69V16", "period": "2025-01-04T00:00:00/2026-01-04T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00231": { "value": "9
Reconciliation of operating (loss) / profit to net cash flow from operating activities
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Operating (loss) / profit
(57)
151
Depreciation and amortisation charges
362
350
Non-current asset impairments
40
25
Non-current asset impairment reversals
(11)
(7)
Profit on closure and disposal of businesses and non-current assets
(11)
(19)
Change in value of investment properties
(10)
(14)
Other non-underlying items *
-
(17)
Retirement benefit obligations
72
56
Increase in inventories
(26)
(17)
Increase in receivables
(133)
(12)
Increase / (decrease) in expected credit losses on trade receivables
2
(3)
Increase in insurance contract liabilities (funeral plans)
(4)
(2)
Increase / (decrease) in payables and provisions
19
(35)
Net cash flow from operating activities
243
456
\n
* In the comparative period; Other non-underlying items reflected a \u00a317m non-cash gain relating to a one off adjustment to eliminate an
historic fair value adjustment to certain Property, plant and equipment assets which had not been amortised. This gain was treated as a
non-underlying item in the Income statement.
Accounting policies
Refer to note 17 for details of the accounting policy for Cash and cash equivalents.", "dimensions": { "concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory", "language": "en", "entity": "scheme:213800TKR59ER8Z69V16", "period": "2025-01-04T00:00:00/2026-01-04T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00297": { "value": "Accounting policies Refer to note 17 for details of the accounting policy for Cash and cash equivalents. Accounting policies
Cash and cash equivalents;
in the consolidated balance sheet comprise cash in hand, cash in transit and cash at bank and short-term
deposits with banks with a maturity of three months or less, which are subject to an immaterial risk of changes in value. Cash and cash
equivalents includes debit and credit card payments made by customers which are receivable from banks and clear the bank within three
days of the transaction date. Cash and cash equivalents also includes \u00a35m (2024: \u00a3nil) of restricted cash relating to receipts to be invested
in funeral plan investments (these are included in cash and cash equivalents on a statutory basis but are excluded from our net debt APM
metric (see Glossary for further details)). In the statement of consolidated cash flows, cash and cash equivalents includes bank overdrafts as
they are repayable on demand and deemed to form an integral part of the Group's cash management. Amounts held in trustee-
administered bank accounts of the Group of \u00a39m (2024: \u00a39m), which can only be utilised to meet liabilities in respect of funeral plans, are
classed as Funeral plan investments (see Note 13) and not Cash and cash equivalents.
Short-term investments;
represent surplus cash placed on deposit with banks or other financial institutions for periods of less than twelve
months but more than three months. Balances are held at amortised cost and are included within our net debt calculation as short term
investments.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:213800TKR59ER8Z69V16", "period": "2025-01-04T00:00:00/2026-01-04T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00232": { "value": "10
Property, plant and equipment
\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\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
\u00a0 \u00a0
Plant and
\u00a0
For the period ended 3 January 2026
Property
equipment
Total
\u00a0
\u00a3m
\u00a3m
\u00a3m
Cost or valuation:
\u00a0 \u00a0 \u00a0
At 4 January 2025
1,326
2,782
4,108
Additions
49
220
269
Disposals
(9)
(31)
(40)
At 3 January 2026
1,366
2,971
4,337
Depreciation:
\u00a0 \u00a0 \u00a0
At 4 January 2025
593
1,959
2,552
Charge for the period
32
185
217
Impairment
-
17
17
Disposals
(9)
(31)
(40)
At 3 January 2026
616
2,130
2,746
Net book value:
\u00a0 \u00a0 \u00a0
At 3 January 2026
750
841
1,591
At 4 January 2025
733
823
1,556
Capital work in progress included above
3
78
81
\n
The impairment charge of \u00a317m (2024: \u00a38m) reflects impairment charges on our Food stores impacted by the underlying performance of
\n
our Food business (see also Critical accounting estimates and judgements section of this note).
\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\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
\u00a0\u00a0
Plant and
\u00a0
For the period ended 4 January 2025
Property
equipment
Total
\u00a0
\u00a3m
\u00a3m
\u00a3m
Cost or valuation:
\u00a0\u00a0\u00a0
At 6 January 2024
1,362
2,719
4,081
Additions
49
188
237
Disposals
(81)
(125)
(206)
Transfer to Investment properties (Note 23)
(4)
-
(4)
At 4 January 2025
1,326
2,782
4,108
Depreciation:
\u00a0\u00a0\u00a0
At 6 January 2024
634
1,904
2,538
Charge for the period
27
181
208
Impairment
6
2
8
Disposals
(74)
(128)
(202)
At 4 January 2025
593
1,959
2,552
Net book value:
\u00a0\u00a0\u00a0
At 4 January 2025
733
823
1,556
At 6 January 2024
728
815
1,543
Capital work in progress included above
-
23
23
Critical accounting estimates and judgements
\n
Impairment
\n
An impairment review as at 3 January 2026 has been performed over our Food and Funeralcare estate with a total net impairment charge
\n
amounting to \u00a337m (2024: \u00a318m), relating to \u00a317m for Property, plant and equipment (2024: \u00a38m) and \u00a320m for Right of use assets
\n
(2024: \u00a310m). The impairment charge relates to our Food stores and is driven by the underlying performance of our Food business. Gross
\n
impairment recognised in respect of Property, plant and equipment amounted to \u00a317m (2024: \u00a312m), offset by impairment reversals of
\n
\u00a3nil (2024: \u00a33m), whilst the gross impairment relating to right of use assets was \u00a323m (2024: \u00a313m) offset by impairment reversals of \u00a33m
\n
(2024: \u00a34m). The key assumptions in the value in use calculations are:
\n\n \n
Assumption
Food Segment
Funeral Segment
Structure of
Each individual food store is deemed to be an individual
A cash generating unit (CGU) is deemed to be a local network
a CGU
cash generating unit (CGU).
of interdependent branches, known as a Funeralcare Hub.
Future cash flows for FY26 and FY27 are derived from
Future cash flows for FY26 and FY27 are derived from Board
Board approved plan cash flow assumptions. The plan
approved plan cash flow projections. The plan reflects updated
reflects updated growth assumptions following the impact
growth assumptions following the impact of the recent cyber
of the recent cyber attack on underlying trading
attack on underlying trading performance and ongoing cost
performance and ongoing cost headwinds.
headwinds.
For leasehold stores the forecasts are then subject to a
The forecasts and then subject to a long term growth rate of
growth rate of 0% for the remainder of the lease period.
1.02% (2024: 1.07%) reflecting the UK's long-term death rate
After the lease period, a long-term growth rate of 1.9%
for the period of the lease and into perpetuity. Where we have
(2024: 1.9%) is applied into perpetuity (adjusted for rent
known lease exit dates then the remaining lease terms have
expense given the impact of IFRS 16 leases) reflecting the
been used. For freehold branches, the assumed time frame
UK's long-term growth rate. Where we have known lease
aligns with the average branch refit cycle.
exit dates then the remaining lease terms have been used.
For freehold stores, the assumed time frame for the
Perpetuities are included in cash flows with 1.02% growth
growth rate of 0% aligns with the average store refit cycle
(2024: 1.07%) where branches are expected to be operational
of 10 years, with cash flows taken to perpetuity at 1.9%
beyond their current lease terms (adjusted for rent expense
long-term growth (2024: 1.9%) where stores are expected
given the impact of IFRS 16 leases), or for freeholds, beyond the
to be operated beyond the average store refit cycle. Cash
average branch refit cycle.
flows include estimated periodic store capital
maintenance costs based on the square footage of the
Cash flows include an appropriate estimate of periodic capital
Cash flow
store.
maintenance costs.
assumptions
In general, new stores in their early months of operations
are considered to be on a maturity curve and therefore
excluded from our impairment assessment. Where
appropriate, due to site-specific trading circumstances,
individual such stores are included in the assessment by
exception. Similarly, impairment reversals are considered
after a store has completed a two year recovery period.
The Group is working through the potential impact of the climate related risks and opportunities as identified and disclosed
in our Climate-Related Financial Disclosures (CRFD) report on pages 119 - 129. Our risk assessment and scenario analysis
identified that the most material climate related risks are on technology and consumer sentiment. We have considered
these risks in our assessment of whether any indicators of impairment existed at the balance sheet date, however it was
concluded that the expected climate related risks did not have a material impact on the Group's impairment considerations
at the reporting date.
The board-approved plan underpinning our property, plant and equipment and goodwill impairment assessment, takes
into consideration any incremental costs of climate related actions to mitigate these risks where these are expected to
crystallise within the timeframe of the plan. This represents a developing area with inherent uncertainty which is constantly
evolving.
\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\n
\u00a0 \u00a0
Assumption
Food Segment
Funeral Segment
\u00a0
A post tax discount rate has been calculated for impairment
A post tax discount rate has been calculated for
\u00a0
purposes, with the Food segment's weighted average cost of
impairment purposes, with the Funeralcare segment's
\u00a0
capital (WACC) deemed to be an appropriate rate,
weighted average cost of capital (WACC) deemed to be an
\u00a0
subsequently grossed up to a pre-tax rate of 11.4% (2024:
appropriate rate, subsequently grossed up to a pre-tax
\u00a0
10.3%). The post tax discount rate has been calculated using the rate of 10.2% (2024: 9.7%). The post tax discount rate has
been calculated using the capital asset pricing model.
\u00a0
capital asset pricing model.
\u00a0
\u00a0
Certain inputs into the capital asset pricing model are not
Certain inputs into the capital asset pricing model are not
\u00a0
readily available for non-listed entities. As such, certain inputs
readily available for non-listed entities. As such, certain
\u00a0
have been obtained from industry benchmarks which carries a
inputs have been obtained from industry benchmarks
Discount
measure of estimation uncertainty.
which carries a measure of estimation uncertainty.
rate and
\u00a0 \u00a0
Sensitivity
Sensitivity analysis has been performed against the key
Sensitivity analysis has been performed against the key
analysis
assumptions used in our store impairment testing as follows: a)
assumptions used in our Funeralcare Hub impairment
\u00a0
a 1% increase or decrease in the long term growth and b) no
testing as follows: a) a 1% increase or decrease in the long
\u00a0
growth assumed in the first two years of forecasts. The
term growth rate. The sensitivities have not resulted in a
\u00a0
sensitivities have not resulted in a material movement in the
material movement in the impairment calculated. The
\u00a0
impairment calculated. The sensitivity analysis performed
sensitivity analysis performed considers reasonably
\u00a0
considers reasonably possible changes in these key
possible changes in the discount rate and growth rate
\u00a0
assumptions and was modelled using cashflows that included
assumptions. Sensitivity analysis has also been performed
\u00a0
and excluded the impact of the cyber attack. Sensitivity analysis
on our goodwill impairment testing, see note 12.
\u00a0
has also been performed on our goodwill impairment testing,
\u00a0
\u00a0
see note 12.
\u00a0
\n
Accounting policies
Where parts of an item of property, plant and equipment have materially different useful economic lives, they are accounted for as
separate items of property, plant and equipment. Cost includes purchase price plus any costs directly attributable to bringing the assets
to the location and condition necessary for it to be capable of operating in the manner intended by management. Depreciation is
provided on the cost or valuation less estimated residual value (excluding freehold land) on a straight-line basis over the anticipated
working lives of the assets. The estimated useful lives are as follows and where appropriate would also include our assessment of the
expected impact on asset lives of our plan to move to net zero by 2040:
Property
Freehold buildings - 50 years
All properties are measured at cost less accumulated depreciation and impairment losses.
Land is not depreciated
Plant & equipment
Plant and machinery - 3 to 13 years
Vehicles - 3 to 9 years
We no longer include property, plant and equipment in our balance sheet when the Group loses the right to the future economic benefits
associated with the asset. For property, this usually happens when we have exchanged contracts on an unconditional basis to sell it.
Impairment
For the Food segment, the Group treats each store as a separate cash-generating unit (CGU) for impairment testing of property, plant and
equipment and right-of-use assets. The Group allocates goodwill to groups of cash-generating units, where appropriate. Whilst the
individual food stores represent the CGUs, the lowest level at which internal management monitor the performance of the business is at a
total Food segment level. To meet the requirements of IAS 36 CGUs are grouped together for goodwill impairment testing as described
in note 12.
For the Funerals segment, the Group treats a local network of interdependent branches, known as a Funeralcare Hub, as a separate cash-
generating unit for impairment testing of property, plant and equipment, right-of-use assets and goodwill. Where an individual branch
within a local network is to be closed, the individual branch is defined as the CGU, rather than being included with the network of
interdependent branches. This is because the branch is no longer expected to contribute to the business through cash generated through
its operating activities but instead through any proceeds on disposal.
At each reporting date, the Group reviews the carrying amounts of its property, plant and equipment to determine whether there is any
\n
indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset, is estimated
\n
in order to determine the extent of the impairment loss. The recoverable amount for Food and Funeral cash generating units (CGUs) is the
\n
greater of the fair value of the CGU (less costs to sell) and the value in use (VIU) of the CGU. For freehold stores the fair value of the CGUs
\n
(less costs to sell) is estimated using internal valuations based on rateable values or recent market values where known. Where the VIU
\n
estimates are higher than the fair value estimates the VIU estimates have been used in the impairment assessments. The VIU for Food and
\n
Funeral CGUs has been determined using discounted cash flow calculations. Impairment losses are recognised in the income statement.
\n
Where the asset does not generate cash inflows that are independent from other assets, the Group estimates the recoverable amount of the
\n
cash-generating unit (CGU) to which the asset belongs. An impairment loss is reversed if there has been a change in the estimate used to
\n
determine the recoverable amount. An impairment loss is reversed only to the extent that the asset\u2019s carrying amount is returned to what it
\nwould have been, net of depreciation or amortisation, if no impairment loss had been recognised.", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800TKR59ER8Z69V16", "period": "2025-01-04T00:00:00/2026-01-04T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00287": { "value": "Accounting policies
Where parts of an item of property, plant and equipment have materially different useful economic lives, they are accounted for as
separate items of property, plant and equipment. Cost includes purchase price plus any costs directly attributable to bringing the assets
to the location and condition necessary for it to be capable of operating in the manner intended by management. Depreciation is
provided on the cost or valuation less estimated residual value (excluding freehold land) on a straight-line basis over the anticipated
working lives of the assets. The estimated useful lives are as follows and where appropriate would also include our assessment of the
expected impact on asset lives of our plan to move to net zero by 2040:
Property
Freehold buildings - 50 years
All properties are measured at cost less accumulated depreciation and impairment losses.
Land is not depreciated
Plant & equipment
Plant and machinery - 3 to 13 years
Vehicles - 3 to 9 years
We no longer include property, plant and equipment in our balance sheet when the Group loses the right to the future economic benefits
associated with the asset. For property, this usually happens when we have exchanged contracts on an unconditional basis to sell it.
Impairment
For the Food segment, the Group treats each store as a separate cash-generating unit (CGU) for impairment testing of property, plant and
equipment and right-of-use assets. The Group allocates goodwill to groups of cash-generating units, where appropriate. Whilst the
individual food stores represent the CGUs, the lowest level at which internal management monitor the performance of the business is at a
total Food segment level. To meet the requirements of IAS 36 CGUs are grouped together for goodwill impairment testing as described
in note 12.
For the Funerals segment, the Group treats a local network of interdependent branches, known as a Funeralcare Hub, as a separate cash-
generating unit for impairment testing of property, plant and equipment, right-of-use assets and goodwill. Where an individual branch
within a local network is to be closed, the individual branch is defined as the CGU, rather than being included with the network of
interdependent branches. This is because the branch is no longer expected to contribute to the business through cash generated through
its operating activities but instead through any proceeds on disposal.
\n\n\n\n\n\n
At each reporting date, the Group reviews the carrying amounts of its property, plant and equipment to determine whether there is any
\n
indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset, is estimated
\n
in order to determine the extent of the impairment loss. The recoverable amount for Food and Funeral cash generating units (CGUs) is the
\n
greater of the fair value of the CGU (less costs to sell) and the value in use (VIU) of the CGU. For freehold stores the fair value of the CGUs
\n
(less costs to sell) is estimated using internal valuations based on rateable values or recent market values where known. Where the VIU
\n
estimates are higher than the fair value estimates the VIU estimates have been used in the impairment assessments. The VIU for Food and
\n
Funeral CGUs has been determined using discounted cash flow calculations. Impairment losses are recognised in the income statement.
\n
Where the asset does not generate cash inflows that are independent from other assets, the Group estimates the recoverable amount of the
\n
cash-generating unit (CGU) to which the asset belongs. An impairment loss is reversed if there has been a change in the estimate used to
\n
determine the recoverable amount. An impairment loss is reversed only to the extent that the asset\u2019s carrying amount is returned to what it
\nwould have been, net of depreciation or amortisation, if no impairment loss had been recognised.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800TKR59ER8Z69V16", "period": "2025-01-04T00:00:00/2026-01-04T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00288": { "value": "Property
Freehold buildings - 50 years
All properties are measured at cost less accumulated depreciation and impairment losses.
Land is not depreciated
Plant & equipment
Plant and machinery - 3 to 13 years
Vehicles - 3 to 9 years
We no longer include property, plant and equipment in our balance sheet when the Group loses the right to the future economic benefits
associated with the asset. For property, this usually happens when we have exchanged contracts on an unconditional basis to sell it.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:213800TKR59ER8Z69V16", "period": "2025-01-04T00:00:00/2026-01-04T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00289": { "value": "Impairment
For the Food segment, the Group treats each store as a separate cash-generating unit (CGU) for impairment testing of property, plant and
equipment and right-of-use assets. The Group allocates goodwill to groups of cash-generating units, where appropriate. Whilst the
individual food stores represent the CGUs, the lowest level at which internal management monitor the performance of the business is at a
total Food segment level. To meet the requirements of IAS 36 CGUs are grouped together for goodwill impairment testing as described
in note 12.
For the Funerals segment, the Group treats a local network of interdependent branches, known as a Funeralcare Hub, as a separate cash-
generating unit for impairment testing of property, plant and equipment, right-of-use assets and goodwill. Where an individual branch
within a local network is to be closed, the individual branch is defined as the CGU, rather than being included with the network of
interdependent branches. This is because the branch is no longer expected to contribute to the business through cash generated through
its operating activities but instead through any proceeds on disposal.
\n\n\n\n\n\n
At each reporting date, the Group reviews the carrying amounts of its property, plant and equipment to determine whether there is any
\n
indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset, is estimated
\n
in order to determine the extent of the impairment loss. The recoverable amount for Food and Funeral cash generating units (CGUs) is the
\n
greater of the fair value of the CGU (less costs to sell) and the value in use (VIU) of the CGU. For freehold stores the fair value of the CGUs
\n
(less costs to sell) is estimated using internal valuations based on rateable values or recent market values where known. Where the VIU
\n
estimates are higher than the fair value estimates the VIU estimates have been used in the impairment assessments. The VIU for Food and
\n
Funeral CGUs has been determined using discounted cash flow calculations. Impairment losses are recognised in the income statement.
\n
Where the asset does not generate cash inflows that are independent from other assets, the Group estimates the recoverable amount of the
\n
cash-generating unit (CGU) to which the asset belongs. An impairment loss is reversed if there has been a change in the estimate used to
\n
determine the recoverable amount. An impairment loss is reversed only to the extent that the asset\u2019s carrying amount is returned to what it
\nwould have been, net of depreciation or amortisation, if no impairment loss had been recognised.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800TKR59ER8Z69V16", "period": "2025-01-04T00:00:00/2026-01-04T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00233": { "value": "11
Leases
\n
A. As a lessee
\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\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
Plant and
\u00a0
Right-of-use assets
Property
equipment
Total
\u00a0
\u00a3m
\u00a3m
\u00a3m
Balance at 4th January 2025
740
65
805
Depreciation charge for the year
(93)
(19)
(112)
New leases and modifications
110
29
139
Disposals
(15)
-
(15)
Net Impairment
(20)
-
(20)
Balance at 3rd January 2026
722
75
797
\n
The net impairment charge of \u00a320m (2024: \u00a310m) comprises a \u00a320m (2024: \u00a310m) impairment charge against food stores where future
\n
cashflow forecasts do not support the carrying value of the right-of-use assets and a \u00a33m (2024: \u00a3nil) charge against non-trading properties
\n
net of a reversal of \u00a33m (2024: \u00a3nil) of previously recognised impairment for one of the floors in our support centre. In the context of
\n
impairment, the critical accounting estimates and judgements set out in Note 10 (Property, plant and equipment) are also applicable for
\n
right-of-use assets.
\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\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
Balance at 6th January 2024
774
53
827
Depreciation charge for the year
(89)
(21)
(110)
New leases and modifications
87
33
120
Disposals
(20)
-
(20)
Transfer to Investment Properties (Note 23)
(2)
-
(2)
Impairment
(10)
-
(10)
Balance at 4th January 2025
740
65
805
\n
The Group leases many assets, principally it leases properties for its food retail stores and funeral branches as well as some vehicles and
\n
other equipment. The leases of retail stores are typically between 1 and 20 years in length (2024: 1 and 20 years), and leases of funeral
\n
branches are typically between 1 and 10 years in length (2024: 1 and 10 years). Vehicle and equipment leases are typically between 1 and
\n
4 years in length (2024: 1 and 4 years) and in some cases the Group has options to purchase the assets at the end of the contract term.
\n
Additions to right-of-use assets may vary to the lease liability additions figure noted in the table below due to the accounting treatment of
\n
lease incentives and dilapidation provisions under IFRS 16.
\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
2025
2024
Lease liabilities
\u00a3m
\u00a3m
Current
(191)
(173)
Non-current
(987)
(1,020)
Lease liabilities included in the Consolidated balance sheet
(1,178)
(1,193)
\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\n
\u00a0 \u00a0
\u00a0
2025
2024
Lease liabilities
\u00a3m
\u00a3m
At the start of the period
(1,193)
(1,233)
New leases and modifications
(139)
(121)
Disposals
17
35
Interest expense
(66)
(67)
Payments
203
193
Total lease liabilities
(1,178)
(1,193)
Extension and termination options
\n
Some leases of retail stores contain extension or termination options exercisable by the Group up to one year before the end of the non-
\n
cancellable contract period. Where practicable, the Group seeks to include extension and termination options in new leases to provide
\n
operational flexibility. The extension and termination options held are typically exercisable only by the Group and not by the lessors. The
\n
Group assesses at lease commencement whether it is reasonably certain to exercise the extension or termination options. The Group
\n
reassesses whether it is reasonably certain to exercise the options if there is a material event or material change in circumstances within its
\n
control. As at 3 January 2026, potential discounted future cash outflows of \u00a3176m (2024: \u00a3179m) have not been included in the lease
\n
liability because it is not reasonably certain that the Group will exercise the extension option. Included within the lease liability are
\n
discounted future cash outflows of \u00a397m (2024: \u00a3102m) where the group holds termination options but it is not reasonably certain to
\n
execute those termination options. In addition, an estimated \u00a371m (2024: \u00a356m) of potential discounted future cash outflows is not
\n
included in the lease liability relating to contracts currently under review for renewal.
\n
Short term leases
\n
The Group recognised rent expense from short-term leases of \u00a33m (2024: \u00a32m).
\n
B. As a lessor
\n
Lease income from lease contracts in which the Group acts as a lessor is as below:
\n\n \n
2025
2024
\u00a3m
\u00a3m
Operating lease (i)
Lease income
7
8
Finance lease (ii)
Finance income on the net investment in the lease
2
2
\n
i. Operating lease
\n
The Group leases out its investment properties. The Group classifies these leases as operating leases, because they do not transfer
\n
substantially all of the risks and rewards incidental to the ownership of the assets. The following table sets out a maturity analysis of lease
\n
payments, showing the undiscounted lease payments to be received after the reporting date.
\n\n \n
2025
2024
\u00a3m
\u00a3m
Less than one year
5
5
One to two years
4
4
Two to three years
3
4
Three to four years
3
4
Four to five years
2
4
More than five years
28
26
Total undiscounted lease payments receivable
45
47
\n
ii. Finance lease
\n
The Group also subleases some of its non-occupied leased properties. The Group classifies the sublease as a finance lease, where the
\n
period of the sublease is for substantially the remaining term of the head lease. The following table sets out a maturity analysis of lease
\n
receivables, showing the undiscounted lease payments to be received after the reporting date.
\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\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Less than one year
7
6
One to two years
6
6
Two to three years
6
6
Three to four years
5
5
Four to five years
5
4
More than five years
19
22
Total undiscounted lease payments receivable
48
49
Less: Unearned finance income
(10)
(11)
Present value of minimum lease payments receivable
38
38
Impairment loss allowance
(3)
(12)
Finance lease receivable (net of impairment allowance)
35
26
\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
2025
2024
\u00a0
\u00a3m
\u00a3m
Current
6
6
Non-current
29
20
Total finance lease receivable
35
26
\n
The average term of finance leases entered into is 10 years (2024: 10 years).
Impairment of finance lease receivables
The Group estimates the loss allowance on finance lease receivables at an amount equal to lifetime expected credit losses. The lifetime expected
credit losses are estimated based upon historical defaults on subleases, the credit quality of current tenants and forward-looking factors.
Accounting policies
Right-of-use assets
The Group recognises right-of-use assets at the commencement date of the lease (i.e. the date the underlying asset is available for use).
Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement
of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognised, initial direct costs incurred, and lease
payments made at or before the commencement date less any lease incentives received. Unless the Group is reasonably certain to obtain
ownership of the leased asset at the end of the lease term, the recognised right-of-use assets are depreciated on a straight-line basis over
the shorter of its estimated useful life and the lease term. Right-of-use assets are subject to impairment.
Lease liabilities
At the commencement date of the lease, the Group recognises lease liabilities measured at the present value of lease payments to be
made over the lease term. The lease payments include fixed payments (including in-substance fixed payments) less any lease incentives
receivable, variable lease payments that depend on an index or a rate, and amounts expected to be paid under residual value guarantees.
The lease payments also include the exercise price of a purchase option reasonably certain to be exercised by the Group and payments of
penalties for terminating a lease, if the lease term reflects the Group exercising the option to terminate. The variable lease payments that
do not depend on an index or a rate are recognised as expense in the period on which the event or condition that triggers the payment
occurs. In calculating the present value of lease payments, the Group uses the incremental borrowing rate at the lease commencement
date if the interest rate implicit in the lease is not readily determinable. After the commencement date, the amount of lease liabilities is
increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities
is remeasured if there is a modification, a change in the lease term, a change in the in-substance fixed lease payments or a change in the
assessment to purchase the underlying asset.
Short-term leases and leases of low-value assets
The Group applies the short-term lease recognition exemption to its short-term leases of machinery and equipment (i.e., those leases that
have a lease term of 12 months or less from the commencement date and do not contain a purchase option). It also applies the lease of low-
value assets recognition exemption to leases that are considered of low value (i.e. below \u00a35,000). Lease payments on short-term leases and
leases of low-value assets are recognised as expense on a straight-line basis over the lease term.", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:213800TKR59ER8Z69V16", "period": "2025-01-04T00:00:00/2026-01-04T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00290": { "value": "Accounting policies
Right-of-use assets
The Group recognises right-of-use assets at the commencement date of the lease (i.e. the date the underlying asset is available for use).
Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement
of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognised, initial direct costs incurred, and lease
payments made at or before the commencement date less any lease incentives received. Unless the Group is reasonably certain to obtain
ownership of the leased asset at the end of the lease term, the recognised right-of-use assets are depreciated on a straight-line basis over
the shorter of its estimated useful life and the lease term. Right-of-use assets are subject to impairment.
Lease liabilities
At the commencement date of the lease, the Group recognises lease liabilities measured at the present value of lease payments to be
made over the lease term. The lease payments include fixed payments (including in-substance fixed payments) less any lease incentives
receivable, variable lease payments that depend on an index or a rate, and amounts expected to be paid under residual value guarantees.
The lease payments also include the exercise price of a purchase option reasonably certain to be exercised by the Group and payments of
penalties for terminating a lease, if the lease term reflects the Group exercising the option to terminate. The variable lease payments that
do not depend on an index or a rate are recognised as expense in the period on which the event or condition that triggers the payment
occurs. In calculating the present value of lease payments, the Group uses the incremental borrowing rate at the lease commencement
date if the interest rate implicit in the lease is not readily determinable. After the commencement date, the amount of lease liabilities is
increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities
is remeasured if there is a modification, a change in the lease term, a change in the in-substance fixed lease payments or a change in the
assessment to purchase the underlying asset.
Short-term leases and leases of low-value assets
The Group applies the short-term lease recognition exemption to its short-term leases of machinery and equipment (i.e., those leases that
have a lease term of 12 months or less from the commencement date and do not contain a purchase option). It also applies the lease of low-
value assets recognition exemption to leases that are considered of low value (i.e. below \u00a35,000). Lease payments on short-term leases and
leases of low-value assets are recognised as expense on a straight-line basis over the lease term.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:213800TKR59ER8Z69V16", "period": "2025-01-04T00:00:00/2026-01-04T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00234": { "value": "12
Goodwill and intangible assets
\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\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
Computer
Other
\u00a0
For period ended 3 January 2026
Goodwill
software
intangibles
Total
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cost:
\u00a0 \u00a0 \u00a0 \u00a0
At 4 January 2025
1,123
387
43
1,553
Additions
-
59
-
59
Disposals
-
-
-
-
At 3 January 2026
1,123
446
43
1,612
Accumulated amortisation and impairment:
\u00a0 \u00a0 \u00a0 \u00a0
At 4 January 2025
383
206
40
629
Charge for the period
-
32
1
33
Disposals
-
-
-
-
At 3 January 2026
383
238
41
662
Net book value:
\u00a0 \u00a0 \u00a0 \u00a0
At 3 January 2026
740
208
2
950
\n
Computer software includes \u00a315m (2024: \u00a325m) of intangible work in progress. Other intangibles relates to acquired customer
\n
relationships arising on acquisition of businesses.
\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\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
Computer
Other
\u00a0
For period ended 4 January 2025
Goodwill
software
intangibles
Total
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cost:
\u00a0 \u00a0 \u00a0 \u00a0
At 6 January 2024
1,126
387
43
1,556
Additions
-
40
-
40
Disposals
(3)
(40)
-
(43)
At 4 January 2025
1,123
387
43
1,553
Accumulated amortisation and impairment:
\u00a0 \u00a0 \u00a0 \u00a0
At 6 January 2024
385
215
39
639
Charge for the period
-
31
1
32
Disposals
(2)
(40)
-
(42)
At 4 January 2025
383
206
40
629
Net book value:
\u00a0 \u00a0 \u00a0 \u00a0
At 4 January 2025
740
181
3
924
\n
Goodwill
\n
The components of goodwill are 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\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Food
720
720
Other businesses
20
20
Total goodwill
740
740
\n
The goodwill within other businesses principally relates to the goodwill recognised in the Funeral and Legal Services businesses.
Accounting policies
\n
Goodwill
\n
Goodwill represents the difference between the cost of the acquisition and the fair value of the identifiable assets, liabilities and contingent
\n
liabilities acquired.
\n
Assets and liabilities accepted under a transfer of engagements are restated at fair value, including any adjustments necessary to comply
\n
with the accounting policies of the Group.
\n
Goodwill is stated at cost less any accumulated impairment losses. Goodwill is allocated to cash-generating units and is not amortised but
\n
is tested annually for impairment. In respect of associates, the carrying value of goodwill is included in the carrying amount of the
\n
investment in the associate. Where impairment is required the amount is recognised in the income statement and cannot be written back.
\n
Negative goodwill arising on an acquisition is recognised directly in the income statement.
\n
Acquisition costs are expensed to the income statement when incurred.
\n
Computer software
\n
Computer software is stated at cost less accumulated amortisation and impairment. Costs directly attributable to the development of
\n
computer software for internal use are capitalised and classified as intangible assets where they are not an integral part of the related
\n
hardware and amortised over their useful life up to a maximum of seven years. We have considered the impact of guidance issued in
\n
March 2021 by the IFRS Interpretations Committee, which clarified IAS 38 guidance around what costs should and should not be
\n
capitalised specifically in relation to Software as a Service (\u2018SaaS\u2019) contracts, and concluded that our policy continues to be compliant with
\n
the standard.
\n
Subsequent expenditure
\n
Subsequent expenditure on capitalised intangible assets is capitalised only when it increases the future economic benefits embodied in
\n
the specific asset to which it relates. All other expenditure is charged to the income statement as incurred.
\n
Amortisation
\n
Amortisation is charged to the income statement on a straight-line basis over the estimated useful lives of intangible assets. Goodwill with
\n
an indefinite useful life is tested for impairment at each balance sheet date. Other intangible assets are amortised from the date they are
\n
available for use. The estimated useful lives are as follows:
\n
\u2022 Software development costs: 3 \u2013 15 years
\n
\u2022 Other intangible assets: 1 - 10 years
\n
Impairment
\n
Goodwill is tested for impairment at least annually by assessing the recoverable amount of each cash-generating unit (CGU), or group of
\n
cash-generating units, to which the goodwill relates.
\n
Food:
\n
In the Food business, the CGUs to which goodwill has been allocated and the level at which it is monitored is deemed to be the Food
\n
segment as a whole as goodwill arising on acquisitions reflects synergies (principally buying benefits) that benefit the whole business.
\n
Accordingly, impairment testing for all store goodwill balances is carried out using all the food stores as the group of CGUs.
\n
Other businesses:
\n
The majority of goodwill within other businesses is allocated to the Funerals business.
\n
In the Funerals business, a CGU to which goodwill has been allocated is determined as a local network of interdependent branches, known
\n
as a Funeralcare Hub.
\n
Where an individual branch within a local network is to be closed, the CGU attributable to that branch is redefined as being solely that
\n
individual branch on the basis that the branch is no longer expected to contribute to the business through cash generated through its
\noperating activities but instead through any proceeds on disposal.", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800TKR59ER8Z69V16", "period": "2025-01-04T00:00:00/2026-01-04T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00235": { "value": "Goodwill
The components of goodwill are 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\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Food
720
720
Other businesses
20
20
Total goodwill
740
740
\nThe goodwill within other businesses principally relates to the goodwill recognised in the Funeral and Legal Services businesses.", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:213800TKR59ER8Z69V16", "period": "2025-01-04T00:00:00/2026-01-04T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00291": { "value": "Accounting policies
Goodwill
\n
Goodwill represents the difference between the cost of the acquisition and the fair value of the identifiable assets, liabilities and contingent
\n
liabilities acquired.
\n
Assets and liabilities accepted under a transfer of engagements are restated at fair value, including any adjustments necessary to comply
\n
with the accounting policies of the Group.
\n
Goodwill is stated at cost less any accumulated impairment losses. Goodwill is allocated to cash-generating units and is not amortised but
\n
is tested annually for impairment. In respect of associates, the carrying value of goodwill is included in the carrying amount of the
\n
investment in the associate. Where impairment is required the amount is recognised in the income statement and cannot be written back.
\n
Negative goodwill arising on an acquisition is recognised directly in the income statement.
\n
Acquisition costs are expensed to the income statement when incurred.
\n
Computer software
\n
Computer software is stated at cost less accumulated amortisation and impairment. Costs directly attributable to the development of
\n
computer software for internal use are capitalised and classified as intangible assets where they are not an integral part of the related
\n
hardware and amortised over their useful life up to a maximum of seven years. We have considered the impact of guidance issued in
\n
March 2021 by the IFRS Interpretations Committee, which clarified IAS 38 guidance around what costs should and should not be
\n
capitalised specifically in relation to Software as a Service (\u2018SaaS\u2019) contracts, and concluded that our policy continues to be compliant with
\n
the standard.
\n
Subsequent expenditure
\n
Subsequent expenditure on capitalised intangible assets is capitalised only when it increases the future economic benefits embodied in
\n
the specific asset to which it relates. All other expenditure is charged to the income statement as incurred.
\n
Amortisation
\n
Amortisation is charged to the income statement on a straight-line basis over the estimated useful lives of intangible assets. Goodwill with
\n
an indefinite useful life is tested for impairment at each balance sheet date. Other intangible assets are amortised from the date they are
\n
available for use. The estimated useful lives are as follows:
\n
\u2022 Software development costs: 3 \u2013 15 years
\n
\u2022 Other intangible assets: 1 - 10 years
\n
Impairment
\n
Goodwill is tested for impairment at least annually by assessing the recoverable amount of each cash-generating unit (CGU), or group of
\n
cash-generating units, to which the goodwill relates.
\n
Food:
\n
In the Food business, the CGUs to which goodwill has been allocated and the level at which it is monitored is deemed to be the Food
\n
segment as a whole as goodwill arising on acquisitions reflects synergies (principally buying benefits) that benefit the whole business.
\n
Accordingly, impairment testing for all store goodwill balances is carried out using all the food stores as the group of CGUs.
\n
Other businesses:
\n
The majority of goodwill within other businesses is allocated to the Funerals business.
\n
In the Funerals business, a CGU to which goodwill has been allocated is determined as a local network of interdependent branches, known
\n
as a Funeralcare Hub.
\n
Where an individual branch within a local network is to be closed, the CGU attributable to that branch is redefined as being solely that
\n
individual branch on the basis that the branch is no longer expected to contribute to the business through cash generated through its
operating activities but instead through any proceeds on disposal.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800TKR59ER8Z69V16", "period": "2025-01-04T00:00:00/2026-01-04T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00292": { "value": "Goodwill
Goodwill represents the difference between the cost of the acquisition and the fair value of the identifiable assets, liabilities and contingent
\n
liabilities acquired.
\n
Assets and liabilities accepted under a transfer of engagements are restated at fair value, including any adjustments necessary to comply
\n
with the accounting policies of the Group.
\n
Goodwill is stated at cost less any accumulated impairment losses. Goodwill is allocated to cash-generating units and is not amortised but
\n
is tested annually for impairment. In respect of associates, the carrying value of goodwill is included in the carrying amount of the
\n
investment in the associate. Where impairment is required the amount is recognised in the income statement and cannot be written back.
\n
Negative goodwill arising on an acquisition is recognised directly in the income statement.
\nAcquisition costs are expensed to the income statement when incurred.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:213800TKR59ER8Z69V16", "period": "2025-01-04T00:00:00/2026-01-04T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00236": { "value": "13
Funeral plan investments
Funeral plan investments as per the balance sheet:
2025
2024
\u00a0
\u00a3m
\u00a3m
Non-current assets
1,513
1,414
Total Funeral plan investments
1,513
1,414
Funeral plan investments held by the Group are as follows:
2025
2024
\u00a0
\u00a3m
\u00a3m
Fair value through the income statement:
\u00a0 \u00a0
Funeral plan investments
1,513
1,414
Total Funeral plan investments
1,513
1,414
Funeral plan investments:
2025
2024
\u00a0
\u00a3m
\u00a3m
At start of period
1,414
1,346
Net plan investments (including ongoing instalments)
97
90
Plans redeemed
(97)
(96)
Plans cancelled
(11)
(14)
De-recognition of fixed monthly payment plans (FMPs)
-
(14)
Unrealised fair value movement on funeral plan investments (Note 6)
110
102
At end of period
1,513
1,414
\n
The funeral plan investments are financial assets which are recorded at fair value each period using valuations provided to Co-op by the
policy provider. The plan values reflect the amount the policy provider would pay out on redemption of the policy at the valuation date with
the main driver being underlying investment performance. The investment strategy is targeted to deliver appropriate returns on the plan
investments over the medium term to match expected inflationary increases in the cost to deliver a funeral. Assets include UK and overseas
equities, gilts, corporate bonds, property and cash. The majority of these investments are held in whole of life insurance policies issued by
The Royal London Mutual Insurance Society Limited. Whilst the main driver of their value is underlying investment performance, some
policies also feature security of initial investment value at death and reduced investment volatility.
Included in the balances above are Low Cost Instalment Funeral Plans (LCIP) of \u00a3177m (2024: \u00a3140m). This relates to 71,582 (2024: 65,508)
live plans. See note 20 for accounting policy for LCIP's.
The assured benefit between the Group and the customer is judged to represent an insurance contract and as such falls under the scope of
IFRS 17 (Insurance Contracts). In-line with the requirements of IFRS 17 the Group accounts for the LCIPs in the same way as a normal funeral
plan. These plans are assessed annually (gross of any reinsurance) using a liability adequacy test.
See Note 20 for further detail on the accounting policy for funeral plans. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:213800TKR59ER8Z69V16", "period": "2025-01-04T00:00:00/2026-01-04T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00237": { "value": "14
Deferred taxation
Deferred income taxes are calculated on all temporary differences under the liability method using an effective tax rate of 25.0% (2024:
25.0%). Temporary differences arise because sometimes accounting and tax requirements mean that transactions are treated as happening
at a different time for accounting purposes than they are for tax purposes.
\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\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
\u00a0\u00a0
2025
2024
Net deferred tax in the balance sheet:
\u00a0
\u00a3m
\u00a3m
Deferred tax asset - continuing operations
\u00a0
301
324
Deferred tax liability - continuing operations
\u00a0
(328)
(362)
Net deferred tax liability
\u00a0
(27)
(38)
Comprised of:
Footnote:
\u00a0\u00a0
Other temporary differences
(i)
(8)
(3)
Retirement benefit obligations
(ii)
(67)
(81)
Capital allowances on fixed assets
(iii)
240
250
Unrealised gains on investment properties, rolled-over gains and historic business combinations
(iv)
(143)
(148)
Tax losses
(v)
18
19
IFRS 16 adjustment
(vi)
34
38
IFRS 17 Funeral plan liabilities
(vii)
(101)
(113)
Net deferred tax liability
\u00a0
(27)
(38)
\n
The movements in the net deferred tax (liability) / asset during the period are set out 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\t\n\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
\u00a0\u00a0
2025
2024
Movement in deferred tax:
\u00a0
\u00a3m
\u00a3m
At beginning of the period
\u00a0
(38)
52
Income statement charge (see Note 8)
\u00a0
(4)
(63)
Additions / disposals
\u00a0
-
(1)
Reported in other comprehensive income:
\u00a0\u00a0\u00a0
Retirement benefit obligations (see Note 8)
(ii)
1
(2)
Items taken directly to Retained earnings:
\u00a0\u00a0\u00a0
IFRS 17 Funeral plan liabilities
(vii)
14
(24)
At end of the period
\u00a0
(27)
(38)
Footnotes:
i) This amount includes deferred tax liabilities that arose on the acquisition of Nisa Retail Limited in 2018 and the adoption of IFRS 9, also in
2018. These are partially offset by a deferred tax asset in respect of provisions. Expenses that have not yet been incurred are able to be
recorded in the accounts as provisions. However, of these certain expenses don't receive tax relief until they have been paid for and so the
related tax relief is delayed to a future period. During 2025 the amount of expense provisions deferred for tax purposes increased leading
to a slightly smaller net liability being shown.
ii) During the period, the Group's pension scheme surplus decreased by \u00a357m resulting in a decrease in the corresponding deferred tax
liability of \u00a314m. This amount represents the theoretical future tax cost to the Group in respect of the current pension scheme surplus.
iii) A deferred tax asset arises on capital allowances where the tax value of assets is higher than the accounts value of the same fixed assets.
The reason the Group has a higher tax value for these fixed assets is due to the fact the Group has not made a claim to its maximum
entitlement to capital allowances since 2013 due to reduced levels of trading profits in the intervening years. However, impairment,
disposals and depreciation have continued to reduce the accounts value for our assets. The Group expects to use these allowances to
reduce future trading profits.
iv) This amount represents the theoretical amount of tax that would be payable by the Group on (a) the sale of all investment properties, (b)
the sale of properties that have been restated at their fair value on historic mergers and transfers of engagements and (c) the sale of any
property that has had an historic capital gain 'rolled into' its base cost (which is an election available by statute designed to encourage
businesses to reinvest proceeds from the sale of trading properties into new trading properties and ventures). The \u00a35m decrease in the
liability over the year is mainly due to disposal of properties under class (c) above.
v) The Group has incurred trading losses and interest losses that were in excess of taxable profits in the past. These losses can be used to
reduce future trading profits and capital gains which are included in future tax forecasts for the Group. The restriction on the amount of
losses that can be used in any one year post 1 April 2017, being \u00a35m plus 50% of any surplus taxable profits above this amount, is not
expected to limit the use of these losses other than extend the time over which they will be claimed.
The decrease in asset of \u00a31m is in respect of amounts offset against taxable profits this year.
vi) Deferred tax that arose on the adoption of IFRS 16 in 2019 will unwind over a number of years and reduce taxable profits in those future
years. The decrease in asset of \u00a34m is mainly in respect of the unwind during the year.
(vii) These movements relate to the application of IFRS 17 which require us to recognise gains and losses through our Profit Before Tax as
well as through our Other Comprehensive Income. Both of these amounts are treated as taxable and have led to an \u00a314m deferred tax
charge in Other Comprehensive Income.
Accounting policies
Deferred tax is provided for, with no discounting, using the balance sheet liability method, providing for temporary differences between
the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. The following
temporary differences are not provided for: the initial recognition of assets or liabilities that affect neither accounting nor taxable profits,
and differences relating to investments in subsidiaries to the extent that they will probably not reverse in the foreseeable future. The
amount of deferred tax provided is based on the expected manner of realisation or settlement of the carrying amount of assets and
liabilities, using tax rates enacted or substantively enacted at the balance sheet date. A deferred tax asset is recognised only to the extent
that it is probable that future taxable profits will be available to use the asset against. Deferred tax assets are reduced to the extent that it is
no longer probable that the related tax benefit will be realised.", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:213800TKR59ER8Z69V16", "period": "2025-01-04T00:00:00/2026-01-04T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00294": { "value": "Accounting policies
Deferred tax is provided for, with no discounting, using the balance sheet liability method, providing for temporary differences between
the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. The following
temporary differences are not provided for: the initial recognition of assets or liabilities that affect neither accounting nor taxable profits,
and differences relating to investments in subsidiaries to the extent that they will probably not reverse in the foreseeable future. The
amount of deferred tax provided is based on the expected manner of realisation or settlement of the carrying amount of assets and
liabilities, using tax rates enacted or substantively enacted at the balance sheet date. A deferred tax asset is recognised only to the extent
that it is probable that future taxable profits will be available to use the asset against. Deferred tax assets are reduced to the extent that it is
no longer probable that the related tax benefit will be realised.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800TKR59ER8Z69V16", "period": "2025-01-04T00:00:00/2026-01-04T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00238": { "value": "15
Inventories
\u00a0
2025
2024
Inventories include the following:
\u00a3m
\u00a3m
Raw materials, consumables and work in progress
4
4
Finished goods and goods for resale
479
453
Total inventory
483
457
\n
The period end inventory provision is \u00a316m (2024: \u00a326m) and a net credit of \u00a310m (2024: net credit of \u00a31m) has been made within
operating expenses in the income statement. There was no inventory pledged as security for liabilities in the current or prior period.
Accounting policies
Inventories are stated at the lower of cost, including attributable overheads, and net realisable value. The inventory balance is stated net of
any supplier income value on goods not sold at year-end. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:213800TKR59ER8Z69V16", "period": "2025-01-04T00:00:00/2026-01-04T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00295": { "value": "Accounting policies
Inventories are stated at the lower of cost, including attributable overheads, and net realisable value. The inventory balance is stated net of
any supplier income value on goods not sold at year-end. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:213800TKR59ER8Z69V16", "period": "2025-01-04T00:00:00/2026-01-04T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00239": { "value": "16
Trade and other receivables
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Non-current
6
6
Current
719
602
Total trade and other receivables
725
608
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Trade receivables
399
344
Prepayments
76
42
Accrued income
161
152
Other receivables
100
79
\u00a0
736
617
Allowance for expected credit losses
(11)
(9)
Total trade and other receivables
725
608
\n
Trade receivables are non-interest bearing and the Group's standard payment terms are between 7 and 60 days.
Within trade receivables is \u00a395m (2024: \u00a348m) of supplier income that is due from Food and Wholesale suppliers. Accrued income
includes \u00a3141m (2024: \u00a3131m) in relation to supplier income that has been recognised but not yet billed. As at 2 March 2026 (reflecting
close of Period 2 for the Group), \u00a353m (2024: \u00a344m) of the trade receivables balance had been invoiced and settled and \u00a3106m (2024:
\u00a3108m) of the accrued income balance has been invoiced and settled.
Other receivables comprises a variety of sundry debtors and includes \u00a318m (2024: \u00a312m) of duty that is automatically applied to goods
shipped to the Channel Islands that is recoverable from HMRC. Additionally there is \u00a38m (2024: \u00a37m) in relation to practice disbursements
incurred in our legal business to progress client cases that will subsequently be recovered as well as \u00a35m (2024:\u00a3nil) of deferred
consideration in relation to Investment properties sold during the year
The table below shows the movement in the allowance for expected credit losses for trade and other receivables:
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Opening allowance for expected credit losses
9
12
Charge to the income statement
3
8
Payments
-
(2)
Credit to the income statement
(1)
(9)
Closing allowance for expected credit losses
11
9
The Group has applied the expected losses model as defined under IFRS 9 (Financial Instruments) which focuses on the risk that a trade
receivable (including receivables relating to supplier income) will default rather than whether a loss has been incurred. The Group has
applied a simplified approach as allowed under IFRS 9 to use a provision matrix for calculating expected losses for trade receivables. More
information on credit risk and the use of a provision matrix is provided in Note 25.
Accounting policies
Refer to Note 26 Financial Instruments for the accounting policies relating to trade receivables and allowances for expected credit losses. ", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800TKR59ER8Z69V16", "period": "2025-01-04T00:00:00/2026-01-04T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00240": { "value": "
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Trade receivables
399
344
Prepayments
76
42
Accrued income
161
152
Other receivables
100
79
\u00a0
736
617
Allowance for expected credit losses
(11)
(9)
Total trade and other receivables
725
608
", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:213800TKR59ER8Z69V16", "period": "2025-01-04T00:00:00/2026-01-04T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00241": { "value": "The table below shows the movement in the allowance for expected credit losses for trade and other receivables:
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Opening allowance for expected credit losses
9
12
Charge to the income statement
3
8
Payments
-
(2)
Credit to the income statement
(1)
(9)
Closing allowance for expected credit losses
11
9
The Group has applied the expected losses model as defined under IFRS 9 (Financial Instruments) which focuses on the risk that a trade
receivable (including receivables relating to supplier income) will default rather than whether a loss has been incurred. The Group has
applied a simplified approach as allowed under IFRS 9 to use a provision matrix for calculating expected losses for trade receivables. More
information on credit risk and the use of a provision matrix is provided in Note 25.", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:213800TKR59ER8Z69V16", "period": "2025-01-04T00:00:00/2026-01-04T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00296": { "value": "Accounting policies Refer to Note 26 Financial Instruments for the accounting policies relating to trade receivables and allowances for expected credit losses. iv) Trade receivables - (amortised cost)
An impairment analysis is performed at each reporting date using a provision matrix to measure expected credit losses. The provision rates
are based on days past due for groupings of various customer segments with similar loss patterns (for example, by business division,
customer, coverage by letters of credit or other forms of credit insurance).
The calculation reflects the probability-weighted outcome, the time value of money and reasonable and supportable information that is
available at the reporting date about past events, current conditions and forecasts of future economic conditions. Generally, trade
receivables are written-off if past due for more than one year and are not insured or subject to enforcement activity. The maximum exposure
to credit risk at the reporting date is the carrying value of each class of financial assets disclosed in trade and other receivables (Note 16). ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800TKR59ER8Z69V16", "period": "2025-01-04T00:00:00/2026-01-04T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00242": { "value": "17
Cash and cash equivalents and short-term investments
\u00a0
2025
2024
Cash and cash equivalents
\u00a3m
\u00a3m
Cash in hand
48
47
Cash at banks
50
273
Cash and cash equivalents
98
320
Cash and cash equivalents (as above)
98
320
Bank overdrafts
(2)
-
Net cash and cash equivalents
96
320
\n
Through its primary banking provider, the Group operates a single joint account arrangement covering the parent society (Co-operative
Group Limited) and its subsidiary entities. Under this arrangement, the Group manages all funds through a single joint MASS (Memorandum
Account Statement System) account on behalf of all participating entities, whilst the individual entities have memorandum accounts which
are reflected in the header MASS account. All memorandum balances are grouped together in the single MASS account for the purposes of
applying interest from a Group perspective, but each entity records its own memorandum balance in its individual financial statements. The
entities participating in the joint account arrangement provide a cross-guarantee for all participants in relation to all indebtedness owed to
the bank and all participants are jointly and severally liable with the rest of the Group in the event of a default.
As at 3 January 2026, the joint MASS account had an overall overdrawn net balance of \u00a32m (2024: nil). While the Group has a right of set-off
across our memorandum accounts as part the joint account arrangement, each Group entity reflects their own individual cash position. The
MASS account gross balances comprises positive balances of \u00a3699m and overdraft balances of \u00a3701m (2024: \u00a3421m / (\u00a3415m)).
The cash at bank figures include amounts receivable from customers or banks for debit or credit card payment transactions made by
customers of \u00a334m (2024: \u00a336m) in the two days before year-end which don't clear the bank (and show on our bank statement) until the first
working day of the new financial year. In-line with current industry practice; these items are treated as cash equivalents due to their liquidity
(based on the short duration before they clear the bank statement and the insignificant risk of a change in value of the balances).
\u00a0
2025
2024
Short-term investments
\u00a3m
\u00a3m
Cash deposits with banks (> 3 months)
-
100
Total Short-term investments
-
100
\n
Accounting policies
Cash and cash equivalents;
in the consolidated balance sheet comprise cash in hand, cash in transit and cash at bank and short-term
deposits with banks with a maturity of three months or less, which are subject to an immaterial risk of changes in value. Cash and cash
equivalents includes debit and credit card payments made by customers which are receivable from banks and clear the bank within three
days of the transaction date. Cash and cash equivalents also includes \u00a35m (2024: \u00a3nil) of restricted cash relating to receipts to be invested
in funeral plan investments (these are included in cash and cash equivalents on a statutory basis but are excluded from our net debt APM
metric (see Glossary for further details)). In the statement of consolidated cash flows, cash and cash equivalents includes bank overdrafts as
they are repayable on demand and deemed to form an integral part of the Group's cash management. Amounts held in trustee-
administered bank accounts of the Group of \u00a39m (2024: \u00a39m), which can only be utilised to meet liabilities in respect of funeral plans, are
classed as Funeral plan investments (see Note 13) and not Cash and cash equivalents.
Short-term investments;
represent surplus cash placed on deposit with banks or other financial institutions for periods of less than twelve
months but more than three months. Balances are held at amortised cost and are included within our net debt calculation as short term
investments.", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:213800TKR59ER8Z69V16", "period": "2025-01-04T00:00:00/2026-01-04T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00243": { "value": "18
Interest-bearing loans and borrowings
Non-current liabilities:
2025
2024
\u00a0
\u00a3m
\u00a3m
\u00a3105m 7.5% Bond Notes due 2026 (fair value)
-
108
\u00a3245m 7.5% Bond Notes due 2026 (amortised cost)
-
250
Revolving credit facility (RCF)
50
-
Total (excluding lease liabilities)
50
358
Lease liabilities
987
1,020
Total Group interest-bearing loans and borrowings
1,037
1,378
Current liabilities:
2025
2024
\u00a0
\u00a3m
\u00a3m
\u00a3109m 11% Final repayment subordinated notes due 2025*
-
109
\u00a320m 11% Instalment repayment notes (final payment 2025)*
-
3
\u00a3105m 7.5% Bond Notes due 2026 (fair value)
106
-
\u00a3245m 7.5% Bond Notes due 2026 (amortised cost)
247
-
\u00a3245m 7.5% Bond Notes due 2026 (amortised cost) **
9
9
Other borrowings
2
2
Corporate investor shares
3
3
Total (excluding lease liabilities)
367
126
Lease liabilities
191
173
Total Group interest-bearing loans and borrowings
558
299
\n
* The \u00a3109m 11% Final repayment subordinated notes and the remaining balance of the \u00a320m 11% Instalment notes were both repaid in full
from cash in December 2025 when they fell due.
** The amortised cost balances in current liabilities includes \u00a39m (2024: \u00a39m) on the 2026 bonds of accruals for interest payments that will
be made within 1 year of the balance sheet date. The total accrued interest on debt held at amortised cost of \u00a39m (2024: \u00a39m) is excluded
from our Group net debt metric (see Group net debt table on page 153). There is a further \u00a34m of accrued interest on the \u00a3105m element of
the 2026 bonds that are held at fair value. This is included within Trade and other payables and again is not included in our Group net debt
metric.
Terms and repayment schedule
The Group has a \u00a3350m Bond issued in May 2011, repayable in July 2026. This bond currently has an interest rate of 7.5%.
On the 18th June 2025 the Group agreed a five-year \u00a3350m Term Loan facility linked to its ambitious sustainability and social impact targets.
The facility remains undrawn at the balance sheet date. The Term Loan provides funding to repay its upcoming 2026 \u00a3350m bond which
matures in July 2026. Arrangement fees of \u00a32m have been recognised on the balance sheet (within Prepayments) and are being amortised
over the combined availability period of the loan. On draw down of the Term Loan the fees will be included within the amortised cost
valuation of the borrowings.
On the 29 November 2024, the Group amended and extended its Revolving Credit Facility (RCF) for a 5 year term maturing in November
2029. The facility has a maximum limit of \u00a3400m, of which \u00a345m is carved out as an overdraft facility. As at 3 January 2026, \u00a350m of the
facility had been drawn (2024: \u00a3nil). Furthermore, the joint MASS account had an overall overdrawn net balance of \u00a32m (2024: \u00a3nil) which is
shown in net cash and cash equivalents (see Note 17).
Total interest-bearing loans and borrowings excluding interest on debt
2025
2024
held at amortised cost:
\u00a3m
\u00a3m
Interest-bearing loans and borrowings***
408
475
\n
*** Represents the gross debt figure (excluding lease liabilities and accrued interest) used in the Group's Net debt APM (see page 153).
Reconciliation of movement in net debt
\n
Net debt is a measure that shows the amount we owe to banks and other external financial institutions less the cash that we have, any short-
\n
term deposits and any short-term investments that we hold. Some of our bond borrowings are held as financial liabilities at fair value through
\n
the income statement. The fair value movement on these liabilities is shown under non-cash movements in the tables below.
\n\n \n
For period ended 3 January 2026
Non cash movements
Cash flow
End of
Start of period
New leases
Other
period
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Interest-bearing loans and borrowings:
- current
(126)
-
(353)
112
(367)
- non-current
(358)
-
358
(50)
(50)
Lease liabilities:
- current
(173)
(23)
(198)
203
(191)
- non-current
(1,020)
(116)
149
-
(987)
Total debt
(1,677)
(139)
(44)
265
(1,595)
Group cash and short term investments:
- cash *
320
-
(227)
93
- overdrafts
-
-
-
(2)
(2)
- short-term investments
100
-
-
(100)
-
Group net debt
(1,257)
(139)
(44)
(64)
(1,504)
Less: interest accrued on debt held at amortised cost
9
-
32
(32)
9
Group net debt
(excluding accrued interest)
(1,248)
(139)
(12)
(96)
(1,495)
\n
* Group Cash used in our Net debt APM metric excludes \u00a35m of restricted cash relating to premium receipts to be invested in funeral plan
\n
investments. Further detail on the Group's net debt APM metric can be found in the Glossary on page 153. The \u00a39m of interest accruals will
\n
be paid within 1 year (and is shown in the Current liabilities table on the previous page).
\n
The main movements in Other non cash movements include: (i) Loans and borrowings; reclassification from non-current to current for
\n
instruments falling due <1 year and non-cash fair value and amortised cost movements (ii) Leases; the annual accrual of interest and
\n
reclassification from non-current to current for that portion of the lease liability falling due <1 year as the leases unwind / mature.
\n\n \n
For period ended 4 January 2025
Non cash movements
Cash flow
End of
Start of period
New leases
Other
period
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Interest-bearing loans and borrowings:
- current
(218)
-
(112)
204
(126)
- non-current
(470)
-
112
-
(358)
Lease liabilities:
- current
(179)
(18)
(169)
193
(173)
- non-current
(1,054)
(103)
137
-
(1,020)
Total debt
(1,921)
(121)
(32)
397
(1,677)
Group cash:
- cash
395
-
-
(75)
320
- short-term investments
200
-
-
(100)
100
Group net debt
(1,326)
(121)
(32)
222
(1,257)
Less: interest accrued on amortised debt
11
-
34
(36)
9
Group net debt
(excluding accrued interest)
(1,315)
(121)
2
186
(1,248)
\n
Details of the Group's bank facilities are shown in Note 26.
Banking covenants
\n
We have two key covenants under our banking facilities as follows:
\n
Interest cover covenant
\u2013 the ratio tests Co-op's ability to cover its financing costs from its earnings, and represents the ratio of adjusted
\n
EBITDAR over adjusted net underlying finance costs.
\n
Leverage covenant
\u2013 the ratio compares our borrowings to our earnings, and represents the ratio of Group Net Debt, excluding lease
\n
liabilities, over covenant EBITDA.
\n
Our banking partners agreed to a short-term alleviation to the covenant tests for 2025 and the first half of 2026, reflecting the estimated
\n
direct impacts of the cyber attack due to its one-off nature. Both covenants had sufficient headroom at 2025 year end. Further details of
\n
covenant EBITDA and EBITDAR are given in the Glossary.
\n
Further details of the Group's remaining banking facilities are given in Note 25.
\n
See Note 25 for more information about the Group\u2019s exposure to interest rate and foreign currency risk, and Note 26 for a breakdown of
\n
the Group's borrowings by the three-level fair value hierarchy (which reflects different valuation techniques) as defined within IFRS 13 (Fair
\n
Value Measurement).
\n
Corporate investor shares
\n
Corporate investor shares represent borrowings the Group has with other co-operative societies. The borrowings are split into Variable
\n
Corporate Investor Shares (VCIS) and Fixed Corporate Investor Shares (FCIS). The VCIS are repayable on demand and the FCIS are fixed
\n
term borrowings. As at 3 January 2026, Corporate Investor Shares borrowings were \u00a33m (2024: \u00a33m).
\n
Accounting policies
\n
The Group measures its interest-bearing loans and borrowings in two main ways:
\n
1) Fair value through the income statement. Such debt is restated as its fair value each period with the fair value movement going through
\n
the income statement. The \u00a3105m of the Group's derivatives that mature in 2026 are not formally designated as hedging instruments but
\n
under IFRS 9 (Financial Instruments) they are used to match against a proportion of the 2026 Bond liabilities carried at fair value through
\n
the income statement. The impact of movements in the fair value of the quoted debt partially offsets any fair value movement in the interest
\n
rate swaps (notes 6, 7 and 26). The \u00a3175m of interest rate swaps that mature in 2030 have been formally designated as hedging
\n
instruments for hedge accounting under IFRS 9 and will provide a cashflow hedge against 50% of the new \u00a3350m term loan when it is
\n
drawn in July 2026.
\n
The remaining portion of the quoted Bond debt is accounted for at amortised cost in accordance with IFRS 9 (see below). This approach
\n
applies to those borrowings taken out prior to the adoption of IFRS 9 in 2018.
\n
2) Amortised cost. Borrowings are recognised initially at fair value, which equates to issue proceeds net of transaction costs incurred.
\n
Borrowings are subsequently stated at amortised cost. Any difference between proceeds net of transaction costs and the redemption value
\n
is recognised in the income statement over the period of the borrowings using the effective interest rate method. The effective interest rate
\n
is calculated when borrowings are first taken out and is the rate that exactly discounts the estimated future cash payments associated with
\n
the borrowings to the value when they are initially recognised.
\nFor more general information on accounting policies on financial instruments, refer to Note 26.", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:213800TKR59ER8Z69V16", "period": "2025-01-04T00:00:00/2026-01-04T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00298": { "value": "Accounting policies
The Group measures its interest-bearing loans and borrowings in two main ways:
\n
1) Fair value through the income statement. Such debt is restated as its fair value each period with the fair value movement going through
\n
the income statement. The \u00a3105m of the Group's derivatives that mature in 2026 are not formally designated as hedging instruments but
\n
under IFRS 9 (Financial Instruments) they are used to match against a proportion of the 2026 Bond liabilities carried at fair value through
\n
the income statement. The impact of movements in the fair value of the quoted debt partially offsets any fair value movement in the interest
\n
rate swaps (notes 6, 7 and 26). The \u00a3175m of interest rate swaps that mature in 2030 have been formally designated as hedging
\n
instruments for hedge accounting under IFRS 9 and will provide a cashflow hedge against 50% of the new \u00a3350m term loan when it is
\n
drawn in July 2026.
\n
The remaining portion of the quoted Bond debt is accounted for at amortised cost in accordance with IFRS 9 (see below). This approach
\n
applies to those borrowings taken out prior to the adoption of IFRS 9 in 2018.
\n
2) Amortised cost. Borrowings are recognised initially at fair value, which equates to issue proceeds net of transaction costs incurred.
\n
Borrowings are subsequently stated at amortised cost. Any difference between proceeds net of transaction costs and the redemption value
\n
is recognised in the income statement over the period of the borrowings using the effective interest rate method. The effective interest rate
\n
is calculated when borrowings are first taken out and is the rate that exactly discounts the estimated future cash payments associated with
\n
the borrowings to the value when they are initially recognised.
For more general information on accounting policies on financial instruments, refer to Note 26.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:213800TKR59ER8Z69V16", "period": "2025-01-04T00:00:00/2026-01-04T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00244": { "value": "19
Trade and other payables
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Current
1,622
1,555
Non-current
2
9
Total trade and other payables
1,624
1,564
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Trade payables
1,155
1,083
Value Added Tax, PAYE and social security
15
12
Accruals
355
364
Deferred income
16
29
Other payables
83
76
Total trade and other payables
1,624
1,564
\n
Further details on the maturity profile of trade and other payables can be found in Note 25.
Deferred income includes \u00a37m (2024: \u00a315m) in relation to the marketing and distribution arrangement entered into with Markerstudy
Insurance Services Ltd (remaining term of 1 year and 4 months) following the sale of our Insurance underwriting business (CISGIL). Accruals
includes capital expenditure accruals of \u00a327m (2024: \u00a330m), payroll accruals of \u00a3127m (2024: \u00a3149m) as well as standard cost accruals of
\u00a3201m (2024: \u00a3185m).
Where our trading terms state that the supplier income is netted against amounts owing to
\u202f
that supplier and it is our intention to settle the
balances on a net basis then any outstanding invoiced supplier income at the reporting date is included within trade payables. Trade
payables includes \u00a358m (2024: \u00a333m) of supplier income receivable that has been offset against amounts owed to those suppliers.
The Group operates a supplier financing arrangement with Prime Revenue, under which suppliers can obtain accelerated settlement on
invoices from the finance providers signed up to the programme. The Group settles these amounts in accordance with each supplier's
agreed payment terms (which typically range between 30 to 60 days) and the payment terms of the suppliers participating in the scheme
are similar to those that are not participating. At the balance sheet date; the Group\u2019s trade creditors balance includes \u00a339m (2024: \u00a353m)
relating to payments due to Co-op suppliers under these arrangements and the suppliers have already taken payments of \u00a333m (2024:
\u00a342m) in respect of those balances from the third-party finance provider. During the year ended 3 January 2026, the maximum facility was
\u00a3108m (2024: \u00a3108m). The facility was reduced to \u00a388m at the end of June 2025.
Access to the supplier finance scheme is by mutual agreement between the bank and supplier, where the supplier wishes to be paid faster
than standard Group payment terms. The Group is not party to this contract. The scheme has no cost to the Group as the fees are paid by
the supplier directly to the bank. The bank has no special seniority of claim to the Group upon liquidation and would be treated the same as
any other trade payable. As the scheme does not change the characteristics of the trade payable, and the Group\u2019s obligation is not legally
extinguished until the bank is repaid, the Group continues to recognise these liabilities within trade payables and all cash flows associated
with the arrangements are included within operating cash flow as they continue to be part of the normal operating cycle of the Group.
Accounting policies
Refer to Note 26 Financial instruments for the accounting policies relating to trade payables.", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800TKR59ER8Z69V16", "period": "2025-01-04T00:00:00/2026-01-04T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00245": { "value": "
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Trade payables
1,155
1,083
Value Added Tax, PAYE and social security
15
12
Accruals
355
364
Deferred income
16
29
Other payables
83
76
Total trade and other payables
1,624
1,564
\n
Further details on the maturity profile of trade and other payables can be found in Note 25.
Deferred income includes \u00a37m (2024: \u00a315m) in relation to the marketing and distribution arrangement entered into with Markerstudy
Insurance Services Ltd (remaining term of 1 year and 4 months) following the sale of our Insurance underwriting business (CISGIL). Accruals
includes capital expenditure accruals of \u00a327m (2024: \u00a330m), payroll accruals of \u00a3127m (2024: \u00a3149m) as well as standard cost accruals of
\u00a3201m (2024: \u00a3185m).
Where our trading terms state that the supplier income is netted against amounts owing to
\u202f
that supplier and it is our intention to settle the
balances on a net basis then any outstanding invoiced supplier income at the reporting date is included within trade payables. Trade
payables includes \u00a358m (2024: \u00a333m) of supplier income receivable that has been offset against amounts owed to those suppliers.", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800TKR59ER8Z69V16", "period": "2025-01-04T00:00:00/2026-01-04T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00299": { "value": "Accounting policies Refer to Note 26 Financial instruments for the accounting policies relating to trade payables.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800TKR59ER8Z69V16", "period": "2025-01-04T00:00:00/2026-01-04T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00246": { "value": "20
Insurance and re-insurance contracts (funeral plan liabilities)
\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\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\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
Insurance contract liabilities (by nature)
Liabilities for remaining coverage
\u00a0 \u00a0
\u00a0
Excluding loss
Loss
Liabilities for
\u00a0
\u00a0
component
component
claims incurred
Total
2025
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Insurance contract liability as at 4 January 2025
1,001
3
4
1,008
Insurance revenue
(102)
-
-
(102)
Insurance service expenses:
\u00a0 \u00a0 \u00a0 \u00a0
Incurred claims and other expenses
\u00a0 \u00a0
87
87
Amortisation of insurance acquisition cashflows
5
-
-
5
Losses on onerous contracts and reversals of those losses
-
(3)
-
(3)
Insurance service result
(97)
(3)
87
(13)
Insurance finance expense (Income statement)
20
-
-
20
Insurance finance expense (Other comprehensive income)
57
\u00a0
-
57
Total changes in Statement of comprehensive income
(20)
(3)
87
64
Cashflows:
\u00a0 \u00a0 \u00a0 \u00a0
Premiums received less premiums refunded
109
-
-
109
Claims and other expenses paid
-
-
(86)
(86)
Insurance acquisition flows
(13)
-
-
(13)
Total cashflows
96
-
(86)
10
Insurance contract liability as at 3 January 2026
1,077
-
5
1,082
\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\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\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
Insurance contract liabilities (by nature)
Liabilities for remaining coverage
\u00a0\u00a0
\u00a0
Excluding loss
Loss
Liabilities for
\u00a0
2024
component
component
claims incurred
Total
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Insurance contract liability as at 6 January 2024
1,097
1
-
1,098
Insurance revenue
(91)
-
-
(91)
Insurance service expenses:
\u00a0\u00a0\u00a0\u00a0
Incurred claims and other expenses
(13)
-
89
76
Amortisation of insurance acquisition cashflows
3
-
-
3
Losses on onerous contracts and reversals of those losses
-
2
-
2
Insurance service result
(101)
2
89
(10)
Insurance finance expenses (Income statement)
18
-
-
18
Insurance finance income (Other comprehensive income)
(95)
-
-
(95)
Total changes in Statement of comprehensive income
(178)
2
89
(87)
Cashflows:
\u00a0\u00a0\u00a0\u00a0
Premiums received less premiums refunded
91
-
-
91
Claims and other expenses paid
-
-
(85)
(85)
Insurance acquisition flows
(9)
-
-
(9)
Total cashflows
82
-
(85)
(3)
Insurance contract liability as at 4 January 2025
1,001
3
4
1,008
\n \n
Insurance contract liabilities (by component)
Estimates of
Risk
Contractual
Total
present value of
adjustment
service margin
2025
future cashflows
(CSM)
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Insurance contract liability as at 4 January 2025
912
45
51
1,008
Changes that relate to current services:
CSM recognised for service provided
-
-
(9)
(9)
Risk adjustment for the risk expired
-
(5)
-
(5)
Experience adjustments
3
-
-
3
Changes that relate to future services:
Contracts initially recognised in the period
(15)
1
14
-
Changes in estimates that adjust the CSM*
(87)
(3)
91
1
Changes in estimates that do not adjust the CSM
(3)
-
-
(3)
Insurance service result
(102)
(7)
96
(13)
Insurance finance expense (Income statement)
18
1
1
20
Insurance finance expense (Other comprehensive income)
52
5
-
57
Total changes in Statement of comprehensive income
(32)
(1)
97
64
Cashflows:
Premiums received less premiums refunded
109
-
-
109
Claims and other expenses paid
(86)
-
-
(86)
Insurance acquisition flows
(13)
-
-
(13)
Total cashflows
10
-
-
10
Insurance contract liability as at 3 January 2026
890
44
148
1,082
\n
*The uplift in CSM is mainly driven by a reduction in fulfillment costs (\u00a330m) and an improved inflation curve (\u00a360m).
\n\n \n
Insurance contract liabilities (by component)
Estimates of
Risk
Contractual
Total
present value of
adjustment
service margin
2024
future cashflows
(CSM)
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Insurance contract liability as at 6 January 2024
934
55
109
1,098
Changes that relate to current services:
CSM recognised for service provided
-
-
(3)
(3)
Risk adjustment for the risk expired
-
(4)
-
(4)
Experience adjustments
8
-
-
8
Changes that relate to future services:
Contracts initially recognised in the period
(9)
1
8
-
Changes in estimates that adjust the CSM
37
13
(65)
(15)
Changes in estimates that do not adjust the CSM
2
-
-
2
Insurance service result
38
10
(60)
(12)
Insurance finance expenses (Income statement)
15
1
2
18
Insurance finance income (Other comprehensive income)
(73)
(21)
-
(94)
Total changes in Statement of comprehensive income
(20)
(10)
(58)
(88)
Cashflows:
Premiums received less premiums refunded
91
-
-
91
Claims and other expenses paid
(85)
-
-
(85)
Insurance acquisition flows
(8)
-
-
(8)
Total cashflows
(2)
-
-
(2)
Insurance contract liability as at 4 January 2025
912
45
51
1,008
\n \n
Liabilities for remaining coverage
Re-insurance contract liabilities (by nature)
Excluding loss
Loss recovery
Amounts
recovery
component
recoverable on
Total
2025
component
insured claims
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Net re-insurance contract liability as at 4 January 2025
1
-
-
1
An allocation of re-insurance premium
2
-
-
2
Amounts recoverable from re-insurers for incurred claims:
Amounts recoverable for incurred claims and other expenses
-
(2)
(2)
Net income from re-insurance contract held
2
-
(2)
-
Re-insurance finance income (Income statement)
-
-
-
-
Re-insurance finance income (Other comprehensive income)
-
-
-
-
Total changes in Statement of comprehensive income
2
-
(2)
-
Cashflows:
Premiums paid (net of commission)
(3)
-
-
(3)
Amounts received
-
-
2
2
Total cashflows
(3)
-
2
(1)
Net re-insurance contract liability as at 3 January 2026
-
-
-
-
\n
LCIPs can be paid for by instalments between 2 and 25 years or they can be paid off in full at any time during this period without any
\n
penalties. If the plan holder dies before the instalments have been made in full (and provided that the plan has been in place for at least 12
\n
months or the cause of death was as a result of an accident) then the funeral will still be provided by the Group and the customer will not
\n
have to settle the outstanding balance on any instalments and the balance of any monies owed will be waived. Any outstanding amounts
\n
owed to the Group (the difference between the full value of the plan and the amount paid up to death by the customer) are covered by an
\n
assured benefit from a third party insurer. The assured benefit is between the Group and the third party insurer and has nothing to do with
\n
the customer. The Group continues to apply instalment monies received against customers' individual funeral plans until such time as a plan
\n
is redeemed and or cancelled. The assured benefit between the Group and the 3rd party is judged to represent an insurance contract and as
\n
such falls under the scope of IFRS 17 (Insurance Contracts).
\n\n \n
Liabilities for remaining coverage
Re-insurance contract liabilities (by nature)
Excluding loss
Loss recovery
Amounts
recovery
component
recoverable on
Total
2024
component
insured claims
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Net re-insurance contract liability as at 6 January 2024
8
-
-
8
An allocation of re-insurance premium
2
-
-
2
Amounts recoverable from re-insurers for incurred claims:
-
Amounts recoverable for incurred claims and other expenses
(6)
-
(2)
(8)
Net income from re-insurance contract held
(4)
-
(2)
(6)
Re-insurance finance income (Income statement)
-
-
-
-
Re-insurance finance income (Other comprehensive income)
1
-
-
1
Total changes in Statement of comprehensive income
(3)
-
(2)
(5)
Cashflows:
Premiums paid (net of commission)
(4)
-
-
(4)
Amounts received
-
-
2
2
Total cashflows
(4)
-
2
(2)
Net re-insurance contract liability as at 4 January 2025
1
-
-
1
\n \n
Re-insurance contract liabilities (by component)
Estimates of
Risk
Contractual
Total
present value of
adjustment
service margin
2025
future cashflows
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Net re-insurance contract liability as at 4 January 2025
1
-
-
1
Changes that relate to current services:
Contractual service margin recognised for service provided
-
-
-
-
Risk adjustment for the risk expired
-
-
-
-
Experience adjustments
-
-
-
-
Changes that relate to future services:
Contracts initially recognised in the period
-
-
-
-
Changes in estimates that adjust the contractual service margin
1
-
(1)
-
Re-insurance service result
1
-
(1)
-
Re-insurance finance income (Income statement)
-
-
-
-
Re-insurance finance expense (other comprehensive income)
-
-
-
-
Total changes in Statement of comprehensive Income
1
-
(1)
-
Cashflows:
Premiums and similar expenses paid
(3)
-
-
(3)
Amounts received
2
-
-
2
Total cashflows
(1)
-
-
(1)
Net re-insurance contract liability as at 3 January 2026
1
-
(1)
-
\n\n \n
Re-insurance contract liabilities (by component)
Estimates of
Risk
Contractual
Total
present value of
adjustment
service margin
2024
future cashflows
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Net re-insurance contract liability as at 6 January 2024
7
-
1
8
Changes that relate to current services:
Contractual service margin recognised for service provided
-
-
-
-
Risk adjustment for the risk expired
-
-
-
-
Experience adjustments
-
-
-
-
Changes that relate to future services:
Contracts initially recognised in the period
-
-
-
-
Changes in estimates that adjust the contractual service margin
(4)
(1)
(1)
(6)
Re-insurance service result
(4)
(1)
(1)
(6)
Re-insurance finance income (Income statement)
-
-
-
-
Re-insurance finance expense (other comprehensive income)
-
1
-
1
Total changes in Statement of comprehensive Income
(4)
-
(1)
(5)
Cashflows:
Premiums and similar expenses paid
(4)
-
-
(4)
Amounts received
2
-
-
2
Total cashflows
(2)
-
-
(2)
Net re-insurance contract liability as at 4 January 2025
1
-
-
1
\n \n
Contracts using
All other
Total
Contractual service margin
the fair value
contracts
(2025)
approach
\u00a3m
\u00a3m
\u00a3m
Contractual service margin as at 4 January 2025
35
16
51
Changes that relate to current services:
Contractual service margin recognised for service provided
(7)
(2)
(9)
Changes that relate to future services:
Contracts initially recognised in the period
-
14
14
Changes in estimates that adjust the contractual service margin
66
25
91
Sub-total
59
37
96
Insurance finance expenses
-
1
1
Contractual service margin as at 3 January 2026
94
54
148
\n
Plans sold prior to 2020 were fair valued at transition.
\n\n \n
Contracts using
All other
Total
Contractual service margin
the fair value
contracts
(2024)
approach
\u00a3m
\u00a3m
\u00a3m
Contractual service margin as at 6 January 2024
85
24
109
Changes that relate to current services:
Contractual service margin recognised for service provided
(2)
(1)
(3)
Changes that relate to future services:
Contracts initially recognised in the period
-
8
8
Changes in estimates that adjust the contractual service margin
(49)
(16)
(65)
Sub-total
(51)
(9)
(60)
Insurance finance expenses
1
1
2
Contractual service margin as at 4 January 2025
35
16
51
\n\n \n
Profitable
Onerous
Total
New business
contracts issued
contracts issued
(2025)
\u00a3m
\u00a3m
\u00a3m
Insurance contracts:
Estimate of present value of future cashflows, excluding insurance acquisition costs
72
-
72
Estimate of insurance acquisition cashflows
12
-
12
Estimate of present value of future cash outflows
84
-
84
Estimate of present value of future cash inflows
(99)
-
(99)
Risk adjustment
1
-
1
Contractual service margin
14
-
14
Profit / (loss) on contracts at initial recognition
-
-
-
\n \n
New business
Profitable
Onerous
(2024)
contracts issued
contracts issued
Total
\u00a3m
\u00a3m
\u00a3m
Insurance contracts:
Estimate of present value of future cashflows, excluding insurance acquisition costs
65
-
65
Estimate of insurance acquisition cashflows
9
-
9
Estimate of present value of future cash outflows
74
-
74
Estimate of present value of future cash inflows
(84)
-
(84)
Risk adjustment
1
-
1
Contractual service margin
9
-
9
Profit on contracts at initial recognition
-
-
-
\n\n \n
Insurance revenue
2025
2024
\u00a3m
\u00a3m
Amounts relating to changes in liabilities for remaining coverage :
Contractual service margin recognised for services provided
9
3
Change in risk adjustment for non financial risk for risk expired
5
4
Expected incurred claims and other insurance service
84
81
Recovery of insurance acquisition cash flows
4
3
Total insurance revenue
102
91
\n\n \n
Insurance revenue
2025
2024
\u00a3m
\u00a3m
Contracts using the fair value approach
78
75
All other contracts
24
16
Total insurance revenue
102
91
\n
Plans sold prior to 2020 were fair valued at transition.
\n\n \n
Contractual service margin maturity
2025
2024
\u00a3m
\u00a3m
- Less than 1 year
9
3
- 1 to 2 years
8
3
- 2 to 3 years
8
3
- 3 to 4 years
8
3
- more than 4 years
115
39
Total
148
51
\n\n \n
Fulfilment cashflows
2025
2024
\u00a3m
\u00a3m
- Less than 1 year
62
64
- 1 to 2 years
68
67
- 2 to 3 years
68
67
- 3 to 4 years
67
67
- 4 to 5 years
66
67
- more than 5 years
1,419
1,454
Total
1,750
1,786
\n
The figures in the table above are undiscounted and exclude cashflows relating to re-insurance as these are not material.
Critical accounting estimates
\n
Under IFRS 17 (Insurance Contracts) the Group's funeral plan liabilities reflect the current estimate of the present value of the future
\n
cashflows to provide the funeral. These are calculated using actuarial advice and are based on a range of assumptions and estimates. The
\n
assumptions used are management's best estimates chosen from a range of possible actuarial assumptions which may not necessarily be
\n
borne out in practice.
\n
The main actuarial assumptions include estimates in relation to discount rates, future costs to deliver a funeral including inflation and
\n
expense assumptions, mortality rates, and plan cancellation rates. The insurance contract liability calculation is most sensitive to changes in
\n
the discount rate and inflation assumptions and further detail on these items is noted below.
\n
Discount rates
- the Group applies a bottom-up approach to derive the discount rate such that our insurance contract liabilities (funeral
\n
plans) are calculated by discounting expected future cash flows at a risk free rate, plus an illiquidity premium (credit spread). The risk free
\n
rate has been derived by reference to market yields on sterling-denominated high quality corporate bonds of appropriate duration
\n
consistent with the funeral plans at that date (UK Gilt curve at the valuation date converted from continuous to annual rates). The illiquidity
\n
premium is determined by reference to observable market rates (assessed as 20% of the average credit spread on 10-15 year A rated and
\n
10-15 year AA rated bonds at the valuation date (allowing for the part of the credit spread that relates to default risk and that the liabilities
\n
are not perfectly illiquid).
\n
Inflation
- the rate of inflation is set based on the Bank of England Forward Inflation Curve at the valuation date converted from
\n
continuous to annual. From 2022 onwards a reduction of 25 basis points has been applied to allow for high levels of demand for inflation
\n
linked gilts increasing inflation expectations.
\n
Fullfilment costs
- the Group applies an absorbed fulfilment cost, based on methodology consistent with IAS37, calculated for each year.
\n
Mortality
- an average 111% loading is applied to the English Life Tables 2017 (\u201cELT17\u201d). This reflects that mortality rates are deemed to
\n
be approximately 10% heavier than those shown in ELT17. The basis is consistent with the mortality analysis used for 2024 (which indicated
\n
a 112% loading), adjusted by a 2% reduction to allow for two years of expected future mortality improvements. An allowance for future
\n
longevity improvements of 1% per annum is also included.
\n\n \n
Financial assumptions
2025
2024
Year 1
3.75%
4.14%
Year 2
3.83%
4.21%
Year 3
4.07%
4.25%
Risk free rate - UK Gilt curve
Year 4
4.36%
4.37%
Discount rate
Year 5
4.67%
4.54%
Year 10
5.86%
5.65%
Year 15
6.18%
5.97%
Illiquidity premium (credit spread)
0.12%
0.13%
Year 1
3.02%
4.46%
Year 2
2.76%
3.42%
Year 3
2.60%
3.23%
Inflation rate
Bank of England curve less 25 bps plus management view
Year 4
2.55%
3.12%
Year 5
2.58%
3.08%
Year 10
3.01%
3.17%
Year 15
3.21%
3.16%
\n
Further details of the Group's approach to financial risk management are noted in Note 25 (Financial risk management) covering: credit
\n
risk, interest rate risk, foreign currency risk and liquidity risk.
Sensitivities
\n
The following sensitivity analysis shows the impact on insurance contract liabilities and profit before tax for reasonably possible movements
\n
in the key financial assumptions noted on the previous page with all other assumptions held constant.
\n
The combination of assumptions will have a material effect in determining the ultimate impacts, but to demonstrate the impact due to
\n
changes in each assumption, assumptions have been changed on an individual basis. It should be noted that movements in these
\n
assumptions are non-linear.
\n
The discount rate sensitivity noted below covers the risk free rate plus the illiquidity premium (see discount rate derivation noted overleaf).
\n\n \n
Change in Insurance contract liability - \u00a3m
2025
2024
Discount rate - decrease of 1.0%
100
105
Inflation rate - increase of 1.0%
104
109
Fulfilment costs - increase of 5%
50
51
Mortality stress +20%
27
25
\n\n \n
Change in Profit before tax - \u00a3m
2025
2024
Discount rate - decrease of 1.0%
-
-
Inflation rate - increase of 1.0%
(5)
(58)
Fulfilment costs - increase of 5%
(3)
(3)
Mortality stress +20%
(1)
(1)
\n
Discount rate
- the impact of a change in discount rate flows through other comprehensive income (OCI) rather than the Income statement
\n
and so doesn't impact Profit before tax (PBT) in either 2025 or 2024.
\n
Inflation
- changes to our inflation assumptions are deemed to be non-financial, as the ultimate inflationary cost risk does not relate to
\n
financial market indices, and to the extent that they can be covered are first charged to the contractual service margin (CSM) buffer rather
\n
than direct to the Income statement. As the CSM would be reduced by the modelled sensitivities, the impact to PBT noted in the table
\n
above, reflects 1 year's impact across the 20 year CSM period.
\n
Fulfilment costs
- changes to our fulfilment cost assumptions are deemed to be non-financial, as the ultimate inflationary cost risk does
\n
not relate to financial market indices, and to the extent that they can be covered are first charged to the contractual service margin (CSM)
\n
buffer rather than direct to the Income statement. As the CSM would be reduced by the modelled sensitivities, the impact to PBT noted in
\n
the table above, reflects 1 year's impact across the 20 year CSM period.
\n
Mortality
- changes to our mortality assumptions are deemed to be non-financial, as the ultimate mortality cost risk does not relate to
\n
financial market indices, and to the extent that they can be covered are first charged to the contractual service margin (CSM) buffer rather
\n
than direct to the Income statement. As the CSM would be reduced by the modelled sensitivities, the impact to PBT noted in the table
\n
above, reflects 1 year's impact across the 20 year CSM period.
Accounting Policies
Summary of material accounting policies:
In applying the insurance standard and the requirements of IFRS 17 the Group has adopted a variety of accounting policies in relation
to the accounting for funeral plans and the waiver insurance on instalment plans. The Group has elected to use the General
Measurement Model (GMM) under IFRS 17 to measure the liability for remaining coverage. A summary of the material accounting
policies is noted below:
Initial recognition
- an insurance contract is defined as a contract under which the Group accepts significant insurance risk from
another party by agreeing to compensate that party if it is adversely affected by a specified uncertain future event. The new standard
applies to all of the Group\u2019s funeral plans and also covers the re-insurance of the payment waiver risk on instalment plans.
Level of aggregation and onerous contracts
- the aggregation of insurance contracts determines the \u2018unit of account\u2019 to be used
when applying IFRS 17 which affects the allocation of the contractual service margin (CSM) to insurance revenue and the level at which
onerous contracts are identified. IFRS 17 specifically requires that portfolios of re-insurance contracts are separately held from
portfolios of insurance contracts issued. The aggregation requirements of IFRS 17 arrange insurance and re-insurance contract cash
flows into buckets based on two stages or levels:
\u00b7
Portfolio level:
(1) by primary risk type and (2) whether contracts are managed together.
\u00b7
Group level:
(1) by time of issuance (one-year issuing period); and (2) by degree of expected profitability at initial recognition.
Application by Co-op:
Portfolio level:
The following IFRS 17 portfolios were identified for the Group's consolidated financial statements:
\u00b7
Pre-need funeral plans - (insurance contracts issued)
\u00b7
Premium waiver on underlying Instalment plans \u2013 (re-insurance contracts held)
Group level:
Time of issuance - Cohort year. IFRS 17 requires a portfolio of contracts to be divided into annual \u2018cohorts\u2019 or shorter time
buckets. A group of contracts may not include contracts issued more than one year apart. Co-op allocates cohorts by annual periods
based on the financial year of issue.
Group level:
Degree of profitability at initial recognition. IFRS 17 requires portfolios of contracts issued in a given cohort year to be
assessed by \u2018sets\u2019 for the purpose of determining whether contracts are onerous or have no significant possibility of becoming onerous.
The Group determines the sets based on assessed similarities in pricing and margin and expected sensitivity to future changes in
financial and non-financial assumptions over the coverage period. Losses on onerous contracts are taken to the Income statement as
incurred.
Fulfilment Cashflows:
IFRS 17 requires insurance liabilities to be measured at a current fulfilment value. Fulfilment cashflows cover:
(A)
best estimates of future cashflows;
(B)
an adjustment for the time value of money (i.e. discounting) and financial risks associated with the future cash flows; and
(C)
a risk adjustment for non-financial risk.
(A) Best estimate of future cashflows - IFRS 17 requires an explicit, unbiased and probability weighted estimate (i.e. expected value) of
the present value of the future cash outflows less the present value of the future cash inflows that will arise as the entity fulfils insurance
contracts, including a risk adjustment for non-financial risk.
For the Group these cashflows mainly comprise; premiums received from customers for pre-paid plans and LCIPs, premiums paid or
repayable to re-insurers, internal and external direct fulfilment costs of delivering funerals on behalf of the policy holder, amounts
recoverable from re-insurers and insurance acquisition cash flows attributable to the portfolio of contracts.
(B) An adjustment for the time value of money (i.e. discounting) and financial risks associated with the future cash flows; - a key
component of IFRS 17 is the need to reflect the time value of money when estimating insurance cash flows, and the financial risks
related to those cash flows. The Group applies a bottom-up approach to derive the discount rate based on a risk free rate plus an
illiquidity premium. Risk free rates are determined by reference to the yields of highly liquid AAA-rated sovereign securities (UK Gilts).
The illiquidity premium is determined by reference to observable market rates. The discount rate used to determine the finance costs
relating to funeral plans, uses the discount rate at initial recognition of the funeral plan cohort.
(C)
A risk adjustment (RA) for non-financial risk - this reflects the compensation Co-op requires for bearing the uncertainty about the
\n
amount and timing of the cash flows that arise from non-financial risk as the Group fulfils insurance contracts. The risk adjustment reflects
\n
an amount that Co-op would rationally pay to remove the uncertainty that future cash flows will exceed the expected value amount. IFRS
\n
17 does not prescribe any methodologies for calculating the RA but instead outlines principles that the technique used to quantify the RA
\n
will need to adhere to. The RA is important because it is a component of the fulfilment cash flows and therefore impacts the profitability
\n
classification of funeral plans. The release of the RA over time is a key component of revenue, along with the contractual service margin. Co-
\n
op estimate the RA using a confidence level (probability of sufficiency) approach at 70%.
\n
Insurance acquisition cashflows
- IFRS 17 requires expenses that are \u201cdirectly attributable\u201d to issuing and fulfilling insurance contracts to
\n
be included in the measurement of insurance contracts. This includes insurance acquisition cash flows, which are defined as cash flows
\n
arising from the costs of selling, underwriting, and starting a group of insurance contracts (issued or expected to be issued) that are
\n
directly attributable to the portfolio of insurance contracts to which the group belongs. The classification and reporting of expenses under
\n
IFRS 17 involves the following 3 steps:
\n
1) Classification of all expenses into one of the following categories:
\n
\u00b7
Directly attributable acquisition (direct costs of acquiring new funeral plans such as internal salaries or external commission paid);
\n
\u00b7
Directly attributable maintenance (direct costs of servicing already acquired funeral plans such as costs of handling claims or policy
\n
changes);
\n
\u00b7
Non-directly attributable expenses.
\n
2) Allocation of directly attributable expenses into IFRS 17 Portfolios and then to current and future cohort groups of contracts.
\n
3) Amortisation of each group of directly attributable acquisition costs in a manner consistent with the revenue earning pattern of the
\n
related contracts in the group. Directly attributable maintenance and non-directly attributable expenses are fully expensed when incurred.
\n
When estimating fulfilment cash flows, the Group allocates fixed and variable overheads directly attributable to the fulfilment of insurance
\n
contracts. This requires management judgement and is undertaken in-line with our normal internal processes for allocating central
\n
overheads to cost centres. We also make an assessment as to the amount of maintenance costs such as claims handling, policy
\n
administration and associated overheads.
\n
Contractual Service Margin (CSM) and Coverage units
- the CSM for a group of insurance contracts at the end of each reporting period
\n
represents the unearned profit relating to future service to be provided under the contracts in the group and is calculated using a roll-
\n
forward approach. The five items that are included in the CSM roll forward are:
\n
\u00b7
the effect of new contracts added to the group;
\n
\u00b7
interest accretion on the carrying amount of the CSM;
\n
\u00b7
the change in fulfilment cash flows relating to future service (limited by the amount of CSM);
\n
\u00b7
the effect of any currency exchange differences on the CSM; and
\n
\u00b7
the amounts recognized as insurance revenue because of the transfer of services in the period (\u201camortization of CSM\u201d).
\n
The concept of \"coverage units\" was introduced in IFRS 17 as a means of reflecting the pattern of services provided under a group of
\n
contracts and recognizing revenue from CSM (effectively \"amortization\" of CSM) according to that pattern. The number of coverage units
\n
in a group is based on the quantity of service provided by the contracts in the group. For each group of contracts, we are required to
\n
consider the quantity of service and its expected coverage period.
\n
Co-op have determined that it is appropriate to measure coverage units based on the maximum expected funeral benefit per period of all
\n
the contracts in the IFRS 17 group. The maximum expected pay-out represents the total funeral benefit per period of all contracts
\n
expected to be in force in the group for that period. For portfolios of Premium waiver reinsurance contracts, the coverage units will be
\n
based on the maximum expected recoverable per period.
\n
Experience adjustments:
\n
Experience variances represents the expected expenses, claims and amortisation of acquisition cash flows which are reported as part of
\n
the insurance service revenue. This is offset with the actual expenses and claims incurred in the period and recovery of acquisition cash
\n
flows.
Low Cost Investment Plans (LCIPs):
\n
LCIPs can be paid for by instalments over between 2 and 25 years or they can be paid off in full at any time during this period without any
\n
penalties. If the plan holder dies before the instalments have been made in full (and provided that the plan has been in place for at least 12
\n
months or the cause of death was as a result of an accident) then the funeral will still be provided by the Group and the customer will not
\n
have to settle the outstanding balance on any instalments and the balance of any monies owed will be waived. Any shortfall (the difference
\n
between the full value of the plan and the amount paid up to death by the customer) are covered by an assured benefit from a third party
\n
insurer. The assured benefit is between the Group and the third party insurer and has nothing to do with the customer. The Society
\n
continues to apply instalment monies received against customers' individual funeral plans until such time as a plan is redeemed and or
\n
cancelled.
\n
The assured benefit between the Group and the 3rd party is judged to represent an insurance contract and as such falls under the scope of
\n
IFRS 17 (Insurance Contracts).
\n
Presentation and Disclosures:
\n
The Group has elected to apply certain disclosure policies as permitted under IFRS 17:
\n
1) The change in the risk adjustment (RA) for non-financial risk is disaggregated between insurance service result and insurance finance
\n
expense in the Income statement;
\n
2) Income and expenses from a group of reinsurance contracts is presented as a single amount;
\n
3) The Group has elected to disaggregate that element of finance income / expense that arise due to changes in the discount rate and
\n
record the impact of those changes in other comprehensive income (OCI) rather than in the Income statement. The discount rate used to
\n
determine the finance costs relating to funeral plans, uses the discount rate at initial recognition of the funeral plan cohort.
\n
4) Changes to our inflation assumptions are deemed to be non-financial, as the ultimate inflationary cost risk does not relate to a financial
\n
market indices, and to the extent that they can be covered are first charged to the CSM buffer rather than direct to the Income statement.
\n
The table below summarises where the financial impact of a change in the assumptions used in the actuarial calculations would be
\n
reflected in our financial statements:
\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\t\n\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
Assumption
Financial Statement Impact
Discount rate
Consolidated statement of comprehensive income
Fulfilment costs
Consolidated income statement
Inflation rate
Consolidated income statement
Risk adjustment
Consolidated income statement
Maintenance costs
Consolidated income statement
Mortality rates
Consolidated income statement
Cancellation rates
Consolidated income statement
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfInsuranceContractsExplanatory", "language": "en", "entity": "scheme:213800TKR59ER8Z69V16", "period": "2025-01-04T00:00:00/2026-01-04T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00247": { "value": "21
Provisions
\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
2025
2024
\u00a0
\u00a3m
\u00a3m
Non-current
51
47
Current
20
49
Total provisions
71
96
\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
Uninsured
Property
Regulatory &
\u00a0
2025
claims
provisions
Legal
Total
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At beginning of the period
35
19
42
96
Credit to income statement
-
-
(15)
(15)
Charge to income statement
20
-
2
22
Payments
(17)
(2)
(13)
(32)
At end of the period
38
17
16
71
\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
Uninsured
Property
Regulatory &
\u00a0
2024
claims
provisions
Legal
Total
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At beginning of the period
38
29
43
110
Credit to income statement
(3)
(11)
-
(14)
Charge to income statement
17
6
-
23
Payments
(17)
(5)
(1)
(23)
At end of the period
35
19
42
96
\n
Uninsured claims
This provision relates to potential liabilities arising from past events which are not covered by insurance. It includes a wide variety of known
claims and potential claims from accidents in our depots and stores. The provision includes an assessment, based on historical experience,
of claims incurred but not reported at the period end. The claims are expected to be settled substantially over the next three years.
Property provisions
Property provisions are held for onerous contractual obligations for leasehold properties that are vacant or not planned to be used for
ongoing operations. The provisions represent the least net cost of exiting from the contracts. Provisions include an assessment of
dilapidation and return of lease obligations, and other service costs that are explicitly excluded from the measurement of lease liabilities in
accordance with IFRS 16.
The Group considers that where it has entitlement to possession of a property, even if vacant, it retains a statutory obligation to pay the
related business rates that have been determined to be levies as defined in IFRIC 21. Accordingly, the estimate of the least net costs of
exiting from the contracts excludes future business rates which instead under IFRIC 21 are recognised when the event that triggers the
payment of the levy arises (as a periodic cost).
Property provisions are expected to be utilised over the remaining periods of the leases which range from 1 to 97 years. In each of the
current and comparative years, sensitivity analysis has been performed in relation to the provision, testing for a 2% increase in inflation
related to costs expected to be incurred; this sensitivity does not lead to a material additional provision being calculated. The sensitivity
analysis performed considers reasonably possible changes in the inflation assumption.
Critical accounting estimate and judgement
Regulatory & Legal
These provisions relate to costs from a number of past events that are expected to be incurred within the next one to five years. Typically,
these cover potential or on-going legal or regulatory claims and represent management's best estimate of expected future cashflows.
The likely outcome in a legal or regulatory claim may be uncertain and difficult to predict based on the evidence and circumstances
involved. This means there may be considerable inherent uncertainty with an assessment as to whether a present obligation as a result of a
past event has arisen at the balance sheet date. No separate disclosure is made of the detail of such claims, the assumptions used to
calculate the amount provided or the uncertainties relating to the range of possible outcomes considered, because in management's view,
to do so could seriously prejudice our position.
Accounting policies
A provision is recognised in the balance sheet when the Group has a legal or constructive obligation as a result of a past event, and it is probable
that an outflow of economic benefits will be required to settle the obligation. If the effect is material, provisions are determined by discounting the
expected future cash flows at a discount rate that reflects current market assessments of the time value of money and, where appropriate, the risks
specific to the liability.", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:213800TKR59ER8Z69V16", "period": "2025-01-04T00:00:00/2026-01-04T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00300": { "value": "Accounting policies
A provision is recognised in the balance sheet when the Group has a legal or constructive obligation as a result of a past event, and it is probable
that an outflow of economic benefits will be required to settle the obligation. If the effect is material, provisions are determined by discounting the
expected future cash flows at a discount rate that reflects current market assessments of the time value of money and, where appropriate, the risks
specific to the liability.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:213800TKR59ER8Z69V16", "period": "2025-01-04T00:00:00/2026-01-04T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00248": { "value": "22
Members' share capital and reserves
\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\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Individual shares of \u00a31 each
71
69
Corporate shares of \u00a35 each
8
8
Share capital
79
77
Other reserves
12
12
Cashflow hedge reserve*
-
-
Retained earnings
2,017
2,109
Total Retained earnings and Other reserves
2,029
2,121
Total Capital resources
2,108
2,198
\n
*The Group has designated \u00a3175m of interest rate swaps as hedging instruments to be used for hedge accounting under IFRS 9 (see Note 26). The
trade date of the swaps was the 7 July 2025 (with the effective date of the trade aligning with the proposed drawn down date on the new term loan
in July 2026).
Members\u2019 share capital (Issued and paid-up value)
Members\u2019 share capital is made up of corporate and individual shares. The rights attached to shares are set out in the Society\u2019s rules. Shares
held by Independent Society Members (corporate shares) are not withdrawable and are transferable only between Independent Society
Members with the consent of the Society\u2019s Board. Shares held by individual members (individual shares) are withdrawable on such period of
notice as the Society\u2019s Board may from time to time specify. IFRIC 2 (Members' Shares in Co-operative Entities and Similar Instruments)
determines the features that allow shares to be classified as equity capital. As the Board has an unconditional right to refuse redemption of
both classes of shares, both corporate and individual shares are treated as equity shares.
Both classes of share maintain a fixed nominal value with corporate shares attracting a limited rate of interest. Under the Society's current
rules, voting for Independent Society Members is in proportion to trade with the Society, with Independent Society Members totalling 21.9%
(2024: 21.9%) of the vote at the Annual General Meeting. Each individual member has one vote with individual members totalling 78.1%
(2024: 78.1%) of the vote at the Annual General Meeting.
For individual shares, new members are required to contribute a minimum of \u00a31 when they join the Society. Each member has 1 individual
share although contributions of up to \u00a3100,000 per member are allowed. No interest is earned on member capital. Members can withdraw
money from their share account upon request (to a minimum of \u00a31) or they can withdraw their \u00a31 when they leave the Society. The Society's
rules allow for the removal of a member from the share register if the member hasn't made any qualifying purchases with the Group for
three consecutive years. Five years after any such removal then the share capital would be forfeited to the Society. Individual member share
capital increased by \u00a31.5m in the period being the net of new member contributions of \u00a31.5m and withdrawals of \u00a3nil. We have 7.2m (2024:
6.2m) active members (see also Note 30 Membership and community reward).
\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\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
Revaluation
Cashflow
\u00a0
Other reserves (2025)
Reserve
Hedge Reserve
Total
\u00a0
\u00a3m
\u00a3m
\u00a3m
Balance at 4 January 2025
12
-
12
Balance at 3 January 2026
12
-
12
\n
Revaluation reserve - property, plant and equipment
This reserve relates to the surplus created following the revaluation of certain assets in previous periods. Any surplus relating to a
revalued asset is transferred to retained earnings at the point the asset is disposed of.
Cashflow hedge reserve - interest rate swaps
The effective portion of changes in the fair value of derivatives that are designated and qualify as cash flow hedges is recognised in the
Cashflow Hedge Reserve within equity. The amount accumulated in the hedge reserve account is limited to the extent that the cumulative
gain / loss on the hedging instrument doesn't exceed the cumulative change in fair value of the expected cashflows of the hedged item.
Any gain or loss relating to hedge ineffectiveness is recognised immediately in profit and loss. Amounts accumulated in equity are
reclassified to Retained earnings in the period when the hedged item affects profit or loss (the gain or loss relating to the effective portion
of the interest rate swaps hedging variable rate borrowings is recognised in profit or loss within finance costs at the same time as the
interest expense on the hedged borrowings).
Distribution of reserves in the event of a winding-up
The Society\u2019s rules state that any surplus in the event of a winding-up shall be transferred to one or more societies registered under the
Co-operative and Communities Benefit Act 2014. Such societies must be a member of Co-operatives UK Limited and have the same or
similar rule provisions in relation to surplus distribution on a dissolution or winding-up as we have. If not transferred to another society in
this way, the surplus shall be paid or transferred to Co-operatives UK Limited to be used and applied in accordance with co-operative
principles.
Capital management
The Group defines capital as its share capital and reserves. The Group's policy is to maintain a strong base and to be more prudent than
industry 'normal' levels as it is not able to raise equity externally. The Group still recognises the need to maintain a balance between the
potential higher returns that might be achieved with greater borrowing levels and the advantages and security coming from a sound
capital position.
The Group manages capital to make sure we have the right balance between investing in the future growth of the Group and making
member and community payments. The Group has invested in future growth through cash capital expenditure additions of \u00a3318m (2024:
\u00a3273m). Total member funds decreased during the period by \u00a390m (2024: increased \u00a3178m). ", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800TKR59ER8Z69V16", "period": "2025-01-04T00:00:00/2026-01-04T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00249": { "value": "Members\u2019 share capital (Issued and paid-up value)
Members\u2019 share capital is made up of corporate and individual shares. The rights attached to shares are set out in the Society\u2019s rules. Shares
held by Independent Society Members (corporate shares) are not withdrawable and are transferable only between Independent Society
Members with the consent of the Society\u2019s Board. Shares held by individual members (individual shares) are withdrawable on such period of
notice as the Society\u2019s Board may from time to time specify. IFRIC 2 (Members' Shares in Co-operative Entities and Similar Instruments)
determines the features that allow shares to be classified as equity capital. As the Board has an unconditional right to refuse redemption of
both classes of shares, both corporate and individual shares are treated as equity shares.
Both classes of share maintain a fixed nominal value with corporate shares attracting a limited rate of interest. Under the Society's current
rules, voting for Independent Society Members is in proportion to trade with the Society, with Independent Society Members totalling 21.9%
(2024: 21.9%) of the vote at the Annual General Meeting. Each individual member has one vote with individual members totalling 78.1%
(2024: 78.1%) of the vote at the Annual General Meeting.
For individual shares, new members are required to contribute a minimum of \u00a31 when they join the Society. Each member has 1 individual
share although contributions of up to \u00a3100,000 per member are allowed. No interest is earned on member capital. Members can withdraw
money from their share account upon request (to a minimum of \u00a31) or they can withdraw their \u00a31 when they leave the Society. The Society's
rules allow for the removal of a member from the share register if the member hasn't made any qualifying purchases with the Group for
three consecutive years. Five years after any such removal then the share capital would be forfeited to the Society. Individual member share
capital increased by \u00a31.5m in the period being the net of new member contributions of \u00a31.5m and withdrawals of \u00a3nil. We have 7.2m (2024:
6.2m) active members (see also Note 30 Membership and community reward). ", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800TKR59ER8Z69V16", "period": "2025-01-04T00:00:00/2026-01-04T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00250": { "value": "\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\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
Revaluation
Cashflow
\u00a0
Other reserves (2025)
Reserve
Hedge Reserve
Total
\u00a0
\u00a3m
\u00a3m
\u00a3m
Balance at 4 January 2025
12
-
12
Balance at 3 January 2026
12
-
12
\n
Revaluation reserve - property, plant and equipment
This reserve relates to the surplus created following the revaluation of certain assets in previous periods. Any surplus relating to a
revalued asset is transferred to retained earnings at the point the asset is disposed of.
Cashflow hedge reserve - interest rate swaps
The effective portion of changes in the fair value of derivatives that are designated and qualify as cash flow hedges is recognised in the
Cashflow Hedge Reserve within equity. The amount accumulated in the hedge reserve account is limited to the extent that the cumulative
gain / loss on the hedging instrument doesn't exceed the cumulative change in fair value of the expected cashflows of the hedged item.
Any gain or loss relating to hedge ineffectiveness is recognised immediately in profit and loss. Amounts accumulated in equity are
reclassified to Retained earnings in the period when the hedged item affects profit or loss (the gain or loss relating to the effective portion
of the interest rate swaps hedging variable rate borrowings is recognised in profit or loss within finance costs at the same time as the
interest expense on the hedged borrowings).
Distribution of reserves in the event of a winding-up
The Society\u2019s rules state that any surplus in the event of a winding-up shall be transferred to one or more societies registered under the
Co-operative and Communities Benefit Act 2014. Such societies must be a member of Co-operatives UK Limited and have the same or
similar rule provisions in relation to surplus distribution on a dissolution or winding-up as we have. If not transferred to another society in
this way, the surplus shall be paid or transferred to Co-operatives UK Limited to be used and applied in accordance with co-operative
principles. ", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800TKR59ER8Z69V16", "period": "2025-01-04T00:00:00/2026-01-04T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00251": { "value": "Capital management
The Group defines capital as its share capital and reserves. The Group's policy is to maintain a strong base and to be more prudent than
industry 'normal' levels as it is not able to raise equity externally. The Group still recognises the need to maintain a balance between the
potential higher returns that might be achieved with greater borrowing levels and the advantages and security coming from a sound
capital position.
The Group manages capital to make sure we have the right balance between investing in the future growth of the Group and making
member and community payments. The Group has invested in future growth through cash capital expenditure additions of \u00a3318m (2024:
\u00a3273m). Total member funds decreased during the period by \u00a390m (2024: increased \u00a3178m). ", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:213800TKR59ER8Z69V16", "period": "2025-01-04T00:00:00/2026-01-04T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00264": { "value": "23
Investment properties
\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\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Valuation at beginning of period
51
40
Disposals
(11)
(12)
Transfer from Property, plant and equipment (Note 10)
-
4
Transfer from Right of use assets (Note 11)
-
2
Revaluation gain recognised in the Consolidated income statement
10
14
Revaluation gain recognised in the Consolidated statement of other comprehensive income
-
3
Valuation at end of period
50
51
\n
The table above shows the reconciliation of Investment Properties (held at fair value level 3) from the start of the period to the end of the period.
\n
There were no transfers between Levels 1 and 2 during the period and no transfers into and out of Level 3 fair value measurements.
\n
A 5% movement in the fair value of the investment properties would result in a \u00a33m (2024: \u00a33m increase / decrease) in the carrying value of the
\n
investment properties with a corresponding movement to the Change in value of investment properties in the Income statement.
\n
Accounting policies
\n
Properties held for long-term rental yields that are not occupied by the Group or properties held for capital growth are classified as
\n
investment properties. Investment properties are freehold land and buildings and right-of-use assets. These are carried at fair value (level
\n
3 under IFRS 13 hierachy) which is determined by either independent valuers or internally each year on a three-year cyclical basis in
\n
accordance with the RICS Appraisal and Valuation Manual. Fair value is initially based on observable inputs (such as current prices in an
\n
active market for similar properties in the same location and condition) but may include subsequent adjustments (unobservable inputs) to
\n
those valuations to reflect site specific conditions not reflected in the market value (such as the precise progression of planning or access
\n
permission applications). Significant increases (decreases) in those unobservable input adjustments would result in a significantly higher
\n
(lower) fair value of the Investment Properties. Any gain or loss arising from a change in fair value is recognised in the income statement.
\n
If we start to occupy or trade from one of our investment properties, it is reclassified as property, plant and equipment, and its fair value at
\n
the date of reclassification becomes its cost for subsequent accounting purposes. Other disclosures required by IAS 40 (Investment
\nProperties) are not considered to be material. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentPropertyExplanatory", "language": "en", "entity": "scheme:213800TKR59ER8Z69V16", "period": "2025-01-04T00:00:00/2026-01-04T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00301": { "value": "Accounting policies
Properties held for long-term rental yields that are not occupied by the Group or properties held for capital growth are classified as
\n
investment properties. Investment properties are freehold land and buildings and right-of-use assets. These are carried at fair value (level
\n
3 under IFRS 13 hierachy) which is determined by either independent valuers or internally each year on a three-year cyclical basis in
\n
accordance with the RICS Appraisal and Valuation Manual. Fair value is initially based on observable inputs (such as current prices in an
\n
active market for similar properties in the same location and condition) but may include subsequent adjustments (unobservable inputs) to
\n
those valuations to reflect site specific conditions not reflected in the market value (such as the precise progression of planning or access
\n
permission applications). Significant increases (decreases) in those unobservable input adjustments would result in a significantly higher
\n
(lower) fair value of the Investment Properties. Any gain or loss arising from a change in fair value is recognised in the income statement.
\n
If we start to occupy or trade from one of our investment properties, it is reclassified as property, plant and equipment, and its fair value at
\n
the date of reclassification becomes its cost for subsequent accounting purposes. Other disclosures required by IAS 40 (Investment
Properties) are not considered to be material. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentPropertyExplanatory", "language": "en", "entity": "scheme:213800TKR59ER8Z69V16", "period": "2025-01-04T00:00:00/2026-01-04T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00265": { "value": "24
Pensions
\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
2025
2024
\u00a0
\u00a3m
\u00a3m
Pension schemes in surplus
270
328
Pension schemes in deficit
(3)
(3)
Closing net retirement benefit surplus
267
325
\n
Defined benefit (DB) plans
The Group operates three funded DB pension schemes all of which are closed to future accrual. This means that colleagues can no longer
join or earn future benefits from these schemes. The assets of these schemes are held in separate trustee-administered funds to meet future
benefit payments.
The Group's largest pension scheme is the Co-operative Group Pension Scheme (\u2018Pace\u2019) which accounts for approximately 80% of the
Group's pension assets. The DB section of Pace ('Pace Complete') closed to future service accrual on 28 October 2015. As of November
2023, the vast majority of PACE's liabilities are covered by insurance policies. Further information is provided below.
Defined contribution (DC) plans
Since the closure of the DB schemes, the Group provides all colleagues with DC pension benefits through the DC section of Pace.
Colleagues are able to select the level of contributions that they wish to pay. The contribution paid by the Group varies between 1% and
10% of pensionable salary depending on the contribution tier that the scheme member has selected. Contributions are based on the
scheme member\u2019s basic pay plus any earnings in respect of overtime, commission and shift allowance.
The Pace DC section provides benefits based on the value of the individual colleague\u2019s fund built up through contributions and investment
returns. The Group has no legal or constructive obligation to pay contributions beyond those set out above. There is therefore no balance
sheet items for DC pension benefits except for any accrued contributions.
Balance sheet position for DB plans
The table below summarises the net surplus in the balance sheet by scheme. Following an insurance \"buy-in\" transaction in Pace in 2023 the
vast majority of Pace's liabilities are now covered by insurance policies.
Buy-in transactions
In November 2023, the Pace Trustee completed a \u201cbuy-in\u201d transaction with Rothesay Life Plc, a specialist UK insurer, to insure scheme
benefits through a bulk annuity insurance policy. Through this transaction, and in conjunction with pre-existing partial \u201cbuy-ins\u201d with Aviva
(completed in January 2020 and May 2020), and Pension Insurance Corporation (PIC, completed in February 2020), this means that the
Group Section of Pace, and by extension the Group as Principal Employer, is insured against the primary investment and longevity risks it is
exposed to. As a result of these four separate insurance transactions, the Pace scheme will receive regular payments from Rothesay, Aviva
and PIC to fund all future pension payments.
The insurance contracts are assets of the Pace scheme, and the Pace scheme has retained all responsibility to meet future pension payments
to pensioners. The salary increase link that remains, as applied largely to pre 2006 benefits since April 2022, is excluded from the Insurance
transactions, as are some costs related to GMP equalisation. This ongoing exposure means that the buy-ins don\u2019t cover all the Pace liabilities,
but the Group\u2019s remaining exposure is very small and, at the year-end, there is a surplus remaining in Pace of \u00a3170m (2024: \u00a3229m). The size
of the ongoing liability exposure from the salary link and the uninsured GMP equalisation costs is small relative to this surplus.
\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\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Schemes in surplus:
\u00a0\u00a0
The Co-operative Group Pension Scheme (Pace)
170
229
Somerfield Pension Scheme
66
71
United Norwest Co-operatives Employees' Pension Fund
34
28
Total schemes in surplus
270
328
Schemes in deficit:
\u00a0\u00a0
Other unfunded obligations
(3)
(3)
Total schemes in deficit
(3)
(3)
Total schemes (net)
267
325
Non-Pace schemes
\n
The United and Somerfield schemes use segregated liability driven investment (LDI) mandates which hold government and corporate
\n
bonds, along with derivatives. These investments increase / (decrease) in value when yields on government bonds fall (rise), and are
\n
designed to have similar interest rate and inflation sensitivities to the schemes\u2019 liabilities so that the funding position is protected against
\n
movements in interest rate and inflation expectations. The schemes\u2019 liabilities are in aggregate broadly fully hedged against movements in
\n
yields on government bonds. Against a backdrop of market uncertainty, AA corporate bonds, used to discount the liabilities
increased over
\n
the year, whilst inflation expectations also increased but by a lesser extent.
\n
Recognition of accounting surplus
\n
Any net pension asset disclosed represents the maximum economic benefit available to the Group in respect of its pension obligations. The
\n
Group has carried out a review of the provisions for the recovery of surplus in its pension schemes. This review concluded that the Group can
\n
recoup the benefits of the surplus via a right to refunds and this is reflected in the balance sheet position.
\n
Pace - nature of scheme
\n
As Pace represents around 80% of the Group's pension assets, further information has been included on Pace below. Benefits accrued in
\n
Pace between 6 April 2006 and 28 October 2015 are calculated based on an individual\u2019s average career salary. Benefits accrued prior to 6
\n
April 2006 are linked to final salary until scheme members end their pensionable service. The Somerfield and United schemes are exposed
\n
to additional risks from Pace, predominantly investment, inflation and longevity. More detail is set out below.
\n
Pace - multi-employer provisions following sectionalisation
\n
Pace is a multi-employer scheme but following sectionalisation of the scheme in 2018, the Group accounts only for the Co-op section of
\n
Pace. CFSMS, a subsidiary of the Group, participates in the Group's section with a material share of accrued DB obligations. There are other
\n
participating employers in the Group section which include Group subsidiaries, non-associated and associated entities, but these do not
\n
have a material share. Non-associated entities account for pension contributions in respect of the scheme on a DC basis.
\n
Legislative framework for DB schemes - pension scheme governance
\n
As required by UK legislation, the Group's three DB schemes are run by Trustee boards which operate independently from the Group. The
\n
Trustees are responsible for the development and implementation of appropriate policies for the investment of the scheme assets and for
\n
negotiating scheme funding with the Group. The Trustees consult with the Group in developing investment strategy and (as appropriate)
\n
delegates the responsibility for implementing and monitoring the strategy to Investment Committees.
\n
Each trustee board has professional independent trustee representation, and some boards require pension scheme member representation.
\n
The Pace trustee board comprises Independent Trustee Services Limited (part of Independent Governance Group, a professional trustee
\n
firm) and the chair of Independent Trustee Services Limited (appointed as an individual), with this appointment having been agreed by the
\n
Co-op and Co-operative Bank. The other two trustee boards each comprise an independent, professional trustee director (via a
\n
representative from Independent Trustee Services Limited), as well as Co-op appointed trustee directors, and member-nominated trustee
\n
directors. The chair of each board is appointed by the trustee directors.
\n
Legislative framework for DB schemes - scheme funding regime
\n
Under the scheme specific funding regime established by the Pensions Act 2004, trustees of DB pension schemes have to undertake a full
\n
actuarial valuation at least every three years. The purpose of the valuation is to determine if the scheme has sufficient assets to pay the
\n
benefits when these fall due. The valuation targets full funding (scheme assets equal to the value of pension liabilities) against a basis that
\n
prudently reflects the scheme\u2019s risk exposure. The basis on which DB pension liabilities are valued for funding purposes differs to the basis
\n
required under IAS19. The Group may therefore be required to pay contributions to eliminate a funding shortfall even when a surplus is
\n
reported in the IAS19 disclosure. Any shortfall in the assets directly held by the Group\u2019s DB schemes, relative to their funding target, is
\n
financed over a period that ensures the contributions are reasonably affordable to the Group.
\n
Contributions of \u00a31.5m were paid over in the 2025 financial year in respect of the United Norwest scheme expenses (total 2024
\n
contributions: \u00a31.5m). Deficit contributions to all schemes have now ceased due to the fact that recent actuarial funding valuations showed
\n
all the schemes were in surplus at the relevant valuation date. All scheme funding valuations target a more prudent level of funding than the
\n
target stipulated under IAS19 which is included in these financial statements. Therefore the funding levels are not comparable and it is
\n
possible to have a surplus under IAS19 and yet still be required to pay deficit contributions. We also cannot use a surplus in one scheme to
\n
offset the requirement to pay cash contributions to fund a deficit in another scheme under a different trust. The contribution risk has also
\n
fallen following the buy-in transaction.
\n
The average duration of the liabilities at 3 Jan 2026 on an IAS19 basis is approximately 14 years. The benefits expected to be paid from the
\n
schemes take the form of a cash lump sum paid at retirement followed by a stream of pension payments.
\n\n \n
The effective date of the last full valuations of the schemes are shown below:
The Co-operative Pension Scheme (\u2018Pace\u2019)
5 April 2022
Somerfield Pension Scheme (\u2018Somerfield Scheme\u2019)
31 March 2022
United Norwest Co-operatives Employees\u2019 Pension Fund (\u2018United Fund\u2019)
31 January 2023
On 16 June 2023, the High Court issued a ruling in respect of Virgin Media v NTL Pension Trustees II Limited that brought into question the validity of
\n
amending deeds that didn\u2019t carry section 37 actuarial certification. During 2024, the Co-op undertook some initial analysis of historic deeds which
\n
showed a small number of instances where actuarial confirmation (or similar assurance) would have been required but was not appended to the deed
\n
or immediately obvious from the content of the deed that it had been obtained (though it remains possible certification was undertaken and exists
\n
elsewhere). The government has recognised this potential issue and has now moved to provide for a legislative solution to validate historic scheme
\n
changes and this is expected to come into force later in the year. Consequently, no further work is being undertaken at this time. We will review the
\n
legislation when final and assess whether section 37 certification can be retrospectively applied or not.
\n
Our pension scheme Trustee Boards & the Co-op have always had in place comprehensive procedures and practices to ensure compliance with all
\n
legal and regulatory requirements, including taking appropriate external advice whenever any changes have been made.
\n
Risks associated with DB pension schemes
\n
The liability associated with the pension schemes is material to the Group. Following the buy-in transaction the cash funding risk is now considered to
\n
be relatively low. The Group and Trustees work together to address the associated pension risk - in particular, steps have been taken to materially
\n
reduce the investment risk in the schemes. The Group has removed its exposure to these risk in the Pace Scheme via the four separate insurance buy-
\n
in contracts. The key risks in relation to the DB schemes are set out below, alongside a summary of the steps taken to mitigate the risk:
\n\n \n
Risk description
Mitigation
Risk of changes in contribution requirements
- When
The closure of the DB schemes has reduced the exposure of the Group to changes in
setting the contributions that are paid to a scheme, the
future contributions, as did the subsequent Pace Insurance buy-in contracts. In addition,
Group and Trustee are required to consider the funding
the Group and Trustee have taken steps to reduce the volatility of the funding level (as
level at a specified valuation date. The funding level at
set out below). The Group monitors the funding level of the schemes in order to
future valuation dates is uncertain and this leads to
understand the likely outcome of valuations and the Trustee is required to obtain
uncertainty in future cash requirements for the Group.
agreement from the Group to funding assumptions and deficit recovery contributions.
Interest rate risk -
Pension liabilities are measured with
Through its insurance buy-in contracts Pace has minimal further exposure. The
reference to yields on bonds, with lower yields increasing
Somerfield and United schemes invest in liability-driven investment (LDI) products which
the liabilities. The schemes are therefore exposed to the
increase (decrease) in value when yields on government bonds fall (rise), providing
risk of falls in interest rates.
protection against interest rate risk. Across all schemes, approximately 98% of the liability
is currently protected from movements in yields on government bonds. LDI involves
investing in assets which are expected to generate cashflows that broadly mirror
expected benefit payments from the scheme.
Risk associated with volatility in asset value
- The
Given Pace\u2019s liabilities are almost fully insured, assets are expected to move in line with
market value of the assets held by the pension schemes,
liabilities meaning Pace has minimal further exposure. For the Somerfield and United
particularly the assets held in return-seeking assets such as
schemes this risk has been mitigated by reducing the exposure of the pension schemes
equity, can be volatile (and, for example, may be affected
to those asset classes which have the most volatile market values. In particular, the
by environmental, social or corporate governance (\u201cESG\u201d)
schemes have limited allocation to return-seeking assets such as equity. In addition, the
failures at investee companies and/or sovereign states -
Trustees of the Co-op\u2019s pension schemes have responsible investment policies in place,
including the physical and transition risks of climate
and aligned with those policies exclude specific investments (where appropriate and
change). This creates a risk of short-term fluctuations in
viable). Management of ESG risks is considered when appointing investment managers
funding level.
and in their ongoing monitoring, and the schemes\u2019 equity assets are explicitly managed
with a consideration of such risks, including climate change.
Inflation risk
- Many of the benefits paid by the schemes
Through its insurance buy-in contracts Pace has minimal further exposure. The
are linked to inflation. Therefore, the pension liabilities
Somerfield and United schemes invest in liability driven investment products which
reflect expectations of future inflation with higher inflation
increase (decrease) in value when expectations of future inflation rates increase (fall),
leading to higher liabilities.
thus providing protection against inflation risk. Across all schemes, approximately 97% of
the liability is currently protected from movements in inflation.
Risk associated with changes in life expectancy -
Through its insurance buy-in contracts Pace has minimal further exposure, and risk has
Pensions paid by the schemes are guaranteed for life, and
substantially passed to the buy-in insurance providers. The remaining risk is now mainly
therefore if members are expected to live longer, the
in respect of the credit risk associated with those buy-in insurance providers (with the
liabilities increase.
mitigation that the buy-in insurance providers have strong credit ratings). The Somerfield
and United schemes' funding targets incorporate a margin for prudence to reflect
uncertainty in future life expectancy.
Critical accounting estimates
\n
For IAS 19 disclosure purposes, DB obligations are determined following actuarial advice and are calculated using the projected unit
\n
method. The assumptions used are the best estimates chosen from a range of possible actuarial assumptions which may not necessarily be
\n
borne out in practice. For the insurance buy-ins under Pace, we apply the assumptions to derive the liability and then set the asset value to
\n
match this liability, with separate calculations to derive the salary link and GMP equalisation liabilities.
\n\n \n
Financial assumptions
2025
2024
Discount rate
5.65%
5.54%
RPI inflation rate
3.14%
3.39%
Pension increases in payment (RPI capped at 5% p.a.)
2.99%
3.17%
Future salary increases
3.39%
3.64%
\n
The discount rate has been derived by reference to market yields on sterling-denominated high quality corporate bonds of appropriate
\n
duration consistent with the schemes at that date.
\n
Demographic assumptions
\n
The Group has used best estimate base mortality tables which reflect the membership of each scheme. Allowance has been made for future
\n
improvements in line with the Continuous Mortality Investigation (CMI) 2024 projections and a long-term future improvement rate of 1.00%
\n
p.a. (2024: CMI 2023 with long term future improvement rate of 1.00% p.a.).
\n
For illustration, the average life expectancy (in years) for mortality tables used to determine scheme liabilities for Pace is as follows. These are
\n
broadly similar to the life expectancies used for other schemes.
\n\n \n
Life expectancy from age 65
2025
2024
Male currently aged 65 years
20.8
20.5
Female currently aged 65 years
22.7
22.3
Male currently aged 45 years
21.6
21.3
Female currently aged 45 years
23.5
23.4
\n
Sensitivities
\n
The measurement of the Group\u2019s DB liability is particularly sensitive to changes in certain key assumptions, which are described below. The
\n
methods used to carry out the sensitivity analysis presented below for the material assumptions are the same as those the Group has used
\n
previously. The calculations alter the relevant assumption by the amount specified, whilst assuming that all other variables remained the
\n
same. This approach is not necessarily realistic, since some assumptions are related: for example, if the scenario is to show the effect if
\n
inflation is higher than expected, it might be reasonable to expect that nominal yields on corporate bonds will also increase. However, it
\n
enables the reader to isolate one effect from another. It should also be noted that because of the interest rate and inflation hedges, changes
\n
in the liability arising from a change in the discount rate or price inflation would be expected to be largely mitigated by a change in assets.
\n
It\u2019s impossible to predict future discount rates or inflation with any real certainty and so the sensitivities shown are for illustration purposes
\n
only and in reality more material movements could be experienced.
\n\n \n
2025
2024
Sensitivities
\u00a3m
\u00a3m
Change in liability from a 0.5% decrease in discount rate
348
366
Change in liability from a 0.5% increase in RPI inflation
222
227
Change in liability from a 0.25% increase in long-term rate of longevity improvements
32
34
\n\n \n
Changes in the present value of the defined benefit obligation (DBO)
2025
2024
\u00a3m
\u00a3m
Opening defined benefit obligation
5,223
5,857
Interest expense on DBO
280
270
Remeasurements:
a. Effect of changes in demographic assumptions
25
(37)
b. Effect of changes in financial assumptions
(183)
(558)
c. Effect of experience adjustments
46
(11)
Benefit payments from plan
(313)
(298)
Closing defined benefit obligation
5,078
5,223
\n \n
Changes in the fair value of the plan assets
2025
2024
\u00a3m
\u00a3m
Opening fair value of plan assets
5,548
6,213
Interest income
298
287
Return on plan assets (excluding interest income)
(116)
(598)
Administrative expenses paid from plan assets
(6)
(6)
Employer contributions
2
2
Pace DC contributions*
(68)
(52)
Benefit payments from plan
(313)
(298)
Closing fair value of plan assets
5,345
5,548
\n
* From March 2024, following the completion of the final Insurance transaction in 2023, the Trustee of the Pace DB Scheme have agreed to
\n
use part of the surplus to partially fund employer contributions to the Pace DC Scheme. This is made possible because the Pace DB and DC
\n
Schemes form the same Trust. These payments do not affect the obligations made in respect of defined benefit payments.
\n
The fair value of the plan assets at the period end were as follows.
The assets have been split to show those which have a quoted market
\n
price in an active market and those which are unquoted.
\n\n \n
Fair value of plan assets
2025
2025
2025
2024
2024
2024
Quoted
Unquoted
Total
Quoted
Unquoted
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Equity instruments
23
-
23
25
-
25
Liability driven investments
388
5
393
370
-
370
Investment grade credit assets
175
-
175
345
-
345
Illiquid / other credit assets
-
132
132
-
89
89
Alternative assets
-
84
84
-
-
-
Cash and cash equivalents
205
-
205
266
-
266
Insurance buy-in contracts
-
4,333
4,333
-
4,453
4,453
Fair value of plan assets
791
4,554
5,345
1,006
4,542
5,548
\n\n \n
Amounts recognised in the balance sheet
2025
2024
\u00a3m
\u00a3m
Present value of funded obligations
(5,075)
(5,220)
Present value of unfunded liabilities
(3)
(3)
Fair value of plan assets
5,345
5,548
Net retirement benefit asset
267
325
\n\n \n
Amounts recognised in the income statement and other comprehensive income
2025
2024
\u00a3m
\u00a3m
Interest expense on defined benefit obligations
(280)
(270)
Interest income on plan assets
298
287
Administrative expenses and taxes
(6)
(6)
Total recognised in the income statement
12
11
Remeasurement (losses) / gains on employee pension schemes
(3)
8
Total recognised in other comprehensive income
(3)
8
Total
9
19
Accounting policies
\n
The Group operates various defined contribution and defined benefit pension schemes for its colleagues as stated above. A defined
\n
contribution scheme is a pension plan under which the Group pays pre-specified contributions into a separate entity and has no legal or
\n
constructive obligation to pay any further contributions. A defined benefit scheme is a pension plan that defines an amount of pension
\n
benefit that a colleague will receive on retirement. In respect of the defined benefit pension scheme, the pension scheme surplus or deficit
\n
recognised in the balance sheet represents the difference between the fair value of the plan assets and the present value of the defined
\n
benefit obligation at the balance sheet date. The calculation of the defined benefit obligations is performed annually by qualified actuaries
\n
(and half-yearly for Pace) using the projected unit credit method. Plan assets are recorded at fair value. When the calculation results in a
\n
potential asset for the Group, the recognised asset reflects the present value of the economic benefits that will arise from the surplus in the
\n
form of any future refunds from the plan or reductions in future contributions to the plan. Obligations for contributions to defined
\n
contribution plans are expensed as the related service is provided. Prepaid contributions are recognised as an asset to the extent that a
\n
cash refund or a reduction in future payments is available.
\n
Remeasurements of the surplus / liability of each scheme (which comprise actuarial gains and losses and asset returns excluding interest
\n
income) are included within other comprehensive income. Net interest expense and other items of expense relating to the defined benefit
\n
plans are recognised in the income statement. Administrative costs of the plans are recognised in operating profit. Net interest expense is
\n
determined by applying the discount rate used to measure the defined benefit obligation at the beginning of the year to the net defined
\n
asset / liability at that point in time taking into account contributions within the period.
\n
The Insurance transactions entered into by the Co-op, in respect of its pension arrangements, are assets of the Co-op pension schemes
\n
and the schemes have retained all responsibility to meet future pension payments to pensioners. Insurance annuities are recorded at the
\n
same value as the liabilities to which they relate and movements in liabilities will be offset by an equivalent movement in the insurance
\n
annuity asset. These movements are recorded through items in other comprehensive income.
\n
The premium cost of the Rothesay transaction (in the prior period) was greater than the value of the liabilities secured. As with previous
\n
insurance contracts entered into, this was a buy-in transaction where the scheme retains the responsibility for paying pensions and
\ntherefore the loss was recorded through other comprehensive income. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDefinedBenefitPlansExplanatory", "language": "en", "entity": "scheme:213800TKR59ER8Z69V16", "period": "2025-01-04T00:00:00/2026-01-04T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00302": { "value": "Accounting policies
The Group operates various defined contribution and defined benefit pension schemes for its colleagues as stated above. A defined
\n
contribution scheme is a pension plan under which the Group pays pre-specified contributions into a separate entity and has no legal or
\n
constructive obligation to pay any further contributions. A defined benefit scheme is a pension plan that defines an amount of pension
\n
benefit that a colleague will receive on retirement. In respect of the defined benefit pension scheme, the pension scheme surplus or deficit
\n
recognised in the balance sheet represents the difference between the fair value of the plan assets and the present value of the defined
\n
benefit obligation at the balance sheet date. The calculation of the defined benefit obligations is performed annually by qualified actuaries
\n
(and half-yearly for Pace) using the projected unit credit method. Plan assets are recorded at fair value. When the calculation results in a
\n
potential asset for the Group, the recognised asset reflects the present value of the economic benefits that will arise from the surplus in the
\n
form of any future refunds from the plan or reductions in future contributions to the plan. Obligations for contributions to defined
\n
contribution plans are expensed as the related service is provided. Prepaid contributions are recognised as an asset to the extent that a
\n
cash refund or a reduction in future payments is available.
\n
Remeasurements of the surplus / liability of each scheme (which comprise actuarial gains and losses and asset returns excluding interest
\n
income) are included within other comprehensive income. Net interest expense and other items of expense relating to the defined benefit
\n
plans are recognised in the income statement. Administrative costs of the plans are recognised in operating profit. Net interest expense is
\n
determined by applying the discount rate used to measure the defined benefit obligation at the beginning of the year to the net defined
\n
asset / liability at that point in time taking into account contributions within the period.
\n
The Insurance transactions entered into by the Co-op, in respect of its pension arrangements, are assets of the Co-op pension schemes
\n
and the schemes have retained all responsibility to meet future pension payments to pensioners. Insurance annuities are recorded at the
\n
same value as the liabilities to which they relate and movements in liabilities will be offset by an equivalent movement in the insurance
\n
annuity asset. These movements are recorded through items in other comprehensive income.
\n
The premium cost of the Rothesay transaction (in the prior period) was greater than the value of the liabilities secured. As with previous
\n
insurance contracts entered into, this was a buy-in transaction where the scheme retains the responsibility for paying pensions and
therefore the loss was recorded through other comprehensive income. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800TKR59ER8Z69V16", "period": "2025-01-04T00:00:00/2026-01-04T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00266": { "value": "25
Financial risk management
The main financial risks facing the Group are set out below. Overall Group risks and the strategy used to manage these risks are discussed in
the Principal Risks and Uncertainties section on pages 46 - 53.
Credit risk
Credit risk arises from the possibility of customers and counterparties failing to meet their obligations. Management has a credit policy in
place and the exposure to credit risk is monitored on an ongoing basis. Credit evaluations are performed for all customers requiring credit
over a certain amount. The Group does not require security in respect of financial assets. The majority of businesses in the Group have cash-
based rather than credit-based sales and so customer credit risk is relatively small.
The Group will ensure that it earns an appropriate return on its invested cash, whilst ensuring that there is minimal risk over the security of
that cash. Investments are only allowed with the Group's syndicate banks or counterparties that have a credit rating of Investment Grade.
Transactions involving derivative financial instruments are with counterparties with whom the Group has signed an ISDA agreement (a
standard contract used to govern all over-the-counter derivatives transactions). Management has no current reason to expect that any
counterparty the Group has invested with will fail to meet its obligations.
Funeral Plan funds are invested in whole-of-life insurance policies which pay out a lump sum when the insured person dies. Any provider of
these policies to the Group must be authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and
the Prudential Regulation Authority. There are also some funds relating to plans taken out prior to 2002 that are held in interest-bearing
trustee-administered bank accounts which can only be utilised to meet liabilities in respect of funeral plans.
At the balance sheet date there were no material concentrations of credit risk. Information regarding the age profile of trade receivables is
shown in Note 16. The carrying value of all balances that attract a credit risk, which represents the maximum exposure, is set out 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\t\n\t\t\t\n\t\t\t\n\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
Carrying
Carrying
\u00a0
amount
amount
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Trade and other receivables (excluding prepayments and accrued income)
488
414
Interest rate swaps
(2)
(6)
Foreign exchange contracts and commodity swaps (net)
(2)
(3)
Funeral plan investments
1,513
1,414
Finance lease receivables
35
26
Net cash and cash equivalents
96
320
Short-term investments
-
100
\n
Interest rate risk and hedging
Interest rate risk arises from movements in interest rates that impact the fair value of assets and liabilities and related finance flows. The
Group adopts a policy of ensuring that 50-100% of its exposure to changes in interest rates on borrowings is on a fixed rate basis. The
proportion of our debt on a fixed rate (including the impact of interest rate swaps) as at 3 January 2026 was 61% (at 4 January 2025: 77%).
Interest rate swaps, denominated exclusively in Sterling, have been entered into to achieve an appropriate mix of fixed and floating rate
exposure within the Group\u2019s policy. At 3 January 2026, the Group had interest rate swaps with a notional contract amount of \u00a3280m (at 6
January 2024: \u00a3105m).
The Group entered into \u00a3175m of interest rate swaps on the 7 July 2025 which will be used as a cashflow hedge for the new \u00a3350m 5 year
term loan agreed in June 2025. The swaps have been designated as a cashflow hedge for hedge accounting under IFRS 9 whereby the
Group pays a fixed rate of interest and receives a variable rate based on Sterling Overnight Index Average (SONIA). An economic
relationship exists with the new term loan where the interest charged is linked to SONIA. The trade date of the swaps was the 7 July 2025
(with the effective date of the trade aligning with the proposed drawn down date on the new term loan in July 2026).
The \u00a3105m of interest rate swaps that mature in 2026 are not designated as hedging instruments. Derivative financial instruments that are
not hedging instruments are classified as held for trading by default and so fall into the category of financial assets at fair value through the
income statement. Derivatives are subsequently stated at fair value, with any gains and losses being recognised in the income statement.
See Note 26.
The net fair value of swaps at 3 January 2026 was a net liability of \u00a32m (2024: net liability of \u00a36m) comprising assets of \u00a3nil (2024: \u00a3nil) and
liabilities of \u00a32m (2024: \u00a36m). These amounts are recognised as fair value derivatives on the face of the Consolidated balance sheet.
Foreign currency risk
The Group does not designate its forward foreign exchange contracts and commodity swaps as hedging instruments.
The Group is exposed to foreign currency risk on purchases that are denominated in a currency other than sterling. The key currencies
giving rise to this risk are Euros and US Dollars.
The Group manages the impact of market fluctuations on its currency exposures and future cash flows by undertaking rolling foreign
exchange hedges. These are executed on a monthly basis in a layered approach based on forecast requirements.
At 3 January 2026, the Group had forward currency transactions in Euros and US Dollars with a notional contract amount of \u00a397m (2024:
\u00a373m).
Liquidity risk
This is the risk that the Group will not have sufficient monies to fund its future operations and meet its borrowing obligations. The Group has
diverse sources of financing through its cash, short-term investments, credit facilities and bonds. These are managed to ensure appropriate
flexibility and headroom over the short, medium and long term.
As at 3 January 2026, the Group had available cash and cash equivalents and short-term investments of \u00a396m (2024: \u00a3420m) together with
committed borrowing facilities totalling \u00a31,100m (2024: \u00a3862m). These are 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\t\n\t\t\t\n\t\t\t\n\t\t\t\n\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
\u00a0
2025
2024
Bank facilities as at 3 January 2026
Expiry
Facility
Undrawn
Expiry
Facility
Undrawn
\u00a0 \u00a0
\u00a3m
\u00a3m
\u00a0
\u00a3m
\u00a3m
Cash and cash equivalents*
\u00a0 \u00a0
96
\u00a0 \u00a0
320
Short-term investments
\u00a0 \u00a0
-
\u00a0 \u00a0
100
Cash and cash equivalents and short-term investments
\u00a0 \u00a0
96
\u00a0 \u00a0
420
\u00a3109m 11% Final repayment subordinated notes**
\u00a0 \u00a0
-
Dec 2025
109
\u00a0
\u00a320m Instalment repayment notes**
\u00a0 \u00a0
-
Dec 2025
3
\u00a0
\u00a3350m 7.5% Bond notes
July 2026
350
-
July 2026
350
\u00a0
Revolving Credit Facility
Nov 2029
400
350
Nov 2029
400
400
\u00a3350m 5 year term loan ***
July
2030
350
350
-
-
-
Total debt facilities
\u00a0
1,100
700
\u00a0
862
400
Total cash and cash equivalents,
\u00a0 \u00a0
796
\u00a0 \u00a0
820
short-term investments and debt liquidity
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
\n
* Cash and cash equivalents includes \u00a35m (2024: \u00a3nil) of restricted cash relating to receipts to be invested in funeral plan investments (these are
included in cash and cash equivalents on a statutory basis but are excluded from our net debt APM metric (see Glossary for further details)).
Furthermore, cash and cash equivalents includes a \u00a32m overdraft (see Note 17).
** The \u00a3109m subordinated notes and the remaining \u00a33m of the Instalment repayment notes were paid back in full from cash in December 2025 in
line with their maturity dates.
*** On the 18th June 2025 the Group agreed a five-year \u00a3350m Term Loan facility. The facility remains undrawn at the balance sheet date. The Term
Loan provides funding to repay its upcoming 2026 \u00a3350m bond which matures in July 2026.
The following are the maturities of financial liabilities as at 3 January 2026. The contractual cashflows noted include payments of interest and
\n
principal:
\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\t\n\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\t\n\t\t\t\n\t\t\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
2025
Carrying Contractual
\u00a0
1 - 2
2 - 5
More than
\u00a0
amount
cash flows
<1 year
years
years
5 years
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Non-derivative financial liabilities
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
\u00a3105m 7.5% Bond 2026 (fair value)
(106)
(113)
(113)
-
-
-
\u00a3245m 7.5% Bond 2026 (amortised cost)
(256)
(263)
(263)
-
-
-
Revolving credit facility (RCF)
(50)
(50)
-
-
(50)
-
Lease liabilities
(1,178)
(1,611)
(213)
(199)
(439)
(760)
Trade and other payables
(1,624)
(1,624)
(1,621)
(2)
(1)
-
Derivative financial liabilities
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Interest rate swaps (not designated for hedge accounting
(2)
(2)
(2)
-
-
-
Interest rate swaps (designated for hedge accounting)
-
1
-
-
-
-
Foreign exchange contracts - inflow (gross settled)
-
98
73
25
-
-
Foreign exchange contracts - outflow (gross settled)
-
(98)
(73)
(25)
-
-
Commodity swaps
(2)
(1)
(1)
-
-
-
\n
* The \u00a3109m subordinated notes and the remaining \u00a33m of the Instalment repayment notes were paid back in full from cash in December 2025 in
\n
line with their maturity dates.
\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\t\n\t\t\t\n\t\t\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
2024
Carrying
Contractual
\u00a0\u00a0\u00a0
More than 5
\u00a0
amount
cash flows
< 1 year
1 - 2 years
2 - 5 years
years
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Non-derivative financial liabilities
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
\u00a3109m 11% Final repayment subordinated notes 2025*
(109)
(121)
(121)
-
-
-
\u00a320m Instalment repayment notes (final payment 2025)*
(3)
(3)
(3)
-
-
-
\u00a3105m 7.5% Bond 2026 (fair value)
(108)
(121)
(8)
(113)
-
-
\u00a3245m 7.5% Bond 2026 (amortised cost)
(259)
(281)
(18)
(263)
-
-
Lease liabilities
(1,193)
(1,509)
(194)
(179)
(438)
(698)
Trade and other payables
(1,564)
(1,564)
(1,532)
(21)
(7)
(4)
Derivative financial liabilities
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Interest rate swaps (not designated for hedge accounting
(6)
(7)
(5)
(2)
-
-
Interest rate swaps (designated for hedge accounting)
-
75
53
22
-
-
Foreign exchange contracts - outflow (gross settled)
-
(78)
(55)
(23)
-
-
Commodity swaps
-
-
-
-
-
-
\n\n
Sensitivity analysis
\n
Interest rate risk
\n
Interest rate risk is the risk that the fair value or future cashflows of a financial instrument will fluctuate because of changes in market interest
\n
rates. The Group's borrowings are on a mixture of fixed and floating interest rates, and there is interest rate risk on the floating rate
\n
borrowings, this includes the Group's Revolving Credit Facility and the \u00a3105m element of the 2026 Bond.
\n
The valuations of the Group\u2019s debt and interest rate swaps that are held at fair value have been determined by discounting expected future
\n
cash flows associated with these instruments at the market interest rate yields as at the Group\u2019s year end. This is then adjusted by a +1%
\n
increase to the interest rate yield curve and a 1% reduction in the interest rate yield curve to show the impact of changes in interest rates on
\n
the value of our debt and swaps. At 3 January 2026 and 4 January 2025, if Sterling (GBP) market interest rates had been 1% higher / lower
\n
with all other variables held constant, there would have been no material impact to post-tax profit. Profit is generally less sensitive to
\n
movements in GBP interest rates due to the level of borrowings held at fixed rates as described in the Interest rate risk and hedging section.
Foreign exchange risk
At 3 January 2026 and 4 January 2025, if both the Euro and US dollar had strengthened or weakened by 10% against sterling (GBP) with all
variables held constant, there would have been no material impact to post-tax profit.
Guarantees
In the course of conducting its operations, the Group is required to issue bank guarantees and bonds in favour of various counterparties.
These facilities are provided by the Group\u2019s banking syndicate and as at 3 January 2026 the total amount of guarantees / bonds outstanding
was \u00a331m (2024: \u00a324m). ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:213800TKR59ER8Z69V16", "period": "2025-01-04T00:00:00/2026-01-04T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00267": { "value": "Credit risk
Credit risk arises from the possibility of customers and counterparties failing to meet their obligations. Management has a credit policy in
place and the exposure to credit risk is monitored on an ongoing basis. Credit evaluations are performed for all customers requiring credit
over a certain amount. The Group does not require security in respect of financial assets. The majority of businesses in the Group have cash-
based rather than credit-based sales and so customer credit risk is relatively small.
The Group will ensure that it earns an appropriate return on its invested cash, whilst ensuring that there is minimal risk over the security of
that cash. Investments are only allowed with the Group's syndicate banks or counterparties that have a credit rating of Investment Grade.
Transactions involving derivative financial instruments are with counterparties with whom the Group has signed an ISDA agreement (a
standard contract used to govern all over-the-counter derivatives transactions). Management has no current reason to expect that any
counterparty the Group has invested with will fail to meet its obligations.
Funeral Plan funds are invested in whole-of-life insurance policies which pay out a lump sum when the insured person dies. Any provider of
these policies to the Group must be authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and
the Prudential Regulation Authority. There are also some funds relating to plans taken out prior to 2002 that are held in interest-bearing
trustee-administered bank accounts which can only be utilised to meet liabilities in respect of funeral plans.
At the balance sheet date there were no material concentrations of credit risk. Information regarding the age profile of trade receivables is
shown in Note 16. The carrying value of all balances that attract a credit risk, which represents the maximum exposure, is set out 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\t\n\t\t\t\n\t\t\t\n\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
Carrying
Carrying
\u00a0
amount
amount
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Trade and other receivables (excluding prepayments and accrued income)
488
414
Interest rate swaps
(2)
(6)
Foreign exchange contracts and commodity swaps (net)
(2)
(3)
Funeral plan investments
1,513
1,414
Finance lease receivables
35
26
Net cash and cash equivalents
96
320
Short-term investments
-
100
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:213800TKR59ER8Z69V16", "period": "2025-01-04T00:00:00/2026-01-04T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00268": { "value": "Foreign currency risk
The Group does not designate its forward foreign exchange contracts and commodity swaps as hedging instruments.
The Group is exposed to foreign currency risk on purchases that are denominated in a currency other than sterling. The key currencies
giving rise to this risk are Euros and US Dollars.
The Group manages the impact of market fluctuations on its currency exposures and future cash flows by undertaking rolling foreign
exchange hedges. These are executed on a monthly basis in a layered approach based on forecast requirements.
At 3 January 2026, the Group had forward currency transactions in Euros and US Dollars with a notional contract amount of \u00a397m (2024:
\u00a373m). ", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:213800TKR59ER8Z69V16", "period": "2025-01-04T00:00:00/2026-01-04T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00269": { "value": "Liquidity risk
This is the risk that the Group will not have sufficient monies to fund its future operations and meet its borrowing obligations. The Group has
diverse sources of financing through its cash, short-term investments, credit facilities and bonds. These are managed to ensure appropriate
flexibility and headroom over the short, medium and long term.
As at 3 January 2026, the Group had available cash and cash equivalents and short-term investments of \u00a396m (2024: \u00a3420m) together with
committed borrowing facilities totalling \u00a31,100m (2024: \u00a3862m). These are 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\t\n\t\t\t\n\t\t\t\n\t\t\t\n\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
\u00a0
2025
2024
Bank facilities as at 3 January 2026
Expiry
Facility
Undrawn
Expiry
Facility
Undrawn
\u00a0 \u00a0
\u00a3m
\u00a3m
\u00a0
\u00a3m
\u00a3m
Cash and cash equivalents*
\u00a0 \u00a0
96
\u00a0 \u00a0
320
Short-term investments
\u00a0 \u00a0
-
\u00a0 \u00a0
100
Cash and cash equivalents and short-term investments
\u00a0 \u00a0
96
\u00a0 \u00a0
420
\u00a3109m 11% Final repayment subordinated notes**
\u00a0 \u00a0
-
Dec 2025
109
\u00a0
\u00a320m Instalment repayment notes**
\u00a0 \u00a0
-
Dec 2025
3
\u00a0
\u00a3350m 7.5% Bond notes
July 2026
350
-
July 2026
350
\u00a0
Revolving Credit Facility
Nov 2029
400
350
Nov 2029
400
400
\u00a3350m 5 year term loan ***
July
2030
350
350
-
-
-
Total debt facilities
\u00a0
1,100
700
\u00a0
862
400
Total cash and cash equivalents,
\u00a0 \u00a0
796
\u00a0 \u00a0
820
short-term investments and debt liquidity
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
\n
* Cash and cash equivalents includes \u00a35m (2024: \u00a3nil) of restricted cash relating to receipts to be invested in funeral plan investments (these are
included in cash and cash equivalents on a statutory basis but are excluded from our net debt APM metric (see Glossary for further details)).
Furthermore, cash and cash equivalents includes a \u00a32m overdraft (see Note 17).
** The \u00a3109m subordinated notes and the remaining \u00a33m of the Instalment repayment notes were paid back in full from cash in December 2025 in
line with their maturity dates.
*** On the 18th June 2025 the Group agreed a five-year \u00a3350m Term Loan facility. The facility remains undrawn at the balance sheet date. The Term
Loan provides funding to repay its upcoming 2026 \u00a3350m bond which matures in July 2026.
\n\n\n
The following are the maturities of financial liabilities as at 3 January 2026. The contractual cashflows noted include payments of interest and
\n
principal:
\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\t\n\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\t\n\t\t\t\n\t\t\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
2025
Carrying Contractual
\u00a0
1 - 2
2 - 5
More than
\u00a0
amount
cash flows
<1 year
years
years
5 years
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Non-derivative financial liabilities
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
\u00a3105m 7.5% Bond 2026 (fair value)
(106)
(113)
(113)
-
-
-
\u00a3245m 7.5% Bond 2026 (amortised cost)
(256)
(263)
(263)
-
-
-
Revolving credit facility (RCF)
(50)
(50)
-
-
(50)
-
Lease liabilities
(1,178)
(1,611)
(213)
(199)
(439)
(760)
Trade and other payables
(1,624)
(1,624)
(1,621)
(2)
(1)
-
Derivative financial liabilities
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Interest rate swaps (not designated for hedge accounting
(2)
(2)
(2)
-
-
-
Interest rate swaps (designated for hedge accounting)
-
1
-
-
-
-
Foreign exchange contracts - inflow (gross settled)
-
98
73
25
-
-
Foreign exchange contracts - outflow (gross settled)
-
(98)
(73)
(25)
-
-
Commodity swaps
(2)
(1)
(1)
-
-
-
\n
* The \u00a3109m subordinated notes and the remaining \u00a33m of the Instalment repayment notes were paid back in full from cash in December 2025 in
\n
line with their maturity dates.
\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\t\n\t\t\t\n\t\t\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
2024
Carrying
Contractual
\u00a0\u00a0\u00a0
More than 5
\u00a0
amount
cash flows
< 1 year
1 - 2 years
2 - 5 years
years
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Non-derivative financial liabilities
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
\u00a3109m 11% Final repayment subordinated notes 2025*
(109)
(121)
(121)
-
-
-
\u00a320m Instalment repayment notes (final payment 2025)*
(3)
(3)
(3)
-
-
-
\u00a3105m 7.5% Bond 2026 (fair value)
(108)
(121)
(8)
(113)
-
-
\u00a3245m 7.5% Bond 2026 (amortised cost)
(259)
(281)
(18)
(263)
-
-
Lease liabilities
(1,193)
(1,509)
(194)
(179)
(438)
(698)
Trade and other payables
(1,564)
(1,564)
(1,532)
(21)
(7)
(4)
Derivative financial liabilities
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Interest rate swaps (not designated for hedge accounting
(6)
(7)
(5)
(2)
-
-
Interest rate swaps (designated for hedge accounting)
-
75
53
22
-
-
Foreign exchange contracts - outflow (gross settled)
-
(78)
(55)
(23)
-
-
Commodity swaps
-
-
-
-
-
-
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:213800TKR59ER8Z69V16", "period": "2025-01-04T00:00:00/2026-01-04T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00270": { "value": "26
Financial instruments, derivatives and valuation of financial assets and liabilities
Derivatives held for non-trading purposes are 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\t\n\t\t\t\n\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
\u00a0
2025
2024
\u00a0
Contractual/
Fair value
Fair value
Contractual
Fair value
Fair value
\u00a0
notional
assets
liabilities
/ notional
assets
liabilities
\u00a0
amount
\u00a0\u00a0
amount
\u00a0\u00a0
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Interest rate swaps (not designated for hedge accounting)
105
-
(2)
105
-
(6)
Interest rate swaps (designated for hedge accounting)
175
-
-
-
-
-
Foreign exchange contracts
97
-
-
73
-
(2)
Commodity swaps (diesel)
16
-
(2)
20
-
(1)
Total recognised derivative liabilities
393
-
(4)
198
-
(9)
\n
\u00a3105m of the interest rate swaps mature in 2026 and as such are held in current liabilities. The remaining \u00a3175m mature in 2030 and are
held in non-current liabilities. The majority of the foreign exchange contracts and diesel swaps mature within 1 year.
The following summarises the major methods and assumptions used in estimating the value of financial instruments:
a) Financial instruments at fair value through the income statement
Investments in funeral plans
Where there is no active market or the investments are unlisted, the fair values are based on commonly used valuation techniques (refer to
accounting policy (section iv) of this note for further details.
Derivatives
Forward exchange contracts, such as the Group's interest rate swaps have been determined by discounting expected future cash flows
associated with these instruments at the market interest rate yields as at the Group\u2019s year end. The \u00a3105m of the Group's derivatives that
mature in 2026 are not formally designated as hedging instruments but under IFRS 9 (Financial Instruments) they are used to match against a
proportion of the 2026 Bond liabilities carried at fair value through the income statement, showing as a gain of \u00a32m in 2025 (2024: \u00a33m
gain) see Note 6. The \u00a3175m of interest rate swaps that mature in 2030 have been formally designated as hedging instruments for hedge
accounting under IFRS 9 and will provide a 50% cashflow hedge when the new \u00a3350m term loan is drawn in July 2026.
The Group enters into forward contracts for the purchase of energy from third party suppliers for use by the Group. Energy contracts for own
use are not required to be accounted for as derivatives. We adopt a layered hedging procurement policy for energy contracts over a period
of 3 years to a maximum of 80% of Group forecast demand. At the 2025 year end we had 78% electricity (2024: 78%) and 62% gas (2024:
64%) coverage of our forecast demand for 2026. The Group also enters into long-term power purchase arrangements (PPAs) with various
green energy producers (on-shore and off-shore wind and solar). The Group is currently targeting to source around 30% of its wholesale
electricity requirements under green PPAs and all energy received under the green PPAs is entirely for Co-ops\u2019 own-use. There is no excess
or unused electricity, and the Group does not resell any electricity it receives.
The PPAs are treated as executory contracts as they are
assessed as not meeting the accounting criteria for a joint arrangement (IFRS 11 Joint arrangements), a lease (IFRS 16 Leases) or derivative
financial instruments (IFRS 9 Financial Instruments). As executory contracts costs are recognised in the Income statement as incurred and no
asset / liability is recognised in the Consolidated balance sheet.
Fixed rate sterling bonds
The fixed rate sterling bond values are determined in whole by using quoted market prices.
b) Interest-bearing loans and borrowings - amortised cost
These are shown at amortised cost which presently equate to fair value or are determined in whole by using quoted market prices. Fair value
measurement is calculated on a discounted cash flow basis using prevailing market interest rates.
c) Receivables and payables
For receivables and payables with a remaining life of less than one year, the nominal amount is deemed to reflect the fair value, where the
effect of discounting is immaterial. For further details see the Accounting Policy section at the end of this note.
The table below shows a comparison of the carrying value and fair values of financial instruments for those liabilities not carried at fair value.
\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\n
\u00a0 \u00a0
\u00a0
Carrying value
Fair value
Carrying value
Fair value
Financial liabilities
2025
2025
2024
2024
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Interest-bearing loans and borrowings (held at amortised cost)
311
311
376
384
\n
The table below analyses financial instruments by measurement basis:
\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\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
\u00a0
Fair value
Amortised
Total
2025
through income
cost
\u00a0
\u00a0
statement
\u00a0 \u00a0
\u00a0
\u00a3m
\u00a3m
\u00a3m
Assets
\u00a0 \u00a0 \u00a0
Other investments (funeral plans)
1,513
-
1,513
Trade and other receivables
-
488
488
Cash and cash equivalents
-
96
96
Short-term investments
-
-
-
Total financial assets
1,513
584
2,097
Liabilities
\u00a0 \u00a0 \u00a0
Interest-bearing loans and borrowings
106
311
417
Derivative financial instruments
4
-
4
Trade and other payables
-
1,253
1,253
Total financial liabilities
110
1,564
1,674
\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\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
\u00a0
Fair value
Amortised
Total
2024
through income
cost
\u00a0
\u00a0
statement
\u00a0 \u00a0
\u00a0
\u00a3m
\u00a3m
\u00a3m
Assets
\u00a0 \u00a0 \u00a0
Other investments (funeral plans)
1,414
-
1,414
Trade and other receivables
-
414
414
Cash and cash equivalents
-
320
320
Short-term investments
-
100
100
Total financial assets
1,414
834
2,248
Liabilities
\u00a0 \u00a0 \u00a0
Interest-bearing loans and borrowings
108
376
484
Derivative financial instruments
9
-
9
Trade and other payables
-
1,171
1,171
Total financial liabilities
117
1,547
1,664
\n
The following table provides an analysis of financial assets and liabilities that are valued or disclosed at fair value, by the three-level fair value
hierarchy as defined within IFRS 13 (Fair Value Measurement):
\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\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u2022 Level 1
Fair value measurements are those derived from quoted prices (unadjusted) in active markets for identical assets or
\u00a0
liabilities.
\u2022 Level 2
Fair value measurements are those derived from inputs other than quoted prices included within Level 1 that are
\u00a0
observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices).
\u2022 Level 3
Fair value measurements are those derived from valuation techniques that include inputs for the asset or liability that
\u00a0
are not based on observable market data (unobservable inputs).
\n
As pricing providers cannot guarantee that the prices they provide are based on actual trades in the market then all of the corporate bonds
are classified as Level 2.
Valuation of financial instruments
\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\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
2025
Level 1
Level 2
Level 3
Total
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Assets
\u00a0 \u00a0 \u00a0 \u00a0
Financial assets at fair value through the income statement
\u00a0 \u00a0 \u00a0 \u00a0
- Funeral plan investments
-
-
1,513
1,513
- Derivative financial instruments
-
-
-
-
Total financial assets at fair value
-
-
1,513
1,513
Liabilities
\u00a0 \u00a0 \u00a0 \u00a0
Financial liabilities at fair value through the income statement
\u00a0 \u00a0 \u00a0 \u00a0
- Fixed rate sterling 2026 bond
-
106
-
106
- Derivative financial instruments
-
4
-
4
Total financial liabilities at fair value
-
110
-
110
\n
Funeral plan investments are classified as level 3 under the IFRS 13 hierarchy. Level 3 fair value measurements are those derived from
\n
valuation techniques that include inputs that are not based on observable market data (unobservable inputs). The vast majority of our funeral
\n
plan investments are held in Whole of Life (WoL) insurance policies. The plan investments are financial assets which are recorded at fair value
\n
each period using valuations provided to Co-op by the policy provider. The plan values reflect the amount the policy provider would pay out
\n
on redemption of the policy at the valuation date with the main driver being underlying market and investment performance.
\n
A 5% movement in the fair value of the funeral plan investments would result in a \u00a376m (2024: \u00a371m) increase / (decrease) in the carrying
\n
value of the investments with a corresponding movement to the net fair value gains / (losses) on financial assets in the income statement.
\n
The value of the 2026 bonds carried at amortised cost is disclosed in Note 18. The equivalent fair value for the unhedged proportion of the
\n
2026 bonds that are now carried at amortised cost would be \u00a3247m (2024: \u00a3252m).
\n
There were no transfers between Levels 1 and 2 during the period and no transfers into and out of Level 3 fair value measurements. For
\n
other financial assets and liabilities of the Group including cash, trade and other receivables / payables then the notional amount is deemed
\n
to reflect the fair value.
\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\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
2024
Level 1
Level 2
Level 3
Total
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Assets
\u00a0 \u00a0 \u00a0 \u00a0
Financial assets at fair value through the income statement
\u00a0 \u00a0 \u00a0 \u00a0
- Funeral plan investments
-
-
1,414
1,414
Total financial assets at fair value
-
-
1,414
1,414
Liabilities
\u00a0 \u00a0 \u00a0 \u00a0
Financial liabilities at fair value through the income statement
\u00a0 \u00a0 \u00a0 \u00a0
- Fixed rate sterling 2026 bond
-
108
-
108
- Derivative financial instruments
-
9
-
9
Total financial liabilities at fair value
-
117
-
117
\n\n
Interest rates used for determining fair value
\n
Third-party valuations are used to fair value the Group\u2019s bond and interest rate derivatives. The valuation techniques use inputs such as
\n
interest rate yield curves with an adequate credit spread adjustment.
Accounting policies
Financial assets and financial liabilities are recognised on the Group\u2019s balance sheet when the Group becomes a party to the contractual
provisions of the instrument. The Group classifies its financial assets and liabilities as either:
\u2022 fair value through the income statement; or
\u2022 at amortised cost.
A) General Recognition
i) Recognition of financial assets
Financial assets are recognised on the trade date which is the date it commits to purchase the instruments. Loans are recognised when the
funds are advanced. All other financial instruments are recognised on the date that they are originated. The classification of financial assets
at initial recognition depends on the financial asset\u2019s contractual cash flow characteristics and the Group\u2019s business model for managing
them. The Group initially measures a financial asset at its fair value, with the exception of trade receivables that don\u2019t contain a material
financing component or where the customer will pay for the related goods or services within one year of receiving them. For financial assets
which are not held at fair value through the income statement, transaction costs are also added to the initial fair value. Trade receivables that
don\u2019t contain a material financing component or where the customer will pay for the related goods or services within one year of receiving
them are measured at the transaction price determined under IFRS 15 (Revenue from Contracts with Customers). See accounting policies for
revenue and IFRS 15 in Note 2.
ii) Recognition of financial liabilities
The Group recognises financial liabilities at either amortised cost or at fair value. See section C) Financial liabilities for further detail. All
derivative financial liabilities are classified as FVTPL. Financial liabilities costs, including premiums payable on settlement or redemption and
direct issue costs, are accounted for on an accrual basis in the income statement using the effective interest rate method and are added to
the carrying amount of the instrument to the extent that they are not settled in the period in which they arise.
The Group\u2019s non-derivative financial liabilities comprise:
\u2022 Borrowings
\u2022 Trade and other payables
\u2022 Lease liabilities
ii) Derecognition of financial assets and financial liabilities
Financial assets and liabilities are derecognised (removed from the balance sheet) when:
\u2022 the rights to receive cash flows from the assets have ceased; or
\u2022 the Group has transferred substantially all the risks and rewards of ownership of the assets.
A financial liability is derecognised when the obligation under the liability is discharged, cancelled or expires. When an existing liability is
replaced by the same counterparty on substantially different terms or the terms of an existing liability are substantially modified, the original
liability is derecognised and a new liability is recognised, with any difference in carrying amounts recognised in the income statement.
B) Financial Assets
i) Loans and receivables (amortised cost)
Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market which
we do not intend to sell immediately or in the near term. These are initially measured at fair value plus transaction costs that are directly
attributable to the financial asset. Subsequently these are measured at amortised cost. The amortised cost is the initial amount at recognition
less principal repayments, plus or minus the cumulative amortisation using the effective interest method of any difference between that
initial amount and the maturity amount, less impairment provisions for incurred losses.
ii) Funeral plans (fair value through the income statement)
Funeral plans
When a customer takes out a funeral plan the premiums received are recognised as an investment asset in the balance sheet. The
investments are held in insurance policies or cash-based trusts and attract interest and bonus payments throughout the year dependent
upon market conditions. The plan investment is a financial asset, which is recorded at fair value each period through the income statement
using valuations provided by the insurance policy provider or reflecting the trust cash balances.
The obligation to deliver the funeral is treated as an insurance contract liability under accounting standard IFRS 17 (Insurance Contracts) and
held separately on our balance sheet. The standard applies to all of the Group\u2019s funeral plans (including the re-insurance of the payment
waiver on instalment plans). See Note 20 for details of the Group's Insurance contract and Re-insurance contract liabilities and associated
accounting policies.
iii) Funeral benefit options (FBOs) - (amortised cost)
FBOs are attached to Guaranteed Over 50\u2019s life insurance plans (GOFs) sold by the Group\u2019s third party insurance partners. An FBO is the
assignment of the sum-assured proceeds of a GOF policy to Funeralcare for the purposes of undertaking their funeral. In exchange the GOF
customer is awarded a discount on the price of the funeral.
No revenue is recognised by the Group at the point of assignment and instead an element of the costs that have been incurred in obtaining
the FBO are deferred onto the balance sheet. These are then expensed at the point of redemption when the revenue is recognised. Any
plans that are cancelled are written off at the point at which Funeralcare are made aware of the cancellation. A separate provision is also
made to cover the expected cancellations of FBOs. No investment or liability is recognised for FBOs as the option does not guarantee a
funeral and the liability for which remains with the insurance partner. Any difference between the funeral price and the sum assured at the
point of redemption is the liability of the deceased estate or whoever takes responsibility for arranging the funeral.
iv) Trade receivables - (amortised cost)
An impairment analysis is performed at each reporting date using a provision matrix to measure expected credit losses. The provision rates
are based on days past due for groupings of various customer segments with similar loss patterns (for example, by business division,
customer, coverage by letters of credit or other forms of credit insurance).
The calculation reflects the probability-weighted outcome, the time value of money and reasonable and supportable information that is
available at the reporting date about past events, current conditions and forecasts of future economic conditions. Generally, trade
receivables are written-off if past due for more than one year and are not insured or subject to enforcement activity. The maximum exposure
to credit risk at the reporting date is the carrying value of each class of financial assets disclosed in trade and other receivables (Note 16).
v) Lease receivables - (amortised cost)
- refer to Accounting Policy section of Note 11 (Leases).
vi) Financial Assets - Credit risk, liquidity risk and impairment of financial assets
a) Credit risk
Credit risk is the risk that a counterparty will not meet its obligations under a financial instrument or customer contract, leading to a financial
loss. The Group is exposed to credit risk from its operating activities (primarily trade receivables) and from its financing activities, including
deposits with banks and financial institutions, foreign exchange transactions and other financial instruments.
Credit risk from balances with banks and financial institutions is managed by the Group\u2019s Treasury department in accordance with the
Group\u2019s policy. Investments of surplus funds are made only with approved counterparties and within credit limits assigned to each
counterparty. Counterparty credit limits are monitored regularly based on Board approved Treasury Policy, with changes to the credit limits
being reported monthly to the Treasury Committee. The limits are set to minimise the concentration of credit risk. Financial assets held at fair
value through the income statement are primarily held in low-risk investments.
b) Liquidity risk
The Group\u2019s objective is to maintain a balance between continuity of funding and flexibility through the use of bank overdrafts, bank loans,
bonds and leases.
c) Impairment of financial assets carried at amortised cost
\n
The amount of the impairment loss on assets carried at amortised cost is recognised immediately through the income statement and a
\n
corresponding reduction in the value of the financial asset is recognised through the use of an allowance account. A write-off is made when
\n
all or part of an asset is deemed uncollectable or forgiven after all the possible collection procedures have been completed and the
\n
amount of loss has been determined. Write-offs are charged against previously established provisions for impairment or directly to the
\n
income statement. Any additional recoveries from borrowers, counterparties or other third parties made in future periods are offset against
\n
the write-off charge in the income statement once they are received. Provisions are released at the point when it is deemed that following a
\n
subsequent event the risk of loss has reduced to the extent that a provision is no longer required.
\n
C) Financial Liabilities
\n
Financial liabilities are classified according to the substance of the contractual arrangements entered into.
\n
i) Trade and Other Payables - (amortised cost)
\n
Trade and other payables are recognised initially at fair value, are not interest bearing and are subsequently measured at amortised cost.
\n
ii) Fixed rate Sterling bonds - (fair value through the Income Statement)
\n
The fixed rate sterling bond values are determined in whole by using quoted market prices.
\n
iii) Interest-bearing loans and borrowings - (amortised cost)
\n
Interest-bearing bank loans and overdrafts are recorded initially at fair value, which is generally the proceeds received, net of direct issue
\n
costs. Subsequently, these liabilities are held at amortised cost using the effective interest rate method. Transaction costs are amortised on
\n
a straight-line basis over the life of the facility they relate to.
\n
iv) Lease liabilities - (amortised cost) -
refer to Accounting Policy section of Note 11 (Leases)
.
\n
v) Derivatives - (fair value through the income statement)
\n
The Group uses derivative financial instruments to provide an economic hedge to its exposure to interest rate risks arising from operational,
\n
financing and investment activities. In accordance with its Treasury policy, the Group does not hold or issue derivative financial instruments
\n
for trading purposes.
\n
Derivatives entered into include interest rate swaps, foreign exchange contracts, commodity (diesel) swaps and energy contracts. Derivative
\n
financial instruments are measured at fair value and any gains or losses are included in the income statement. Fair values are based on
\n
quoted prices and where these are not available, valuation techniques such as discounted cash flow models are used.
\n
Interest payments or receipts arising from interest rate swaps are recognised within finance income or finance costs in the period in which
\n
the interest is incurred or earned.
\n
vi) Derivatives - (designated for hedge accounting under IFRS 9)
\n
The fair value of derivative financial instruments designated in hedge relationships are disclosed in the tables at the start of this Note. At
\n
inception of the hedge relationship, the Group formally documents the economic relationship between the hedging instrument and the
\n
hedged item, the Group's risk management objective and strategy for undertaking the hedge transactions and whether the instrument is
\n
effective in offsetting changes in the fair value or cashflows of the hedged item attributable to the hedge risk, which is when the hedging
\n
relationships meet all of the following hedge effectiveness requirements:
\n
- there is an economic hedge relationship between the hedged item and the hedging instrument;
\n
- the effect of credit risk does not dominate the value changes that result from that economic relationshp; and
\n
- the hedge ratio of the hedging relationship is the same as that resulting from the quantity of the hedge item that the Group actually
\n
hedges and the quantity of the hedging instrument that the Group actually uses to hedge the quantity of the hedged item.
\n
The Group uses the hypothetical derivative method to determine the changes in the fair value of the hedged item. The Group assess the
\n
hedge effectiveness using the Dollar-offset methodology by comparing the changes in the fair value of a hypothetical derivative reflecting
\n
the terms of the floating rate borrowing with the changes in the fair value of the derivatives used to hedge the exposure. The Group
\n
determines the hedge ratio by comparing the notional amount of the derivatives with the principal of the designated portion of the
\n
borrowing.
\n
The effective portion of the gain or loss on the hedging instrument is recognised in Other Comprehensive Income in the hedging reserve,
\n
while any ineffective portion is recognised immediately in the Consolidated Income Statement. The hedging reserve is adjusted to the
\n
lower of the cumulative gain or loss on the hedging instrument and the cumulative change in the fair value of the hedged item. Amounts
\n
accumulated in equity are reclassified to Retained earnings within the Statement of changes in equity in the periods when the hedged item
\n
affects profit or loss (the gain or loss relating to the effective portion of the interest rate swaps hedging variable rate borrowings is
\nrecognised in profit or loss within finance costs at the same time as the interest expense on the hedged borrowings).", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800TKR59ER8Z69V16", "period": "2025-01-04T00:00:00/2026-01-04T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00271": { "value": "Derivatives held for non-trading purposes are as follows: \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
\u00a0
2025
2024
\u00a0
Contractual/
Fair value
Fair value
Contractual
Fair value
Fair value
\u00a0
notional
assets
liabilities
/ notional
assets
liabilities
\u00a0
amount
\u00a0\u00a0
amount
\u00a0\u00a0
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Interest rate swaps (not designated for hedge accounting)
105
-
(2)
105
-
(6)
Interest rate swaps (designated for hedge accounting)
175
-
-
-
-
-
Foreign exchange contracts
97
-
-
73
-
(2)
Commodity swaps (diesel)
16
-
(2)
20
-
(1)
Total recognised derivative liabilities
393
-
(4)
198
-
(9)
\n
\u00a3105m of the interest rate swaps mature in 2026 and as such are held in current liabilities. The remaining \u00a3175m mature in 2030 and are
held in non-current liabilities. The majority of the foreign exchange contracts and diesel swaps mature within 1 year.", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800TKR59ER8Z69V16", "period": "2025-01-04T00:00:00/2026-01-04T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00272": { "value": "a) Financial instruments at fair value through the income statement
Investments in funeral plans
Where there is no active market or the investments are unlisted, the fair values are based on commonly used valuation techniques (refer to
accounting policy (section iv) of this note for further details.
Derivatives
Forward exchange contracts, such as the Group's interest rate swaps have been determined by discounting expected future cash flows
associated with these instruments at the market interest rate yields as at the Group\u2019s year end. The \u00a3105m of the Group's derivatives that
mature in 2026 are not formally designated as hedging instruments but under IFRS 9 (Financial Instruments) they are used to match against a
proportion of the 2026 Bond liabilities carried at fair value through the income statement, showing as a gain of \u00a32m in 2025 (2024: \u00a33m
gain) see Note 6. The \u00a3175m of interest rate swaps that mature in 2030 have been formally designated as hedging instruments for hedge
accounting under IFRS 9 and will provide a 50% cashflow hedge when the new \u00a3350m term loan is drawn in July 2026.
The Group enters into forward contracts for the purchase of energy from third party suppliers for use by the Group. Energy contracts for own
use are not required to be accounted for as derivatives. We adopt a layered hedging procurement policy for energy contracts over a period
of 3 years to a maximum of 80% of Group forecast demand. At the 2025 year end we had 78% electricity (2024: 78%) and 62% gas (2024:
64%) coverage of our forecast demand for 2026. The Group also enters into long-term power purchase arrangements (PPAs) with various
green energy producers (on-shore and off-shore wind and solar). The Group is currently targeting to source around 30% of its wholesale
electricity requirements under green PPAs and all energy received under the green PPAs is entirely for Co-ops\u2019 own-use. There is no excess
or unused electricity, and the Group does not resell any electricity it receives.
The PPAs are treated as executory contracts as they are
assessed as not meeting the accounting criteria for a joint arrangement (IFRS 11 Joint arrangements), a lease (IFRS 16 Leases) or derivative
financial instruments (IFRS 9 Financial Instruments). As executory contracts costs are recognised in the Income statement as incurred and no
asset / liability is recognised in the Consolidated balance sheet.
Fixed rate sterling bonds
The fixed rate sterling bond values are determined in whole by using quoted market prices.
b) Interest-bearing loans and borrowings - amortised cost
These are shown at amortised cost which presently equate to fair value or are determined in whole by using quoted market prices. Fair value
measurement is calculated on a discounted cash flow basis using prevailing market interest rates.
c) Receivables and payables
For receivables and payables with a remaining life of less than one year, the nominal amount is deemed to reflect the fair value, where the
effect of discounting is immaterial. For further details see the Accounting Policy section at the end of this note.
The table below shows a comparison of the carrying value and fair values of financial instruments for those liabilities not carried at fair value.
\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\n
\u00a0 \u00a0
\u00a0
Carrying value
Fair value
Carrying value
Fair value
Financial liabilities
2025
2025
2024
2024
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Interest-bearing loans and borrowings (held at amortised cost)
311
311
376
384
\n
The table below analyses financial instruments by measurement basis:
\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\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
\u00a0
Fair value
Amortised
Total
2025
through income
cost
\u00a0
\u00a0
statement
\u00a0 \u00a0
\u00a0
\u00a3m
\u00a3m
\u00a3m
Assets
\u00a0 \u00a0 \u00a0
Other investments (funeral plans)
1,513
-
1,513
Trade and other receivables
-
488
488
Cash and cash equivalents
-
96
96
Short-term investments
-
-
-
Total financial assets
1,513
584
2,097
Liabilities
\u00a0 \u00a0 \u00a0
Interest-bearing loans and borrowings
106
311
417
Derivative financial instruments
4
-
4
Trade and other payables
-
1,253
1,253
Total financial liabilities
110
1,564
1,674
\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\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
\u00a0
Fair value
Amortised
Total
2024
through income
cost
\u00a0
\u00a0
statement
\u00a0 \u00a0
\u00a0
\u00a3m
\u00a3m
\u00a3m
Assets
\u00a0 \u00a0 \u00a0
Other investments (funeral plans)
1,414
-
1,414
Trade and other receivables
-
414
414
Cash and cash equivalents
-
320
320
Short-term investments
-
100
100
Total financial assets
1,414
834
2,248
Liabilities
\u00a0 \u00a0 \u00a0
Interest-bearing loans and borrowings
108
376
484
Derivative financial instruments
9
-
9
Trade and other payables
-
1,171
1,171
Total financial liabilities
117
1,547
1,664
\n
The following table provides an analysis of financial assets and liabilities that are valued or disclosed at fair value, by the three-level fair value
hierarchy as defined within IFRS 13 (Fair Value Measurement):
\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\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u2022 Level 1
Fair value measurements are those derived from quoted prices (unadjusted) in active markets for identical assets or
\u00a0
liabilities.
\u2022 Level 2
Fair value measurements are those derived from inputs other than quoted prices included within Level 1 that are
\u00a0
observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices).
\u2022 Level 3
Fair value measurements are those derived from valuation techniques that include inputs for the asset or liability that
\u00a0
are not based on observable market data (unobservable inputs).
\n
As pricing providers cannot guarantee that the prices they provide are based on actual trades in the market then all of the corporate bonds
are classified as Level 2.
\n\n\n
Valuation of financial instruments
\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\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
2025
Level 1
Level 2
Level 3
Total
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Assets
\u00a0 \u00a0 \u00a0 \u00a0
Financial assets at fair value through the income statement
\u00a0 \u00a0 \u00a0 \u00a0
- Funeral plan investments
-
-
1,513
1,513
- Derivative financial instruments
-
-
-
-
Total financial assets at fair value
-
-
1,513
1,513
Liabilities
\u00a0 \u00a0 \u00a0 \u00a0
Financial liabilities at fair value through the income statement
\u00a0 \u00a0 \u00a0 \u00a0
- Fixed rate sterling 2026 bond
-
106
-
106
- Derivative financial instruments
-
4
-
4
Total financial liabilities at fair value
-
110
-
110
\n
Funeral plan investments are classified as level 3 under the IFRS 13 hierarchy. Level 3 fair value measurements are those derived from
\n
valuation techniques that include inputs that are not based on observable market data (unobservable inputs). The vast majority of our funeral
\n
plan investments are held in Whole of Life (WoL) insurance policies. The plan investments are financial assets which are recorded at fair value
\n
each period using valuations provided to Co-op by the policy provider. The plan values reflect the amount the policy provider would pay out
\n
on redemption of the policy at the valuation date with the main driver being underlying market and investment performance.
\n
A 5% movement in the fair value of the funeral plan investments would result in a \u00a376m (2024: \u00a371m) increase / (decrease) in the carrying
\n
value of the investments with a corresponding movement to the net fair value gains / (losses) on financial assets in the income statement.
\n
The value of the 2026 bonds carried at amortised cost is disclosed in Note 18. The equivalent fair value for the unhedged proportion of the
\n
2026 bonds that are now carried at amortised cost would be \u00a3247m (2024: \u00a3252m).
\n
There were no transfers between Levels 1 and 2 during the period and no transfers into and out of Level 3 fair value measurements. For
\n
other financial assets and liabilities of the Group including cash, trade and other receivables / payables then the notional amount is deemed
\n
to reflect the fair value.
\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\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
2024
Level 1
Level 2
Level 3
Total
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Assets
\u00a0 \u00a0 \u00a0 \u00a0
Financial assets at fair value through the income statement
\u00a0 \u00a0 \u00a0 \u00a0
- Funeral plan investments
-
-
1,414
1,414
Total financial assets at fair value
-
-
1,414
1,414
Liabilities
\u00a0 \u00a0 \u00a0 \u00a0
Financial liabilities at fair value through the income statement
\u00a0 \u00a0 \u00a0 \u00a0
- Fixed rate sterling 2026 bond
-
108
-
108
- Derivative financial instruments
-
9
-
9
Total financial liabilities at fair value
-
117
-
117
\n\n
Interest rates used for determining fair value
\n
Third-party valuations are used to fair value the Group\u2019s bond and interest rate derivatives. The valuation techniques use inputs such as
\ninterest rate yield curves with an adequate credit spread adjustment. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800TKR59ER8Z69V16", "period": "2025-01-04T00:00:00/2026-01-04T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00273": { "value": "a) Financial instruments at fair value through the income statement
Investments in funeral plans
Where there is no active market or the investments are unlisted, the fair values are based on commonly used valuation techniques (refer to
accounting policy (section iv) of this note for further details.
Derivatives
Forward exchange contracts, such as the Group's interest rate swaps have been determined by discounting expected future cash flows
associated with these instruments at the market interest rate yields as at the Group\u2019s year end. The \u00a3105m of the Group's derivatives that
mature in 2026 are not formally designated as hedging instruments but under IFRS 9 (Financial Instruments) they are used to match against a
proportion of the 2026 Bond liabilities carried at fair value through the income statement, showing as a gain of \u00a32m in 2025 (2024: \u00a33m
gain) see Note 6. The \u00a3175m of interest rate swaps that mature in 2030 have been formally designated as hedging instruments for hedge
accounting under IFRS 9 and will provide a 50% cashflow hedge when the new \u00a3350m term loan is drawn in July 2026.
The Group enters into forward contracts for the purchase of energy from third party suppliers for use by the Group. Energy contracts for own
use are not required to be accounted for as derivatives. We adopt a layered hedging procurement policy for energy contracts over a period
of 3 years to a maximum of 80% of Group forecast demand. At the 2025 year end we had 78% electricity (2024: 78%) and 62% gas (2024:
64%) coverage of our forecast demand for 2026. The Group also enters into long-term power purchase arrangements (PPAs) with various
green energy producers (on-shore and off-shore wind and solar). The Group is currently targeting to source around 30% of its wholesale
electricity requirements under green PPAs and all energy received under the green PPAs is entirely for Co-ops\u2019 own-use. There is no excess
or unused electricity, and the Group does not resell any electricity it receives.
The PPAs are treated as executory contracts as they are
assessed as not meeting the accounting criteria for a joint arrangement (IFRS 11 Joint arrangements), a lease (IFRS 16 Leases) or derivative
financial instruments (IFRS 9 Financial Instruments). As executory contracts costs are recognised in the Income statement as incurred and no
asset / liability is recognised in the Consolidated balance sheet.
Fixed rate sterling bonds
The fixed rate sterling bond values are determined in whole by using quoted market prices. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:213800TKR59ER8Z69V16", "period": "2025-01-04T00:00:00/2026-01-04T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00274": { "value": "The following table provides an analysis of financial assets and liabilities that are valued or disclosed at fair value, by the three-level fair value
hierarchy as defined within IFRS 13 (Fair Value Measurement):
\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\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u2022 Level 1
Fair value measurements are those derived from quoted prices (unadjusted) in active markets for identical assets or
\u00a0
liabilities.
\u2022 Level 2
Fair value measurements are those derived from inputs other than quoted prices included within Level 1 that are
\u00a0
observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices).
\u2022 Level 3
Fair value measurements are those derived from valuation techniques that include inputs for the asset or liability that
\u00a0
are not based on observable market data (unobservable inputs).
\n
As pricing providers cannot guarantee that the prices they provide are based on actual trades in the market then all of the corporate bonds
are classified as Level 2.
\n\n\n
Valuation of financial instruments
\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\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
2025
Level 1
Level 2
Level 3
Total
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Assets
\u00a0 \u00a0 \u00a0 \u00a0
Financial assets at fair value through the income statement
\u00a0 \u00a0 \u00a0 \u00a0
- Funeral plan investments
-
-
1,513
1,513
- Derivative financial instruments
-
-
-
-
Total financial assets at fair value
-
-
1,513
1,513
Liabilities
\u00a0 \u00a0 \u00a0 \u00a0
Financial liabilities at fair value through the income statement
\u00a0 \u00a0 \u00a0 \u00a0
- Fixed rate sterling 2026 bond
-
106
-
106
- Derivative financial instruments
-
4
-
4
Total financial liabilities at fair value
-
110
-
110
\n
Funeral plan investments are classified as level 3 under the IFRS 13 hierarchy. Level 3 fair value measurements are those derived from
\n
valuation techniques that include inputs that are not based on observable market data (unobservable inputs). The vast majority of our funeral
\n
plan investments are held in Whole of Life (WoL) insurance policies. The plan investments are financial assets which are recorded at fair value
\n
each period using valuations provided to Co-op by the policy provider. The plan values reflect the amount the policy provider would pay out
\n
on redemption of the policy at the valuation date with the main driver being underlying market and investment performance.
\n
A 5% movement in the fair value of the funeral plan investments would result in a \u00a376m (2024: \u00a371m) increase / (decrease) in the carrying
\n
value of the investments with a corresponding movement to the net fair value gains / (losses) on financial assets in the income statement.
\n
The value of the 2026 bonds carried at amortised cost is disclosed in Note 18. The equivalent fair value for the unhedged proportion of the
\n
2026 bonds that are now carried at amortised cost would be \u00a3247m (2024: \u00a3252m).
\n
There were no transfers between Levels 1 and 2 during the period and no transfers into and out of Level 3 fair value measurements. For
\n
other financial assets and liabilities of the Group including cash, trade and other receivables / payables then the notional amount is deemed
\n
to reflect the fair value.
\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\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
2024
Level 1
Level 2
Level 3
Total
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Assets
\u00a0 \u00a0 \u00a0 \u00a0
Financial assets at fair value through the income statement
\u00a0 \u00a0 \u00a0 \u00a0
- Funeral plan investments
-
-
1,414
1,414
Total financial assets at fair value
-
-
1,414
1,414
Liabilities
\u00a0 \u00a0 \u00a0 \u00a0
Financial liabilities at fair value through the income statement
\u00a0 \u00a0 \u00a0 \u00a0
- Fixed rate sterling 2026 bond
-
108
-
108
- Derivative financial instruments
-
9
-
9
Total financial liabilities at fair value
-
117
-
117
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:213800TKR59ER8Z69V16", "period": "2025-01-04T00:00:00/2026-01-04T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00303": { "value": "Accounting policies
Financial assets and financial liabilities are recognised on the Group\u2019s balance sheet when the Group becomes a party to the contractual
provisions of the instrument. The Group classifies its financial assets and liabilities as either:
\u2022 fair value through the income statement; or
\u2022 at amortised cost.
A) General Recognition
i) Recognition of financial assets
Financial assets are recognised on the trade date which is the date it commits to purchase the instruments. Loans are recognised when the
funds are advanced. All other financial instruments are recognised on the date that they are originated. The classification of financial assets
at initial recognition depends on the financial asset\u2019s contractual cash flow characteristics and the Group\u2019s business model for managing
them. The Group initially measures a financial asset at its fair value, with the exception of trade receivables that don\u2019t contain a material
financing component or where the customer will pay for the related goods or services within one year of receiving them. For financial assets
which are not held at fair value through the income statement, transaction costs are also added to the initial fair value. Trade receivables that
don\u2019t contain a material financing component or where the customer will pay for the related goods or services within one year of receiving
them are measured at the transaction price determined under IFRS 15 (Revenue from Contracts with Customers). See accounting policies for
revenue and IFRS 15 in Note 2.
ii) Recognition of financial liabilities
The Group recognises financial liabilities at either amortised cost or at fair value. See section C) Financial liabilities for further detail. All
derivative financial liabilities are classified as FVTPL. Financial liabilities costs, including premiums payable on settlement or redemption and
direct issue costs, are accounted for on an accrual basis in the income statement using the effective interest rate method and are added to
the carrying amount of the instrument to the extent that they are not settled in the period in which they arise.
The Group\u2019s non-derivative financial liabilities comprise:
\u2022 Borrowings
\u2022 Trade and other payables
\u2022 Lease liabilities
ii) Derecognition of financial assets and financial liabilities
Financial assets and liabilities are derecognised (removed from the balance sheet) when:
\u2022 the rights to receive cash flows from the assets have ceased; or
\u2022 the Group has transferred substantially all the risks and rewards of ownership of the assets.
A financial liability is derecognised when the obligation under the liability is discharged, cancelled or expires. When an existing liability is
replaced by the same counterparty on substantially different terms or the terms of an existing liability are substantially modified, the original
liability is derecognised and a new liability is recognised, with any difference in carrying amounts recognised in the income statement.
B) Financial Assets
i) Loans and receivables (amortised cost)
Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market which
we do not intend to sell immediately or in the near term. These are initially measured at fair value plus transaction costs that are directly
attributable to the financial asset. Subsequently these are measured at amortised cost. The amortised cost is the initial amount at recognition
less principal repayments, plus or minus the cumulative amortisation using the effective interest method of any difference between that
initial amount and the maturity amount, less impairment provisions for incurred losses.
ii) Funeral plans (fair value through the income statement)
Funeral plans
When a customer takes out a funeral plan the premiums received are recognised as an investment asset in the balance sheet. The
investments are held in insurance policies or cash-based trusts and attract interest and bonus payments throughout the year dependent
upon market conditions. The plan investment is a financial asset, which is recorded at fair value each period through the income statement
using valuations provided by the insurance policy provider or reflecting the trust cash balances.
The obligation to deliver the funeral is treated as an insurance contract liability under accounting standard IFRS 17 (Insurance Contracts) and
held separately on our balance sheet. The standard applies to all of the Group\u2019s funeral plans (including the re-insurance of the payment
waiver on instalment plans). See Note 20 for details of the Group's Insurance contract and Re-insurance contract liabilities and associated
accounting policies.
iii) Funeral benefit options (FBOs) - (amortised cost)
FBOs are attached to Guaranteed Over 50\u2019s life insurance plans (GOFs) sold by the Group\u2019s third party insurance partners. An FBO is the
assignment of the sum-assured proceeds of a GOF policy to Funeralcare for the purposes of undertaking their funeral. In exchange the GOF
customer is awarded a discount on the price of the funeral.
No revenue is recognised by the Group at the point of assignment and instead an element of the costs that have been incurred in obtaining
the FBO are deferred onto the balance sheet. These are then expensed at the point of redemption when the revenue is recognised. Any
plans that are cancelled are written off at the point at which Funeralcare are made aware of the cancellation. A separate provision is also
made to cover the expected cancellations of FBOs. No investment or liability is recognised for FBOs as the option does not guarantee a
funeral and the liability for which remains with the insurance partner. Any difference between the funeral price and the sum assured at the
point of redemption is the liability of the deceased estate or whoever takes responsibility for arranging the funeral.
iv) Trade receivables - (amortised cost)
An impairment analysis is performed at each reporting date using a provision matrix to measure expected credit losses. The provision rates
are based on days past due for groupings of various customer segments with similar loss patterns (for example, by business division,
customer, coverage by letters of credit or other forms of credit insurance).
The calculation reflects the probability-weighted outcome, the time value of money and reasonable and supportable information that is
available at the reporting date about past events, current conditions and forecasts of future economic conditions. Generally, trade
receivables are written-off if past due for more than one year and are not insured or subject to enforcement activity. The maximum exposure
to credit risk at the reporting date is the carrying value of each class of financial assets disclosed in trade and other receivables (Note 16).
v) Lease receivables - (amortised cost)
- refer to Accounting Policy section of Note 11 (Leases).
vi) Financial Assets - Credit risk, liquidity risk and impairment of financial assets
a) Credit risk
Credit risk is the risk that a counterparty will not meet its obligations under a financial instrument or customer contract, leading to a financial
loss. The Group is exposed to credit risk from its operating activities (primarily trade receivables) and from its financing activities, including
deposits with banks and financial institutions, foreign exchange transactions and other financial instruments.
Credit risk from balances with banks and financial institutions is managed by the Group\u2019s Treasury department in accordance with the
Group\u2019s policy. Investments of surplus funds are made only with approved counterparties and within credit limits assigned to each
counterparty. Counterparty credit limits are monitored regularly based on Board approved Treasury Policy, with changes to the credit limits
being reported monthly to the Treasury Committee. The limits are set to minimise the concentration of credit risk. Financial assets held at fair
value through the income statement are primarily held in low-risk investments.
b) Liquidity risk
The Group\u2019s objective is to maintain a balance between continuity of funding and flexibility through the use of bank overdrafts, bank loans,
bonds and leases.
\n\n\n
c) Impairment of financial assets carried at amortised cost
\n
The amount of the impairment loss on assets carried at amortised cost is recognised immediately through the income statement and a
\n
corresponding reduction in the value of the financial asset is recognised through the use of an allowance account. A write-off is made when
\n
all or part of an asset is deemed uncollectable or forgiven after all the possible collection procedures have been completed and the
\n
amount of loss has been determined. Write-offs are charged against previously established provisions for impairment or directly to the
\n
income statement. Any additional recoveries from borrowers, counterparties or other third parties made in future periods are offset against
\n
the write-off charge in the income statement once they are received. Provisions are released at the point when it is deemed that following a
\n
subsequent event the risk of loss has reduced to the extent that a provision is no longer required.
\n
C) Financial Liabilities
\n
Financial liabilities are classified according to the substance of the contractual arrangements entered into.
\n
i) Trade and Other Payables - (amortised cost)
\n
Trade and other payables are recognised initially at fair value, are not interest bearing and are subsequently measured at amortised cost.
\n
ii) Fixed rate Sterling bonds - (fair value through the Income Statement)
\n
The fixed rate sterling bond values are determined in whole by using quoted market prices.
\n
iii) Interest-bearing loans and borrowings - (amortised cost)
\n
Interest-bearing bank loans and overdrafts are recorded initially at fair value, which is generally the proceeds received, net of direct issue
\n
costs. Subsequently, these liabilities are held at amortised cost using the effective interest rate method. Transaction costs are amortised on
\n
a straight-line basis over the life of the facility they relate to.
\n
iv) Lease liabilities - (amortised cost) -
refer to Accounting Policy section of Note 11 (Leases)
.
\n
v) Derivatives - (fair value through the income statement)
\n
The Group uses derivative financial instruments to provide an economic hedge to its exposure to interest rate risks arising from operational,
\n
financing and investment activities. In accordance with its Treasury policy, the Group does not hold or issue derivative financial instruments
\n
for trading purposes.
\n
Derivatives entered into include interest rate swaps, foreign exchange contracts, commodity (diesel) swaps and energy contracts. Derivative
\n
financial instruments are measured at fair value and any gains or losses are included in the income statement. Fair values are based on
\n
quoted prices and where these are not available, valuation techniques such as discounted cash flow models are used.
\n
Interest payments or receipts arising from interest rate swaps are recognised within finance income or finance costs in the period in which
\n
the interest is incurred or earned.
\n
vi) Derivatives - (designated for hedge accounting under IFRS 9)
\n
The fair value of derivative financial instruments designated in hedge relationships are disclosed in the tables at the start of this Note. At
\n
inception of the hedge relationship, the Group formally documents the economic relationship between the hedging instrument and the
\n
hedged item, the Group's risk management objective and strategy for undertaking the hedge transactions and whether the instrument is
\n
effective in offsetting changes in the fair value or cashflows of the hedged item attributable to the hedge risk, which is when the hedging
\n
relationships meet all of the following hedge effectiveness requirements:
\n
- there is an economic hedge relationship between the hedged item and the hedging instrument;
\n
- the effect of credit risk does not dominate the value changes that result from that economic relationshp; and
\n
- the hedge ratio of the hedging relationship is the same as that resulting from the quantity of the hedge item that the Group actually
\n
hedges and the quantity of the hedging instrument that the Group actually uses to hedge the quantity of the hedged item.
\n
The Group uses the hypothetical derivative method to determine the changes in the fair value of the hedged item. The Group assess the
\n
hedge effectiveness using the Dollar-offset methodology by comparing the changes in the fair value of a hypothetical derivative reflecting
\n
the terms of the floating rate borrowing with the changes in the fair value of the derivatives used to hedge the exposure. The Group
\n
determines the hedge ratio by comparing the notional amount of the derivatives with the principal of the designated portion of the
\n
borrowing.
\n
The effective portion of the gain or loss on the hedging instrument is recognised in Other Comprehensive Income in the hedging reserve,
\n
while any ineffective portion is recognised immediately in the Consolidated Income Statement. The hedging reserve is adjusted to the
\n
lower of the cumulative gain or loss on the hedging instrument and the cumulative change in the fair value of the hedged item. Amounts
\n
accumulated in equity are reclassified to Retained earnings within the Statement of changes in equity in the periods when the hedged item
\n
affects profit or loss (the gain or loss relating to the effective portion of the interest rate swaps hedging variable rate borrowings is
\nrecognised in profit or loss within finance costs at the same time as the interest expense on the hedged borrowings).", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800TKR59ER8Z69V16", "period": "2025-01-04T00:00:00/2026-01-04T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00304": { "value": "ii) Derecognition of financial assets and financial liabilities
Financial assets and liabilities are derecognised (removed from the balance sheet) when:
\u2022 the rights to receive cash flows from the assets have ceased; or
\u2022 the Group has transferred substantially all the risks and rewards of ownership of the assets.
A financial liability is derecognised when the obligation under the liability is discharged, cancelled or expires. When an existing liability is
replaced by the same counterparty on substantially different terms or the terms of an existing liability are substantially modified, the original
liability is derecognised and a new liability is recognised, with any difference in carrying amounts recognised in the income statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800TKR59ER8Z69V16", "period": "2025-01-04T00:00:00/2026-01-04T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00305": { "value": "i) Loans and receivables (amortised cost)
Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market which
we do not intend to sell immediately or in the near term. These are initially measured at fair value plus transaction costs that are directly
attributable to the financial asset. Subsequently these are measured at amortised cost. The amortised cost is the initial amount at recognition
less principal repayments, plus or minus the cumulative amortisation using the effective interest method of any difference between that
initial amount and the maturity amount, less impairment provisions for incurred losses. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLoansAndReceivablesExplanatory", "language": "en", "entity": "scheme:213800TKR59ER8Z69V16", "period": "2025-01-04T00:00:00/2026-01-04T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00293": { "value": "ii) Funeral plans (fair value through the income statement)
Funeral plans
When a customer takes out a funeral plan the premiums received are recognised as an investment asset in the balance sheet. The
investments are held in insurance policies or cash-based trusts and attract interest and bonus payments throughout the year dependent
upon market conditions. The plan investment is a financial asset, which is recorded at fair value each period through the income statement
using valuations provided by the insurance policy provider or reflecting the trust cash balances.
The obligation to deliver the funeral is treated as an insurance contract liability under accounting standard IFRS 17 (Insurance Contracts) and
held separately on our balance sheet. The standard applies to all of the Group\u2019s funeral plans (including the re-insurance of the payment
waiver on instalment plans). See Note 20 for details of the Group's Insurance contract and Re-insurance contract liabilities and associated
accounting policies.
iii) Funeral benefit options (FBOs) - (amortised cost)
FBOs are attached to Guaranteed Over 50\u2019s life insurance plans (GOFs) sold by the Group\u2019s third party insurance partners. An FBO is the
assignment of the sum-assured proceeds of a GOF policy to Funeralcare for the purposes of undertaking their funeral. In exchange the GOF
customer is awarded a discount on the price of the funeral.
No revenue is recognised by the Group at the point of assignment and instead an element of the costs that have been incurred in obtaining
the FBO are deferred onto the balance sheet. These are then expensed at the point of redemption when the revenue is recognised. Any
plans that are cancelled are written off at the point at which Funeralcare are made aware of the cancellation. A separate provision is also
made to cover the expected cancellations of FBOs. No investment or liability is recognised for FBOs as the option does not guarantee a
funeral and the liability for which remains with the insurance partner. Any difference between the funeral price and the sum assured at the
point of redemption is the liability of the deceased estate or whoever takes responsibility for arranging the funeral. ", "dimensions": { "concept": "coop:DescriptionOfAccountingPolicyForFuneralPlanInvestmentsExplanatoryPolicyTextBlock", "language": "en", "entity": "scheme:213800TKR59ER8Z69V16", "period": "2025-01-04T00:00:00/2026-01-04T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00306": { "value": "ii) Funeral plans (fair value through the income statement)
Funeral plans
When a customer takes out a funeral plan the premiums received are recognised as an investment asset in the balance sheet. The
investments are held in insurance policies or cash-based trusts and attract interest and bonus payments throughout the year dependent
upon market conditions. The plan investment is a financial asset, which is recorded at fair value each period through the income statement
using valuations provided by the insurance policy provider or reflecting the trust cash balances.
The obligation to deliver the funeral is treated as an insurance contract liability under accounting standard IFRS 17 (Insurance Contracts) and
held separately on our balance sheet. The standard applies to all of the Group\u2019s funeral plans (including the re-insurance of the payment
waiver on instalment plans). See Note 20 for details of the Group's Insurance contract and Re-insurance contract liabilities and associated
accounting policies.
iii) Funeral benefit options (FBOs) - (amortised cost)
FBOs are attached to Guaranteed Over 50\u2019s life insurance plans (GOFs) sold by the Group\u2019s third party insurance partners. An FBO is the
assignment of the sum-assured proceeds of a GOF policy to Funeralcare for the purposes of undertaking their funeral. In exchange the GOF
customer is awarded a discount on the price of the funeral.
No revenue is recognised by the Group at the point of assignment and instead an element of the costs that have been incurred in obtaining
the FBO are deferred onto the balance sheet. These are then expensed at the point of redemption when the revenue is recognised. Any
plans that are cancelled are written off at the point at which Funeralcare are made aware of the cancellation. A separate provision is also
made to cover the expected cancellations of FBOs. No investment or liability is recognised for FBOs as the option does not guarantee a
funeral and the liability for which remains with the insurance partner. Any difference between the funeral price and the sum assured at the
point of redemption is the liability of the deceased estate or whoever takes responsibility for arranging the funeral.
iv) Trade receivables - (amortised cost)
An impairment analysis is performed at each reporting date using a provision matrix to measure expected credit losses. The provision rates
are based on days past due for groupings of various customer segments with similar loss patterns (for example, by business division,
customer, coverage by letters of credit or other forms of credit insurance).
The calculation reflects the probability-weighted outcome, the time value of money and reasonable and supportable information that is
available at the reporting date about past events, current conditions and forecasts of future economic conditions. Generally, trade
receivables are written-off if past due for more than one year and are not insured or subject to enforcement activity. The maximum exposure
to credit risk at the reporting date is the carrying value of each class of financial assets disclosed in trade and other receivables (Note 16).
v) Lease receivables - (amortised cost)
- refer to Accounting Policy section of Note 11 (Leases).", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:213800TKR59ER8Z69V16", "period": "2025-01-04T00:00:00/2026-01-04T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00307": { "value": "c) Impairment of financial assets carried at amortised cost
The amount of the impairment loss on assets carried at amortised cost is recognised immediately through the income statement and a
\n
corresponding reduction in the value of the financial asset is recognised through the use of an allowance account. A write-off is made when
\n
all or part of an asset is deemed uncollectable or forgiven after all the possible collection procedures have been completed and the
\n
amount of loss has been determined. Write-offs are charged against previously established provisions for impairment or directly to the
\n
income statement. Any additional recoveries from borrowers, counterparties or other third parties made in future periods are offset against
\n
the write-off charge in the income statement once they are received. Provisions are released at the point when it is deemed that following a
\nsubsequent event the risk of loss has reduced to the extent that a provision is no longer required.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:213800TKR59ER8Z69V16", "period": "2025-01-04T00:00:00/2026-01-04T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00275": { "value": "27
Commitments and contingencies
Commitments:
a)
Capital expenditure that the Group is committed to but which has not been accrued for at the period end was \u00a383m (2024: \u00a310m).
Contingent liabilities:
b) i)
In common with other retailers, the Group has received Employment Tribunal claims from current and former food store colleagues
alleging their work is of equal value to that of distribution centre colleagues and differences in pay and other terms are not objectively
justifiable. The claimants are seeking the differential in pay (and other terms) together with equalisation going forward. There are currently
circa 5,900 claims (2024: circa 5,200 claims) and it is anticipated that this number will rise, though it is not possible to predict the point to
which this may increase or the rate of increase.
These equal pay claims are initiated in the Employment Tribunal and claimants will need to succeed in three stages to succeed. The first
stage concerns whether the roles of store colleagues can be compared with those of warehouse colleagues. In light of European and
Supreme Court decisions, Co-op Group has conceded that it will not contest this point. The second and third stages are concerned with an
equal value assessment between comparator roles and if this is shown to be the case, a subsequent consideration of Co-op Group\u2019s material
factor defences (which are the non-discriminatory reasons for any pay differential). It is expected this litigation will take a number of years to
reach final resolution.
The claims are still at an early stage; the number of claims, merit, outcome and impact are all highly uncertain. No provision has been made
as it is not possible to assess the likelihood nor quantum of any outcome. There are substantial factual and legal defences to the claims and
the Group intends to defend them robustly.
The Group closely monitors the progress of other group claims made by store workers against large grocery retailers where the basis of the
claims are similar to those made against us.
b) ii)
In early February 2023 a claim was issued against Co-operative Group Limited and certain of its subsidiaries (Co-operative Group Food
Limited, Co-operative Foodstores Limited and Rochpion Properties (4) LLP) by the liquidators of The Food Retailer Operations Limited in
connection with transactions which took place in 2015 and 2016 relating to the Somerfield supermarket business acquired by Co-op in 2009.
The amount claimed is approximately \u00a3450m excluding interest and costs. Co-op strongly disputes both liability and the quantum of the
claim.
The trial on this matter was held between 12 January 2026 and 27 February 2026 and judgment is awaited. The Group\u2019s legal advice is that it
is not considered probable that an outflow of economic resources will be required, therefore no provision is made at the balance sheet date.", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800TKR59ER8Z69V16", "period": "2025-01-04T00:00:00/2026-01-04T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00276": { "value": "Commitments:
a)
Capital expenditure that the Group is committed to but which has not been accrued for at the period end was \u00a383m (2024: \u00a310m).", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:213800TKR59ER8Z69V16", "period": "2025-01-04T00:00:00/2026-01-04T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00277": { "value": "Contingent liabilities:
b) i)
In common with other retailers, the Group has received Employment Tribunal claims from current and former food store colleagues
alleging their work is of equal value to that of distribution centre colleagues and differences in pay and other terms are not objectively
justifiable. The claimants are seeking the differential in pay (and other terms) together with equalisation going forward. There are currently
circa 5,900 claims (2024: circa 5,200 claims) and it is anticipated that this number will rise, though it is not possible to predict the point to
which this may increase or the rate of increase.
These equal pay claims are initiated in the Employment Tribunal and claimants will need to succeed in three stages to succeed. The first
stage concerns whether the roles of store colleagues can be compared with those of warehouse colleagues. In light of European and
Supreme Court decisions, Co-op Group has conceded that it will not contest this point. The second and third stages are concerned with an
equal value assessment between comparator roles and if this is shown to be the case, a subsequent consideration of Co-op Group\u2019s material
factor defences (which are the non-discriminatory reasons for any pay differential). It is expected this litigation will take a number of years to
reach final resolution.
The claims are still at an early stage; the number of claims, merit, outcome and impact are all highly uncertain. No provision has been made
as it is not possible to assess the likelihood nor quantum of any outcome. There are substantial factual and legal defences to the claims and
the Group intends to defend them robustly.
The Group closely monitors the progress of other group claims made by store workers against large grocery retailers where the basis of the
claims are similar to those made against us.
b) ii)
In early February 2023 a claim was issued against Co-operative Group Limited and certain of its subsidiaries (Co-operative Group Food
Limited, Co-operative Foodstores Limited and Rochpion Properties (4) LLP) by the liquidators of The Food Retailer Operations Limited in
connection with transactions which took place in 2015 and 2016 relating to the Somerfield supermarket business acquired by Co-op in 2009.
The amount claimed is approximately \u00a3450m excluding interest and costs. Co-op strongly disputes both liability and the quantum of the
claim.
The trial on this matter was held between 12 January 2026 and 27 February 2026 and judgment is awaited. The Group\u2019s legal advice is that it
is not considered probable that an outflow of economic resources will be required, therefore no provision is made at the balance sheet date.", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800TKR59ER8Z69V16", "period": "2025-01-04T00:00:00/2026-01-04T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00279": { "value": "28
Related party transactions and balances
\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\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
2025
2024
\u00a0
Relationship
\u00a3m
\u00a3m
Subscription to Co-operatives UK Limited
(i)
0.8
0.8
\n
i) The Group is a member of Co-operatives UK Limited.
The Group\u2019s Independent Society Members (ISMs) include consumer co-operative societies which, in aggregate, own the majority of the
corporate shares with rights attaching as described in Note 22. The Co-operative Group has a 76% shareholding in Federal Retail and
Trading Services Limited which is operated as a joint buying group by the Group for itself and other independent co-operative societies. The
Group acts as a wholesaler to the other independent co-operatives and generates sales from this and the arrangement is run on a cost
recovery basis and therefore no profit is derived from its activities. Sales to ISMs, on normal trading terms, were \u00a31,964m (2024: \u00a32,076m)
and the amount due from ISMs in respect of such sales was \u00a3187m at 3 January 2026 (2024: \u00a3151m). No distributions have been made to
ISMs based on their trade with the Group in either the current or prior periods.
Transactions with directors and key management personnel
A number of small transactions (such as the purchase of funeral services) are entered into with key management in the normal course of
business and are at arm's length. Key management are considered to be members of the Executive and directors of the Group. Key
management personnel transactions noted in the year are \u00a3nil (2024: \u00a3nil). Other than the compensation set out in the Remuneration Report,
there were no other transactions greater than \u00a310,000 with the Group's entities (2024: \u00a3nil). Total compensation paid to key management
personnel is shown overleaf.
\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
\u00a0
2025
2024
Key management personnel compensation
\u00a3m
\u00a3m
Short-term employee benefits
3.8
4.1
Post-employment benefits
0.2
0.2
Other long-term benefits
0.3
0.3
Total
4.3
4.6
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:213800TKR59ER8Z69V16", "period": "2025-01-04T00:00:00/2026-01-04T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00278": { "value": "29
Principal subsidiary undertakings
All of the principal subsidiary undertakings as at the period end are registered in England and Wales and their principal place of business is the UK.
See Accounting Policies and Basis of Preparation section on page 216 for a Group structure diagram.
\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\n
\u00a0 \u00a0
\u00a0
Society holding %
Nature of business
Co-operative Group Holdings (2011) Ltd
100
Property management
Co-operative Group Food Ltd
100
Food retailing
Co-operative Foodstores Ltd
100
Food retailing
Co-op Wholesale Ltd*
100
Food wholesaling
Co-op Insurance Services Limited
100
Insurance (marketing)
Funeral Services Ltd
100
Funeral directors
Co-op Funeral Plans Ltd
100
Funeral plan services
Co-operative Legal Services Ltd
100
Legal services
Rochpion Properties (4) LLP
100
Property management
\n
Notes
i) All of the above have been fully consolidated into the Group's accounts. There are no non-controlling interests in any of these entities.
ii) All of the principal subsidiaries are audited by EY LLP.
iii) All transactions between entities are in the usual course of business.
iv) A full list of all Group subsidiary entities can be found at: https://www.co-operative.coop/investors/rules
* Formerly Nisa Retail Ltd", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:213800TKR59ER8Z69V16", "period": "2025-01-04T00:00:00/2026-01-04T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00280": { "value": "30
Membership
\u00a0
2025
2024
Members
m
m
Active members
(unaudited)
7.2
6.2
\n
Further detail on our membership proposition can be found in the 'Membership update' section in the front-half of this report (page 16). Full
details of our overall investment in our communities can be found in our Social Value and Sustainability Report. ", "dimensions": { "concept": "coop:DisclosureOfMembershipExplanatoryTextBlock", "language": "en", "entity": "scheme:213800TKR59ER8Z69V16", "period": "2025-01-04T00:00:00/2026-01-04T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00281": { "value": "31 Events after the reporting period
There are no material post balance sheet events noted for disclosure in the 2025 Annual Report and Accounts for the 52 week period ended 3
January 2026.", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:213800TKR59ER8Z69V16", "period": "2025-01-04T00:00:00/2026-01-04T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00308": { "value": "General information
Co-operative Group Limited ('the Group\u2019) is a registered co-operative society (525R) domiciled in England and Wales. The address of the
Group\u2019s registered office is 1 Angel Square, Manchester, M60 0AG, and the trading locations of all stores and branches can be located on
our website https://www.coop.co.uk/store-finder.", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800TKR59ER8Z69V16", "period": "2025-01-04T00:00:00/2026-01-04T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00205": { "value": "Co-operative Group Limited", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:213800TKR59ER8Z69V16", "period": "2025-01-04T00:00:00/2026-01-04T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00208": { "value": "Co-operative Group Limited", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:213800TKR59ER8Z69V16", "period": "2025-01-04T00:00:00/2026-01-04T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00214": { "value": "co-operative society", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:213800TKR59ER8Z69V16", "period": "2025-01-04T00:00:00/2026-01-04T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00206": { "value": "England and Wales", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:213800TKR59ER8Z69V16", "period": "2025-01-04T00:00:00/2026-01-04T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00209": { "value": "England and Wales", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:213800TKR59ER8Z69V16", "period": "2025-01-04T00:00:00/2026-01-04T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00213": { "value": "England and Wales", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:213800TKR59ER8Z69V16", "period": "2025-01-04T00:00:00/2026-01-04T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00207": { "value": "1 Angel Square, Manchester, M60 0AG", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:213800TKR59ER8Z69V16", "period": "2025-01-04T00:00:00/2026-01-04T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00309": { "value": "Basis of preparation
The Group accounts have been prepared in accordance with UK adopted international accounting standards for the 52 week period ended
3 January 2026. As permitted by statute, a separate set of financial statements for the Society are not included.
The accounts are presented in pounds sterling and are principally prepared on the basis of historical cost. Areas where other bases are
applied are explained in the relevant accounting policy in the notes. Amounts have been rounded to the nearest million. The accounting
policies set out in the notes have been applied consistently to all periods presented in these financial statements, except where stated
otherwise. The accounts are prepared on a going concern basis. See later section on \u2018
Going Concern\u2019. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800TKR59ER8Z69V16", "period": "2025-01-04T00:00:00/2026-01-04T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00310": { "value": "Basis of consolidation
The financial statements consolidate Co-operative Group Limited, which is the ultimate parent society, and its subsidiary undertakings. The
Group controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to
affect those returns through its power over the entity. The Group's consolidated results include those of The Manx Co-operative Society on
that basis. The financial statements of subsidiaries are included in the consolidated financial statements from the date that control
commences until the date that control ceases.
The diagram below shows the composition of the Group and its principal subsidiaries. Further details can be found in Note 29 (Principal
subsidiary undertakings). A full list of subsidiaries that make up the Group for the purposes of these financial statements can be found at:
http://www.co-operative.coop/investors/rules
Co-operative Group Ltd
Co-operative Group Holdings (2011) Ltd
Rochpion Properties (4) LLP
Co-operative Group Food Ltd
Funeral Services Ltd
Co-op Wholesale Ltd**
Co-operative Foodstores Ltd
Co-op Funeral Plans Ltd *
Co-op Insurance Services Ltd
Co-operative Legal Services Ltd
Direct holding
Indirect holding
All shareholdings are 100% owned unless otherwise stated.
* Co-op Funeral Plans Ltd is owned 33% by Co-operative Group Ltd and 67% by Co-operative Group Holdings Ltd.
** Formerly Nisa Retail Ltd", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:213800TKR59ER8Z69V16", "period": "2025-01-04T00:00:00/2026-01-04T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00211": { "value": "Co-operative Group Limited", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:213800TKR59ER8Z69V16", "period": "2025-01-04T00:00:00/2026-01-04T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00311": { "value": "Offsetting
Financial assets and financial liabilities are offset and the net amount reported in the balance sheet when there is a legally enforceable
right to do so and there is an intention to settle on a net basis, or realise the asset and settle the liability simultaneously. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForOffsettingOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800TKR59ER8Z69V16", "period": "2025-01-04T00:00:00/2026-01-04T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00312": { "value": "Material accounting judgements, estimates and assumptions
The preparation of financial statements that comply with IFRS requires management to make judgements, estimates and assumptions that
affect the application of policies and reported amounts of assets and liabilities, income and expenses. The estimates and associated
assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the
results of which form the basis of making the judgements about carrying values of assets and liabilities that are not readily apparent from
other sources. Actual results may differ from these estimates.
In assessing the Group\u2019s judgements and sources of estimation uncertainty, consideration has also been given to the impact of climate
change risk. Details are shown at the end of this section.
Key judgements:
In the process of applying the Group\u2019s accounting policies, management has made the following key judgements which have the most
material impact on the consolidated financial statements:
\u2022
Determining the lease term of contracts with extension and termination options (Note 11)
The Group determines the lease term as the non-cancellable term of the lease, together with any periods covered by an option to extend
the lease if it is reasonably certain to be exercised, or any periods covered by an option to terminate the lease, if it is reasonably certain
not to be exercised.
The Group has the option, under some of its leases to lease the assets for additional terms of 5 to 10 years. The Group applies judgement
in evaluating whether it is reasonably certain to exercise the option to renew. That is, it considers all relevant factors that create an
economic incentive for it to exercise the renewal. After the commencement date, the Group reassesses the lease term if there is a material
event or change in circumstances that is within its control and affects its ability to exercise (or not to exercise) the option to renew.
\u2022
Cyber attack (Note 1)
As disclosed earlier in this document, our Co-op was the victim of a cyber attack in April 2025. Actual costs that we have incurred in
relation to the Cyber attack that are assessed as being directly incremental costs of the incident
have been treated as non-underlying
items for our underlying profit metrics (APMs). Such costs mainly relate to incremental stock losses and stock wastage in our Food
business, incremental third party costs incurred with our professional services partners as well as incremental payroll costs incurred as part
of the cyber recovery process. Any Cyber related costs that are not assessed as being directly incremental costs of the incident have not
been treated as non-underlying for the purposes of our APMs. No adjustments have been made for lost opportunity items (such as sales
or margin) due to the Cyber attack. The assessment and classification of costs as non-underlying is a key judgement and reflects both the
scale of the financial impact (which is assessed as being material for the Group) and nature of the costs incurred (being directly
incremental costs of the incident). This assessment has been applied consistently and is in-line with the Group's accounting policies.
\n\n
\u2022
Provisions (Note 21)
\u2013 a provision is recognised in the balance sheet when the Group has a legal or constructive obligation as a result of
\n
a past event, and it is probable that an outflow of economic benefits will be required to settle the obligation. If the effect is material,
\n
provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the
\n
time value of money and, where appropriate, the risks specific to the liability. Regulatory and legal provisions are typically held in relation
\n
to on-going legal or regulatory claims and material assumptions and estimates are made in relation to the estimation of future cash flows
\n
and the discount rate applied. The likely outcome in a legal or regulatory claim may be uncertain and difficult to predict based on the
\n
evidence and circumstances involved. This means there may be considerable inherent uncertainty with an assessment as to whether a
\n
provision exists at the balance sheet date. No separate disclosure is made of the detail of such claims, the assumptions used to calculate
\n
the amount provided or the uncertainties relating to the range of possible outcomes considered, because in management's view, to do so
\n
could seriously prejudice our position.
\n
The Group takes into account the potential impact of climate change on its legal and constructive obligations, such as potential changes in
\n
regulations related to carbon emissions, environmental liabilities and natural disasters. The Group also considers the potential impact of
\n
climate change on the costs of complying with environmental regulations and the costs of natural disasters. The Group has reviewed its
\n
provisions and concluded that no adjustments need to be made for climate change risks, nor that any new provisions need to be
\n
recognised for climate-related matters.
\n
Key accounting estimates and assumptions
:
\n
In the process of applying the Group\u2019s accounting policies, management has made the following key accounting estimates and
\n
assumptions which have the most material impact on the consolidated financial statements:
\n
\u2022 Insurance contract liabilities (Note 20)
\n
Under IFRS 17 (Insurance Contracts) the Group's funeral plan liabilities reflect the current estimate of the present value of the future
\n
cashflows to provide the funeral. These are calculated using actuarial advice and are based on a range of assumptions and estimates. The
\n
assumptions used are management's best estimates chosen from a range of possible actuarial assumptions which may not necessarily be
\n
borne out in practice.
\n
The main actuarial assumptions include estimates in relation to discount rates, future costs to deliver a funeral including inflation and
\n
expense assumptions, mortality rates, risk adjustments and plan cancellation rates. The insurance contract liability calculation is most
\n
sensitive to changes in the discount rate and inflation assumptions and further detail on these items is noted below.
\n
Discount rate
- the Group applies a bottom-up approach to derive the discount rate such that our insurance contract liabilities (funeral
\n
plans) are calculated by discounting expected future cash flows at a risk free rate, plus an illiquidity premium (credit spread). The risk free
\n
rate has been derived by reference to market yields on sterling-denominated high quality corporate bonds of appropriate duration
\n
consistent with the funeral plans at that date (UK Gilt curve at the valuation date converted from continuous to annual rates). The illiquidity
\n
premium is determined by reference to observable market rates (assessed as the average credit spread on 10-15 A rated and 10-15 year
\n
AA rated bonds at the valuation date). See Note 20 for sensitivity analysis.
\n
Inflation
- the rate of inflation is set based on the Bank of England Forward Inflation Curve at the valuation date converted from continuous
\n
to annual. From 2022 onwards a reduction of 25 basis points has been applied to allow for high levels of demand for inflation linked gilts
\n
increasing inflation expectations. Years 2025 to 2028 have been adjusted to reflect managements' view based on experience of funeral
\n
cost inflation. See Note 20 for sensitivity analysis.
\n
Fullfilment costs
- the Group applies an absorbed fulfilment cost, based on methodology consistent with IAS37, calculated for each year.
\n
See Note 20 for sensitivity analysis.
\n
Mortality
- an average 111% loading is applied to the English Life Tables 2017 (\u201cELT17\u201d). This reflects that mortality rates are deemed to
\n
be approximately 10% heavier than those shown in ELT17. The basis is consistent with the mortality analysis used for 2024 (which indicated
\n
a 112% loading), adjusted by a 2% reduction to allow for two years of expected future mortality improvements. An allowance for future
\n
longevity improvements of 1% per annum is also included. See Note 20 for sensitivity analysis.
\n
\u2022
Pensions (Note 23)
\u2013 the Group\u2019s defined benefit pension obligations are determined following actuarial advice and are calculated
\n
using the projected unit method. The assumptions used are the best estimates chosen from a range of possible actuarial assumptions
\n
which may not necessarily be borne out in practice. The most material assumptions relate to the determination of the discount rate, future
\n
salary increases, mortality rates and future pension increases. Due to the complexities involved in the valuation and its long-term nature,
\n
the Group\u2019s defined benefit obligation is highly sensitive to changes in these assumptions. Further details of the financial and demographic
\n
assumptions that have been used are shown in Note 24 along with associated sensitivities to those assumptions.
\n\n
\u2022
Impairment of non-financial assets (Notes 10, 11 & 12)
- the carrying amount of non-financial assets (such as property, plant and
\n
equipment, right-of-use assets, goodwill and intangibles) are reviewed at each balance sheet date and if there is any indication of
\n
impairment, the asset's recoverable amount is estimated.
\n
The recoverable amount is the greater of the fair value of the asset (less costs to sell) and the value in use of the asset. An impairment loss
\n
is recognised whenever the carrying amount of an asset or its cash-generating unit (CGU) exceeds its estimated recoverable amount. For
\n
property assets the fair value less costs to sell are measured using internal valuations based on the rental yield of the property.
\n
This review is performed annually or in the event where indicators of impairment are present. At 3 January 2026, the Group has
\n
considered whether general uncertainty in the wider macro-economic environment including the cost-of-living crisis, rising inflation,
\n
energy price increases, and the on-going conflicts in Ukraine and the Middle East has the potential to represent a significant impairment
\n
indicator.
\n
Despite the difficult trading conditions and associated additional costs of serving our customers the Group\u2019s main business areas have
\n
proven resilient and the performance of the Group\u2019s cash-generating units has remained strong. Therefore, management concluded that
\n
the impact of the factors noted on the longer term outlook for these cash generating units did not constitute an indicator of material
\n
impairment and hence a full impairment test across all CGUs was not required. This judgement is unchanged from 4 January 2025. An
\n
impairment assessment has been performed over our Food and Funeralcare estate where indicators of impairment have been identified
\n
as disclosed in Note 10.
\n
The Group estimates the value in use of an asset by projecting future cash flows into perpetuity and discounting the cash flows (DCF)
\n
associated with that asset at a pre-tax rate of between 10-12% (2024: 9-11%) dependent on the business. The key assumptions used to
\n
determine the recoverable amount for the different CGUs, and the sensitivity analysis that is undertaken, are disclosed and further
\n
explained in Notes 10 and 12.
\n
Material accounting judgements, estimates and assumptions in relation to climate change
\n
In assessing the Group\u2019s judgements and sources of estimation uncertainty, consideration has been given to the impact of climate change
\n
risk. Aside from areas noted below climate change risks do not have any impacts on the Group\u2019s other judgements or sources of
\n
estimation uncertainty.
\n
Impairment of non-current assets
\n
As described in notes 10 and 12, our impairment assessment over the Group's property, plan and equipment, right of use assets and
\n
goodwill, has taken into consideration any climate related risks identified through our risk assessment process. Our assessment concluded
\n
that the expected climate related risks did not have a material impact on the Group's impairment considerations at the reporting date. The
\n
Board-approved plan underpinning our impairment assessments, takes into consideration any incremental costs of climate related actions
\n
to mitigate these risks where these are expected to crystallise within the timeframe of the plan. This represents a developing area with
\ninherent uncertainty which is constantly evolving.", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:213800TKR59ER8Z69V16", "period": "2025-01-04T00:00:00/2026-01-04T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00313": { "value": "New and amended standards adopted by the Group:
The Group has considered the following standards and amendments that are effective for the Group for the period commencing 5
\n
January 2025 and concluded that they are either not relevant to the Group or do not have a significant impact on the financial statements:
\n
\u2022 Amendments to IAS 21 - Lack of Exchangeability
\n
Standards, amendments and interpretations issued but not yet effective
\n
Certain new accounting standards and interpretations have been published that are not mandatory for 5 January 2025 reporting periods
\n
and the Group has not early adopted the following standards and statements. Unless noted the adoption of these standards is not
\n
expected to have a material impact on the Group\u2019s accounts:
\n
\u2022 Amendments to IFRS 9 and IFRS 7 - Classification and Measurement of Financial Instruments*
\n
\u2022 Amendments to IFRS 9 and IFRS 7 - Contracts Referencing Nature-dependent Electricity*
\n
\u2022 Annual Improvements to IFRS Accounting Standards - Volume 11*
\n
\u2022 IFRS 18 - Presentation and Disclosure in Financial Statements**
\n
\u2022 IFRS 19 - Subsidiaries without Public Accountability: Disclosures**
\n
\u2022 Amendments to IAS 21 - Transition to a hyperinflationary presentational currency**
\n
*Applicable for reporting periods on or after 1st January 2026. **Applicable for reporting periods on or after 1st January 2027.
\n
The Group is currently reviewing the likely impact of IFRS 18 on its statutory reporting which may change the format and presentation of
\n
the Consolidated Income statement and certain disclosure notes including the requirement for a dedicated disclosure note for
\n
management performance measures (MPMs). Furthermore, the Group is also reviewing the likely impact of the amendments to IFRS 9 with
\n
specific reference to the timing and date of derecognition of finanical assets and liabilities with particular reference to receipts and
\n
payments settled via electronic transfer. This may impact the valuation and categorisation between line items in the Conslidated Balance
\nSheet (such as Cash and cash equivalents, Trade and other receivables and Trade and other Payables).", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:213800TKR59ER8Z69V16", "period": "2025-01-04T00:00:00/2026-01-04T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00314": { "value": "Going concern basis of preparation
The financial statements are prepared on a going concern basis as the directors have a reasonable expectation that the Group has
sufficient liquidity and adequate resources to continue in operational existence for the foreseeable future, being a period of at least 12
months post the date of approval of these financial statements.
In assessing the Group\u2019s ability to continue as a going concern, the directors have considered the Group\u2019s most recent forecasting
process and specifically the Group\u2019s profitability, cashflows, covenant compliance and the Group\u2019s liquidity position for the going
concern assessment period, up to 31 December 2027. Our Co-op operates with net current liabilities as our working capital cycle means
cash receipts from revenues arise in advance of the payments to suppliers for the cost of goods sold. We also borrow money from banks
and other funding sources, structuring our borrowings with phased maturities to manage our refinancing risk as well as maintaining
sufficient levels of liquidity for our Co-op. As part of the going concern review, we have ensured that our forecasts demonstrate
compliance with the terms of these agreements, for example related banking covenants and facility levels.
As part of strategic planning, the directors make key assumptions about business performance and stress-test financial scenarios to
ensure compliance with facility terms, even under principal risk events. Although our Co-op has a robust planning process, which reflects
the continuing economic uncertainty and headwinds impacting the group, we have performed additional stress testing of the going
concern basis under severe but plausible downside scenarios which also align to our principal risks. The results of our stress testing of
severe but plausible downside scenarios provided a reasonable basis to support the directors\u2019 conclusion over going concern. Although
the cyber attack has had a material impact on our full year results, the group continues to have sufficient liquidity throughout the going
concern assessment period.
In arriving at the conclusion of the appropriateness of the going concern assumption, the directors have considered the following:
1. Review and challenge management\u2019s base case forecast:
The directors have considered the Group\u2019s cash flow forecasts and profitability projections for the period to December 2027 (\u201cBase
Case\u201d). Co-op\u2019s base case forecast takes into consideration the continued uncertainty in the convenience market. The Board has reviewed
and approved these plans.
The key assumptions in the plan are:
a. Growth in volume and margin rate.
b. This growth is tempered with impact of continued cost headwinds on payroll, and goods not for resale inflation, being offset by
assumed significant operating cost savings.
c. Rebuilding the balance sheet through working capital improvement, reducing net debt.
d. The new \u00a3350m loan facility secured in June 2025 will be drawn down for the purpose of repaying the \u00a3350m bond debt maturing in
July 2026. The plan assumes the raising of additional funding in 2026 of \u00a3300m from the bond market, to boost our liquidity position and
to keep our Coop protected from known and unknown business risks that may arise in the future.
2. Ensure compliance with the terms of our bank facility agreements and covenant compliance:
The potential scenarios which could lead to our Co-op not being a going concern are: a. Not having enough liquidity to meet our debt
liabilities as they fall due; and/or b. A breach of the financial covenants implicit in our bank revolving credit facility.
As at 3 January 2026, the Group had gross liquidity headroom of \u00a3441m, being cash of \u00a393m excluding restricted cash, and headroom of
\u00a3348m on the Group\u2019s Revolving credit facility (\u201cRCF\u201d). The Base case has sufficient liquidity and bank covenants headroom over the
going concern period, with the tightest point for liquidity headroom at period 6 2027, and tightest point for EBITDA at period 6 2026 to
breach covenants. The Group has been in compliance with all covenants applicable to its facilities through the period and is forecast to
continue to be in compliance for going concern assessment period up to December 2027.
A definition of our banking covenants is provided in Note 18. Further details on capital management, financial instruments, and risk
exposures are provided in Note 27 to the financial statements.
\n\n
3. Assess downside scenarios against the base case:
\n
The directors have also considered the impact on forecasted performance of severe but plausible downside scenarios (\u201cDownside Case\u201d),
\n
including (but not limited to) the following:
\n
a. reduction in trade volumes, margin rate and market share in our Food business;
\n
b. market share, product mix and death rate sensitivities in our Funeralcare business;
\n
c. reduction in the growth and cost efficiency assumptions in our Wholesale business;
\n
d. operating cost out programme non delivery;
\n
e. exclusion of the additional funding of \u00a3300m assumed in the base plan.
\n
The downside sensitivities identified do not risk the validity of our Co-op as a going concern even before applying the mitigating actions
\n
considered below. We have also considered a severe but plausible combination of the sensitivities happening concurrently and we still
\n
have liquidity and covenant headroom over the going concern assessment period.
\n
Whilst out of line with our strategic ambition, there are several options and management mitigating actions within the business' control
\n
we could exercise, if the above risks materialised, or in the unlikely scenario of a cash outflow arising from an adverse legal matter
\n
outcome or an unpredictable event occurring similar to the cyber attack in 2025. Options include (but not limited to) our Co-op\u2019s ability to
\n
control the level and timing of its capital expenditure programme, apply cost control measures across both variable and overhead
\n
budgets and sale and lease back opportunities.
\n
4. Conduct reverse stress testing:
\nA reverse stress test identifies the point where the model fails. Following our modelling, we consider this scenario to be remote.", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:213800TKR59ER8Z69V16", "period": "2025-01-04T00:00:00/2026-01-04T00:00:00" } } } }