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"134000000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800VCU9TBANZIN455", "period": "2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-157": { "value": "152100000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800VCU9TBANZIN455", "period": "2022-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-328": { "value": "These financial statements were approved by the Board of Directors on 15 March 2023. Signed on behalf of the Board of Directors Richard Darwin Luke Tait Chief Executive Officer Chief Financial Officer", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-329": { "value": "1. General information The Gym Group plc (\u2018the Company\u2019) and its subsidiaries (\u2018the Group\u2019) operate low cost, high quality, 24/7, no contract gyms . The Company is a public limited company whose shares are publicly traded on the London Stock Exchange and is incorporated and domiciled in the United Kingdom. The registered address of the Company is 5th Floor, OneCroydon, 12-16 Addiscombe Road, Croydon, CR0 0XT, United Kingdom . ", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-326": { "value": "1. General information The Gym Group plc (\u2018the Company\u2019) and its subsidiaries (\u2018the Group\u2019) operate low cost, high quality, 24/7, no contract gyms . The Company is a public limited company whose shares are publicly traded on the London Stock Exchange and is incorporated and domiciled in the United Kingdom. The registered address of the Company is 5th Floor, OneCroydon, 12-16 Addiscombe Road, Croydon, CR0 0XT, United Kingdom . 2. Summary of significant accounting policies A summary of the significant accounting policies is set out below. These have been applied consistently in the financial statements. Statement of compliance The financial statements have been prepared in accordance with the Listing Rules and the Disclosure Guidance and Transparency Rules of the United Kingdom Financial Conduct Authority (where applicable) and United Kingdom adopted international accounting standards. The accounting policies applied are consistent with those described in the Annual Report and Accounts of the Group for the year ended 31 December 2021. The functional currency of each entity in the Group is pounds sterling. The consolidated financial statements are presented in pounds sterling and all values are rounded to the nearest one hundred thousand pounds, except where otherwise indicated. Basis of preparation The consolidated financial statements have been prepared on a going concern basis under the historical cost convention as modified by the recognition of derivative financial instruments, financial assets and other financial liabilities at fair value through the profit and loss and the recognition of financial assets at fair value through other comprehensive income. The consolidated financial statements provide comparative information in respect of the previous period. Going concern In assessing the going concern position of the Group for the year ended 31 December 2022, the Directors have considered the following: l the Group\u2019s trading performance in FY22 and throughout the traditional January and February 2023 peak period; l future expected trading performance to June 2024 (the going concern period), including membership levels and behaviours in light of the current difficult macroeconomic environment; and l the Group\u2019s financing arrangements and relationship with its lenders and shareholders. 2022 was a year of significant recovery and growth for The Gym Group, with membership at the end of December 2022 reaching 821,000, an increase of 14.3% from the end of December 2021. Average revenue per member per month for the year (\u2018ARPMM\u2019) was \u00a317.82 and for the second half of the year was \u00a318.30, up 4.5% on the second half of the prior year. LIVE IT, the premium price product, ended the year at 29.6% of total membership compared with 27.1% in December 2021. As a result, revenue and Group Adjusted EBITDA both increased significantly. The Group also reported strong cash generation, with free cash flow of \u00a316.6m being generated and used to part-fund the 25 organic site openings as well as our investment in the new technology and brand. The remaining organic site openings and the acquisition of the three sites previously trading under the Fitness First brand were funded through an increase in the Group\u2019s borrowings. All sites opened in the year are performing in line with our expectations.In May 2022, the Group agreed with its lenders certain changes to the Group\u2019s Revolving Credit Facility (\u2018RCF\u2019). As a result, the Group now has access to a combined \u00a380m facility which matures in October 2024. The Group also currently has access to \u00a313m of finance lease facilities (\u00a315m permitted under the RCF). As at 31 December 2022, the Group had Non-Property Net Debt (including finance leases) of \u00a376.1m, with \u00a315.4m of headroom (calculated off bank debt less cash) under the RCF. The RCF is subject to quarterly financial covenant tests on leverage (net debt to Group Adjusted EBITDA Less Normalised Rent), fixed charge cover (Adjusted EBITDAR to Net Finance Charges and Normalised Rent) and minimum liquidity. Whilst the going concern assessment covers the period to the end of June 2024, the Directors have considered the fact that the Group\u2019s RCF facility is currently expected to expire in October 2024, and concluded that there is a realistic prospect that this will be extended or refinanced before that time. Following the January and February 2023 peak trading period, closing membership at 28 February 2023 was 890,000 members, an increase of 8.4% on the position at 31 December 2022. However, demand has been impacted by the cost-of- living pressures felt by many; and the Directors expect the current difficult macroeconomic environment and consumer behaviour to continue. As a result, we have taken a cautious approach to preparing the three-year financial plan that underpins the going concern review. The base case forecast for the period to 30 June 2024 anticipates continued growth in yields across the whole estate as a result of pricing actions that have already been taken. However, modest increases in membership levels are driven largely by the sites opened in 2022 and not by growth in the mature estate. In addition, the Directors have taken a more measured approach to new site openings throughout the plan period, with all new sites assumed to be self-financed. Under this scenario, all financial covenants are passed with a reasonable level of headroom and the Group can operate within its financing facilities. The Directors have considered a downside scenario which anticipates a more significant cost-of-living downturn throughout the period under review. Under this scenario, membership numbers in the mature estate start to deviate from the base case from March 2023 such that they are approximately 10% lower by the end of 2023. Yields do continue to increase but at a much lower level than under the base case. Under this scenario, the number of new site openings is reduced and discretionary performance-related bonuses removed to ensure that all financial covenants continue to be passed and the Group continues to operate within its financing facilities. The Directors have also considered a reverse stress test scenario to ascertain the extent of the downturn in trading that would be required to breach the Group\u2019s banking covenants or liquidity requirements. Mitigating actions assumed in this scenario include moving to a minimum level of maintenance and IT capital expenditure; reducing controllable operating costs and marketing expenditure; and pausing the new site opening programme in order to preserve cash. In this scenario, the number of new members each month would have to decline by 16.5% compared to the base case (the equivalent of membership reducing to 73% of the February 2023 closing membership number) before the leverage covenant would be breached in June 2024. However, the Group would remain within its liquidity limits. In the event of a reverse stress test scenario, the Directors would introduce additional measures to mitigate the impact on the Group\u2019s liquidity, covenants and cash flow, including: (i) further reductions in controllable operating costs, marketing and capital expenditure; (ii) discussions with lenders to secure additional debt facilities and/or covenant waivers; (iii) deferral of, or reductions in, rent payments to landlords; and (iv) the potential to raise additional funds from third parties. The Directors consider the reverse stress test scenario to be highly unlikely. Conclusion The Board has reviewed the financial plan and downside scenarios of the Group and has a reasonable expectation that the Group has adequate resources to continue in operational existence for the period to 30 June 2024. As a result, the Directors continue to adopt the going concern basis in preparing the consolidated financial statements. In making this assessment, consideration has been given to the current and future expected trading performance; the Group\u2019s current and forecast liquidity position and the support received to date from our lenders and shareholders; and the mitigating actions that can be deployed in the event of reasonable downside scenarios. Climate change In preparing the consolidated financial statements, management has considered the impact of climate change, particularly in the context of the disclosures included in the Strategic Report and the stated net zero targets. These considerations did not have a material impact on the financial reporting judgements and estimates, consistent with the assessment that climate change is not expected to have a significant impact on the Group\u2019s going concern assessment to 30 June 2024 nor the viability of the Group over the next three years. The following specific points were considered: l we procure 100% renewable energy for all of our sites where we directly control the purchase of energy. l the Group continues to reduce its carbon emissions and environmental impact by investing in the energy-efficient design of our new sites, as well as in our existing estate. l all of our gyms now have full LED lighting. l our carbon emissions through electrical power consumption will reduce with the decarbonisation of the National Grid and natural gas will eventually become our principal source of direct carbon emission. We now have 32 sites operating successfully without gas for water heating and are continuing to roll out electric heat pumps to obviate the requirement for gas. l in all cases, the expected costs and investment required during the Group\u2019s strategic planning horizon have been considered within the future cash flows included within the Group\u2019s three-year Plan which forms the basis of our going concern and viability assessment, the goodwill and site impairment testing, and the assessment of the recoverability of deferred tax assets. Consolidation Subsidiaries A subsidiary is an entity controlled, either directly or indirectly, by the Company. Control is achieved when the Group is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. Specifically, the Group controls an investee if and only if the Group has: l power over the investee (i.e. existing rights that give it the current ability to direct the relevant activities of the investee); l exposure, or rights, to variable returns from its involvement with the investee; and l the ability to use its power over the investee to affect its returns. All subsidiaries are wholly owned. The Group reassesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control. Consolidation of a subsidiary begins when the Group obtains control over the subsidiary and ceases when the Group loses control of the subsidiary. Assets, liabilities, income and expenses of a subsidiary acquired or disposed of during the year are included in the income statement from the date the Group gains control and until the date the Group ceases to control the subsidiary. All subsidiaries apply consistent accounting policies and all intra-Group assets and liabilities, equity, income, expenses and cash flows relating to transactions between members of the Group are eliminated in full on consolidation. The acquisition method of accounting is used to account for the acquisition of subsidiaries or business combinations where trade and assets are acquired by the Group. The cost of an acquisition is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date, irrespective of the extent of any non-controlling interest. The excess of the cost of acquisition over the fair value of the Group\u2019s share of the identifiable net assets acquired is recorded as goodwill. If the cost of acquisition is less than the fair value of the net assets of the subsidiary acquired, the difference is recognised directly in the income statement. Subsequent changes to the fair value during the measurement period are treated as fair value adjustments against the acquired net assets. Segment reporting Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision maker. The chief operating decision maker, who is responsible for allocating resources and assessing performance of the operating segment, has been identified as the Board of Directors. The Group\u2019s activities consist solely of the provision of low cost, high quality, 24/7, no contract gyms within the United Kingdom, traded through 229 sites at 31 December 2022. It is managed as one entity and management has consequently determined that there is only one operating segment. Segment results are measured using earnings before interest, tax, depreciation, amortisation, share based payments costs and non-underlying items. Segment assets are measured at cost less any recognised impairment. All revenue arises in and all non-current assets are located in the United Kingdom. The accounting policies used for segmental reporting reflect those used for the Group. Revenue Revenue, which is stated excluding value added tax and other sales-related taxes, is measured at the fair value of the consideration receivable for goods and services supplied. Revenue from memberships comprises monthly membership fees, non-refundable joining fees and longer term membership fees. Longer term membership fees comprise student memberships which typically cover a nine-month period, pay up front memberships which typically cover a six- or nine-month period and corporate annual membership. All membership income (being the membership fee and the joining fee) is recognised straight-line over the period that the membership relates to, with any subscriptions in advance of the period in which the service is provided being recorded as a contract liability in the statement of financial position. Rental income from personal trainers, which represents amounts paid by standalone personal trainers to operate their business from our gyms, is recognised on a straight-line basis over the term of the rental agreement. Other income, which includes the sale of goods through vending machines, is recognised at the point in time when control of the goods transfers to the customer. Contracts with customers are non-complex and do not require any significant accounting judgements or estimates. Cost of sales and gross profit Cost of sales comprises costs arising in connection with the generation of ancillary revenue as well as call centre costs and payment processing costs. Therefore gross profit is before costs associated with operating the gyms. Other income and government grants Other income comprises government grants receivable, research and development tax credits and other non- membership-related income. Government grants are not recognised until there is reasonable assurance that the Group will comply with the conditions attaching to them and that the grants will be received. They are recognised in profit or loss on a systematic basis over the periods in which the Group recognises the related costs which the grants are intended to compensate. Specifically, government grants whose primary condition is that the Group should purchase, construct or otherwise acquire non-current assets (including property, plant and equipment) are recognised as deferred income in the consolidated statement of financial position and transferred to profit or loss on a systematic and rational basis over the useful lives of the related assets. Government grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the Group with no future related costs are recognised in profit or loss in the period in which they become receivable. Where the income relates to a distinct identifiable expense, the income is offset against the relevant expense. Where an expense is not distinctly identifiable, or the income relates to multiple expenses, the income is recognised within Other income. Non-underlying items Non-underlying items are income or expenses that are material by their size and/or nature and are not considered to arise in the normal course of business. The Directors consider that these items should be disclosed separately on the face of the income statement (but within their relevant category) to allow a more comparable view of underlying trading performance. Non-underlying items include restructuring and reorganisation costs (including site closure costs), costs of major strategic projects and investments, impairment of assets, amortisation and impairment of business combination intangibles, profit/loss on disposal of businesses, remeasurement gains or losses on borrowings, and refinancing costs. Profit before non-underlying items is used to calculate adjusted earnings per share and is reconciled to profit before taxation on the face of the income statement. Non-underlying items are disclosed in note 9 . Intangible assets Goodwill Goodwill represents the excess of the cost of an acquisition over the fair value of the Group\u2019s share of the net identifiable assets of the acquired subsidiary or the Group\u2019s share of trade and assets acquired in a business combination at the date of acquisition. Goodwill on acquisitions is included in intangible assets. Goodwill is tested annually for impairment and carried at cost less accumulated impairment losses. Impairment losses on goodwill are not reversed. Gains and losses on the disposal of an entity include the carrying amount of goodwill relating to the entity sold. Further information in relation to impairment testing is provided in the \u2018Impairment of non-financial assets\u2019 section of this note. Customer lists Customer lists acquired as part of a business combination are initially recorded at fair value. They have finite useful lives and are carried at cost less accumulated amortisation and any recognised impairment. Amortisation is calculated using the straight-line method to allocate the cost of customers lists over their estimated useful lives, which is the period the Group expected to get value/benefit. The carrying value of customer lists is reviewed for impairment if events or changes in circumstances indicate the carrying value may not be recoverable. Computer software and licenses Acquired computer software and licences are capitalised on the basis of the costs incurred to acquire and bring into use the specific software. Certain costs incurred in connection with the development of software to be used internally, or for providing services to customers, are capitalised once a project has progressed beyond a conceptual, preliminary stage to that of application development. Development costs that are directly attributable to the design and testing of identifiable and unique software products controlled by the Group are recognised as intangible assets when the following criteria are met: l it is technically feasible to complete the software product so that it will be available for use; l management intends to complete the software product and use or sell it; l there is an ability to use or sell the software product; l it can be demonstrated that the software product will generate probable future economic benefits; l adequate technical, financial and other resources to complete the development and to use or sell the software product are available; and l the expenditure attributable to the software product during its development can be reliably measured. Costs that qualify for capitalisation include both internal and external costs but are limited to those that are directly related to the specific project. Computer software costs are included at capitalised cost less accumulated amortisation and any recognised impairment loss. Amortisation is calculated to write down the cost of the assets on a straight-line basis over their estimated useful lives, over three to five years. Useful lives are reviewed at the end of each reporting period and adjusted as appropriate. The carrying value of computer software is reviewed for impairment if events or changes in circumstances indicate the carrying value may not be recoverable. Property, plant and equipment Property, plant and equipment are included in the financial statements at cost less accumulated depreciation and any recognised impairment loss. Depreciation is calculated to write down the cost of the assets on a straight-line basis over the estimated useful lives as follows: l leasehold improvements over the shorter of the useful life and the term of the lease; l fixtures, fittings and equipment between three and ten years; l gym and other equipment between five and ten years; and l computer equipment three years. The estimated useful lives are reviewed at the end of each reporting period and adjusted if appropriate. The carrying values of property, plant and equipment are reviewed for impairment if events or changes in circumstances indicate the carrying value may not be recoverable. Assets under construction represents the costs incurred in the construction of gyms and are included in Property, plant and equipment. No depreciation is provided on assets under construction until the asset is available for use. Leases and Right-of-use assets The Group assesses whether a contract is or contains a lease, at inception of the contract. The Group recognises a right- of-use asset and a corresponding lease liability with respect to all lease arrangements in which it is the lessee, except for short term leases (defined as leases with a lease term of 12 months or less) and leases of low value assets (such as small items of office furniture and telephones). For these leases, the Group recognises the lease payments as an operating expense on a straight-line basis over the term of the lease unless another systematic basis is more representative of the time pattern in which economic benefits from the leased assets are consumed. Lease liabilities Lease liabilities are presented as a separate line in the Consolidated Statement of Financial Position. The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted by using the rate implicit in the lease. If this rate cannot be readily determined, which is generally the case for leases in the Group, the Group\u2019s incremental borrowing rate is used, being the rate that the Group would have to pay to borrow the funds necessary to obtain an asset of similar value to the right-of-use asset in a similar economic environment with similar terms, security and conditions. Lease payments included in the measurement of the lease liability comprise: l fixed lease payments (including in-substance fixed payments) less any lease incentives receivable; l variable lease payments that depend on an index or rate, initially measured using the index or rate at the commencement date; and l payments of penalties for terminating the lease, if the lease term reflects the exercise of an option to terminate the lease. Lease payments to be made under reasonably certain extension options are also included in the measurement of the liability. There are no variable lease payments nor residual value guarantees. To determine the incremental borrowing rate, the Group: l where possible, uses recent third-party financing received by the individual lessee as a starting point, adjusted to reflect changes in financing conditions since third-party financing was received; l uses a build-up approach that starts with a risk-free interest rate adjusted for credit risk for leases held by The Gym Group, which does not have recent third-party financing; and l makes adjustments specific to the lease, e.g. term and security. The lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability (using the effective interest method) and by reducing the carrying amount to reflect the lease payments made. The Group remeasures the lease liability whenever: l there is a change in the Group\u2019s assessment of whether it is reasonably certain to exercise a purchase, extension or termination option, in which case the lease liability is remeasured by discounting the minimum lease payments using a revised discount rate at the effective date of the change in assessment; l the lease payments change due to changes in an index or rate, in which cases the lease liability is remeasured by discounting the revised lease payments using an unchanged discount rate (unless the lease payments change is due to a change in a floating interest rate, in which case a revised discount rate is used); l the lease payments change due to a rent review, in which case the lease liability is remeasured by discounting the revised lease payments using the original discount rate at the effective date of the change in rent; l the lease contract is modified and the lease modification is not accounted for as a separate lease, in which case the lease liability is remeasured by discounting the revised lease payments using a revised discount rate at the effective date of the modification. When the lease liability is remeasured, an equivalent adjustment is made to the right-of-use asset, except in the case of modifications resulting in a reduction in the scope of the lease, or in instances where doing so would reduce the carrying amount of the right-of-use asset below zero. For a modification that fully or partially decreases the scope of the lease, the carrying amount of the right-of-use asset is reduced to reflect partial or full termination of the lease and any difference between that adjustment and the amount of the remeasurement of the lease liability is recognised in profit or loss at the effective date of the modification. In other cases, if the right-of-use asset is reduced to zero by a remeasurement, any remaining amount of the remeasurement is recognised in profit or loss. Although the Group enjoys security of tenure as tenant in respect of certain of its lease arrangements, there are conditions associated with these rights such that no unconditional right to extend the lease term exists. Extension and termination options are included in a number of property leases across the Group. These are used to maximise operational flexibility in terms of managing the assets used in the Group\u2019s operations. The majority of extension and termination options held are exercisable only by the Group and not by the respective lessor. When it is reasonably certain that the Group will not exercise a termination option or will exercise an extension option, this assumption is included within the calculation of the lease liability. Incremental borrowing rate The calculation of lease liabilities requires the Group to determine an incremental borrowing rate (\u2018IBR\u2019) to discount future minimum lease payments. Judgement has been applied to those leases entered into prior to November 2015 when the Group listed on the London Stock Exchange and entered into a Revolving Credit Facility (\u2018RCF\u2019), and which remain on the 31 December 2022 balance sheet as right-of-use assets and lease liabilities. Prior to this the Group was under private equity ownership, with its financing reflecting such ownership (including loan notes). As a consequence, there was less observable data on which to assess the IBR of the Group during this time, hence there was an increased level of judgement in assessing an appropriate IBR for use in applying IFRS to pre-2015 leases. Post listing and refinancing of the Group\u2019s bank facilities in October 2019, there was an increased level of observable data, including a market-based margin, to indicate the credit spread on which the Group could borrow. This margin was then added to observable Bank of England base or risk-free rates, such that the level of judgement on post-2015 leases, and in particular post-2019 leases, is considered to be low. Right-of-use assets Right-of-use assets predominantly relate to property leases and are depreciated on a straight-line basis over the shorter of the asset\u2019s useful life and the lease term. Right-of-use assets for non-property leases mainly relate to gym equipment purchased on hire purchase contracts and are depreciated over the asset\u2019s useful life. 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: l the amount of the initial measurement of the lease liability; l any lease payments made at or before the commencement date less any lease incentives received; l any initial direct costs; and l restoration costs. The carrying values of right-of-use assets are reviewed for impairment if events or changes in circumstances indicate the carrying value may not be recoverable. Impairment of non-financial assets Goodwill is tested for impairment annually and when circumstances indicate that the carrying value may be impaired. Under IAS 36, goodwill is allocated to the cash generating units (\u2018CGUs\u2019) on the basis of which CGU or group of CGUs is expected to benefit from the business combination in which the goodwill arose identified according to operating segments. As management has determined that the Group\u2019s goodwill cannot be allocated to CGUs on a non-arbitrary basis and that the Group has just one operating segment and goodwill is not monitored at any lower level, then consistent with the requirements of IAS 36, testing for goodwill impairment is performed at the operating segment level, being the entire business. Assets that are subject to depreciation or amortisation are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised for the amount by which the asset\u2019s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset\u2019s fair value less costs to sell and value in use. Where the asset does not generate cash flows that are independent from other assets, the Group estimates the recoverable amount of the CGU to which the asset belongs. CGUs are identified based on the lowest level aggregation of asset from which largely independent cash inflows are generated. This can be a single gym or, in a number of instances, a group of gyms which are geographically closely located where the cash inflows from each individual gym are not generated largely independent of other gym sites within the surrounding geographical area. Any impairment charge is recognised in non-underlying items in the income statement in the period in which it occurs. Impairment losses relating to goodwill cannot be reversed in future periods. At each reporting date, an assessment is made as to whether there is any indication that a previously recognised impairment loss for assets other than goodwill no longer exists or has decreased. If there is any such indication, the recoverable amount of the asset is recalculated and the impairment loss reversed. The reversal is limited so that the carrying amount of the asset does not exceed its recoverable amount, nor exceed the carrying amount that would have been determined, net of depreciation, had no impairment loss been recognised for the asset in prior years. Such reversal is recognised in non-underlying items in the income statement unless the asset is carried at a revalued amount, in which case, the reversal is treated as a revaluation increase and recognised as a separate reserve within equity. Further information on impairment testing is provided in notes 3, 14, 15 and 16. Financial instruments Fair value hierarchy IFRS 7 requires fair value measurements to be recognised using a fair value hierarchy that reflects the significance of the inputs used in the value measurements: Level 1: quoted prices in active markets for identical assets or liabilities Level 2: inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices) Level 3: inputs for the asset or liability that are not based on observable market data (unobservable market data) There were no transfers between levels throughout the periods under review. Financial assets (excluding derivative financial instruments) The Group classifies its financial assets as those to be measured at amortised cost, those recognised at fair value through profit and loss and those recognised at fair value through other comprehensive income. The Group measures its trade and other receivables and cash and cash equivalents at amortised cost. Subsequent to initial recognition, these assets are carried at amortised cost using the effective interest method. Income from these financial assets is calculated on an effective yield basis and is recognised in finance income in the income statement. Due to the Group\u2019s upfront payment model, it has limited exposure to credit losses. Investments in unquoted equity securities are designated as fair value through other comprehensive income if they are held as long term strategic investments that are not expected to be sold in the short to medium term. Any changes in fair value of those assets are recognised in other comprehensive income and are not recycled to profit or loss. Debt instruments that meet the following conditions are measured subsequently at amortised cost: l the financial asset is held within a business model whose objective is to hold financial assets in order to collect contractual cash flows; and l the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. All other financial assets are measured subsequently at fair value through profit or loss (\u2018FVTPL\u2019). Financial assets are presented as current assets, except for those with maturities greater than 12 months after the reporting date which are classified as non-current assets. Financial liabilities (excluding derivative financial instruments) The Group\u2019s financial liabilities comprise trade and other payables, other financial liabilities (including contingent consideration) and borrowings. The Group initially recognises its financial liabilities at fair value net of transaction costs where applicable and, other than derivatives and contingent consideration, they are subsequently measured at amortised cost using the effective interest method. Transaction costs are amortised using the effective interest method over the maturity of the loan. Contingent consideration is subsequently measured at its fair value, which is reassessed at each reporting period, and any fair value movement is recognised in non-underlying items in the income statement. Borrowing costs General and specific borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets that necessarily take a substantial period of time to get ready for their intended use or sale, are added to the cost of those assets, until such time as the assets are substantially ready for their intended use or sale. Investment income earned on temporary investments of specific borrowings pending their expenditure on qualifying assets is deducted from the borrowing costs eligible for capitalisation. All other borrowing costs are recognised in finance costs in the income statement in the period in which they are incurred. Derivative financial instruments and hedging activities The Group\u2019s activities expose it to financial risks associated with movements in interest rates. The use of financial derivatives to hedge the exposure are approved by the Board and the Group does not use derivative financial instruments for speculative purposes. As at 31 December 2022, there were no derivatives or hedging arrangements remaining in place. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently remeasured to their fair value at the end of each reporting period. The accounting for subsequent changes in fair value depends on whether the derivative is designated as a hedging instrument, and, if so, the nature of the item being hedged. At the inception of the hedge relationship, the Group documents the economic relationship between hedging instruments and hedged items including whether changes in the cash flows of the hedging instruments are expected to offset changes in the cash flows of hedged items. The effective portion of changes in the fair value of derivatives that are designated and qualify as cash flow hedges is recognised in other comprehensive income and accumulated under the heading of hedge reserve within equity. The amount is limited to the cumulative change in fair value of the hedged item from inception of the hedge. The gain or loss relating to the ineffective portion is recognised immediately in finance costs in the income statement. Amounts previously recognised in other comprehensive income and accumulated in equity are reclassified to profit or loss in the periods when the hedged item affects profit or loss, i.e. the gain or loss relating to the effective portion of the interest rate hedging contracts is recognised within finance cost in the income statement at the same time as the interest expense on the hedged borrowings. However, when the hedged forecast transaction results in the recognition of a non-financial asset or a non-financial liability, the gains and losses previously recognised in other comprehensive income and accumulated in equity are removed from equity and included in the initial measurement of the cost of the non-financial asset or non-financial liability. This transfer does not affect other comprehensive income. Furthermore, if the Group expects that some, or all, of the loss accumulated in the cash flow hedging reserve will not be recovered in the future, that amount is immediately reclassified to profit or loss. The Group also enters into structured wholesale energy market contracts for the procurement of electricity and natural gas. It does this by buying energy directly from the wholesale market to cover operational energy requirements. All contracts are entered into and continue to be held to receive or deliver the energy in accordance with the Group\u2019s expected usage requirements and all contracted quantities are actually physically supplied with no financial settlement prior to, or at, maturity. As such, the Group applies the own use exemption in IFRS 9 with regards energy market contracts and recognises the contracted cost of energy in the consolidated income statement when the energy is consumed. Pensions The Group operates defined contribution pension schemes and pays contributions to publicly or privately administered pension plans. The Group has no further payment obligations once the contributions have been paid. The contributions are recognised as an employee benefit expense when they are due. Share based payments The Group operates a number of share based arrangements for employees. Equity-settled share based payments are measured at the fair value of the equity instruments at the grant date, which excludes the effect of non-market based vesting conditions. The fair value at the grant date is recognised as an expense on a straight-line basis over the vesting period, based on the Group\u2019s estimate of the number of equity instruments that will eventually vest. The estimate of the number of awards likely to vest is reviewed at each balance sheet date up to the vesting date, at which point the estimate is adjusted to reflect the actual outcome of awards which have vested. No adjustment is made to the fair value after the vesting date even if the awards are forfeited or not exercised. Inventories Inventories are carried at the lower of cost and net realisable value. Trade and other receivables Trade and other receivables comprise rental income due from personal trainers, room rental income, advertising income and amounts due from landlords in respect of contributions towards building work. They are initially measured at transaction price. Subsequently, trade and other receivables are measured at amortised cost. The loss allowance for trade receivables and accrued income is measured using the simplified approach (lifetime expected credit losses). Cash and cash equivalents Cash and cash equivalents comprise cash at bank, short term deposits held on call with banks and other short term, highly liquid investments with original maturities of three months or less. Trade and other payables Trade and other payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade and other payables are classified as current liabilities if payment is due within one year. If not, they are presented as non-current liabilities. Trade and other payables are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method. Taxation Current taxation Current tax assets and liabilities for the current and prior periods are measured at the amount expected to be recovered from, or paid to, the taxation authorities. The tax rates and tax laws used to compute the amount are those that are enacted or substantively enacted at the balance sheet date. Income tax relating to items recognised in comprehensive income or directly in equity, is recognised in comprehensive income or equity and not in the income statement. Deferred taxation Deferred income tax is provided using the liability method on all temporary differences between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes at the balance sheet date, with the following exceptions: l where the temporary difference arises from the initial recognition of goodwill or of an asset or liability in a transaction that is not a business combination that at the time of the transaction affects neither accounting nor taxable profit or loss; l in respect of taxable temporary differences associated with investments in subsidiaries, where the timing of the reversal of the temporary differences can be controlled and it is probable that the temporary differences will not reverse in the foreseeable future; and l deferred income tax assets are recognised only to the extent that it is probable that taxable profit will be available against which deductible temporary differences, carried forward tax credits or tax losses can be utilised. The carrying amount of deferred income tax assets is reviewed at each balance sheet date and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the asset to be recovered. The amount of deferred tax provided is based on the expected manner of realisation or settlement of the carrying amount of assets and liabilities. Deferred income tax assets and liabilities are measured at the tax rates that are expected to apply in the period when the asset is realised or the liability is settled, based on tax rates and tax laws that have been enacted or substantively enacted at the balance sheet date. Provisions Provisions are recognised when the Group has a present legal or constructive obligation as a result of a past event; it is probable that an outflow of resources will be required to settle the obligation; and a reliable estimate can be made of the amount of the obligation. Provisions are measured at the present value of the expenditure expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the time value of money and risks specific to the obligation. The increase in the provision due to the passage of time is recognised as a finance cost. A dilapidations provision is recognised when there is a present obligation relating to the maintenance of leasehold properties. The provision is based on management\u2019s best estimate of the cost of meeting this obligation. Dividends Dividends payable by the Company are recognised on declaration. 3. Significant accounting judgements, estimates and assumptions The preparation of the financial statements in accordance with IFRS requires estimates and assumptions to be made that affect the value at which certain assets and liabilities are held at the balance sheet date and also the amounts of revenue and expenditure recorded in the period. The Directors believe the accounting policies chosen are appropriate to the circumstances and that the estimates, judgements and assumptions involved in its financial reporting are reasonable. Accounting estimates made by the Group\u2019s management are based on information available to management at the time each estimate is made. Accordingly, actual outcomes may differ materially from current expectations under different assumptions and conditions. The significant judgements that management has made in applying its accounting policies and the estimates and assumptions for which there is a significant risk of a material adjustment to the financial statements within the next financial year are set out below. Critical judgements Determination of CGUs for goodwill impairment testing The Group\u2019s activities consist solely of the provision of low cost, high quality, 24/7, no contract gyms within the United Kingdom, traded through 229 sites as at 31 December 2022. All gyms operate under \u2018The Gym Group\u2019 brand including gyms acquired through business combinations. Under IAS 36, goodwill is allocated to the cash generating units (\u2018CGUs\u2019) on the basis of which CGU or group of CGUs is expected to benefit from the business combination in which the goodwill arose. However, management has determined that the Group\u2019s goodwill cannot be allocated to CGUs on a non-arbitrary basis. Further, the Group has determined that it has a single operating segment and goodwill is not monitored at any lower level. Therefore, consistent with the requirements of IAS 36, testing for goodwill impairment is performed at the operating segment level, being the entire business. Determination of CGUs for property, plant and equipment and right-of-use assets impairment testing Annually, management consider indicators of impairment to determine if an impairment assessment is required for property, plant and equipment, right-of-use assets and intangible assets other than goodwill. Where indicated, management identifies the CGU into which an asset belongs. Individual assets generally do not generate independent cash inflows, and therefore they must be tested at the level of the CGU. In many cases, individual gyms are considered to generate largely independent cash flows and therefore are considered to be a single CGU for impairment purposes. However, there are some instances where a number of sites may be interdependent in generating cash flows. This is the case where some gyms in a geographic location have a higher proportion of LIVE IT members who frequently visit other gyms in the same geographic location. In these instances, there is significant trading interdependency and the cash inflows from each individual gym are not generated largely independent of each other. In these instances, these gyms are grouped together and considered to be one CGU for impairment assessment purposes. There is judgement required to determine which sites are largely independent and which gyms are interdependent on each other. If no grouping of sites was assumed, the additional impairment recognised in the financial year ended 31 December 2022 would have been \u00a38.8m in relation to six sites. Further information is provided in note 15. Sources of estimation uncertainty Impairment testing The recoverable amount of the Group\u2019s CGUs is typically based on value-in-use calculations. This method requires the estimation of future cash flows and the determination of a pre-tax discount rate in order to calculate the present value of the cash flows. Discount rates reflect the estimated return on capital employed required by an investor. This is also the benchmark used by management to assess operating performance and to evaluate future capital investment proposals. The pre-tax discount rate is derived from the Group\u2019s post tax weighted average cost of capital. Changes in the discount rate are calculated with reference to latest market assumptions for the risk-free rate, equity market risk premium and the cost of debt. Where an impairment loss is identified, it is allocated to the assets of the CGU on a pro rata basis to their carrying amount, subject to the limitation that the carrying amount of an asset cannot be reduced below the highest of fair value less costs of disposal, value-in-use or zero. Due to the ability to sublease the right-of-use assets, these have a measurable fair value less costs of disposal and, as a result, this restriction results in the right-of-use asset being written down only to its recoverable amount based on fair value less costs of disposal. Any remaining amount of the impairment loss that would otherwise have been allocated to the right-of-use asset is allocated instead pro rata to the other assets of the unit. More information, including key assumptions and carrying values, is included in notes 14, 15 and 16. Whilst the Directors have currently assessed that reasonably possible changes in key assumptions are unlikely to cause an impairment in the carrying value of goodwill, estimates of future cash flows and the determination of discount rates applied to those cash flows could change in the longer term such that an impairment arises. Further, the Directors have currently assessed that the carrying value of property, plant and equipment is sensitive to reasonably possible changes in key assumptions \u2013 see note 15 for further details. In addition, estimates of future cash flows and the determination of discount rates applied to those cash flows could change in the longer term such that an impairment arises in relation to other CGUs. Provisions Provisions are made for dilapidations in respect of leased premises. The recognition and measurement of these provisions require estimates to be made in respect of uncertain events and amounts, with the key sources of estimation uncertainty relating to whether a restoration obligation will arise, the amount and timing of future cash flows required to settle any restoration obligation assessed as arising, and, to a lesser extent, the discount rate applied to those estimated cash flows. Any difference between expectations and the actual future liability will be accounted for in the period when such determination is made. Management has determined that the likelihood of a liability arising is not probable in relation to 196 of the Group\u2019s 229 gym sites as at 31 December 2022 as the Group enjoys security of tenure as tenant and therefore is unlikely to give up a site where it is trading profitably. If circumstances indicate otherwise the Group will recognise an appropriate provision. If the future cost of restoration for those sites where a provision is currently recognised was to increase by 10% across these sites, the provision at 31 December 2022 would increase by \u00a30.2m. If a provision was required for a site where the Group does benefit from security of tenure, the provision at 31 December 2022 would increase by \u00a30.1m. A ten basis points change in the discount rate would not have a material impact on the provision recognised at 31 December 2022. Details of dilapidation provisions recognised are set out in note 23. 4. New and amended IFRS standards New and amended IFRS standards that are effective for the current year The Group applied for the first time certain standards and amendments, which are effective for annual periods beginning on or after 1 January 2022 (unless otherwise stated). The Group has not early adopted any other standard, interpretation or amendment that has been issued but is not yet effective. Reference to the Conceptual Framework \u2013 Amendments to IFRS 3 The amendments replace a reference to a previous version of the IASB\u2019s Conceptual Framework with a reference to the current version issued in March 2018, without significantly changing its requirements. The amendments add an exception to the recognition principle of IFRS 3 Business Combinations to avoid the issue of potential \u2018day 2\u2019 gains or losses arising for liabilities and contingent liabilities that would be within the scope of IAS 37 Provisions, Contingent Liabilities and Contingent Assets or IFRIC 21 Levies, if incurred separately. The exception requires entities to apply the criteria in IAS 37 or IFRIC 21, respectively, instead of the Conceptual Framework, to determine whether a present obligation exists at the acquisition date. The amendments also add a new paragraph to IFRS 3 to clarify that contingent assets do not qualify for recognition at the acquisition date. These amendments had no material impact on the consolidated financial statements of the Group. IFRS 9 Financial Instruments \u2013 Fees in the \u201910 per cent\u2019 test for derecognition of financial liabilities The amendment clarifies the fees that an entity includes when assessing whether the terms of a new or modified financial liability are substantially different from the terms of the original financial liability. These fees include only those paid or received between the borrower and the lender, including fees paid or received by either the borrower or lender on the other\u2019s behalf. There is no similar amendment proposed for IAS 39 Financial Instruments: Recognition and Measurement. This amendment had no material impact on the consolidated financial statements of the Group. There were no other standards and amendments that became effective in the period, that apply to the consolidated financial statements of the Group. New and revised IFRS standards that are in issue but not yet effective At the date of authorisation of these financial statements, the Group has not applied the following new and revised IFRS standards that have been issued but are effective for reporting periods beginning on or after 1 January 2023: Amendments to IAS 1 Classification of Liabilities as Current or Non-current Amendments to IAS 1 and IFRS Practice Statement 2 Disclosure of Accounting Policies Amendments to IAS 8 Definition of Accounting Estimates Amendments to IAS 12 Deferred Tax related to Assets and Liabilities arising from a Single Transaction The Directors do not expect that the adoption of the Standards listed above will have a material impact on the financial statements of the Group in future periods. 5. Revenue The principal revenue streams for the Group are membership income, rental income from personal trainers and ancillary income. Membership income comprises monthly membership fees, non-refundable joining fees and longer term membership fees in relation to student, pay up front and corporate memberships. Rental income from personal trainers represents amounts paid by standalone personal trainers to operate their business from our gyms. Ancillary income includes income from the sale of goods through vending machine, advertising income through the use of media screens and the sale of day memberships. The majority of revenue is derived from contracts with members and all revenue arises in the United Kingdom. Disaggregation of revenue In the following table, revenue is disaggregated by major products and service lines and timing of revenue recognition. 31 December 2022 \u00a3m 31 December 2021 \u00a3m Major products/service lines Membership income 162.5 100.8 Rental income from personal trainers 7.8 4.0 Ancillary income 2.6 1.2 172.9 106.0 Timing of revenue recognition Products transferred at a point in time 3.1 1.8 Products and services transferred over time 169.8 104.2 172.9 106.0 Liabilities relating to contracts with customers Contract liabilities (note 20) (11.0) (8.4) Revenue recognised that was included in contract liabilities in the prior year Membership income 8.4 6.4 Contract liabilities relate to membership fees received at the start of a contract, where the Group has the obligation to provide a gym membership over a period of time and are included within trade and other payables (see note 20). The contract liability balance increases as the Group\u2019s membership numbers increase. The Group does not receive any consideration greater than 12 months in advance from members. Hence the total contract liability as at 31 December 2021 of \u00a38.4m has been recognised as revenue during the year ended 31 December 2022. 6. Other income 31 December 2022 \u00a3m 31 December 2021 \u00a3m Research and development tax credits 0.4 \u2013 Government grants receivable towards work placements (note 8) 0.1 0.2 Government grants receivable for the purpose of immediate financial support \u2013 7.1 Other 0.3 \u2013 0.8 7.3 During the prior year, the Group received \u00a37.1m of direct local government grants as a result of the Covid-19 pandemic to provide immediate financial support for businesses that were forced to cease operations or close as a result of local restrictions. These grants were recognised in profit or loss in Other income at the same time as the related costs were recognised. The grants were received solely as compensation for costs incurred in the year and as such there are no future related costs in respect of them. 7. Operating expenses Operating expenses comprise the following: 31 December 2022 \u00a3m 31 December 2021 \u00a3m Underlying employee costs (note 8) 37.6 31.6 Site costs (excluding employee costs)1 59.3 41.0 Central support office costs (excluding employee costs)2 5.0 5.9 (Profit)/loss on disposal of property plant and equipment (0.4) 0.4 Auditors\u2019 remuneration costs: Fees payable for the audit of the Group\u2019s annual accounts 0.2 0.1 Audit of the Group\u2019s subsidiaries pursuant to legislation 0.1 0.1 Underlying operating expenses before depreciation, amortisation and impairment 101.8 79.1 Non-underlying operating expenses before depreciation, amortisation and impairment (note 9) 4.4 2.3 Operating expenses before depreciation, amortisation and impairment 106.2 81.4 1 Site costs include the fixed and variable costs of running the Group\u2019s gyms and include rates and services charges, cleaning costs, utilities, repairs and maintenance, site technology costs, marketing costs and insurance. 2 Central support office costs largely comprise central technology costs and professional fees. In 2022, the Group received government assistance in the form of a 66% discount on business rates (subject to a maximum of \u00a32.0m per business) for businesses in the retail, hospitality and leisure sectors in England for the period 1 June 2021 to 31 March 2022. In the prior year, the Group benefitted from a business rates holiday for these sectors covering the period from 1 January 2021 to 30 June 2021. The value of business rates saved during the year ended 31 December 2022 was \u00a31.1m (2021: \u00a38.2m). 8. Employee information 31 December 2022 \u00a3m 31 December 2021 \u00a3m Wages and salaries 33.4 30.4 Social security costs 2.9 2.1 Employers\u2019 pension costs 0.7 0.5 Share based payments (note 26) 1.4 2.9 Government grants (0.5) (4.0) Underlying employee costs 37.9 31.9 Non-underlying employee costs 0.3 0.3 Employee costs 38.2 32.2 Included within employee costs in 2022 is \u00a30.3m (2021: \u00a30.3m) which has been included within cost of sales in the consolidated income statement. The Group participated in the Kickstart scheme offered by the Government to combat youth unemployment. Under this scheme, the Group received financial support in order to offer six-month work placements for young people aged 16-24 who are claiming Universal Credit in the form of a one-off grant per person employed to cover setup costs. Government support income is recognised evenly over each six-month placement term. In 2022, \u00a30.5m was received as a contribution towards salary costs and has been netted off against employee costs in the income statement (2021: \u00a30.6m). A further \u00a30.1m (2021: \u00a30.2m) represents a grant towards training costs and has been recognised in Other income. There are no balances in deferred income related to this grant (2021: \u00a30.1m) and there is no outstanding balance receivable related to this grant as of 31 December 2022 (2021: \u00a3nil). In 2021, the Group received \u00a33.4m as part of a government initiative to provide immediate financial support as a result of the Covid-19 pandemic in the form of the Coronavirus Job Retention Scheme (\u2018CJRS\u2019). This amount was netted off employee costs in the income statement. The average number of employees, including Directors, during the year was: 31 December 2022 Number 31 December 2021 Number Operational 1,848 1,873 Administrative 187 132 2,035 2,005 9. Non-underlying items 31 December 2022 \u00a3m 31 December 2021 \u00a3m Affecting operating expenses (before depreciation, amortisation and impairment) Costs of major strategic projects and investments 4.6 1.8 Restructuring and reorganisation (income)/costs (including site closures) (0.2) 0.5 Total affecting operating expenses (before depreciation, amortisation and impairment) 4.4 2.3 Affecting depreciation, amortisation and impairment Impairment of property, plant and equipment, right-of-use assets and intangible assets 8.3 4.0 Amortisation of business combination intangible assets 0.2 0.2 Total affecting depreciation, amortisation and impairment 8.5 4.2 Total affecting operating expenses1 12.9 6.5 Affecting finance costs Remeasurement of borrowings 0.9 0.8 Refinancing costs 0.1 0.1 Total affecting finance costs 1.0 0.9 Total all non-underlying items before tax 13.9 7.4 Tax on non-underlying items (1.5) (0.5) Total non-underlying charge in income statement 12.4 6.9 1 In addition to the \u00a34.4m of non-underlying items affecting operating expenses before depreciation, amortisation and impairment, there was \u00a30.9m of cash outflow in the year in relation to prior year creditors, bringing the total amount of cash flow on non-underlying operating items to \u00a35.3m. Depreciation, amortisation and impairment and remeasurement of borrowings are non-cash items. The costs of major strategic projects and investments of \u00a34.6m (2021: \u00a31.8m) includes \u00a34.0m (2021: \u00a30.5m) in relation to the Group\u2019s brand transformation. The total costs incurred in the year in respect of this project were \u00a36.5m of which \u00a34.0m is reflected in the income statement and relates to the relaunch of the brand and creation of the Group\u2019s visual identity and marketing assets, and \u00a32.5m is included in property, plant and equipment and relates predominantly to new site signage. The remainder of the costs included in other strategic initiatives in the year largely relate to the integration costs of the three sites acquired from Fitness First in March 2022. The credit in restructuring and reorganisation costs in the year reflects lease surrender income and costs associated with the closure of a small number of gyms, together with the profit on remeasurement of one of the Group\u2019s leases. Also included here are the costs associated with the various Board changes that occurred during the year. Non-underlying costs affecting depreciation, amortisation and impairment in the year amounted to \u00a38.5m (2021: \u00a34.2m), of which \u00a38.2m (2021: \u00a34.0m) relates to the impairment of 13 sites where slower recovery from Covid-19 and changes in hybrid working patterns have impacted on performance (see note 15 for further details). Also included here is the amortisation of business combination intangibles acquired as part of the Lifestyle, easyGym and Fitness First acquisitions. Non-underlying items affecting finance costs amounted to \u00a31.0m (2021: \u00a30.9m) and largely reflect the remeasurement of the Group\u2019s Revolving Credit Facility (\u2018RCF\u2019) following the changes agreed with the lenders. Tax on non-underlying items represents the tax charge or credit arising on the Group\u2019s non-underlying items calculated at the current tax rate. 10. Finance costs 31 December 2022 \u00a3m 31 December 2021 \u00a3m Bank loans and overdraft interest including amortisation of financing fees 2.8 2.6 Lease interest 13.3 14.0 Movement in fair value of derivatives 0.2 \u2013 16.3 16.6 Capitalised interest (0.2) \u2013 Underlying finance costs 16.1 16.6 Non-underlying finance costs 1.0 0.9 Finance costs 17.1 17.5 Capitalised interest is recognised within leasehold improvements. The capitalisation rate used to determine the amount of borrowing costs to be capitalised is the weighted average interest rate applicable to the Group\u2019s general borrowings during 2022 of 4.5%. 11. Taxation Tax on loss 31 December 2022 \u00a3m 31 December 2021 \u00a3m Current income tax Current tax on losses in the year (0.1) 0.3 Adjustments in respect of prior years \u2013 0.3 Total current income tax (0.1) 0.6 Deferred tax Origination and reversal of temporary differences (0.3) 7.7 Change in tax rates 0.5 3.0 Adjustments in respect of prior years \u2013 (2.5) Total deferred tax 0.2 8.2 Tax credit 0.1 8.8 The standard rate of corporation tax applied to reported losses is 19% (2021: 19%). Reconciliation of tax credit 31 December 2022 \u00a3m 31 December 2021 \u00a3m Loss before tax (19.4) (44.2) Tax calculation at standard rate of corporation tax of 19.0% 3.7 8.4 Expenses not deductible for tax purposes 0.7 (0.7) Change in tax rates (0.4) 3.3 Unrecognised tax losses (3.9) \u2013 Adjustments in respect of prior years \u2013 (2.2) Tax credit 0.1 8.8 Deferred tax Accelerated capital allowances \u00a3m Losses \u00a3m Intangible assets \u00a3m Share schemes \u00a3m Other \u00a3m Total \u00a3m At 1 January 2021 1.6 2.0 (0.1) 1.2 2.9 7.6 Adjustments in respect of prior years (2.1) (0.4) \u2013 \u2013 \u2013 (2.5) Recognised in income statement 0.5 7.2 0.1 (0.1) \u2013 7.7 (Charge)/credit to income statement due to changes in tax rates (0.2) 2.5 \u2013 \u2013 0.7 3.0 Recognised in equity \u2013 \u2013 \u2013 0.3 \u2013 0.3 At 31 December 2021 (0.2) 11.3 \u2013 1.4 3.6 16.1 Adjustments in respect of prior years 1.9 (1.8) (0.1) \u2013 \u2013 \u2013 Recognised in income statement (0.5) 1.1 (0.3) (0.1) (0.5) (0.3) Business combinations (see note 13) 0.6 \u2013 \u2013 \u2013 \u2013 0.6 (Charge)/credit to income statement due to changes in tax rates \u2013 0.5 \u2013 \u2013 \u2013 0.5 Recognised in equity \u2013 \u2013 \u2013 (0.6) \u2013 (0.6) At 31 December 2022 1.8 11.1 (0.4) 0.7 3.1 16.3 Deferred tax assets have been recognised in respect of tax losses and other temporary differences where the Directors believe it is probable that these will be recovered within a reasonable period. Short term timing differences are generally recognised ahead of losses on the basis that they are likely to reverse more quickly. In assessing the probability of recovery, the Directors have reviewed the Group\u2019s three year financial plan that underpins both the Going concern and Viability assessments, and the goodwill and property, plant and equipment impairment testing. The use of a three year period is also consistent with that used to assess the longer term viability of the Group. The Directors believe this detailed plan provides convincing evidence to recognise the amount of deferred tax assets that are forecast to be recovered over this three-year period. In particular, and as disclosed in more detail in respect of going concern in note 2 and impairment in notes 15 and 16, this plan anticipates continued growth in yields across the whole estate and additional members from new site openings over the next three years. The Directors have also considered the impact of climate-related risks set out in the Sustainability report on pages 50-53. The trading losses incurred as a result of the Covid-19 pandemic, together with the introduction in March 2021 of the temporary enhanced capital allowances regime (the super-deduction tax break), have resulted in significant tax losses to carry forward which are not anticipated to be fully utilised during the three years covered by the Group\u2019s financial plan. Losses for which no deferred tax asset is recognised equate to \u00a320.2m, resulting in an unrecognised deferred tax asset of \u00a35.1m using a 25% tax rate. There is no time limit for utilising trade losses in the UK. A deferred tax asset has arisen on accelerated capital allowances, whereby the tax written-down value is higher than the net book value. A deferred tax liability has arisen on intangible assets of \u00a30.4m. Other deferred tax assets include timing differences on the accounting for the various share schemes. The Finance Act 2022 increased the corporation tax rate from 19% to 25% with effect from 1 April 2023. The deferred tax assets and liabilities have been measured using the rates expected to apply in the reporting periods when the timing differences reverse. There are no material uncertain tax provisions at 31 December 2022 (2021: \u00a3nil). However, judgement has necessarily been applied in estimating the impact and timing of utilisation of capital allowances and tax losses which could give rise to prior period adjustments in future years. 12. Loss per share Basic earnings per share is calculated by dividing the profit or loss attributable to equity shareholders by the weighted average number of Ordinary shares outstanding during the year, excluding unvested shares held pursuant to The Gym Group plc\u2019s share based long term incentive schemes (see note 26). Diluted earnings per share is calculated by adjusting the weighted average number of Ordinary shares outstanding to assume conversion of all dilutive potential Ordinary shares. During the year ended 31 December 2022, the Group had potentially dilutive shares in the form of share options and unvested shares issued pursuant to The Gym Group plc\u2019s share based long term incentive schemes (see note 26). 31 December 2022 31 December 2021 Loss (\u00a3m) Loss for the year attributable to equity shareholders (19.3) (35.4) Adjustment for non-underlying items 12.4 6.9 Adjusted loss for the year attributable to equity shareholders (6.9) (28.5) Weighted average number of shares Basic and diluted weighted average number of shares 177,251,348 171,060,028 Loss per share (p) Basic and diluted loss per share (10.9) (20.7) Adjusted basic and diluted loss per share (3.9) (16.7) At 31 December 2022, 6,804,605 share awards (2021: 5,260,315) were excluded from the diluted weighted average number of Ordinary shares calculation because their effect would be anti-dilutive. 13. Business combinations On 22 March 2022, the Group acquired the trade and assets of three sites trading under the Fitness First brand. The property lease agreements in respect of these gyms have been transferred to the Group and the gyms have been rebranded to operate under The Gym Group brand. The details of the transaction, the purchase consideration, the net assets acquired, and the goodwill arising are as follows: Fair value recognised on acquisition \u00a3m Assets Intangible assets 0.3 Property, plant and equipment 1.2 Right-of-use assets 3.3 Deferred tax assets 0.6 5.4 Liabilities Trade and other payables (0.6) Lease liabilities (3.3) Provisions (0.2) (4.1) Total identifiable net assets at fair value 1.3 Goodwill arising on acquisition 4.1 Purchase consideration paid \u2013 satisfied by cash 5.4 Net cash flow arising on acquisition Cash consideration (5.4) Net cash outflow (5.4) The Group measured the acquired lease liabilities using the present value of the remaining lease payments at the date of acquisition. The right-of-use assets were measured at an amount equal to the lease liabilities. The sites contributed revenues of \u00a31.3m and net loss of \u00a30.1m to the Group\u2019s results for the period from 22 March 2022 to 31 December 2022. The additional revenue that would have been recognised if the sites had been acquired on 1 January 2022 is \u00a30.4m. No additional net profit or losses would have been recognised. The goodwill recognised is primarily attributed to the synergies and economies of scale expected from combining each gym within the Group\u2019s operations, the premium associated with advantageous site locations, potential growth opportunities offered by each gym and the assembled workforce. It will not be deductible for tax purposes. Acquisition-related costs of \u00a31.3m were incurred in 2021 and were treated as non-underlying items in the financial statements for the year ended 31 December 2021. No additional costs have been recognised in 2022. 14. Intangible assets Goodwill \u00a3m Customer list \u00a3m Contract \u00a3m Computer software and licences \u00a3m Total \u00a3m Cost At 1 January 2021 77.7 2.7 1.2 15.1 96.7 Additions \u2013 \u2013 \u2013 5.2 5.2 At 31 December 2021 77.7 2.7 1.2 20.3 101.9 Additions \u2013 \u2013 \u2013 7.3 7.3 Business combinations 4.1 0.3 \u2013 \u2013 4.4 Disposals \u2013 \u2013 (0.1) (7.3) (7.4) At 31 December 2022 81.8 3.0 1.1 20.3 106.2 Accumulated amortisation At 1 January 2021 \u2013 (2.4) (0.5) (7.4) (10.3) Charge for the year \u2013 (0.2) \u2013 (5.4) (5.6) At 31 December 2021 \u2013 (2.6) (0.5) (12.8) (15.9) Charge for the year \u2013 (0.1) (0.1) (4.8) (5.0) Impairment \u2013 \u2013 (0.1) \u2013 (0.1) Disposals \u2013 \u2013 \u2013 7.3 7.3 Transfer to right-of-use assets \u2013 \u2013 0.2 \u2013 0.2 At 31 December 2022 \u2013 (2.7) (0.5) (10.3) (13.5) Net book value At 31 December 2021 77.7 0.1 0.7 7.5 86.0 At 31 December 2022 81.8 0.3 0.6 10.0 92.7 Included within additions to computer software and licences in 2022 is \u00a31.0m in relation to a collaboration agreement with Fiit whereby Fiit granted The Gym Group a licence to provide certain products and content to LIVE IT members for a period of five years. Also included within additions to computer software and licenses in 2022 is \u00a34.7m (2021: \u00a33.0m) in relation to the investment made into the Group\u2019s new digital platform. Impairment test for goodwill Goodwill is tested for impairment on an annual basis, or more frequently if events or changes in circumstance indicate that the carrying value may be impaired. The recoverable amount of goodwill has been determined based on a value-in-use calculation using cash flow projections based on the Group\u2019s three year plan. Cash flows beyond this period are extrapolated using an estimated growth rate of 3.0% (2021: 3.0%). All cash flows are discounted using a pre-tax discount rate of 8.5% (2021: 11.9%). Membership growth, growth rates in subscription prices and increases applied to costs are the key assumptions included within the Group\u2019 s three year plan. These have been modelled based upon a mixture of historical experience and expected future performance. The impact of any future openings has not been included in the assessment as they do not form part of the existing assets. The performance of any gyms expected to close have been included within the calculation up to the point of closure. In the years under review, management\u2019s value-in-use calculations have indicated no requirement to impair and no reasonably possible change in key assumptions give rise to an impairment. Further information on impairment is provided in note 3. 15. Property, plant and equipment Assets under construction \u00a3m Leasehold improvements \u00a3m Fixtures, fittings and equipment \u00a3m Gym and other equipment \u00a3m Computer equipment \u00a3m Total \u00a3m Cost At 1 January 2021 2.3 191.9 11.3 84.5 3.6 293.6 Additions 1.9 16.4 0.2 2.5 0.7 21.7 Disposals (0.1) (1.5) \u2013 (0.5) \u2013 (2.1) Transfers (2.0) 1.9 \u2013 0.1 \u2013 \u2013 At 31 December 2021 2.1 208.7 11.5 86.6 4.3 313.2 Additions 2.0 31.9 0.5 7.4 1.3 43.1 Business combinations \u2013 1.1 \u2013 0.1 \u2013 1.2 Disposals \u2013 (2.6) (0.4) (4.2) \u2013 (7.2) Transfers (1.8) 1.7 \u2013 0.1 \u2013 \u2013 At 31 December 2022 2.3 240.8 11.6 90.0 5.6 350.3 Accumulated depreciation At 1 January 2021 \u2013 (63.0) (8.0) (48.4) (2.9) (122.3) Charge for the year \u2013 (14.6) (1.1) (7.4) (0.5) (23.6) Impairment \u2013 (2.8) \u2013 (0.4) \u2013 (3.2) Disposals \u2013 1.2 \u2013 0.3 \u2013 1.5 At 31 December 2021 \u2013 (79.2) (9.1) (55.9) (3.4) (147.6) Charge for the year \u2013 (16.4) (0.9) (8.5) (0.6) (26.4) Impairment \u2013 (2.2) \u2013 (0.3) \u2013 (2.5) Disposals \u2013 2.6 0.4 4.2 \u2013 7.2 At 31 December 2022 \u2013 (95.2) (9.6) (60.5) (4.0) (169.3) Net book value At 31 December 2021 2.1 129.5 2.4 30.7 0.9 165.6 At 31 December 2022 2.3 145.6 2.0 29.5 1.6 181.0 Included within additions for the year is \u00a30.2m of capitalised interest (2021: \u00a3nil), and \u00a36.2m of accrued capital expenditure (2021: \u00a32.2m). In the prior year, there was also \u00a30.1m of capital contributions from landlords not yet received. Impairment test for property, plant and equipment, right-of-use assets and other intangible assets The Group reviews the carrying value of property, plant and equipment, right-of-use assets and intangible assets (excluding goodwill) for indicators of impairment annually, or more frequently if events or changes in circumstances indicate that the carrying value may be impaired. The recoverable amount of the Group\u2019s CGUs is typically based on value-in-use calculations. The value in use at 31 December 2022 was calculated using the discounted present value of each CGU\u2019s expected future cash flows using the Group\u2019s three year plan as the basis. Membership growth, growth rates in subscription prices and increases applied to costs are the key assumptions included when determining the expected future cash flows of each CGU. These have been modelled based upon a mixture of historical experience and expected future performance. A pre-tax discount rate of 8.5% (2021: 11.9%) was used to calculate the present value. During the year a total impairment loss of \u00a38.2m was recognised relating to 13 sites which have been particularly hard hit by the Covid-19 pandemic and where recovery is slower than in the rest of estate. Of the total impairment charge recognised in the year of \u00a38.2m, \u00a32.5m was allocated against property, plant and equipment and \u00a35.7m was allocated against right-of-use assets. The total recoverable amount of the affected CGUs was \u00a37.7m. The impairment loss was allocated to the assets of the CGU on a pro rata basis to their carrying amount, subject to the limitation that the carrying amount of an asset cannot be reduced below the highest of fair value less costs of disposal, value-in-use or zero. Due to the ability to sublease the right-of-use assets, these have a measurable fair value less costs of disposal and, as a result, this restriction results in the right-of-use asset being written down only to its recoverable amount based on fair value less costs of disposal. The remaining amount of the impairment loss that would otherwise have been allocated to the right-of-use asset was allocated pro rata to the other assets of the unit. In restricting the impairment charge recognised in respect of the right-of-use assets, their fair value less costs of disposal was calculated on the basis of the cash flows that could be realised by the Group through the sublet of the site, discounted using a post- tax discount rate of 7.8% (2021: 9.8%). Under the downside scenario prepared for the going concern assessment, a further impairment of \u00a31.1m would arise in relation to property, plant and equipment and \u00a30.4m in relation to right-of-use assets at the sites impaired. An impairment charge of \u00a30.1m in relation to property, plant and equipment at two sites and \u00a30.6m in relation to right-of-use assets at a further four sites totalling would also be recognised under the downside scenario. Further information on impairment is provided in note 3. 16. Right-of-use assets and leases The Group leases gym sites and its head office (\u2018Property leases\u2019) and also enters into hire purchase and lease agreements for gym equipment (\u2018Non-property leases\u2019). Property leases are typically made for fixed periods of ten to 20 years but may have extension options as well. Non-property leases are typically made for fixed periods of three years. Both property and non-property leases are recognised as a right-of-use asset with a corresponding liability at the date at which the leased asset is available for use by the Group. (i) Amounts recognised in the consolidated statement of financial position Property leases \u00a3m Non-property leases \u00a3m Total \u00a3m Cost At 1 January 2021 345.4 \u2013 345.4 Additions 42.8 7.2 50.0 At 31 December 2021 388.2 7.2 395.4 Additions 33.5 8.1 41.6 Business combinations 3.3 \u2013 3.3 Disposals (4.5) \u2013 (4.5) At 31 December 2022 420.5 15.3 435.8 Accumulated depreciation At 1 January 2021 (89.8) \u2013 (89.8) Charge for the year (23.3) (0.2) (23.5) Impairment (0.9) \u2013 (0.9) At 31 December 2021 (114.0) (0.2) (114.2) Charge for the year (26.5) (1.6) (28.1) Impairment (5.7) \u2013 (5.7) Disposals 1.8 \u2013 1.8 Transfer from intangible assets (0.2) \u2013 (0.2) At 31 December 2022 (144.6) (1.8) (146.4) Net book value At 31 December 2021 274.2 7.0 281.2 At 31 December 2022 275.9 13.5 289.4 During the year a total impairment loss of \u00a38.2m was recognised relating to 13 sites which have been particularly hard hit by the Covid-19 pandemic and where recovery is slower than in the rest of estate. Of the total impairment charge recognised in the year of \u00a38.2m, \u00a32.5m was allocated against property, plant and equipment and \u00a35.7m was allocated against right-of-use assets. The total recoverable amount of the affected CGUs was \u00a37.7m. See note 15 for further disclosure. In 2020, the IASB issued Covid-19-Related Rent Concessions \u2013 amendment to IFRS 16 Leases to provide relief to lessees from applying IFRS 16 guidance on lease modification accounting for rent concessions arising as a direct consequence of the Covid-19 pandemic. Many lessors have provided rent concessions to lessees as a result of the Covid-19 pandemic. Rent concessions can include rent holidays or rent reductions for a period of time, possibly followed by increased rent payments in future periods. Applying the requirements in IFRS 16 for changes to lease payments, particularly assessing whether the rent concessions are lease modifications and applying the required accounting, could be practically difficult in the current environment. The objective of the amendment is to provide lessees that have been granted Covid-19 related rent concessions with practical relief, whilst still providing useful information about leases to users of the financial statements. As a practical expedient, a lessee may elect not to assess whether a Covid-19-related rent concession from a lessor is a lease modification. A lessee that makes this election accounts for any change in lease payments resulting from the Covid-19-related rent concession the same way it would account for the change under IFRS 16, if the change were not a lease modification. The practical expedient applies only to rent concessions occurring as a direct consequence of the Covid-19 pandemic. As permitted by this concession, the Group has derecognised \u00a30.5m (2021: \u00a31.6m) of the lease liability that has been extinguished by the forgiveness of lease payments on buildings. This has been netted off against operating expenses in the consolidated income statement. In the prior year, where landlords have agreed to permanently change the frequency of rental payments, the change in the value of the lease liability of \u00a30.8m was recognised within finance costs in the consolidated income statement as all changes impact solely on the interest charge related to the lease liability. The split of lease liabilities between current and non-current is as follows: 31 December 2022 \u00a3m 31 December 2021 \u00a3m Current 25.3 27.0 Non-current 325.1 309.3 Total Lease liabilities 350.4 336.3 The total cash outflow for leases in the year was \u00a340.7m (\u00a32021: \u00a331.9m). The maturity analysis of lease liabilities is as follows: 31 December 2022 \u00a3m 31 December 2021 \u00a3m Within one year 40.4 39.1 Greater than one year but less than two years 43.4 37.8 Greater than two years but less than three years 40.5 37.8 Greater than three years but less than four years 38.6 35.4 Greater than four years but less than five years 38.7 35.5 Five years or more 246.0 242.7 447.6 428.3 Less: unearned interest (97.2) (92.0) Total Lease liabilities 350.4 336.3 (ii) Amounts recognised in the consolidated income statement The statement of profit or loss shows the following amounts relating to leases: 31 December 2022 \u00a3m 31 December 2021 \u00a3m Lease liability derecognised under Covid-19 Rent Concession (0.5) (1.6) Depreciation charge of right-of-use assets 28.1 23.5 Impairment of right-of-use assets 5.7 0.9 Interest expense (included in finance cost) 13.3 14.0 There are no variable lease payments and no sublease income recognised in the consolidated income statement. (iii) Extension and termination options The Group has recognised lease extension options contained within the lease in the calculation of right-of-use assets and lease liabilities at inception of the lease if management is reasonably certain to exercise the option to extend the lease beyond its contractual term. In all other cases, a lease extension is only recognised when a lease is extended beyond the original contractual term. During the year, the Group has renegotiated four leases (2021: 12) which resulted in additional lease liabilities of \u00a33.5m being recognised (2021: \u00a36.9m) and terminated two leases (2021: none). (iv) Non-property lease facilities At 31 December 2022, the Group had in place total facilities of \u00a312.5m in respect of non-property lease arrangements (2021: \u00a39.5m) which it utilises to finance the fit-out of new gyms. As at 31 December 2022, the amount outstanding on this facility was \u00a311.5m (2021: \u00a36.4m). 17. Investments in financial assets On 3 February 2020, the Group purchased convertible loan notes in Fiit Limited for cash consideration of \u00a31.0m. Conversion was originally expected to take place within two years of issue giving the Group a small non-controlling stake at a maximum valuation of \u00a31.25m. During the year, a number of changes to the terms of the convertible loan notes have been agreed, including the extension of the date of conversion to 15 July 2023 and changes to the circumstances in which the loan notes may be redeemed or converted. These notes are measured at fair value through profit or loss and the carrying value at the end of the year was \u00a31.0m (2021: \u00a31.0m). This is a level 3 valuation under the fair value hierarchy and was determined based on the performance of the business post-acquisition against the business plan produced at the time of the investment. The business continues to build strategic partnerships with a number of parties and is expected to continue to have adequate funding in place. As such, the carrying amount is believed to appropriately reflect the fair value. The range of sensitivity in the valuation at 31 December 2022 to reasonably possible changes in the assumptions used is not considered to be material. 18. Trade and other receivables (due in less than one year) 31 December 2022 \u00a3m 31 December 2021 \u00a3m Trade receivables 0.6 0.8 Loss allowance \u2013 \u2013 0.6 0.8 Other receivables 0.7 0.6 Prepayments and accrued income 7.6 4.9 8.9 6.3 19. Cash and cash equivalents 31 December 2022 \u00a3m 31 December 2021 \u00a3m Cash at bank 0.5 3.3 Short term deposits 4.9 4.0 Cash and cash equivalents 5.4 7.3 Cash and cash equivalents earn interest at floating rates based on daily bank deposit rates. Short term deposits are made for periods of one day and earn interest at the respective short term deposit rates. 20. Trade and other payables (due in less than one year) 31 December 2022 \u00a3m 31 December 2021 \u00a3m Trade payables 8.0 2.3 Social security and other taxes 2.0 2.5 Accruals 17.6 17.0 Other payables 0.2 0.2 Contract liabilities (note 5) 11.0 8.4 38.8 30.4 21. Borrowings The carrying value of the Group\u2019s bank borrowings at 31 December 2022 was \u00a370.0m (2021: \u00a344.3m). The Group has in place a Revolving Credit Facility (\u2018RCF\u2019) which is syndicated to a three-lender panel of NatWest, HSBC and Banco de Sabadell. Until May 2022, the Group had \u00a3100m of available facilities under the RCF and it was due to mature in 2023. In May 2022, the Group agreed changes to its RCF facility with its lenders which included a one-year extension of Facility A (\u00a370m) to October 2024; the cancellation in full of the temporary Facility B (\u00a330m) and replacement with a new \u00a310m Facility to October 2024; and further relaxation of finance lease restrictions. Facility A and Facility B had been accounted for as a single facility totalling \u00a3100m. The Group has applied the requirements of IFRS 9 to determine whether the changes made constitute a significant modification to the facility and management has concluded that the new agreement represents a single loan agreement for an RCF totalling \u00a380m and that the change is not a substantial modification as the revised cash flows are below 10% of the original facility. Consequently, the existing liability has been remeasured to amortised cost using a revised effective interest rate. The funds borrowed under the RCF bear interest at a minimum annual rate of 2.85% (2021: 2.60%) above the Sterling Overnight Index Average (\u2018SONIA\u2019) plus a credit adjustment spread. The average interest rate paid in the year on drawn funds under the facility is 4.46% (2021: 2.67%). Undrawn funds bear interest at a minimum annual rate of 1.14% (2021: 0.91%). The Group\u2019s borrowings are held at amortised cost using the effective interest method. Each reporting period, the Group reviews its cash flow forecasts and if these have changed since the previous reporting period, the borrowings are remeasured using the original effective interest rate. Any remeasurement of borrowings is treated as non-underlying and excluded from adjusted earnings. The RCF is subject to financial covenants relating to leverage, fixed charge cover and minimum liquidity. At 31 December 2022, the Group had drawn down \u00a370.0m under the RCF (2021: \u00a345.0m), leaving \u00a310.0m (2021: \u00a355.0m) undrawn and available. The \u00a370.0m is repayable in October 2024. 22. Financing liabilities Cash and cash equivalents \u00a3m Borrowings \u00a3m Non-property lease liabilities \u00a3m Property lease liabilities \u00a3m Total lease liabilities \u00a3m At 1 January 2021 3.7 (49.2) \u2013 (306.3) (306.3) Cash flows 3.6 6.0 \u2013 \u2013 \u2013 Non-cash changes to amortised cost \u2013 (1.1) \u2013 \u2013 \u2013 IFRS 16 \u2013 \u2013 (6.4) (23.6) (30.0) At 31 December 2021 7.3 (44.3) (6.4) (329.9) (336.3) Cash flows (1.9) (25.0) \u2013 \u2013 \u2013 Non-cash changes to amortised cost \u2013 (0.7) \u2013 \u2013 \u2013 IFRS 16 \u2013 \u2013 (5.0) (9.1) (14.1) At 31 December 2022 5.4 (70.0) (11.4) (339.0) (350.4) Non-cash changes to amortised cost comprises accrued interest using the effective interest rate method and remeasurements arising from refinancing. The IFRS 16 movements in non-property lease liabilities represent the net movement in lease payments of \u00a33.6m (2021: \u00a30.9m) offset by additions of \u00a38.0m (2021: \u00a37.2m) and finance costs of \u00a30.6m (2021: \u00a30.1m). The IFRS 16 movements in property lease liabilities represent the net movement in lease payments of \u00a337.1m (2021: \u00a331.0m), disposals of \u00a32.5m (2021: nil) and rent concessions of \u00a30.5m (2021: \u00a31.6m) offset by additions of \u00a333.0m (2021: \u00a335.3m), modifications of \u00a33.5m (2021: \u00a37.0m) and finance costs of \u00a312.7m (2021: \u00a313.9m). 23. Provisions Dilapidations \u00a3m Other \u00a3m Total \u00a3m At 1 January 2021 1.2 0.1 1.3 New provisions 0.4 \u2013 0.4 Release of provision \u2013 (0.1) (0.1) At 31 December 2021 1.6 \u2013 1.6 New provisions 0.2 0.2 0.4 Business combinations - 0.5 0.5 Utilisation of provisions - (0.1) (0.1) At 31 December 2022 1.8 0.6 2.4 Due in less than one year \u2013 \u2013 \u2013 Due in more than one year 1.6 \u2013 1.6 At 31 December 2021 1.6 \u2013 1.6 Due in less than one year \u2013 0.6 0.6 Due in more than one year 1.8 \u2013 1.8 At 31 December 2022 1.8 0.6 2.4 A dilapidations provision is recognised when there is a present obligation relating to the maintenance of leasehold properties. The provision is based on management\u2019s best estimate of meeting this obligation, but the amount and timing of this are uncertain. Subject to a new lease not being negotiated to extend the current lease term, dilapidations would become payable between 2025 and 2040 with \u00a30.1m expected to crystalise in the next five years, \u00a30.8m crystallising in between five and ten years and the remainder crystallising in more than ten years. 24. Financial instruments Fair values With the exception of the Group\u2019s borrowings, the carrying value of financial assets and liabilities equal their fair value. The carrying value of borrowings of \u00a370.0m (2021: \u00a344.3m) have a fair value of \u00a370.0m (2021: \u00a345.0m). The fair values of financial derivatives and borrowings have been calculated by discounting the future cash flows at prevailing market interest rates. Other than the fair value of financial assets at fair value through profit and loss that are categorised as Level 3, the fair value of all other financial assets and liabilities are categorised as Level 2. Capital risk management The Group\u2019s objectives when managing capital are to safeguard the Group\u2019s ability to continue as a going concern, to provide returns for shareholders and benefits for other stakeholders, and to maintain an optimal capital structure and cost of capital. In order to maintain or adjust capital, the Group may adjust the amount of dividends paid to shareholders, return capital to shareholders, issue new shares or sell assets to reduce debt. Consistent with others in the industry, the Group monitors capital on the basis of the gearing ratio. This ratio is calculated as net debt divided by total capital. Net debt is calculated as bank borrowings and non-property leases less cash and cash equivalents. Total capital is calculated as equity (excluding own shares held and retained earnings) as shown in the Consolidated Statement of Financial Position plus net debt. The gearing ratios for the periods under review are as follows: 31 December 2022 \u00a3m 31 December 2021 \u00a3m Bank borrowings 70.0 45.0 Non-property leases 11.5 6.4 Less: cash and cash equivalents (5.4) (7.3) Non-Property Net Debt 76.1 44.1 Total equity 229.7 229.6 Total capital 305.8 273.7 Gearing ratio 25% 16% Financial risk management The Group has exposure to the following risks from its use of financial instruments: l Market risk l Liquidity risk l Credit risk This note presents information about the Group\u2019s exposure to each of the above risks, and the Group\u2019s objectives, policies and procedures for measuring and managing risk. The Board of Directors has overall responsibility for the establishment and oversight of the Group\u2019s risk management framework. Market risk Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market prices. The principal market risk affecting the Group is interest rate risk. Financial instruments affected by market risk include borrowings, deposits and derivative financial instruments. The sensitivity analysis in the following sections relates to the position as at 31 December 2022 and 2021. The analysis has been prepared on the basis that the amount of net debt and the ratio of fixed to floating interest rates of the debt and derivatives are all constant. Interest rate risk The Group is exposed to interest rate risk because the Group\u2019s long term debt obligations are at floating interest rates based on GBP SONIA. The risk is sometimes managed by the Group through interest rate swap contracts and hedging activities are evaluated regularly to align with interest rate views and defined risk appetite to ensure the most cost- effective hedging strategies are applied. During the year, the Group had in place an interest rate swap contract which was designated as a cash flow hedge. This derivative expired in September 2022 and as at 31 December 2022 the Group did not have any interest rate hedging in place. The Group is not expecting any reduction in interest rates over the next 12 months. The increase in the loss before tax of a reasonably possible increase in interest rates is as follows: 31 December 2022 \u00a3m 31 December 2021 \u00a3m Change in interest rates of 0.5% (2021: 0.5%) 0.4 0.2 Liquidity risk Liquidity risk is the risk that the Group will not be able to meet its financial obligations as they fall due. Ultimate responsibility for liquidity risk management rests with the Board of Directors. The Group manages liquidity risk by continuously monitoring forecast and actual cash flows; matching the maturity profiles of financial assets and operational liabilities where possible and maintaining adequate cash reserves. The table below summarises the maturity profile of the Group\u2019s financial liabilities: 31 December 2022 Within 1 year \u00a3m 1 to 2 years \u00a3m 2 to 5 years \u00a3m More than 5 years \u00a3m Total \u00a3m Trade and other payables 25.8 \u2013 \u2013 \u2013 25.8 Borrowings 5.6 74.1 \u2013 \u2013 79.7 Lease liabilities 40.4 43.4 117.8 246.0 447.6 71.8 117.5 117.8 246.0 553.1 31 December 2021 Within 1 year \u00a3m 1 to 2 years \u00a3m 2 to 5 years \u00a3m More than 5 years \u00a3m Total \u00a3m Trade and other payables 19.4 \u2013 \u2013 \u2013 19.4 Borrowings 1.2 46.0 \u2013 \u2013 47.2 Lease liabilities 39.1 37.8 108.7 242.7 428.3 59.7 83.8 108.7 242.7 494.9 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, and other financial instruments. The credit risk on liquid funds is limited because the counterparties are banks with high credit ratings assigned by international credit-rating agencies. Due to the nature of the business requiring customers to pay in advance, there is little concentration of risk in trade receivables due to the limited value of trade receivables due from large number of customers which are spread across wide geographical areas. Trade receivable balances are written off when the balance is known not to be recoverable. and expected credit losses are immaterial. 25. Issued share capital and reserves 31 December 2022 \u00a3m 31 December 2021 \u00a3m Allotted, called up and fully paid Ordinary shares of \u00a30.0001 each \u2013 \u2013 Own shares held Deferred Ordinary shares of \u00a31 each 0.1 0.1 The number of Ordinary shares in issue is as follows: 31 December 2022 31 December 2021 Ordinary shares of \u00a30.0001 each 178,039,002 177,519,174 Deferred Ordinary shares of \u00a31 each 48,050 48,050 In addition, 312,480 Ordinary shares of \u00a30.0001 each are held by an employee benefit trust (2021: 232,044). In July 2021, 11,350,000 Ordinary shares of \u00a30.0001 each were issued at a price of \u00a32.75 per share and raised gross proceeds of \u00a331.2m. The costs directly related to the transaction amounted to \u00a30.9m. The proceeds of the share issue were used to accelerate the Group\u2019s site rollout programme. The following describes the nature and purpose of each reserve in equity: Own shares held and capital redemption reserve These reserves represent 48,050 Deferred Ordinary shares of \u00a31 each repurchased by the Company on 12 November 2015 and Ordinary shares held in an employee benefit trust. The Deferred Ordinary shares constitute a separate, non-voting class of shares which is held in treasury and not admitted to trading. The rights attached to the Deferred Shares are set out in the Company\u2019s Articles. Share premium The amount subscribed for share capital in excess of nominal value. Hedging reserve The fair value movements on the effective portion of hedging instruments. Merger reserve The amount subscribed for share capital in excess of nominal value attracting merger relief under the Companies Act 2006. Retained earnings/deficit The accumulated net gains and losses of the Group since inception. Issued Share Capital and Capital Redemption Reserve are not included in the Consolidated Statement of Changes in Equity because the balances in these reserves are less than \u00a30.1m. 26. Share based payments The Group had the following equity-settled share based payment arrangements in operation during the year: a) The Gym Group plc Performance Share Plan (\u2018PSP\u2019) b) The Gym Group plc Share Incentive Plan \u2013 Free shares (\u2018SIP - Free Shares\u2019) c) The Gym Group plc Share Incentive Plan \u2013 Matching shares (\u2018SIP\u2019) d) The Gym Group plc Restricted Stock Plan (\u2018RSA\u2019) e) The Gym Group plc Long Service Award Plan (\u2018LSA\u2019) f) The Gym Group plc Savings Related Share Option Scheme (\u2018SAYE\u2019) In accordance with IFRS 2 Share Based Payment, the value of the awards is measured at fair value at the date of the grant. The fair value is expensed on a straight-line basis over the vesting period, based on management\u2019s estimate of the number of shares that will eventually vest. The Group recognised a total charge of \u00a31.7m (2021: \u00a32.4m) in respect of the Group\u2019s share based payment arrangements and a credit related to employer\u2019s national insurance of \u00a30.3m (2021: charge of \u00a30.5m). A summary of the movements in each scheme is outlined below: Scheme name Outstanding at 1 January 2022 Granted during the year Lapsed/ cancelled during the year Exercised during the year Outstanding at 31 December 2022 Exercisable at 31 December 2022 Performance Share Plan 3,613,320 1,244,092 (1,520,175) \u2013 3,327,237 378,888 Share Incentive Plan \u2013 Free shares 19,431 \u2013 \u2013 (3,048) 16,383 16,383 Share Incentive Plan \u2013 Matching shares 158,896 77,085 (11,548) (7,729) 216,704 47,139 Restricted stock 1,604,628 1,272,508 (202,357) (496,747) 2,178,032 316,047 Long Service Awards 4,358 2,750 \u2013 (4,358) 2,750 \u2013 Save as You Earn 882,569 857,360 (408,736) (18,749) 1,312,444 52,386 6,283,002 3,453,795 (2,142,816) (530,631) 7,063,550 810,843 The exercise price of all options under the schemes held during the year is \u00a30.01, with the exception of the SAYE scheme where the exercise price ranges between 93.0p and 236.0p. 758,457 options were exercisable under the PSP, RSA and SIP schemes as at 31 December 2022 (2021: 488,466) and 52,386 options were exercisable under the SAYE scheme (2021: nil). No other options were exercisable as at 31 December 2022. (a) Performance Share Plan The outstanding awards under the PSP as at 31 December 2022 will all vest within three years, subject to continued employment and the achievement of certain performance targets. For awards made in 2022 and prior to 2020, the targets are based on TSR and financial performance measures with each target contributing to 50% of the vesting conditions. For awards made in 2022, the financial performance measures are Return on Invested Capital (\u2018ROIC\u2019) and Cumulative Adjusted Group Operating Cash Flow, with the awards being split equally between these two measures. Prior to the 2019 awards all of the financial performance measures were based on adjusted EPS targets, with the 2019 awards split equally between EPS and ROIC. For awards made in 2021 and 2020, the performance targets are solely based on TSR, with 33.3% based on absolute shareholder return and 66.7% based on relative TSR. The vesting conditions of the Performance Share Plan awards are set out on page 101. The maximum term of these awards is three years and settlement is in the form of shares. The fair value of the ROIC, Cumulative Adjusted Operating Cash Flow and EPS elements was determined using the share price at the date of grant. The fair value of the TSR element of the award was estimated at the grant date using a Monte Carlo simulation model, taking into account the terms and conditions upon which the awards were granted. This model simulates the TSR and compares it against the group of comparator companies. It takes into account historic dividends and share price fluctuations to predict the distribution of relative share price performance. The shares are potentially dilutive for the purposes of calculating diluted earnings per share. The following assumptions were used for options granted during the year: Without holding period With holding period 2022 2021 2022 2021 Weighted average share price at date of grant \u00a32.22 \u00a32.32 \u00a32.22 \u00a32.32 Exercise price \u00a30.0001 \u00a30.0001 \u00a30.0001 \u00a30.0001 Expected volatility 61.75% 60.20% 54.25% 68.83% Expected term until exercised 3 years 3 years 5 years 5 years Expected dividend yield \u2013 \u2013 \u2013 \u2013 Risk-free interest rate 1.57% 0.13% 1.56% 0.42% The weighted average fair value of each award issued under this scheme during the year was \u00a31.21 (2021: \u00a31.67). The weighted average remaining contractual life was 8.0 years at 31 December 2022 (2021: 8.0 years). (b) Share Incentive Plan \u2013 Free shares The awards made under the SIP - Free Shares occurred when the Group floated on the London Stock Exchange and were subject to continued employment requirements over a three-year period and had no performance conditions. Therefore, the options vested in full at the end of the three-year period. No further awards have been issued. The shares are held by an employee benefit trust and are dilutive for the purposes of earnings per share. The weighted average remaining contractual life was 3.3 years at 31 December 2022 (2021: 4.3 years). (c) Share Incentive Plan \u2013 Matching shares Under the matching shares award, for every share purchased by an employee the Company will award one matching share, up to a maximum value. Therefore, the options vest in full at the end of the three-year period. The awards are subject to continued employment requirements over a three-year period and have no performance conditions. The shares are held by an employee benefit trust and are dilutive for the purposes of earnings per share. The weighted average fair value of each award issued under this scheme during the year was \u00a31.60 (2021: \u00a32.64) and was determined using the share price at the date of grant. The weighted average remaining contractual life was 1.2 years at 31 December 2022 (2021: 1.3 years). (d) Restricted stock The outstanding awards under the RSA are subject to continued employment requirements over a two or three-year period and have no performance conditions. Therefore, the options vest in full at the end of the period. The shares are potentially dilutive for the purposes of calculating diluted earnings per share. The weighted average fair value of each award issued under this scheme during the year was \u00a31.53 (2021: \u00a32.66) and was determined using the share price at the date of grant. The weighted average remaining contractual life was 8.7 years at 31 December 2022 (2021: 8.4 years). (e) Long Service Awards The outstanding awards under the LSA are subject to continued employment requirements over a one-year period and have no performance conditions. Therefore, the options vest in full at the end of the period. The shares are potentially dilutive for the purposes of calculating diluted earnings per share. The weighted average fair value of each award issued under this scheme during the year was \u00a31.05 (2021: \u00a32.61) and was determined using the share price at the date of grant. The weighted average remaining contractual life was 0.9 years (2021: 0.6 years) at 31 December 2022. (f) Save as You Earn (SAYE) Scheme Under the SAYE scheme, employees are allowed to acquire options over the Company\u2019s shares at a discount of up to 20% of their market value at the date of grant. The awards are subject to continued employment requirements over a three- year period and have no performance conditions. Therefore, the options vest in full at the end of the period. The shares are dilutive for the purposes of earnings per share. The weighted average fair value of each award issued under this scheme during the year was \u00a30.56 (2021: \u00a31.17) and was determined using the share price at the date of grant. The weighted average remaining contractual life was 2.7 years (2021: 2.5 years) at 31 December 2022. 27. Commitments and contingencies The Group had \u00a30.8m of commitments that were contracted but not provided as at 31 December 2022 relating to contracts for the fit-out of new gyms where works have not yet commenced (2021: \u00a32.9m). 28. Related party transactions Identification of related parties The ultimate holding company of the Group is The Gym Group plc, a company incorporated in The United Kingdom. Closewall Limited is a company under the control of a family member of a Director, J Treharne, and provided services to the Group in prior years. During the prior period, Closewall Limited provided services to the Group to the value of \u00a311,000. There was no balance outstanding at 31 December 2022 (2021: \u00a3nil). The subsidiaries of the Group are as follows: Company Principal activity Country of incorporation Holding The Gym Group Midco1 Limited Holding company United Kingdom 100% The Gym Group Midco2 Limited Holding company United Kingdom 100% The Gym Group Operations Limited Holding company United Kingdom 100% The Gym Limited Fitness operator United Kingdom 100% Derwent Fitness NW Limited 1 Dormant United Kingdom 100% Derwent Fitness GS Limited 1 Dormant United Kingdom 100% 1 These subsidiaries are in the process of being struck off; the process is expected to be complete by the end of March 2023. The registered office of the subsidiaries is 5th Floor, OneCroydon, 12-16 Addiscombe Road, Croydon, CR0 0XT. Terms and conditions of transactions with related parties The purchases from related parties are made at normal market prices. Outstanding balances at the year end are unsecured, interest free and settlement occurs in cash. There have been no guarantees provided for any related party payables. Payments to Closewall Limited are in respect of the provision of services. Compensation of key management personnel Key management includes the Directors as identified in the Directors\u2019 Report and members of the Group\u2019s Executive Committee. The compensation paid or payable to key management for employment services is shown below: 31 December 2022 \u00a3m 31 December 2021 \u00a3m Remuneration 1.6 2.6 Termination benefits \u2013 0.2 Company contributions to defined contribution pension scheme 0.1 0.1 Share based payment charge 0.8 1.2 2.5 4.1 At the current and prior year end, there were no outstanding loan balances owed by key management personnel. At the year end, no balance (2021: \u00a30.6m) was owed to key management personnel in respect of year-end bonuses. Information regarding the highest paid Director is shown in the Report of the Remuneration Committee. 29. Dividends made and proposed It is a condition of the Facility C of the Group\u2019s RCF that the Company shall not declare or pay a dividend until the facility is cancelled in full. As such the Directors are not proposing a final dividend for the financial year 2022 (2021: \u00a3nil).", "dimensions": { "concept": "ifrs-full:DisclosureOfNotesAndOtherExplanatoryInformationExplanatory", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-324": { "value": "The Gym Group plc (\u2018the Company\u2019) and its subsidiaries (\u2018the Group\u2019) operate low cost, high quality, 24/7, no contract ", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-318": { "value": "The Gym Group plc", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-1": { "value": "Gym Group plc", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-4": { "value": "operate low cost, high quality, 24/7, no contract gyms ", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-5": { "value": "public limited company", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-319": { "value": "incorporated and domiciled in the United Kingdom. ", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-2": { "value": "United Kingdom", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-325": { "value": "United Kingdom", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-3": { "value": "5th Floor, OneCroydon, 12-16 Addiscombe Road, Croydon, CR0 0XT, United Kingdom ", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-327": { "value": "2. Summary of significant accounting policies A summary of the significant accounting policies is set out below. These have been applied consistently in the financial statements. Statement of compliance The financial statements have been prepared in accordance with the Listing Rules and the Disclosure Guidance and Transparency Rules of the United Kingdom Financial Conduct Authority (where applicable) and United Kingdom adopted international accounting standards. The accounting policies applied are consistent with those described in the Annual Report and Accounts of the Group for the year ended 31 December 2021. The functional currency of each entity in the Group is pounds sterling. The consolidated financial statements are presented in pounds sterling and all values are rounded to the nearest one hundred thousand pounds, except where otherwise indicated. Basis of preparation The consolidated financial statements have been prepared on a going concern basis under the historical cost convention as modified by the recognition of derivative financial instruments, financial assets and other financial liabilities at fair value through the profit and loss and the recognition of financial assets at fair value through other comprehensive income. The consolidated financial statements provide comparative information in respect of the previous period. Going concern In assessing the going concern position of the Group for the year ended 31 December 2022, the Directors have considered the following: l the Group\u2019s trading performance in FY22 and throughout the traditional January and February 2023 peak period; l future expected trading performance to June 2024 (the going concern period), including membership levels and behaviours in light of the current difficult macroeconomic environment; and l the Group\u2019s financing arrangements and relationship with its lenders and shareholders. 2022 was a year of significant recovery and growth for The Gym Group, with membership at the end of December 2022 reaching 821,000, an increase of 14.3% from the end of December 2021. Average revenue per member per month for the year (\u2018ARPMM\u2019) was \u00a317.82 and for the second half of the year was \u00a318.30, up 4.5% on the second half of the prior year. LIVE IT, the premium price product, ended the year at 29.6% of total membership compared with 27.1% in December 2021. As a result, revenue and Group Adjusted EBITDA both increased significantly. The Group also reported strong cash generation, with free cash flow of \u00a316.6m being generated and used to part-fund the 25 organic site openings as well as our investment in the new technology and brand. The remaining organic site openings and the acquisition of the three sites previously trading under the Fitness First brand were funded through an increase in the Group\u2019s borrowings. All sites opened in the year are performing in line with our expectations. In May 2022, the Group agreed with its lenders certain changes to the Group\u2019s Revolving Credit Facility (\u2018RCF\u2019). As a result, the Group now has access to a combined \u00a380m facility which matures in October 2024. The Group also currently has access to \u00a313m of finance lease facilities (\u00a315m permitted under the RCF). As at 31 December 2022, the Group had Non-Property Net Debt (including finance leases) of \u00a376.1m, with \u00a315.4m of headroom (calculated off bank debt less cash) under the RCF. The RCF is subject to quarterly financial covenant tests on leverage (net debt to Group Adjusted EBITDA Less Normalised Rent), fixed charge cover (Adjusted EBITDAR to Net Finance Charges and Normalised Rent) and minimum liquidity. Whilst the going concern assessment covers the period to the end of June 2024, the Directors have considered the fact that the Group\u2019s RCF facility is currently expected to expire in October 2024, and concluded that there is a realistic prospect that this will be extended or refinanced before that time. Following the January and February 2023 peak trading period, closing membership at 28 February 2023 was 890,000 members, an increase of 8.4% on the position at 31 December 2022. However, demand has been impacted by the cost-of- living pressures felt by many; and the Directors expect the current difficult macroeconomic environment and consumer behaviour to continue. As a result, we have taken a cautious approach to preparing the three-year financial plan that underpins the going concern review. The base case forecast for the period to 30 June 2024 anticipates continued growth in yields across the whole estate as a result of pricing actions that have already been taken. However, modest increases in membership levels are driven largely by the sites opened in 2022 and not by growth in the mature estate. In addition, the Directors have taken a more measured approach to new site openings throughout the plan period, with all new sites assumed to be self-financed. Under this scenario, all financial covenants are passed with a reasonable level of headroom and the Group can operate within its financing facilities. The Directors have considered a downside scenario which anticipates a more significant cost-of-living downturn throughout the period under review. Under this scenario, membership numbers in the mature estate start to deviate from the base case from March 2023 such that they are approximately 10% lower by the end of 2023. Yields do continue to increase but at a much lower level than under the base case. Under this scenario, the number of new site openings is reduced and discretionary performance-related bonuses removed to ensure that all financial covenants continue to be passed and the Group continues to operate within its financing facilities. The Directors have also considered a reverse stress test scenario to ascertain the extent of the downturn in trading that would be required to breach the Group\u2019s banking covenants or liquidity requirements. Mitigating actions assumed in this scenario include moving to a minimum level of maintenance and IT capital expenditure; reducing controllable operating costs and marketing expenditure; and pausing the new site opening programme in order to preserve cash. In this scenario, the number of new members each month would have to decline by 16.5% compared to the base case (the equivalent of membership reducing to 73% of the February 2023 closing membership number) before the leverage covenant would be breached in June 2024. However, the Group would remain within its liquidity limits. In the event of a reverse stress test scenario, the Directors would introduce additional measures to mitigate the impact on the Group\u2019s liquidity, covenants and cash flow, including: (i) further reductions in controllable operating costs, marketing and capital expenditure; (ii) discussions with lenders to secure additional debt facilities and/or covenant waivers; (iii) deferral of, or reductions in, rent payments to landlords; and (iv) the potential to raise additional funds from third parties. The Directors consider the reverse stress test scenario to be highly unlikely. Conclusion The Board has reviewed the financial plan and downside scenarios of the Group and has a reasonable expectation that the Group has adequate resources to continue in operational existence for the period to 30 June 2024. As a result, the Directors continue to adopt the going concern basis in preparing the consolidated financial statements. In making this assessment, consideration has been given to the current and future expected trading performance; the Group\u2019s current and forecast liquidity position and the support received to date from our lenders and shareholders; and the mitigating actions that can be deployed in the event of reasonable downside scenarios. Climate change In preparing the consolidated financial statements, management has considered the impact of climate change, particularly in the context of the disclosures included in the Strategic Report and the stated net zero targets. These considerations did not have a material impact on the financial reporting judgements and estimates, consistent with the assessment that climate change is not expected to have a significant impact on the Group\u2019s going concern assessment to 30 June 2024 nor the viability of the Group over the next three years. The following specific points were considered: l we procure 100% renewable energy for all of our sites where we directly control the purchase of energy. l the Group continues to reduce its carbon emissions and environmental impact by investing in the energy-efficient design of our new sites, as well as in our existing estate. l all of our gyms now have full LED lighting. l our carbon emissions through electrical power consumption will reduce with the decarbonisation of the National Grid and natural gas will eventually become our principal source of direct carbon emission. We now have 32 sites operating successfully without gas for water heating and are continuing to roll out electric heat pumps to obviate the requirement for gas. l in all cases, the expected costs and investment required during the Group\u2019s strategic planning horizon have been considered within the future cash flows included within the Group\u2019s three-year Plan which forms the basis of our going concern and viability assessment, the goodwill and site impairment testing, and the assessment of the recoverability of deferred tax assets. Consolidation Subsidiaries A subsidiary is an entity controlled, either directly or indirectly, by the Company. Control is achieved when the Group is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. Specifically, the Group controls an investee if and only if the Group has: l power over the investee (i.e. existing rights that give it the current ability to direct the relevant activities of the investee); l exposure, or rights, to variable returns from its involvement with the investee; and l the ability to use its power over the investee to affect its returns. All subsidiaries are wholly owned. The Group reassesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control. Consolidation of a subsidiary begins when the Group obtains control over the subsidiary and ceases when the Group loses control of the subsidiary. Assets, liabilities, income and expenses of a subsidiary acquired or disposed of during the year are included in the income statement from the date the Group gains control and until the date the Group ceases to control the subsidiary. All subsidiaries apply consistent accounting policies and all intra-Group assets and liabilities, equity, income, expenses and cash flows relating to transactions between members of the Group are eliminated in full on consolidation. The acquisition method of accounting is used to account for the acquisition of subsidiaries or business combinations where trade and assets are acquired by the Group. The cost of an acquisition is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date, irrespective of the extent of any non-controlling interest. The excess of the cost of acquisition over the fair value of the Group\u2019s share of the identifiable net assets acquired is recorded as goodwill. If the cost of acquisition is less than the fair value of the net assets of the subsidiary acquired, the difference is recognised directly in the income statement. Subsequent changes to the fair value during the measurement period are treated as fair value adjustments against the acquired net assets. Segment reporting Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision maker. The chief operating decision maker, who is responsible for allocating resources and assessing performance of the operating segment, has been identified as the Board of Directors. The Group\u2019s activities consist solely of the provision of low cost, high quality, 24/7, no contract gyms within the United Kingdom, traded through 229 sites at 31 December 2022. It is managed as one entity and management has consequently determined that there is only one operating segment. Segment results are measured using earnings before interest, tax, depreciation, amortisation, share based payments costs and non-underlying items. Segment assets are measured at cost less any recognised impairment. All revenue arises in and all non-current assets are located in the United Kingdom. The accounting policies used for segmental reporting reflect those used for the Group. Revenue Revenue, which is stated excluding value added tax and other sales-related taxes, is measured at the fair value of the consideration receivable for goods and services supplied. Revenue from memberships comprises monthly membership fees, non-refundable joining fees and longer term membership fees. Longer term membership fees comprise student memberships which typically cover a nine-month period, pay up front memberships which typically cover a six- or nine-month period and corporate annual membership. All membership income (being the membership fee and the joining fee) is recognised straight-line over the period that the membership relates to, with any subscriptions in advance of the period in which the service is provided being recorded as a contract liability in the statement of financial position. Rental income from personal trainers, which represents amounts paid by standalone personal trainers to operate their business from our gyms, is recognised on a straight-line basis over the term of the rental agreement. Other income, which includes the sale of goods through vending machines, is recognised at the point in time when control of the goods transfers to the customer. Contracts with customers are non-complex and do not require any significant accounting judgements or estimates. Cost of sales and gross profit Cost of sales comprises costs arising in connection with the generation of ancillary revenue as well as call centre costs and payment processing costs. Therefore gross profit is before costs associated with operating the gyms. Other income and government grants Other income comprises government grants receivable, research and development tax credits and other non- membership-related income. Government grants are not recognised until there is reasonable assurance that the Group will comply with the conditions attaching to them and that the grants will be received. They are recognised in profit or loss on a systematic basis over the periods in which the Group recognises the related costs which the grants are intended to compensate. Specifically, government grants whose primary condition is that the Group should purchase, construct or otherwise acquire non-current assets (including property, plant and equipment) are recognised as deferred income in the consolidated statement of financial position and transferred to profit or loss on a systematic and rational basis over the useful lives of the related assets. Government grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the Group with no future related costs are recognised in profit or loss in the period in which they become receivable. Where the income relates to a distinct identifiable expense, the income is offset against the relevant expense. Where an expense is not distinctly identifiable, or the income relates to multiple expenses, the income is recognised within Other income. Non-underlying items Non-underlying items are income or expenses that are material by their size and/or nature and are not considered to arise in the normal course of business. The Directors consider that these items should be disclosed separately on the face of the income statement (but within their relevant category) to allow a more comparable view of underlying trading performance. Non-underlying items include restructuring and reorganisation costs (including site closure costs), costs of major strategic projects and investments, impairment of assets, amortisation and impairment of business combination intangibles, profit/loss on disposal of businesses, remeasurement gains or losses on borrowings, and refinancing costs. Profit before non-underlying items is used to calculate adjusted earnings per share and is reconciled to profit before taxation on the face of the income statement. Non-underlying items are disclosed in note 9 Intangible assets Goodwill Goodwill represents the excess of the cost of an acquisition over the fair value of the Group\u2019s share of the net identifiable assets of the acquired subsidiary or the Group\u2019s share of trade and assets acquired in a business combination at the date of acquisition. Goodwill on acquisitions is included in intangible assets. Goodwill is tested annually for impairment and carried at cost less accumulated impairment losses. Impairment losses on goodwill are not reversed. Gains and losses on the disposal of an entity include the carrying amount of goodwill relating to the entity sold. Further information in relation to impairment testing is provided in the \u2018Impairment of non-financial assets\u2019 section of this note. Customer lists Customer lists acquired as part of a business combination are initially recorded at fair value. They have finite useful lives and are carried at cost less accumulated amortisation and any recognised impairment. Amortisation is calculated using the straight-line method to allocate the cost of customers lists over their estimated useful lives, which is the period the Group expected to get value/benefit. The carrying value of customer lists is reviewed for impairment if events or changes in circumstances indicate the carrying value may not be recoverable. Computer software and licenses Acquired computer software and licences are capitalised on the basis of the costs incurred to acquire and bring into use the specific software. Certain costs incurred in connection with the development of software to be used internally, or for providing services to customers, are capitalised once a project has progressed beyond a conceptual, preliminary stage to that of application development. Development costs that are directly attributable to the design and testing of identifiable and unique software products controlled by the Group are recognised as intangible assets when the following criteria are met: l it is technically feasible to complete the software product so that it will be available for use; l management intends to complete the software product and use or sell it; l there is an ability to use or sell the software product; l it can be demonstrated that the software product will generate probable future economic benefits; l adequate technical, financial and other resources to complete the development and to use or sell the software product are available; and l the expenditure attributable to the software product during its development can be reliably measured. Costs that qualify for capitalisation include both internal and external costs but are limited to those that are directly related to the specific project. Computer software costs are included at capitalised cost less accumulated amortisation and any recognised impairment loss. Amortisation is calculated to write down the cost of the assets on a straight-line basis over their estimated useful lives, over three to five years. Useful lives are reviewed at the end of each reporting period and adjusted as appropriate. The carrying value of computer software is reviewed for impairment if events or changes in circumstances indicate the carrying value may not be recoverable. Property, plant and equipment Property, plant and equipment are included in the financial statements at cost less accumulated depreciation and any recognised impairment loss. Depreciation is calculated to write down the cost of the assets on a straight-line basis over the estimated useful lives as follows: l leasehold improvements over the shorter of the useful life and the term of the lease; l fixtures, fittings and equipment between three and ten years; l gym and other equipment between five and ten years; and l computer equipment three years. The estimated useful lives are reviewed at the end of each reporting period and adjusted if appropriate. The carrying values of property, plant and equipment are reviewed for impairment if events or changes in circumstances indicate the carrying value may not be recoverable. Assets under construction represents the costs incurred in the construction of gyms and are included in Property, plant and equipment. No depreciation is provided on assets under construction until the asset is available for use. Leases and Right-of-use assets The Group assesses whether a contract is or contains a lease, at inception of the contract. The Group recognises a right- of-use asset and a corresponding lease liability with respect to all lease arrangements in which it is the lessee, except for short term leases (defined as leases with a lease term of 12 months or less) and leases of low value assets (such as small items of office furniture and telephones). For these leases, the Group recognises the lease payments as an operating expense on a straight-line basis over the term of the lease unless another systematic basis is more representative of the time pattern in which economic benefits from the leased assets are consumed. Lease liabilities Lease liabilities are presented as a separate line in the Consolidated Statement of Financial Position. The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted by using the rate implicit in the lease. If this rate cannot be readily determined, which is generally the case for leases in the Group, the Group\u2019s incremental borrowing rate is used, being the rate that the Group would have to pay to borrow the funds necessary to obtain an asset of similar value to the right-of-use asset in a similar economic environment with similar terms, security and conditions. Lease payments included in the measurement of the lease liability comprise: l fixed lease payments (including in-substance fixed payments) less any lease incentives receivable; l variable lease payments that depend on an index or rate, initially measured using the index or rate at the commencement date; and l payments of penalties for terminating the lease, if the lease term reflects the exercise of an option to terminate the lease. Lease payments to be made under reasonably certain extension options are also included in the measurement of the liability. There are no variable lease payments nor residual value guarantees. To determine the incremental borrowing rate, the Group: l where possible, uses recent third-party financing received by the individual lessee as a starting point, adjusted to reflect changes in financing conditions since third-party financing was received; l uses a build-up approach that starts with a risk-free interest rate adjusted for credit risk for leases held by The Gym Group, which does not have recent third-party financing; and l makes adjustments specific to the lease, e.g. term and security. The lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability (using the effective interest method) and by reducing the carrying amount to reflect the lease payments made. The Group remeasures the lease liability whenever: l there is a change in the Group\u2019s assessment of whether it is reasonably certain to exercise a purchase, extension or termination option, in which case the lease liability is remeasured by discounting the minimum lease payments using a revised discount rate at the effective date of the change in assessment; l the lease payments change due to changes in an index or rate, in which cases the lease liability is remeasured by discounting the revised lease payments using an unchanged discount rate (unless the lease payments change is due to a change in a floating interest rate, in which case a revised discount rate is used); l the lease payments change due to a rent review, in which case the lease liability is remeasured by discounting the revised lease payments using the original discount rate at the effective date of the change in rent; l the lease contract is modified and the lease modification is not accounted for as a separate lease, in which case the lease liability is remeasured by discounting the revised lease payments using a revised discount rate at the effective date of the modification. When the lease liability is remeasured, an equivalent adjustment is made to the right-of-use asset, except in the case of modifications resulting in a reduction in the scope of the lease, or in instances where doing so would reduce the carrying amount of the right-of-use asset below zero. For a modification that fully or partially decreases the scope of the lease, the carrying amount of the right-of-use asset is reduced to reflect partial or full termination of the lease and any difference between that adjustment and the amount of the remeasurement of the lease liability is recognised in profit or loss at the effective date of the modification. In other cases, if the right-of-use asset is reduced to zero by a remeasurement, any remaining amount of the remeasurement is recognised in profit or loss. Although the Group enjoys security of tenure as tenant in respect of certain of its lease arrangements, there are conditions associated with these rights such that no unconditional right to extend the lease term exists. Extension and termination options are included in a number of property leases across the Group. These are used to maximise operational flexibility in terms of managing the assets used in the Group\u2019s operations. The majority of extension and termination options held are exercisable only by the Group and not by the respective lessor. When it is reasonably certain that the Group will not exercise a termination option or will exercise an extension option, this assumption is included within the calculation of the lease liability. Incremental borrowing rate The calculation of lease liabilities requires the Group to determine an incremental borrowing rate (\u2018IBR\u2019) to discount future minimum lease payments. Judgement has been applied to those leases entered into prior to November 2015 when the Group listed on the London Stock Exchange and entered into a Revolving Credit Facility (\u2018RCF\u2019), and which remain on the 31 December 2022 balance sheet as right-of-use assets and lease liabilities. Prior to this the Group was under private equity ownership, with its financing reflecting such ownership (including loan notes). As a consequence, there was less observable data on which to assess the IBR of the Group during this time, hence there was an increased level of judgement in assessing an appropriate IBR for use in applying IFRS to pre-2015 leases. Post listing and refinancing of the Group\u2019s bank facilities in October 2019, there was an increased level of observable data, including a market-based margin, to indicate the credit spread on which the Group could borrow. This margin was then added to observable Bank of England base or risk-free rates, such that the level of judgement on post-2015 leases, and in particular post-2019 leases, is considered to be low. Right-of-use assets Right-of-use assets predominantly relate to property leases and are depreciated on a straight-line basis over the shorter of the asset\u2019s useful life and the lease term. Right-of-use assets for non-property leases mainly relate to gym equipment purchased on hire purchase contracts and are depreciated over the asset\u2019s useful life. 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: l the amount of the initial measurement of the lease liability; l any lease payments made at or before the commencement date less any lease incentives received; l any initial direct costs; and l restoration costs. The carrying values of right-of-use assets are reviewed for impairment if events or changes in circumstances indicate the carrying value may not be recoverable. Impairment of non-financial assets Goodwill is tested for impairment annually and when circumstances indicate that the carrying value may be impaired. Under IAS 36, goodwill is allocated to the cash generating units (\u2018CGUs\u2019) on the basis of which CGU or group of CGUs is expected to benefit from the business combination in which the goodwill arose identified according to operating segments. As management has determined that the Group\u2019s goodwill cannot be allocated to CGUs on a non-arbitrary basis and that the Group has just one operating segment and goodwill is not monitored at any lower level, then consistent with the requirements of IAS 36, testing for goodwill impairment is performed at the operating segment level, being the entire business. Assets that are subject to depreciation or amortisation are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised for the amount by which the asset\u2019s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset\u2019s fair value less costs to sell and value in use. Where the asset does not generate cash flows that are independent from other assets, the Group estimates the recoverable amount of the CGU to which the asset belongs. CGUs are identified based on the lowest level aggregation of asset from which largely independent cash inflows are generated. This can be a single gym or, in a number of instances, a group of gyms which are geographically closely located where the cash inflows from each individual gym are not generated largely independent of other gym sites within the surrounding geographical area. Any impairment charge is recognised in non-underlying items in the income statement in the period in which it occurs. Impairment losses relating to goodwill cannot be reversed in future periods. At each reporting date, an assessment is made as to whether there is any indication that a previously recognised impairment loss for assets other than goodwill no longer exists or has decreased. If there is any such indication, the recoverable amount of the asset is recalculated and the impairment loss reversed. The reversal is limited so that the carrying amount of the asset does not exceed its recoverable amount, nor exceed the carrying amount that would have been determined, net of depreciation, had no impairment loss been recognised for the asset in prior years. Such reversal is recognised in non-underlying items in the income statement unless the asset is carried at a revalued amount, in which case, the reversal is treated as a revaluation increase and recognised as a separate reserve within equity. Further information on impairment testing is provided in notes 3, 14, 15 and 16. Financial instruments Fair value hierarchy IFRS 7 requires fair value measurements to be recognised using a fair value hierarchy that reflects the significance of the inputs used in the value measurements: Level 1: quoted prices in active markets for identical assets or liabilities Level 2: inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices) Level 3: inputs for the asset or liability that are not based on observable market data (unobservable market data) There were no transfers between levels throughout the periods under review. Financial assets (excluding derivative financial instruments) The Group classifies its financial assets as those to be measured at amortised cost, those recognised at fair value through profit and loss and those recognised at fair value through other comprehensive income. The Group measures its trade and other receivables and cash and cash equivalents at amortised cost. Subsequent to initial recognition, these assets are carried at amortised cost using the effective interest method. Income from these financial assets is calculated on an effective yield basis and is recognised in finance income in the income statement. Due to the Group\u2019s upfront payment model, it has limited exposure to credit losses. Investments in unquoted equity securities are designated as fair value through other comprehensive income if they are held as long term strategic investments that are not expected to be sold in the short to medium term. Any changes in fair value of those assets are recognised in other comprehensive income and are not recycled to profit or loss. Debt instruments that meet the following conditions are measured subsequently at amortised cost: l the financial asset is held within a business model whose objective is to hold financial assets in order to collect contractual cash flows; and l the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. All other financial assets are measured subsequently at fair value through profit or loss (\u2018FVTPL\u2019). Financial assets are presented as current assets, except for those with maturities greater than 12 months after the reporting date which are classified as non-current assets. Financial liabilities (excluding derivative financial instruments) The Group\u2019s financial liabilities comprise trade and other payables, other financial liabilities (including contingent consideration) and borrowings. The Group initially recognises its financial liabilities at fair value net of transaction costs where applicable and, other than derivatives and contingent consideration, they are subsequently measured at amortised cost using the effective interest method. Transaction costs are amortised using the effective interest method over the maturity of the loan. Contingent consideration is subsequently measured at its fair value, which is reassessed at each reporting period, and any fair value movement is recognised in non-underlying items in the income statement. Borrowing costs General and specific borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets that necessarily take a substantial period of time to get ready for their intended use or sale, are added to the cost of those assets, until such time as the assets are substantially ready for their intended use or sale. Investment income earned on temporary investments of specific borrowings pending their expenditure on qualifying assets is deducted from the borrowing costs eligible for capitalisation. All other borrowing costs are recognised in finance costs in the income statement in the period in which they are incurred. Derivative financial instruments and hedging activities The Group\u2019s activities expose it to financial risks associated with movements in interest rates. The use of financial derivatives to hedge the exposure are approved by the Board and the Group does not use derivative financial instruments for speculative purposes. As at 31 December 2022, there were no derivatives or hedging arrangements remaining in place. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently remeasured to their fair value at the end of each reporting period. The accounting for subsequent changes in fair value depends on whether the derivative is designated as a hedging instrument, and, if so, the nature of the item being hedged. At the inception of the hedge relationship, the Group documents the economic relationship between hedging instruments and hedged items including whether changes in the cash flows of the hedging instruments are expected to offset changes in the cash flows of hedged items. The effective portion of changes in the fair value of derivatives that are designated and qualify as cash flow hedges is recognised in other comprehensive income and accumulated under the heading of hedge reserve within equity. The amount is limited to the cumulative change in fair value of the hedged item from inception of the hedge. The gain or loss relating to the ineffective portion is recognised immediately in finance costs in the income statement. Amounts previously recognised in other comprehensive income and accumulated in equity are reclassified to profit or loss in the periods when the hedged item affects profit or loss, i.e. the gain or loss relating to the effective portion of the interest rate hedging contracts is recognised within finance cost in the income statement at the same time as the interest expense on the hedged borrowings. However, when the hedged forecast transaction results in the recognition of a non-financial asset or a non-financial liability, the gains and losses previously recognised in other comprehensive income and accumulated in equity are removed from equity and included in the initial measurement of the cost of the non-financial asset or non-financial liability. This transfer does not affect other comprehensive income. Furthermore, if the Group expects that some, or all, of the loss accumulated in the cash flow hedging reserve will not be recovered in the future, that amount is immediately reclassified to profit or loss. The Group also enters into structured wholesale energy market contracts for the procurement of electricity and natural gas. It does this by buying energy directly from the wholesale market to cover operational energy requirements. All contracts are entered into and continue to be held to receive or deliver the energy in accordance with the Group\u2019s expected usage requirements and all contracted quantities are actually physically supplied with no financial settlement prior to, or at, maturity. As such, the Group applies the own use exemption in IFRS 9 with regards energy market contracts and recognises the contracted cost of energy in the consolidated income statement when the energy is consumed. Pensions The Group operates defined contribution pension schemes and pays contributions to publicly or privately administered pension plans. The Group has no further payment obligations once the contributions have been paid. The contributions are recognised as an employee benefit expense when they are due. Share based payments The Group operates a number of share based arrangements for employees. Equity-settled share based payments are measured at the fair value of the equity instruments at the grant date, which excludes the effect of non-market based vesting conditions. The fair value at the grant date is recognised as an expense on a straight-line basis over the vesting period, based on the Group\u2019s estimate of the number of equity instruments that will eventually vest. The estimate of the number of awards likely to vest is reviewed at each balance sheet date up to the vesting date, at which point the estimate is adjusted to reflect the actual outcome of awards which have vested. No adjustment is made to the fair value after the vesting date even if the awards are forfeited or not exercised. Inventories Inventories are carried at the lower of cost and net realisable value. Trade and other receivables Trade and other receivables comprise rental income due from personal trainers, room rental income, advertising income and amounts due from landlords in respect of contributions towards building work. They are initially measured at transaction price. Subsequently, trade and other receivables are measured at amortised cost. The loss allowance for trade receivables and accrued income is measured using the simplified approach (lifetime expected credit losses). Cash and cash equivalents Cash and cash equivalents comprise cash at bank, short term deposits held on call with banks and other short term, highly liquid investments with original maturities of three months or less. Trade and other payables Trade and other payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade and other payables are classified as current liabilities if payment is due within one year. If not, they are presented as non-current liabilities. Trade and other payables are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method. Taxation Current taxation Current tax assets and liabilities for the current and prior periods are measured at the amount expected to be recovered from, or paid to, the taxation authorities. The tax rates and tax laws used to compute the amount are those that are enacted or substantively enacted at the balance sheet date. Income tax relating to items recognised in comprehensive income or directly in equity, is recognised in comprehensive income or equity and not in the income statement. Deferred taxation Deferred income tax is provided using the liability method on all temporary differences between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes at the balance sheet date, with the following exceptions: l where the temporary difference arises from the initial recognition of goodwill or of an asset or liability in a transaction that is not a business combination that at the time of the transaction affects neither accounting nor taxable profit or loss; l in respect of taxable temporary differences associated with investments in subsidiaries, where the timing of the reversal of the temporary differences can be controlled and it is probable that the temporary differences will not reverse in the foreseeable future; and l deferred income tax assets are recognised only to the extent that it is probable that taxable profit will be available against which deductible temporary differences, carried forward tax credits or tax losses can be utilised. The carrying amount of deferred income tax assets is reviewed at each balance sheet date and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the asset to be recovered. The amount of deferred tax provided is based on the expected manner of realisation or settlement of the carrying amount of assets and liabilities. Deferred income tax assets and liabilities are measured at the tax rates that are expected to apply in the period when the asset is realised or the liability is settled, based on tax rates and tax laws that have been enacted or substantively enacted at the balance sheet date. Provisions Provisions are recognised when the Group has a present legal or constructive obligation as a result of a past event; it is probable that an outflow of resources will be required to settle the obligation; and a reliable estimate can be made of the amount of the obligation. Provisions are measured at the present value of the expenditure expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the time value of money and risks specific to the obligation. The increase in the provision due to the passage of time is recognised as a finance cost. A dilapidations provision is recognised when there is a present obligation relating to the maintenance of leasehold properties. The provision is based on management\u2019s best estimate of the cost of meeting this obligation. Dividends Dividends payable by the Company are recognised on declaration. ", "dimensions": { "concept": "ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-330": { "value": "Statement of compliance The financial statements have been prepared in accordance with the Listing Rules and the Disclosure Guidance and Transparency Rules of the United Kingdom Financial Conduct Authority (where applicable) and United Kingdom adopted international accounting standards. The accounting policies applied are consistent with those described in the Annual Report and Accounts of the Group for the year ended 31 December 2021. The functional currency of each entity in the Group is pounds sterling. The consolidated financial statements are presented in pounds sterling and all values are rounded to the nearest one hundred thousand pounds, except where otherwise indicated. ", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-381": { "value": "The functional currency of each entity in the Group is pounds sterling. The consolidated financial statements are presented in pounds sterling and all values are rounded to the nearest one hundred thousand pounds, except where otherwise indicated. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-331": { "value": "Basis of preparation The consolidated financial statements have been prepared on a going concern basis under the historical cost convention as modified by the recognition of derivative financial instruments, financial assets and other financial liabilities at fair value through the profit and loss and the recognition of financial assets at fair value through other comprehensive income. The consolidated financial statements provide comparative information in respect of the previous period. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-332": { "value": "Going concern In assessing the going concern position of the Group for the year ended 31 December 2022, the Directors have considered the following: l the Group\u2019s trading performance in FY22 and throughout the traditional January and February 2023 peak period; l future expected trading performance to June 2024 (the going concern period), including membership levels and behaviours in light of the current difficult macroeconomic environment; and l the Group\u2019s financing arrangements and relationship with its lenders and shareholders. 2022 was a year of significant recovery and growth for The Gym Group, with membership at the end of December 2022 reaching 821,000, an increase of 14.3% from the end of December 2021. Average revenue per member per month for the year (\u2018ARPMM\u2019) was \u00a317.82 and for the second half of the year was \u00a318.30, up 4.5% on the second half of the prior year. LIVE IT, the premium price product, ended the year at 29.6% of total membership compared with 27.1% in December 2021. As a result, revenue and Group Adjusted EBITDA both increased significantly. The Group also reported strong cash generation, with free cash flow of \u00a316.6m being generated and used to part-fund the 25 organic site openings as well as our investment in the new technology and brand. The remaining organic site openings and the acquisition of the three sites previously trading under the Fitness First brand were funded through an increase in the Group\u2019s borrowings. All sites opened in the year are performing in line with our expectations. In May 2022, the Group agreed with its lenders certain changes to the Group\u2019s Revolving Credit Facility (\u2018RCF\u2019). As a result, the Group now has access to a combined \u00a380m facility which matures in October 2024. The Group also currently has access to \u00a313m of finance lease facilities (\u00a315m permitted under the RCF). As at 31 December 2022, the Group had Non-Property Net Debt (including finance leases) of \u00a376.1m, with \u00a315.4m of headroom (calculated off bank debt less cash) under the RCF. The RCF is subject to quarterly financial covenant tests on leverage (net debt to Group Adjusted EBITDA Less Normalised Rent), fixed charge cover (Adjusted EBITDAR to Net Finance Charges and Normalised Rent) and minimum liquidity. Whilst the going concern assessment covers the period to the end of June 2024, the Directors have considered the fact that the Group\u2019s RCF facility is currently expected to expire in October 2024, and concluded that there is a realistic prospect that this will be extended or refinanced before that time. Following the January and February 2023 peak trading period, closing membership at 28 February 2023 was 890,000 members, an increase of 8.4% on the position at 31 December 2022. However, demand has been impacted by the cost-of- living pressures felt by many; and the Directors expect the current difficult macroeconomic environment and consumer behaviour to continue. As a result, we have taken a cautious approach to preparing the three-year financial plan that underpins the going concern review. The base case forecast for the period to 30 June 2024 anticipates continued growth in yields across the whole estate as a result of pricing actions that have already been taken. However, modest increases in membership levels are driven largely by the sites opened in 2022 and not by growth in the mature estate. In addition, the Directors have taken a more measured approach to new site openings throughout the plan period, with all new sites assumed to be self-financed. Under this scenario, all financial covenants are passed with a reasonable level of headroom and the Group can operate within its financing facilities. The Directors have considered a downside scenario which anticipates a more significant cost-of-living downturn throughout the period under review. Under this scenario, membership numbers in the mature estate start to deviate from the base case from March 2023 such that they are approximately 10% lower by the end of 2023. Yields do continue to increase but at a much lower level than under the base case. Under this scenario, the number of new site openings is reduced and discretionary performance-related bonuses removed to ensure that all financial covenants continue to be passed and the Group continues to operate within its financing facilities. The Directors have also considered a reverse stress test scenario to ascertain the extent of the downturn in trading that would be required to breach the Group\u2019s banking covenants or liquidity requirements. Mitigating actions assumed in this scenario include moving to a minimum level of maintenance and IT capital expenditure; reducing controllable operating costs and marketing expenditure; and pausing the new site opening programme in order to preserve cash. In this scenario, the number of new members each month would have to decline by 16.5% compared to the base case (the equivalent of membership reducing to 73% of the February 2023 closing membership number) before the leverage covenant would be breached in June 2024. However, the Group would remain within its liquidity limits. In the event of a reverse stress test scenario, the Directors would introduce additional measures to mitigate the impact on the Group\u2019s liquidity, covenants and cash flow, including: (i) further reductions in controllable operating costs, marketing and capital expenditure; (ii) discussions with lenders to secure additional debt facilities and/or covenant waivers; (iii) deferral of, or reductions in, rent payments to landlords; and (iv) the potential to raise additional funds from third parties. The Directors consider the reverse stress test scenario to be highly unlikely. Conclusion The Board has reviewed the financial plan and downside scenarios of the Group and has a reasonable expectation that the Group has adequate resources to continue in operational existence for the period to 30 June 2024. As a result, the Directors continue to adopt the going concern basis in preparing the consolidated financial statements. In making this assessment, consideration has been given to the current and future expected trading performance; the Group\u2019s current and forecast liquidity position and the support received to date from our lenders and shareholders; and the mitigating actions that can be deployed in the event of reasonable downside scenarios. 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"ifrs-full:CashAndCashEquivalents", "entity": "scheme:213800VCU9TBANZIN455", "period": "2021-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-316": { "value": "5400000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:213800VCU9TBANZIN455", "period": "2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-317": { "value": "7300000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:213800VCU9TBANZIN455", "period": "2022-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-333": { "value": "Consolidation Subsidiaries A subsidiary is an entity controlled, either directly or indirectly, by the Company. Control is achieved when the Group is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. Specifically, the Group controls an investee if and only if the Group has: l power over the investee (i.e. existing rights that give it the current ability to direct the relevant activities of the investee); l exposure, or rights, to variable returns from its involvement with the investee; and l the ability to use its power over the investee to affect its returns. All subsidiaries are wholly owned. The Group reassesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control. Consolidation of a subsidiary begins when the Group obtains control over the subsidiary and ceases when the Group loses control of the subsidiary. Assets, liabilities, income and expenses of a subsidiary acquired or disposed of during the year are included in the income statement from the date the Group gains control and until the date the Group ceases to control the subsidiary. All subsidiaries apply consistent accounting policies and all intra-Group assets and liabilities, equity, income, expenses and cash flows relating to transactions between members of the Group are eliminated in full on consolidation. The acquisition method of accounting is used to account for the acquisition of subsidiaries or business combinations where trade and assets are acquired by the Group. The cost of an acquisition is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date, irrespective of the extent of any non-controlling interest. The excess of the cost of acquisition over the fair value of the Group\u2019s share of the identifiable net assets acquired is recorded as goodwill. If the cost of acquisition is less than the fair value of the net assets of the subsidiary acquired, the difference is recognised directly in the income statement. Subsequent changes to the fair value during the measurement period are treated as fair value adjustments against the acquired net assets. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-382": { "value": "Subsidiaries A subsidiary is an entity controlled, either directly or indirectly, by the Company. Control is achieved when the Group is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. Specifically, the Group controls an investee if and only if the Group has: l power over the investee (i.e. existing rights that give it the current ability to direct the relevant activities of the investee); l exposure, or rights, to variable returns from its involvement with the investee; and l the ability to use its power over the investee to affect its returns. All subsidiaries are wholly owned. The Group reassesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control. Consolidation of a subsidiary begins when the Group obtains control over the subsidiary and ceases when the Group loses control of the subsidiary. Assets, liabilities, income and expenses of a subsidiary acquired or disposed of during the year are included in the income statement from the date the Group gains control and until the date the Group ceases to control the subsidiary. All subsidiaries apply consistent accounting policies and all intra-Group assets and liabilities, equity, income, expenses and cash flows relating to transactions between members of the Group are eliminated in full on consolidation. The acquisition method of accounting is used to account for the acquisition of subsidiaries or business combinations where trade and assets are acquired by the Group. The cost of an acquisition is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date, irrespective of the extent of any non-controlling interest. The excess of the cost of acquisition over the fair value of the Group\u2019s share of the identifiable net assets acquired is recorded as goodwill. If the cost of acquisition is less than the fair value of the net assets of the subsidiary acquired, the difference is recognised directly in the income statement. Subsequent changes to the fair value during the measurement period are treated as fair value adjustments against the acquired net assets. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-334": { "value": "Segment reporting Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision maker. The chief operating decision maker, who is responsible for allocating resources and assessing performance of the operating segment, has been identified as the Board of Directors. The Group\u2019s activities consist solely of the provision of low cost, high quality, 24/7, no contract gyms within the United Kingdom, traded through 229 sites at 31 December 2022. It is managed as one entity and management has consequently determined that there is only one operating segment. Segment results are measured using earnings before interest, tax, depreciation, amortisation, share based payments costs and non-underlying items. Segment assets are measured at cost less any recognised impairment. All revenue arises in and all non-current assets are located in the United Kingdom. The accounting policies used for segmental reporting reflect those used for the Group. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-335": { "value": "Climate change In preparing the consolidated financial statements, management has considered the impact of climate change, particularly in the context of the disclosures included in the Strategic Report and the stated net zero targets. These considerations did not have a material impact on the financial reporting judgements and estimates, consistent with the assessment that climate change is not expected to have a significant impact on the Group\u2019s going concern assessment to 30 June 2024 nor the viability of the Group over the next three years. The following specific points were considered: l we procure 100% renewable energy for all of our sites where we directly control the purchase of energy. l the Group continues to reduce its carbon emissions and environmental impact by investing in the energy-efficient design of our new sites, as well as in our existing estate. l all of our gyms now have full LED lighting. l our carbon emissions through electrical power consumption will reduce with the decarbonisation of the National Grid and natural gas will eventually become our principal source of direct carbon emission. We now have 32 sites operating successfully without gas for water heating and are continuing to roll out electric heat pumps to obviate the requirement for gas. l in all cases, the expected costs and investment required during the Group\u2019s strategic planning horizon have been considered within the future cash flows included within the Group\u2019s three-year Plan which forms the basis of our going concern and viability assessment, the goodwill and site impairment testing, and the assessment of the recoverability of deferred tax assets. ", "dimensions": { "concept": "thegymgroupplc:DescriptionOfAccountingPolicyForClimateChange", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-340": { "value": "Intangible assets Goodwill Goodwill represents the excess of the cost of an acquisition over the fair value of the Group\u2019s share of the net identifiable assets of the acquired subsidiary or the Group\u2019s share of trade and assets acquired in a business combination at the date of acquisition. Goodwill on acquisitions is included in intangible assets. Goodwill is tested annually for impairment and carried at cost less accumulated impairment losses. Impairment losses on goodwill are not reversed. Gains and losses on the disposal of an entity include the carrying amount of goodwill relating to the entity sold. Further information in relation to impairment testing is provided in the \u2018Impairment of non-financial assets\u2019 section of this note. Customer lists Customer lists acquired as part of a business combination are initially recorded at fair value. They have finite useful lives and are carried at cost less accumulated amortisation and any recognised impairment. Amortisation is calculated using the straight-line method to allocate the cost of customers lists over their estimated useful lives, which is the period the Group expected to get value/benefit. The carrying value of customer lists is reviewed for impairment if events or changes in circumstances indicate the carrying value may not be recoverable. Computer software and licenses Acquired computer software and licences are capitalised on the basis of the costs incurred to acquire and bring into use the specific software. Certain costs incurred in connection with the development of software to be used internally, or for providing services to customers, are capitalised once a project has progressed beyond a conceptual, preliminary stage to that of application development. Development costs that are directly attributable to the design and testing of identifiable and unique software products controlled by the Group are recognised as intangible assets when the following criteria are met: l it is technically feasible to complete the software product so that it will be available for use; l management intends to complete the software product and use or sell it; l there is an ability to use or sell the software product; l it can be demonstrated that the software product will generate probable future economic benefits; l adequate technical, financial and other resources to complete the development and to use or sell the software product are available; and l the expenditure attributable to the software product during its development can be reliably measured. Costs that qualify for capitalisation include both internal and external costs but are limited to those that are directly related to the specific project. Computer software costs are included at capitalised cost less accumulated amortisation and any recognised impairment loss. Amortisation is calculated to write down the cost of the assets on a straight-line basis over their estimated useful lives, over three to five years. Useful lives are reviewed at the end of each reporting period and adjusted as appropriate. The carrying value of computer software is reviewed for impairment if events or changes in circumstances indicate the carrying value may not be recoverable. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-411": { "value": "Goodwill Goodwill represents the excess of the cost of an acquisition over the fair value of the Group\u2019s share of the net identifiable assets of the acquired subsidiary or the Group\u2019s share of trade and assets acquired in a business combination at the date of acquisition. Goodwill on acquisitions is included in intangible assets. Goodwill is tested annually for impairment and carried at cost less accumulated impairment losses. Impairment losses on goodwill are not reversed. Gains and losses on the disposal of an entity include the carrying amount of goodwill relating to the entity sold. Further information in relation to impairment testing is provided in the \u2018Impairment of non-financial assets\u2019 section of this note. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-383": { "value": "Goodwill Goodwill represents the excess of the cost of an acquisition over the fair value of the Group\u2019s share of the net identifiable assets of the acquired subsidiary or the Group\u2019s share of trade and assets acquired in a business combination at the date of acquisition. Goodwill on acquisitions is included in intangible assets. Goodwill is tested annually for impairment and carried at cost less accumulated impairment losses. Impairment losses on goodwill are not reversed. Gains and losses on the disposal of an entity include the carrying amount of goodwill relating to the entity sold. Further information in relation to impairment testing is provided in the \u2018Impairment of non-financial assets\u2019 section of this note. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-384": { "value": "Customer lists Customer lists acquired as part of a business combination are initially recorded at fair value. They have finite useful lives and are carried at cost less accumulated amortisation and any recognised impairment. Amortisation is calculated using the straight-line method to allocate the cost of customers lists over their estimated useful lives, which is the period the Group expected to get value/benefit. The carrying value of customer lists is reviewed for impairment if events or changes in circumstances indicate the carrying value may not be recoverable. Computer software and licenses Acquired computer software and licences are capitalised on the basis of the costs incurred to acquire and bring into use the specific software. Certain costs incurred in connection with the development of software to be used internally, or for providing services to customers, are capitalised once a project has progressed beyond a conceptual, preliminary stage to that of application development. Development costs that are directly attributable to the design and testing of identifiable and unique software products controlled by the Group are recognised as intangible assets when the following criteria are met: l it is technically feasible to complete the software product so that it will be available for use; l management intends to complete the software product and use or sell it; l there is an ability to use or sell the software product; l it can be demonstrated that the software product will generate probable future economic benefits; l adequate technical, financial and other resources to complete the development and to use or sell the software product are available; and l the expenditure attributable to the software product during its development can be reliably measured. Costs that qualify for capitalisation include both internal and external costs but are limited to those that are directly related to the specific project. Computer software costs are included at capitalised cost less accumulated amortisation and any recognised impairment loss. Amortisation is calculated to write down the cost of the assets on a straight-line basis over their estimated useful lives, over three to five years. Useful lives are reviewed at the end of each reporting period and adjusted as appropriate. The carrying value of computer software is reviewed for impairment if events or changes in circumstances indicate the carrying value may not be recoverable. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-336": { "value": "Revenue Revenue, which is stated excluding value added tax and other sales-related taxes, is measured at the fair value of the consideration receivable for goods and services supplied. Revenue from memberships comprises monthly membership fees, non-refundable joining fees and longer term membership fees. Longer term membership fees comprise student memberships which typically cover a nine-month period, pay up front memberships which typically cover a six- or nine-month period and corporate annual membership. All membership income (being the membership fee and the joining fee) is recognised straight-line over the period that the membership relates to, with any subscriptions in advance of the period in which the service is provided being recorded as a contract liability in the statement of financial position. Rental income from personal trainers, which represents amounts paid by standalone personal trainers to operate their business from our gyms, is recognised on a straight-line basis over the term of the rental agreement. Other income, which includes the sale of goods through vending machines, is recognised at the point in time when control of the goods transfers to the customer. Contracts with customers are non-complex and do not require any significant accounting judgements or estimates. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-338": { "value": "Cost of sales and gross profit Cost of sales comprises costs arising in connection with the generation of ancillary revenue as well as call centre costs and payment processing costs. Therefore gross profit is before costs associated with operating the gyms. ", "dimensions": { "concept": "thegymgroupplc:DescriptionOfAccountingPolicyForCostOfSalesAndGrossProfit", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-337": { "value": "Other income and government grants Other income comprises government grants receivable, research and development tax credits and other non- membership-related income. Government grants are not recognised until there is reasonable assurance that the Group will comply with the conditions attaching to them and that the grants will be received. They are recognised in profit or loss on a systematic basis over the periods in which the Group recognises the related costs which the grants are intended to compensate. Specifically, government grants whose primary condition is that the Group should purchase, construct or otherwise acquire non-current assets (including property, plant and equipment) are recognised as deferred income in the consolidated statement of financial position and transferred to profit or loss on a systematic and rational basis over the useful lives of the related assets. Government grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the Group with no future related costs are recognised in profit or loss in the period in which they become receivable. Where the income relates to a distinct identifiable expense, the income is offset against the relevant expense. Where an expense is not distinctly identifiable, or the income relates to multiple expenses, the income is recognised within Other income. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-339": { "value": "Non-underlying items Non-underlying items are income or expenses that are material by their size and/or nature and are not considered to arise in the normal course of business. The Directors consider that these items should be disclosed separately on the face of the income statement (but within their relevant category) to allow a more comparable view of underlying trading performance. Non-underlying items include restructuring and reorganisation costs (including site closure costs), costs of major strategic projects and investments, impairment of assets, amortisation and impairment of business combination intangibles, profit/loss on disposal of businesses, remeasurement gains or losses on borrowings, and refinancing costs. Profit before non-underlying items is used to calculate adjusted earnings per share and is reconciled to profit before taxation on the face of the income statement. Non-underlying items are disclosed in note 9 . ", "dimensions": { "concept": "thegymgroupplc:DescriptionOfAccountingPolicyForNonunderlyingItems", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-341": { "value": "Property, plant and equipment Property, plant and equipment are included in the financial statements at cost less accumulated depreciation and any recognised impairment loss. Depreciation is calculated to write down the cost of the assets on a straight-line basis over the estimated useful lives as follows: l leasehold improvements over the shorter of the useful life and the term of the lease; l fixtures, fittings and equipment between three and ten years; l gym and other equipment between five and ten years; and l computer equipment three years. The estimated useful lives are reviewed at the end of each reporting period and adjusted if appropriate. The carrying values of property, plant and equipment are reviewed for impairment if events or changes in circumstances indicate the carrying value may not be recoverable. Assets under construction represents the costs incurred in the construction of gyms and are included in Property, plant and equipment. No depreciation is provided on assets under construction until the asset is available for use. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-385": { "value": "Depreciation is calculated to write down the cost of the assets on a straight-line basis over the estimated useful lives as follows: l leasehold improvements over the shorter of the useful life and the term of the lease; l fixtures, fittings and equipment between three and ten years; l gym and other equipment between five and ten years; and l computer equipment three years. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-386": { "value": "Assets under construction represents the costs incurred in the construction of gyms and are included in Property, plant and equipment. No depreciation is provided on assets under construction until the asset is available for use. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForConstructionInProgressExplanatory", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-342": { "value": "Leases and Right-of-use assets The Group assesses whether a contract is or contains a lease, at inception of the contract. The Group recognises a right- of-use asset and a corresponding lease liability with respect to all lease arrangements in which it is the lessee, except for short term leases (defined as leases with a lease term of 12 months or less) and leases of low value assets (such as small items of office furniture and telephones). For these leases, the Group recognises the lease payments as an operating expense on a straight-line basis over the term of the lease unless another systematic basis is more representative of the time pattern in which economic benefits from the leased assets are consumed. Lease liabilities Lease liabilities are presented as a separate line in the Consolidated Statement of Financial Position. The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted by using the rate implicit in the lease. If this rate cannot be readily determined, which is generally the case for leases in the Group, the Group\u2019s incremental borrowing rate is used, being the rate that the Group would have to pay to borrow the funds necessary to obtain an asset of similar value to the right-of-use asset in a similar economic environment with similar terms, security and conditions. Lease payments included in the measurement of the lease liability comprise: l fixed lease payments (including in-substance fixed payments) less any lease incentives receivable; l variable lease payments that depend on an index or rate, initially measured using the index or rate at the commencement date; and l payments of penalties for terminating the lease, if the lease term reflects the exercise of an option to terminate the lease. Lease payments to be made under reasonably certain extension options are also included in the measurement of the liability. There are no variable lease payments nor residual value guarantees. To determine the incremental borrowing rate, the Group: l where possible, uses recent third-party financing received by the individual lessee as a starting point, adjusted to reflect changes in financing conditions since third-party financing was received; l uses a build-up approach that starts with a risk-free interest rate adjusted for credit risk for leases held by The Gym Group, which does not have recent third-party financing; and l makes adjustments specific to the lease, e.g. term and security. The lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability (using the effective interest method) and by reducing the carrying amount to reflect the lease payments made. The Group remeasures the lease liability whenever: l there is a change in the Group\u2019s assessment of whether it is reasonably certain to exercise a purchase, extension or termination option, in which case the lease liability is remeasured by discounting the minimum lease payments using a revised discount rate at the effective date of the change in assessment; l the lease payments change due to changes in an index or rate, in which cases the lease liability is remeasured by discounting the revised lease payments using an unchanged discount rate (unless the lease payments change is due to a change in a floating interest rate, in which case a revised discount rate is used); l the lease payments change due to a rent review, in which case the lease liability is remeasured by discounting the revised lease payments using the original discount rate at the effective date of the change in rent; l the lease contract is modified and the lease modification is not accounted for as a separate lease, in which case the lease liability is remeasured by discounting the revised lease payments using a revised discount rate at the effective date of the modification. When the lease liability is remeasured, an equivalent adjustment is made to the right-of-use asset, except in the case of modifications resulting in a reduction in the scope of the lease, or in instances where doing so would reduce the carrying amount of the right-of-use asset below zero. For a modification that fully or partially decreases the scope of the lease, the carrying amount of the right-of-use asset is reduced to reflect partial or full termination of the lease and any difference between that adjustment and the amount of the remeasurement of the lease liability is recognised in profit or loss at the effective date of the modification. In other cases, if the right-of-use asset is reduced to zero by a remeasurement, any remaining amount of the remeasurement is recognised in profit or loss. Although the Group enjoys security of tenure as tenant in respect of certain of its lease arrangements, there are conditions associated with these rights such that no unconditional right to extend the lease term exists. Extension and termination options are included in a number of property leases across the Group. These are used to maximise operational flexibility in terms of managing the assets used in the Group\u2019s operations. The majority of extension and termination options held are exercisable only by the Group and not by the respective lessor. When it is reasonably certain that the Group will not exercise a termination option or will exercise an extension option, this assumption is included within the calculation of the lease liability. Incremental borrowing rate The calculation of lease liabilities requires the Group to determine an incremental borrowing rate (\u2018IBR\u2019) to discount future minimum lease payments. Judgement has been applied to those leases entered into prior to November 2015 when the Group listed on the London Stock Exchange and entered into a Revolving Credit Facility (\u2018RCF\u2019), and which remain on the 31 December 2022 balance sheet as right-of-use assets and lease liabilities. Prior to this the Group was under private equity ownership, with its financing reflecting such ownership (including loan notes). As a consequence, there was less observable data on which to assess the IBR of the Group during this time, hence there was an increased level of judgement in assessing an appropriate IBR for use in applying IFRS to pre-2015 leases. Post listing and refinancing of the Group\u2019s bank facilities in October 2019, there was an increased level of observable data, including a market-based margin, to indicate the credit spread on which the Group could borrow. This margin was then added to observable Bank of England base or risk-free rates, such that the level of judgement on post-2015 leases, and in particular post-2019 leases, is considered to be low. Right-of-use assets Right-of-use assets predominantly relate to property leases and are depreciated on a straight-line basis over the shorter of the asset\u2019s useful life and the lease term. Right-of-use assets for non-property leases mainly relate to gym equipment purchased on hire purchase contracts and are depreciated over the asset\u2019s useful life. 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: l the amount of the initial measurement of the lease liability; l any lease payments made at or before the commencement date less any lease incentives received; l any initial direct costs; and l restoration costs. The carrying values of right-of-use assets are reviewed for impairment if events or changes in circumstances indicate the carrying value may not be recoverable. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-390": { "value": "Financial liabilities (excluding derivative financial instruments) The Group\u2019s financial liabilities comprise trade and other payables, other financial liabilities (including contingent consideration) and borrowings. The Group initially recognises its financial liabilities at fair value net of transaction costs where applicable and, other than derivatives and contingent consideration, they are subsequently measured at amortised cost using the effective interest method. Transaction costs are amortised using the effective interest method over the maturity of the loan. Contingent consideration is subsequently measured at its fair value, which is reassessed at each reporting period, and any fair value movement is recognised in non-underlying items in the income statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-391": { "value": "Borrowing costs General and specific borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets that necessarily take a substantial period of time to get ready for their intended use or sale, are added to the cost of those assets, until such time as the assets are substantially ready for their intended use or sale. Investment income earned on temporary investments of specific borrowings pending their expenditure on qualifying assets is deducted from the borrowing costs eligible for capitalisation. All other borrowing costs are recognised in finance costs in the income statement in the period in which they are incurred. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-424": { "value": "Derivative financial instruments and hedging activities The Group\u2019s activities expose it to financial risks associated with movements in interest rates. The use of financial derivatives to hedge the exposure are approved by the Board and the Group does not use derivative financial instruments for speculative purposes. As at 31 December 2022, there were no derivatives or hedging arrangements remaining in place. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently remeasured to their fair value at the end of each reporting period. The accounting for subsequent changes in fair value depends on whether the derivative is designated as a hedging instrument, and, if so, the nature of the item being hedged. At the inception of the hedge relationship, the Group documents the economic relationship between hedging instruments and hedged items including whether changes in the cash flows of the hedging instruments are expected to offset changes in the cash flows of hedged items. The effective portion of changes in the fair value of derivatives that are designated and qualify as cash flow hedges is recognised in other comprehensive income and accumulated under the heading of hedge reserve within equity. The amount is limited to the cumulative change in fair value of the hedged item from inception of the hedge. The gain or loss relating to the ineffective portion is recognised immediately in finance costs in the income statement. Amounts previously recognised in other comprehensive income and accumulated in equity are reclassified to profit or loss in the periods when the hedged item affects profit or loss, i.e. the gain or loss relating to the effective portion of the interest rate hedging contracts is recognised within finance cost in the income statement at the same time as the interest expense on the hedged borrowings. However, when the hedged forecast transaction results in the recognition of a non-financial asset or a non-financial liability, the gains and losses previously recognised in other comprehensive income and accumulated in equity are removed from equity and included in the initial measurement of the cost of the non-financial asset or non-financial liability. This transfer does not affect other comprehensive income. Furthermore, if the Group expects that some, or all, of the loss accumulated in the cash flow hedging reserve will not be recovered in the future, that amount is immediately reclassified to profit or loss. The Group also enters into structured wholesale energy market contracts for the procurement of electricity and natural gas. It does this by buying energy directly from the wholesale market to cover operational energy requirements. All contracts are entered into and continue to be held to receive or deliver the energy in accordance with the Group\u2019s expected usage requirements and all contracted quantities are actually physically supplied with no financial settlement prior to, or at, maturity. As such, the Group applies the own use exemption in IFRS 9 with regards energy market contracts and recognises the contracted cost of energy in the consolidated income statement when the energy is consumed. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-412": { "value": "Derivative financial instruments and hedging activities The Group\u2019s activities expose it to financial risks associated with movements in interest rates. The use of financial derivatives to hedge the exposure are approved by the Board and the Group does not use derivative financial instruments for speculative purposes. As at 31 December 2022, there were no derivatives or hedging arrangements remaining in place. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently remeasured to their fair value at the end of each reporting period. The accounting for subsequent changes in fair value depends on whether the derivative is designated as a hedging instrument, and, if so, the nature of the item being hedged. At the inception of the hedge relationship, the Group documents the economic relationship between hedging instruments and hedged items including whether changes in the cash flows of the hedging instruments are expected to offset changes in the cash flows of hedged items. The effective portion of changes in the fair value of derivatives that are designated and qualify as cash flow hedges is recognised in other comprehensive income and accumulated under the heading of hedge reserve within equity. The amount is limited to the cumulative change in fair value of the hedged item from inception of the hedge. The gain or loss relating to the ineffective portion is recognised immediately in finance costs in the income statement. Amounts previously recognised in other comprehensive income and accumulated in equity are reclassified to profit or loss in the periods when the hedged item affects profit or loss, i.e. the gain or loss relating to the effective portion of the interest rate hedging contracts is recognised within finance cost in the income statement at the same time as the interest expense on the hedged borrowings. However, when the hedged forecast transaction results in the recognition of a non-financial asset or a non-financial liability, the gains and losses previously recognised in other comprehensive income and accumulated in equity are removed from equity and included in the initial measurement of the cost of the non-financial asset or non-financial liability. This transfer does not affect other comprehensive income. Furthermore, if the Group expects that some, or all, of the loss accumulated in the cash flow hedging reserve will not be recovered in the future, that amount is immediately reclassified to profit or loss. The Group also enters into structured wholesale energy market contracts for the procurement of electricity and natural gas. It does this by buying energy directly from the wholesale market to cover operational energy requirements. All contracts are entered into and continue to be held to receive or deliver the energy in accordance with the Group\u2019s expected usage requirements and all contracted quantities are actually physically supplied with no financial settlement prior to, or at, maturity. As such, the Group applies the own use exemption in IFRS 9 with regards energy market contracts and recognises the contracted cost of energy in the consolidated income statement when the energy is consumed. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-392": { "value": "Derivative financial instruments and hedging activities The Group\u2019s activities expose it to financial risks associated with movements in interest rates. The use of financial derivatives to hedge the exposure are approved by the Board and the Group does not use derivative financial instruments for speculative purposes. As at 31 December 2022, there were no derivatives or hedging arrangements remaining in place. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently remeasured to their fair value at the end of each reporting period. The accounting for subsequent changes in fair value depends on whether the derivative is designated as a hedging instrument, and, if so, the nature of the item being hedged. At the inception of the hedge relationship, the Group documents the economic relationship between hedging instruments and hedged items including whether changes in the cash flows of the hedging instruments are expected to offset changes in the cash flows of hedged items. The effective portion of changes in the fair value of derivatives that are designated and qualify as cash flow hedges is recognised in other comprehensive income and accumulated under the heading of hedge reserve within equity. The amount is limited to the cumulative change in fair value of the hedged item from inception of the hedge. The gain or loss relating to the ineffective portion is recognised immediately in finance costs in the income statement. Amounts previously recognised in other comprehensive income and accumulated in equity are reclassified to profit or loss in the periods when the hedged item affects profit or loss, i.e. the gain or loss relating to the effective portion of the interest rate hedging contracts is recognised within finance cost in the income statement at the same time as the interest expense on the hedged borrowings. However, when the hedged forecast transaction results in the recognition of a non-financial asset or a non-financial liability, the gains and losses previously recognised in other comprehensive income and accumulated in equity are removed from equity and included in the initial measurement of the cost of the non-financial asset or non-financial liability. This transfer does not affect other comprehensive income. Furthermore, if the Group expects that some, or all, of the loss accumulated in the cash flow hedging reserve will not be recovered in the future, that amount is immediately reclassified to profit or loss. The Group also enters into structured wholesale energy market contracts for the procurement of electricity and natural gas. It does this by buying energy directly from the wholesale market to cover operational energy requirements. All contracts are entered into and continue to be held to receive or deliver the energy in accordance with the Group\u2019s expected usage requirements and all contracted quantities are actually physically supplied with no financial settlement prior to, or at, maturity. As such, the Group applies the own use exemption in IFRS 9 with regards energy market contracts and recognises the contracted cost of energy in the consolidated income statement when the energy is consumed. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-387": { "value": "Impairment of non-financial assets Goodwill is tested for impairment annually and when circumstances indicate that the carrying value may be impaired. Under IAS 36, goodwill is allocated to the cash generating units (\u2018CGUs\u2019) on the basis of which CGU or group of CGUs is expected to benefit from the business combination in which the goodwill arose identified according to operating segments. As management has determined that the Group\u2019s goodwill cannot be allocated to CGUs on a non-arbitrary basis and that the Group has just one operating segment and goodwill is not monitored at any lower level, then consistent with the requirements of IAS 36, testing for goodwill impairment is performed at the operating segment level, being the entire business. Assets that are subject to depreciation or amortisation are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised for the amount by which the asset\u2019s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset\u2019s fair value less costs to sell and value in use. Where the asset does not generate cash flows that are independent from other assets, the Group estimates the recoverable amount of the CGU to which the asset belongs. CGUs are identified based on the lowest level aggregation of asset from which largely independent cash inflows are generated. This can be a single gym or, in a number of instances, a group of gyms which are geographically closely located where the cash inflows from each individual gym are not generated largely independent of other gym sites within the surrounding geographical area. Any impairment charge is recognised in non-underlying items in the income statement in the period in which it occurs. Impairment losses relating to goodwill cannot be reversed in future periods. At each reporting date, an assessment is made as to whether there is any indication that a previously recognised impairment loss for assets other than goodwill no longer exists or has decreased. If there is any such indication, the recoverable amount of the asset is recalculated and the impairment loss reversed. The reversal is limited so that the carrying amount of the asset does not exceed its recoverable amount, nor exceed the carrying amount that would have been determined, net of depreciation, had no impairment loss been recognised for the asset in prior years. Such reversal is recognised in non-underlying items in the income statement unless the asset is carried at a revalued amount, in which case, the reversal is treated as a revaluation increase and recognised as a separate reserve within equity. Further information on impairment testing is provided in notes 3, 14, 15 and 16. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-343": { "value": "Impairment of non-financial assets Goodwill is tested for impairment annually and when circumstances indicate that the carrying value may be impaired. Under IAS 36, goodwill is allocated to the cash generating units (\u2018CGUs\u2019) on the basis of which CGU or group of CGUs is expected to benefit from the business combination in which the goodwill arose identified according to operating segments. As management has determined that the Group\u2019s goodwill cannot be allocated to CGUs on a non-arbitrary basis and that the Group has just one operating segment and goodwill is not monitored at any lower level, then consistent with the requirements of IAS 36, testing for goodwill impairment is performed at the operating segment level, being the entire business. Assets that are subject to depreciation or amortisation are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised for the amount by which the asset\u2019s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset\u2019s fair value less costs to sell and value in use. Where the asset does not generate cash flows that are independent from other assets, the Group estimates the recoverable amount of the CGU to which the asset belongs. CGUs are identified based on the lowest level aggregation of asset from which largely independent cash inflows are generated. This can be a single gym or, in a number of instances, a group of gyms which are geographically closely located where the cash inflows from each individual gym are not generated largely independent of other gym sites within the surrounding geographical area. Any impairment charge is recognised in non-underlying items in the income statement in the period in which it occurs. Impairment losses relating to goodwill cannot be reversed in future periods. At each reporting date, an assessment is made as to whether there is any indication that a previously recognised impairment loss for assets other than goodwill no longer exists or has decreased. If there is any such indication, the recoverable amount of the asset is recalculated and the impairment loss reversed. The reversal is limited so that the carrying amount of the asset does not exceed its recoverable amount, nor exceed the carrying amount that would have been determined, net of depreciation, had no impairment loss been recognised for the asset in prior years. Such reversal is recognised in non-underlying items in the income statement unless the asset is carried at a revalued amount, in which case, the reversal is treated as a revaluation increase and recognised as a separate reserve within equity. Further information on impairment testing is provided in notes 3, 14, 15 and 16. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-344": { "value": "Financial instruments Fair value hierarchy IFRS 7 requires fair value measurements to be recognised using a fair value hierarchy that reflects the significance of the inputs used in the value measurements: Level 1: quoted prices in active markets for identical assets or liabilities Level 2: inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices) Level 3: inputs for the asset or liability that are not based on observable market data (unobservable market data) There were no transfers between levels throughout the periods under review. Financial assets (excluding derivative financial instruments) The Group classifies its financial assets as those to be measured at amortised cost, those recognised at fair value through profit and loss and those recognised at fair value through other comprehensive income. The Group measures its trade and other receivables and cash and cash equivalents at amortised cost. Subsequent to initial recognition, these assets are carried at amortised cost using the effective interest method. Income from these financial assets is calculated on an effective yield basis and is recognised in finance income in the income statement. Due to the Group\u2019s upfront payment model, it has limited exposure to credit losses. Investments in unquoted equity securities are designated as fair value through other comprehensive income if they are held as long term strategic investments that are not expected to be sold in the short to medium term. Any changes in fair value of those assets are recognised in other comprehensive income and are not recycled to profit or loss. Debt instruments that meet the following conditions are measured subsequently at amortised cost: l the financial asset is held within a business model whose objective is to hold financial assets in order to collect contractual cash flows; and l the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. All other financial assets are measured subsequently at fair value through profit or loss (\u2018FVTPL\u2019). Financial assets are presented as current assets, except for those with maturities greater than 12 months after the reporting date which are classified as non-current assets. Financial liabilities (excluding derivative financial instruments) The Group\u2019s financial liabilities comprise trade and other payables, other financial liabilities (including contingent consideration) and borrowings. The Group initially recognises its financial liabilities at fair value net of transaction costs where applicable and, other than derivatives and contingent consideration, they are subsequently measured at amortised cost using the effective interest method. Transaction costs are amortised using the effective interest method over the maturity of the loan. Contingent consideration is subsequently measured at its fair value, which is reassessed at each reporting period, and any fair value movement is recognised in non-underlying items in the income statement. Borrowing costs General and specific borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets that necessarily take a substantial period of time to get ready for their intended use or sale, are added to the cost of those assets, until such time as the assets are substantially ready for their intended use or sale. Investment income earned on temporary investments of specific borrowings pending their expenditure on qualifying assets is deducted from the borrowing costs eligible for capitalisation. All other borrowing costs are recognised in finance costs in the income statement in the period in which they are incurred. Derivative financial instruments and hedging activities The Group\u2019s activities expose it to financial risks associated with movements in interest rates. The use of financial derivatives to hedge the exposure are approved by the Board and the Group does not use derivative financial instruments for speculative purposes. As at 31 December 2022, there were no derivatives or hedging arrangements remaining in place. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently remeasured to their fair value at the end of each reporting period. The accounting for subsequent changes in fair value depends on whether the derivative is designated as a hedging instrument, and, if so, the nature of the item being hedged. At the inception of the hedge relationship, the Group documents the economic relationship between hedging instruments and hedged items including whether changes in the cash flows of the hedging instruments are expected to offset changes in the cash flows of hedged items. The effective portion of changes in the fair value of derivatives that are designated and qualify as cash flow hedges is recognised in other comprehensive income and accumulated under the heading of hedge reserve within equity. The amount is limited to the cumulative change in fair value of the hedged item from inception of the hedge. The gain or loss relating to the ineffective portion is recognised immediately in finance costs in the income statement. Amounts previously recognised in other comprehensive income and accumulated in equity are reclassified to profit or loss in the periods when the hedged item affects profit or loss, i.e. the gain or loss relating to the effective portion of the interest rate hedging contracts is recognised within finance cost in the income statement at the same time as the interest expense on the hedged borrowings. However, when the hedged forecast transaction results in the recognition of a non-financial asset or a non-financial liability, the gains and losses previously recognised in other comprehensive income and accumulated in equity are removed from equity and included in the initial measurement of the cost of the non-financial asset or non-financial liability. This transfer does not affect other comprehensive income. Furthermore, if the Group expects that some, or all, of the loss accumulated in the cash flow hedging reserve will not be recovered in the future, that amount is immediately reclassified to profit or loss. The Group also enters into structured wholesale energy market contracts for the procurement of electricity and natural gas. It does this by buying energy directly from the wholesale market to cover operational energy requirements. All contracts are entered into and continue to be held to receive or deliver the energy in accordance with the Group\u2019s expected usage requirements and all contracted quantities are actually physically supplied with no financial settlement prior to, or at, maturity. As such, the Group applies the own use exemption in IFRS 9 with regards energy market contracts and recognises the contracted cost of energy in the consolidated income statement when the energy is consumed. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-388": { "value": "Fair value hierarchy IFRS 7 requires fair value measurements to be recognised using a fair value hierarchy that reflects the significance of the inputs used in the value measurements: Level 1: quoted prices in active markets for identical assets or liabilities Level 2: inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices) Level 3: inputs for the asset or liability that are not based on observable market data (unobservable market data) There were no transfers between levels throughout the periods under review. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-389": { "value": "Financial assets (excluding derivative financial instruments) The Group classifies its financial assets as those to be measured at amortised cost, those recognised at fair value through profit and loss and those recognised at fair value through other comprehensive income. The Group measures its trade and other receivables and cash and cash equivalents at amortised cost. Subsequent to initial recognition, these assets are carried at amortised cost using the effective interest method. Income from these financial assets is calculated on an effective yield basis and is recognised in finance income in the income statement. Due to the Group\u2019s upfront payment model, it has limited exposure to credit losses. Investments in unquoted equity securities are designated as fair value through other comprehensive income if they are held as long term strategic investments that are not expected to be sold in the short to medium term. Any changes in fair value of those assets are recognised in other comprehensive income and are not recycled to profit or loss. Debt instruments that meet the following conditions are measured subsequently at amortised cost: l the financial asset is held within a business model whose objective is to hold financial assets in order to collect contractual cash flows; and l the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. All other financial assets are measured subsequently at fair value through profit or loss (\u2018FVTPL\u2019). Financial assets are presented as current assets, except for those with maturities greater than 12 months after the reporting date which are classified as non-current assets. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-393": { "value": "Deferred taxation Deferred income tax is provided using the liability method on all temporary differences between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes at the balance sheet date, with the following exceptions: l where the temporary difference arises from the initial recognition of goodwill or of an asset or liability in a transaction that is not a business combination that at the time of the transaction affects neither accounting nor taxable profit or loss; l in respect of taxable temporary differences associated with investments in subsidiaries, where the timing of the reversal of the temporary differences can be controlled and it is probable that the temporary differences will not reverse in the foreseeable future; and l deferred income tax assets are recognised only to the extent that it is probable that taxable profit will be available against which deductible temporary differences, carried forward tax credits or tax losses can be utilised. The carrying amount of deferred income tax assets is reviewed at each balance sheet date and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the asset to be recovered. The amount of deferred tax provided is based on the expected manner of realisation or settlement of the carrying amount of assets and liabilities. Deferred income tax assets and liabilities are measured at the tax rates that are expected to apply in the period when the asset is realised or the liability is settled, based on tax rates and tax laws that have been enacted or substantively enacted at the balance sheet date. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-352": { "value": "Provisions Provisions are recognised when the Group has a present legal or constructive obligation as a result of a past event; it is probable that an outflow of resources will be required to settle the obligation; and a reliable estimate can be made of the amount of the obligation. Provisions are measured at the present value of the expenditure expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the time value of money and risks specific to the obligation. The increase in the provision due to the passage of time is recognised as a finance cost. A dilapidations provision is recognised when there is a present obligation relating to the maintenance of leasehold properties. The provision is based on management\u2019s best estimate of the cost of meeting this obligation. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-353": { "value": "Dividends Dividends payable by the Company are recognised on declaration. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-394": { "value": "3. Significant accounting judgements, estimates and assumptions The preparation of the financial statements in accordance with IFRS requires estimates and assumptions to be made that affect the value at which certain assets and liabilities are held at the balance sheet date and also the amounts of revenue and expenditure recorded in the period. The Directors believe the accounting policies chosen are appropriate to the circumstances and that the estimates, judgements and assumptions involved in its financial reporting are reasonable. Accounting estimates made by the Group\u2019s management are based on information available to management at the time each estimate is made. Accordingly, actual outcomes may differ materially from current expectations under different assumptions and conditions. The significant judgements that management has made in applying its accounting policies and the estimates and assumptions for which there is a significant risk of a material adjustment to the financial statements within the next financial year are set out below. Critical judgements Determination of CGUs for goodwill impairment testing The Group\u2019s activities consist solely of the provision of low cost, high quality, 24/7, no contract gyms within the United Kingdom, traded through 229 sites as at 31 December 2022. All gyms operate under \u2018The Gym Group\u2019 brand including gyms acquired through business combinations. Under IAS 36, goodwill is allocated to the cash generating units (\u2018CGUs\u2019) on the basis of which CGU or group of CGUs is expected to benefit from the business combination in which the goodwill arose. However, management has determined that the Group\u2019s goodwill cannot be allocated to CGUs on a non-arbitrary basis. Further, the Group has determined that it has a single operating segment and goodwill is not monitored at any lower level. Therefore, consistent with the requirements of IAS 36, testing for goodwill impairment is performed at the operating segment level, being the entire business. Determination of CGUs for property, plant and equipment and right-of-use assets impairment testing Annually, management consider indicators of impairment to determine if an impairment assessment is required for property, plant and equipment, right-of-use assets and intangible assets other than goodwill. Where indicated, management identifies the CGU into which an asset belongs. Individual assets generally do not generate independent cash inflows, and therefore they must be tested at the level of the CGU. In many cases, individual gyms are considered to generate largely independent cash flows and therefore are considered to be a single CGU for impairment purposes. However, there are some instances where a number of sites may be interdependent in generating cash flows. This is the case where some gyms in a geographic location have a higher proportion of LIVE IT members who frequently visit other gyms in the same geographic location. In these instances, there is significant trading interdependency and the cash inflows from each individual gym are not generated largely independent of each other. In these instances, these gyms are grouped together and considered to be one CGU for impairment assessment purposes. There is judgement required to determine which sites are largely independent and which gyms are interdependent on each other. If no grouping of sites was assumed, the additional impairment recognised in the financial year ended 31 December 2022 would have been \u00a38.8m in relation to six sites. Further information is provided in note 15. Sources of estimation uncertainty Impairment testing The recoverable amount of the Group\u2019s CGUs is typically based on value-in-use calculations. This method requires the estimation of future cash flows and the determination of a pre-tax discount rate in order to calculate the present value of the cash flows. Discount rates reflect the estimated return on capital employed required by an investor. This is also the benchmark used by management to assess operating performance and to evaluate future capital investment proposals. The pre-tax discount rate is derived from the Group\u2019s post tax weighted average cost of capital. Changes in the discount rate are calculated with reference to latest market assumptions for the risk-free rate, equity market risk premium and the cost of debt. Where an impairment loss is identified, it is allocated to the assets of the CGU on a pro rata basis to their carrying amount, subject to the limitation that the carrying amount of an asset cannot be reduced below the highest of fair value less costs of disposal, value-in-use or zero. Due to the ability to sublease the right-of-use assets, these have a measurable fair value less costs of disposal and, as a result, this restriction results in the right-of-use asset being written down only to its recoverable amount based on fair value less costs of disposal. Any remaining amount of the impairment loss that would otherwise have been allocated to the right-of-use asset is allocated instead pro rata to the other assets of the unit. More information, including key assumptions and carrying values, is included in notes 14, 15 and 16. Whilst the Directors have currently assessed that reasonably possible changes in key assumptions are unlikely to cause an impairment in the carrying value of goodwill, estimates of future cash flows and the determination of discount rates applied to those cash flows could change in the longer term such that an impairment arises. Further, the Directors have currently assessed that the carrying value of property, plant and equipment is sensitive to reasonably possible changes in key assumptions \u2013 see note 15 for further details. In addition, estimates of future cash flows and the determination of discount rates applied to those cash flows could change in the longer term such that an impairment arises in relation to other CGUs. Provisions Provisions are made for dilapidations in respect of leased premises. The recognition and measurement of these provisions require estimates to be made in respect of uncertain events and amounts, with the key sources of estimation uncertainty relating to whether a restoration obligation will arise, the amount and timing of future cash flows required to settle any restoration obligation assessed as arising, and, to a lesser extent, the discount rate applied to those estimated cash flows. Any difference between expectations and the actual future liability will be accounted for in the period when such determination is made. Management has determined that the likelihood of a liability arising is not probable in relation to 196 of the Group\u2019s 229 gym sites as at 31 December 2022 as the Group enjoys security of tenure as tenant and therefore is unlikely to give up a site where it is trading profitably. If circumstances indicate otherwise the Group will recognise an appropriate provision. If the future cost of restoration for those sites where a provision is currently recognised was to increase by 10% across these sites, the provision at 31 December 2022 would increase by \u00a30.2m. If a provision was required for a site where the Group does benefit from security of tenure, the provision at 31 December 2022 would increase by \u00a30.1m. A ten basis points change in the discount rate would not have a material impact on the provision recognised at 31 December 2022. Details of dilapidation provisions recognised are set out in note 23. 4. New and amended IFRS standards New and amended IFRS standards that are effective for the current year The Group applied for the first time certain standards and amendments, which are effective for annual periods beginning on or after 1 January 2022 (unless otherwise stated). The Group has not early adopted any other standard, interpretation or amendment that has been issued but is not yet effective. Reference to the Conceptual Framework \u2013 Amendments to IFRS 3 The amendments replace a reference to a previous version of the IASB\u2019s Conceptual Framework with a reference to the current version issued in March 2018, without significantly changing its requirements. The amendments add an exception to the recognition principle of IFRS 3 Business Combinations to avoid the issue of potential \u2018day 2\u2019 gains or losses arising for liabilities and contingent liabilities that would be within the scope of IAS 37 Provisions, Contingent Liabilities and Contingent Assets or IFRIC 21 Levies, if incurred separately. The exception requires entities to apply the criteria in IAS 37 or IFRIC 21, respectively, instead of the Conceptual Framework, to determine whether a present obligation exists at the acquisition date. The amendments also add a new paragraph to IFRS 3 to clarify that contingent assets do not qualify for recognition at the acquisition date. These amendments had no material impact on the consolidated financial statements of the Group. IFRS 9 Financial Instruments \u2013 Fees in the \u201910 per cent\u2019 test for derecognition of financial liabilities The amendment clarifies the fees that an entity includes when assessing whether the terms of a new or modified financial liability are substantially different from the terms of the original financial liability. These fees include only those paid or received between the borrower and the lender, including fees paid or received by either the borrower or lender on the other\u2019s behalf. There is no similar amendment proposed for IAS 39 Financial Instruments: Recognition and Measurement. This amendment had no material impact on the consolidated financial statements of the Group. There were no other standards and amendments that became effective in the period, that apply to the consolidated financial statements of the Group. New and revised IFRS standards that are in issue but not yet effective At the date of authorisation of these financial statements, the Group has not applied the following new and revised IFRS standards that have been issued but are effective for reporting periods beginning on or after 1 January 2023: Amendments to IAS 1 Classification of Liabilities as Current or Non-current Amendments to IAS 1 and IFRS Practice Statement 2 Disclosure of Accounting Policies Amendments to IAS 8 Definition of Accounting Estimates Amendments to IAS 12 Deferred Tax related to Assets and Liabilities arising from a Single Transaction The Directors do not expect that the adoption of the Standards listed above will have a material impact on the financial statements of the Group in future periods. ", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-354": { "value": "3. Significant accounting judgements, estimates and assumptions The preparation of the financial statements in accordance with IFRS requires estimates and assumptions to be made that affect the value at which certain assets and liabilities are held at the balance sheet date and also the amounts of revenue and expenditure recorded in the period. The Directors believe the accounting policies chosen are appropriate to the circumstances and that the estimates, judgements and assumptions involved in its financial reporting are reasonable. Accounting estimates made by the Group\u2019s management are based on information available to management at the time each estimate is made. Accordingly, actual outcomes may differ materially from current expectations under different assumptions and conditions. The significant judgements that management has made in applying its accounting policies and the estimates and assumptions for which there is a significant risk of a material adjustment to the financial statements within the next financial year are set out below. Critical judgements Determination of CGUs for goodwill impairment testing The Group\u2019s activities consist solely of the provision of low cost, high quality, 24/7, no contract gyms within the United Kingdom, traded through 229 sites as at 31 December 2022. All gyms operate under \u2018The Gym Group\u2019 brand including gyms acquired through business combinations. Under IAS 36, goodwill is allocated to the cash generating units (\u2018CGUs\u2019) on the basis of which CGU or group of CGUs is expected to benefit from the business combination in which the goodwill arose. However, management has determined that the Group\u2019s goodwill cannot be allocated to CGUs on a non-arbitrary basis. Further, the Group has determined that it has a single operating segment and goodwill is not monitored at any lower level. Therefore, consistent with the requirements of IAS 36, testing for goodwill impairment is performed at the operating segment level, being the entire business. Determination of CGUs for property, plant and equipment and right-of-use assets impairment testing Annually, management consider indicators of impairment to determine if an impairment assessment is required for property, plant and equipment, right-of-use assets and intangible assets other than goodwill. Where indicated, management identifies the CGU into which an asset belongs. Individual assets generally do not generate independent cash inflows, and therefore they must be tested at the level of the CGU. In many cases, individual gyms are considered to generate largely independent cash flows and therefore are considered to be a single CGU for impairment purposes. However, there are some instances where a number of sites may be interdependent in generating cash flows. This is the case where some gyms in a geographic location have a higher proportion of LIVE IT members who frequently visit other gyms in the same geographic location. In these instances, there is significant trading interdependency and the cash inflows from each individual gym are not generated largely independent of each other. In these instances, these gyms are grouped together and considered to be one CGU for impairment assessment purposes. There is judgement required to determine which sites are largely independent and which gyms are interdependent on each other. If no grouping of sites was assumed, the additional impairment recognised in the financial year ended 31 December 2022 would have been \u00a38.8m in relation to six sites. Further information is provided in note 15. Sources of estimation uncertainty Impairment testing The recoverable amount of the Group\u2019s CGUs is typically based on value-in-use calculations. This method requires the estimation of future cash flows and the determination of a pre-tax discount rate in order to calculate the present value of the cash flows. Discount rates reflect the estimated return on capital employed required by an investor. This is also the benchmark used by management to assess operating performance and to evaluate future capital investment proposals. The pre-tax discount rate is derived from the Group\u2019s post tax weighted average cost of capital. Changes in the discount rate are calculated with reference to latest market assumptions for the risk-free rate, equity market risk premium and the cost of debt. Where an impairment loss is identified, it is allocated to the assets of the CGU on a pro rata basis to their carrying amount, subject to the limitation that the carrying amount of an asset cannot be reduced below the highest of fair value less costs of disposal, value-in-use or zero. Due to the ability to sublease the right-of-use assets, these have a measurable fair value less costs of disposal and, as a result, this restriction results in the right-of-use asset being written down only to its recoverable amount based on fair value less costs of disposal. Any remaining amount of the impairment loss that would otherwise have been allocated to the right-of-use asset is allocated instead pro rata to the other assets of the unit. More information, including key assumptions and carrying values, is included in notes 14, 15 and 16. Whilst the Directors have currently assessed that reasonably possible changes in key assumptions are unlikely to cause an impairment in the carrying value of goodwill, estimates of future cash flows and the determination of discount rates applied to those cash flows could change in the longer term such that an impairment arises. Further, the Directors have currently assessed that the carrying value of property, plant and equipment is sensitive to reasonably possible changes in key assumptions \u2013 see note 15 for further details. In addition, estimates of future cash flows and the determination of discount rates applied to those cash flows could change in the longer term such that an impairment arises in relation to other CGUs. Provisions Provisions are made for dilapidations in respect of leased premises. The recognition and measurement of these provisions require estimates to be made in respect of uncertain events and amounts, with the key sources of estimation uncertainty relating to whether a restoration obligation will arise, the amount and timing of future cash flows required to settle any restoration obligation assessed as arising, and, to a lesser extent, the discount rate applied to those estimated cash flows. Any difference between expectations and the actual future liability will be accounted for in the period when such determination is made. Management has determined that the likelihood of a liability arising is not probable in relation to 196 of the Group\u2019s 229 gym sites as at 31 December 2022 as the Group enjoys security of tenure as tenant and therefore is unlikely to give up a site where it is trading profitably. If circumstances indicate otherwise the Group will recognise an appropriate provision. If the future cost of restoration for those sites where a provision is currently recognised was to increase by 10% across these sites, the provision at 31 December 2022 would increase by \u00a30.2m. If a provision was required for a site where the Group does benefit from security of tenure, the provision at 31 December 2022 would increase by \u00a30.1m. A ten basis points change in the discount rate would not have a material impact on the provision recognised at 31 December 2022. Details of dilapidation provisions recognised are set out in note 23. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-345": { "value": "Pensions The Group operates defined contribution pension schemes and pays contributions to publicly or privately administered pension plans. The Group has no further payment obligations once the contributions have been paid. The contributions are recognised as an employee benefit expense when they are due. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-346": { "value": "Share based payments The Group operates a number of share based arrangements for employees. Equity-settled share based payments are measured at the fair value of the equity instruments at the grant date, which excludes the effect of non-market based vesting conditions. The fair value at the grant date is recognised as an expense on a straight-line basis over the vesting period, based on the Group\u2019s estimate of the number of equity instruments that will eventually vest. The estimate of the number of awards likely to vest is reviewed at each balance sheet date up to the vesting date, at which point the estimate is adjusted to reflect the actual outcome of awards which have vested. No adjustment is made to the fair value after the vesting date even if the awards are forfeited or not exercised. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-347": { "value": "Inventories Inventories are carried at the lower of cost and net realisable value. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-348": { "value": "Trade and other receivables Trade and other receivables comprise rental income due from personal trainers, room rental income, advertising income and amounts due from landlords in respect of contributions towards building work. They are initially measured at transaction price. Subsequently, trade and other receivables are measured at amortised cost. The loss allowance for trade receivables and accrued income is measured using the simplified approach (lifetime expected credit losses). ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-350": { "value": "Cash and cash equivalents Cash and cash equivalents comprise cash at bank, short term deposits held on call with banks and other short term, highly liquid investments with original maturities of three months or less. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-349": { "value": "Trade and other payables Trade and other payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade and other payables are classified as current liabilities if payment is due within one year. If not, they are presented as non-current liabilities. Trade and other payables are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-351": { "value": "Taxation Current taxation Current tax assets and liabilities for the current and prior periods are measured at the amount expected to be recovered from, or paid to, the taxation authorities. The tax rates and tax laws used to compute the amount are those that are enacted or substantively enacted at the balance sheet date. Income tax relating to items recognised in comprehensive income or directly in equity, is recognised in comprehensive income or equity and not in the income statement. Deferred taxation Deferred income tax is provided using the liability method on all temporary differences between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes at the balance sheet date, with the following exceptions: l where the temporary difference arises from the initial recognition of goodwill or of an asset or liability in a transaction that is not a business combination that at the time of the transaction affects neither accounting nor taxable profit or loss; l in respect of taxable temporary differences associated with investments in subsidiaries, where the timing of the reversal of the temporary differences can be controlled and it is probable that the temporary differences will not reverse in the foreseeable future; and l deferred income tax assets are recognised only to the extent that it is probable that taxable profit will be available against which deductible temporary differences, carried forward tax credits or tax losses can be utilised. The carrying amount of deferred income tax assets is reviewed at each balance sheet date and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the asset to be recovered. The amount of deferred tax provided is based on the expected manner of realisation or settlement of the carrying amount of assets and liabilities. Deferred income tax assets and liabilities are measured at the tax rates that are expected to apply in the period when the asset is realised or the liability is settled, based on tax rates and tax laws that have been enacted or substantively enacted at the balance sheet date. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-355": { "value": "4. New and amended IFRS standards New and amended IFRS standards that are effective for the current year The Group applied for the first time certain standards and amendments, which are effective for annual periods beginning on or after 1 January 2022 (unless otherwise stated). The Group has not early adopted any other standard, interpretation or amendment that has been issued but is not yet effective. Reference to the Conceptual Framework \u2013 Amendments to IFRS 3 The amendments replace a reference to a previous version of the IASB\u2019s Conceptual Framework with a reference to the current version issued in March 2018, without significantly changing its requirements. The amendments add an exception to the recognition principle of IFRS 3 Business Combinations to avoid the issue of potential \u2018day 2\u2019 gains or losses arising for liabilities and contingent liabilities that would be within the scope of IAS 37 Provisions, Contingent Liabilities and Contingent Assets or IFRIC 21 Levies, if incurred separately. The exception requires entities to apply the criteria in IAS 37 or IFRIC 21, respectively, instead of the Conceptual Framework, to determine whether a present obligation exists at the acquisition date. The amendments also add a new paragraph to IFRS 3 to clarify that contingent assets do not qualify for recognition at the acquisition date. These amendments had no material impact on the consolidated financial statements of the Group. IFRS 9 Financial Instruments \u2013 Fees in the \u201910 per cent\u2019 test for derecognition of financial liabilities The amendment clarifies the fees that an entity includes when assessing whether the terms of a new or modified financial liability are substantially different from the terms of the original financial liability. These fees include only those paid or received between the borrower and the lender, including fees paid or received by either the borrower or lender on the other\u2019s behalf. There is no similar amendment proposed for IAS 39 Financial Instruments: Recognition and Measurement. This amendment had no material impact on the consolidated financial statements of the Group. There were no other standards and amendments that became effective in the period, that apply to the consolidated financial statements of the Group. New and revised IFRS standards that are in issue but not yet effective At the date of authorisation of these financial statements, the Group has not applied the following new and revised IFRS standards that have been issued but are effective for reporting periods beginning on or after 1 January 2023: Amendments to IAS 1 Classification of Liabilities as Current or Non-current Amendments to IAS 1 and IFRS Practice Statement 2 Disclosure of Accounting Policies Amendments to IAS 8 Definition of Accounting Estimates Amendments to IAS 12 Deferred Tax related to Assets and Liabilities arising from a Single Transaction The Directors do not expect that the adoption of the Standards listed above will have a material impact on the financial statements of the Group in future periods. ", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-413": { "value": "6. Other income 31 December 2022 \u00a3m 31 December 2021 \u00a3m Research and development tax credits 0.4 \u2013 Government grants receivable towards work placements (note 8) 0.1 0.2 Government grants receivable for the purpose of immediate financial support \u2013 7.1 Other 0.3 \u2013 0.8 7.3 During the prior year, the Group received \u00a37.1m of direct local government grants as a result of the Covid-19 pandemic to provide immediate financial support for businesses that were forced to cease operations or close as a result of local restrictions. These grants were recognised in profit or loss in Other income at the same time as the related costs were recognised. The grants were received solely as compensation for costs incurred in the year and as such there are no future related costs in respect of them. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGovernmentGrantsExplanatory", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-395": { "value": "6. Other income 31 December 2022 \u00a3m 31 December 2021 \u00a3m Research and development tax credits 0.4 \u2013 Government grants receivable towards work placements (note 8) 0.1 0.2 Government grants receivable for the purpose of immediate financial support \u2013 7.1 Other 0.3 \u2013 0.8 7.3 During the prior year, the Group received \u00a37.1m of direct local government grants as a result of the Covid-19 pandemic to provide immediate financial support for businesses that were forced to cease operations or close as a result of local restrictions. These grants were recognised in profit or loss in Other income at the same time as the related costs were recognised. The grants were received solely as compensation for costs incurred in the year and as such there are no future related costs in respect of them. 7. Operating expenses Operating expenses comprise the following: 31 December 2022 \u00a3m 31 December 2021 \u00a3m Underlying employee costs (note 8) 37.6 31.6 Site costs (excluding employee costs)1 59.3 41.0 Central support office costs (excluding employee costs)2 5.0 5.9 (Profit)/loss on disposal of property plant and equipment (0.4) 0.4 Auditors\u2019 remuneration costs: Fees payable for the audit of the Group\u2019s annual accounts 0.2 0.1 Audit of the Group\u2019s subsidiaries pursuant to legislation 0.1 0.1 Underlying operating expenses before depreciation, amortisation and impairment 101.8 79.1 Non-underlying operating expenses before depreciation, amortisation and impairment (note 9) 4.4 2.3 Operating expenses before depreciation, amortisation and impairment 106.2 81.4 1 Site costs include the fixed and variable costs of running the Group\u2019s gyms and include rates and services charges, cleaning costs, utilities, repairs and maintenance, site technology costs, marketing costs and insurance. 2 Central support office costs largely comprise central technology costs and professional fees. In 2022, the Group received government assistance in the form of a 66% discount on business rates (subject to a maximum of \u00a32.0m per business) for businesses in the retail, hospitality and leisure sectors in England for the period 1 June 2021 to 31 March 2022. In the prior year, the Group benefitted from a business rates holiday for these sectors covering the period from 1 January 2021 to 30 June 2021. The value of business rates saved during the year ended 31 December 2022 was \u00a31.1m (2021: \u00a38.2m). ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-357": { "value": "6. Other income 31 December 2022 \u00a3m 31 December 2021 \u00a3m Research and development tax credits 0.4 \u2013 Government grants receivable towards work placements (note 8) 0.1 0.2 Government grants receivable for the purpose of immediate financial support \u2013 7.1 Other 0.3 \u2013 0.8 7.3 During the prior year, the Group received \u00a37.1m of direct local government grants as a result of the Covid-19 pandemic to provide immediate financial support for businesses that were forced to cease operations or close as a result of local restrictions. These grants were recognised in profit or loss in Other income at the same time as the related costs were recognised. The grants were received solely as compensation for costs incurred in the year and as such there are no future related costs in respect of them. ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-425": { "value": "7. Operating expenses Operating expenses comprise the following: 31 December 2022 \u00a3m 31 December 2021 \u00a3m Underlying employee costs (note 8) 37.6 31.6 Site costs (excluding employee costs)1 59.3 41.0 Central support office costs (excluding employee costs)2 5.0 5.9 (Profit)/loss on disposal of property plant and equipment (0.4) 0.4 Auditors\u2019 remuneration costs: Fees payable for the audit of the Group\u2019s annual accounts 0.2 0.1 Audit of the Group\u2019s subsidiaries pursuant to legislation 0.1 0.1 Underlying operating expenses before depreciation, amortisation and impairment 101.8 79.1 Non-underlying operating expenses before depreciation, amortisation and impairment (note 9) 4.4 2.3 Operating expenses before depreciation, amortisation and impairment 106.2 81.4 1 Site costs include the fixed and variable costs of running the Group\u2019s gyms and include rates and services charges, cleaning costs, utilities, repairs and maintenance, site technology costs, marketing costs and insurance. 2 Central support office costs largely comprise central technology costs and professional fees. In 2022, the Group received government assistance in the form of a 66% discount on business rates (subject to a maximum of \u00a32.0m per business) for businesses in the retail, hospitality and leisure sectors in England for the period 1 June 2021 to 31 March 2022. In the prior year, the Group benefitted from a business rates holiday for these sectors covering the period from 1 January 2021 to 30 June 2021. The value of business rates saved during the year ended 31 December 2022 was \u00a31.1m (2021: \u00a38.2m). ", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-414": { "value": "7. Operating expenses Operating expenses comprise the following: 31 December 2022 \u00a3m 31 December 2021 \u00a3m Underlying employee costs (note 8) 37.6 31.6 Site costs (excluding employee costs)1 59.3 41.0 Central support office costs (excluding employee costs)2 5.0 5.9 (Profit)/loss on disposal of property plant and equipment (0.4) 0.4 Auditors\u2019 remuneration costs: Fees payable for the audit of the Group\u2019s annual accounts 0.2 0.1 Audit of the Group\u2019s subsidiaries pursuant to legislation 0.1 0.1 Underlying operating expenses before depreciation, amortisation and impairment 101.8 79.1 Non-underlying operating expenses before depreciation, amortisation and impairment (note 9) 4.4 2.3 Operating expenses before depreciation, amortisation and impairment 106.2 81.4 1 Site costs include the fixed and variable costs of running the Group\u2019s gyms and include rates and services charges, cleaning costs, utilities, repairs and maintenance, site technology costs, marketing costs and insurance. 2 Central support office costs largely comprise central technology costs and professional fees. In 2022, the Group received government assistance in the form of a 66% discount on business rates (subject to a maximum of \u00a32.0m per business) for businesses in the retail, hospitality and leisure sectors in England for the period 1 June 2021 to 31 March 2022. In the prior year, the Group benefitted from a business rates holiday for these sectors covering the period from 1 January 2021 to 30 June 2021. The value of business rates saved during the year ended 31 December 2022 was \u00a31.1m (2021: \u00a38.2m). ", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-358": { "value": "7. Operating expenses Operating expenses comprise the following: 31 December 2022 \u00a3m 31 December 2021 \u00a3m Underlying employee costs (note 8) 37.6 31.6 Site costs (excluding employee costs)1 59.3 41.0 Central support office costs (excluding employee costs)2 5.0 5.9 (Profit)/loss on disposal of property plant and equipment (0.4) 0.4 Auditors\u2019 remuneration costs: Fees payable for the audit of the Group\u2019s annual accounts 0.2 0.1 Audit of the Group\u2019s subsidiaries pursuant to legislation 0.1 0.1 Underlying operating expenses before depreciation, amortisation and impairment 101.8 79.1 Non-underlying operating expenses before depreciation, amortisation and impairment (note 9) 4.4 2.3 Operating expenses before depreciation, amortisation and impairment 106.2 81.4 1 Site costs include the fixed and variable costs of running the Group\u2019s gyms and include rates and services charges, cleaning costs, utilities, repairs and maintenance, site technology costs, marketing costs and insurance. 2 Central support office costs largely comprise central technology costs and professional fees. In 2022, the Group received government assistance in the form of a 66% discount on business rates (subject to a maximum of \u00a32.0m per business) for businesses in the retail, hospitality and leisure sectors in England for the period 1 June 2021 to 31 March 2022. In the prior year, the Group benefitted from a business rates holiday for these sectors covering the period from 1 January 2021 to 30 June 2021. The value of business rates saved during the year ended 31 December 2022 was \u00a31.1m (2021: \u00a38.2m). ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-431": { "value": "Operating expenses comprise the following: 31 December 2022 \u00a3m 31 December 2021 \u00a3m Underlying employee costs (note 8) 37.6 31.6 Site costs (excluding employee costs)1 59.3 41.0 Central support office costs (excluding employee costs)2 5.0 5.9 (Profit)/loss on disposal of property plant and equipment (0.4) 0.4 Auditors\u2019 remuneration costs: Fees payable for the audit of the Group\u2019s annual accounts 0.2 0.1 Audit of the Group\u2019s subsidiaries pursuant to legislation 0.1 0.1 Underlying operating expenses before depreciation, amortisation and impairment 101.8 79.1 Non-underlying operating expenses before depreciation, amortisation and impairment (note 9) 4.4 2.3 Operating expenses before depreciation, amortisation and impairment 106.2 81.4 1 Site costs include the fixed and variable costs of running the Group\u2019s gyms and include rates and services charges, cleaning costs, utilities, repairs and maintenance, site technology costs, marketing costs and insurance. 2 Central support office costs largely comprise central technology costs and professional fees. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-356": { "value": "5. Revenue The principal revenue streams for the Group are membership income, rental income from personal trainers and ancillary income. Membership income comprises monthly membership fees, non-refundable joining fees and longer term membership fees in relation to student, pay up front and corporate memberships. Rental income from personal trainers represents amounts paid by standalone personal trainers to operate their business from our gyms. Ancillary income includes income from the sale of goods through vending machine, advertising income through the use of media screens and the sale of day memberships. The majority of revenue is derived from contracts with members and all revenue arises in the United Kingdom. Disaggregation of revenue In the following table, revenue is disaggregated by major products and service lines and timing of revenue recognition. 31 December 2022 \u00a3m 31 December 2021 \u00a3m Major products/service lines Membership income 162.5 100.8 Rental income from personal trainers 7.8 4.0 Ancillary income 2.6 1.2 172.9 106.0 Timing of revenue recognition Products transferred at a point in time 3.1 1.8 Products and services transferred over time 169.8 104.2 172.9 106.0 Liabilities relating to contracts with customers Contract liabilities (note 20) (11.0) (8.4) Revenue recognised that was included in contract liabilities in the prior year Membership income 8.4 6.4 Contract liabilities relate to membership fees received at the start of a contract, where the Group has the obligation to provide a gym membership over a period of time and are included within trade and other payables (see note 20). The contract liability balance increases as the Group\u2019s membership numbers increase. The Group does not receive any consideration greater than 12 months in advance from members. Hence the total contract liability as at 31 December 2021 of \u00a38.4m has been recognised as revenue during the year ended 31 December 2022. ", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-360": { "value": "9. Non-underlying items 31 December 2022 \u00a3m 31 December 2021 \u00a3m Affecting operating expenses (before depreciation, amortisation and impairment) Costs of major strategic projects and investments 4.6 1.8 Restructuring and reorganisation (income)/costs (including site closures) (0.2) 0.5 Total affecting operating expenses (before depreciation, amortisation and impairment) 4.4 2.3 Affecting depreciation, amortisation and impairment Impairment of property, plant and equipment, right-of-use assets and intangible assets 8.3 4.0 Amortisation of business combination intangible assets 0.2 0.2 Total affecting depreciation, amortisation and impairment 8.5 4.2 Total affecting operating expenses1 12.9 6.5 Affecting finance costs Remeasurement of borrowings 0.9 0.8 Refinancing costs 0.1 0.1 Total affecting finance costs 1.0 0.9 Total all non-underlying items before tax 13.9 7.4 Tax on non-underlying items (1.5) (0.5) Total non-underlying charge in income statement 12.4 6.9 1 In addition to the \u00a34.4m of non-underlying items affecting operating expenses before depreciation, amortisation and impairment, there was \u00a30.9m of cash outflow in the year in relation to prior year creditors, bringing the total amount of cash flow on non-underlying operating items to \u00a35.3m. Depreciation, amortisation and impairment and remeasurement of borrowings are non-cash items. The costs of major strategic projects and investments of \u00a34.6m (2021: \u00a31.8m) includes \u00a34.0m (2021: \u00a30.5m) in relation to the Group\u2019s brand transformation. The total costs incurred in the year in respect of this project were \u00a36.5m of which \u00a34.0m is reflected in the income statement and relates to the relaunch of the brand and creation of the Group\u2019s visual identity and marketing assets, and \u00a32.5m is included in property, plant and equipment and relates predominantly to new site signage. The remainder of the costs included in other strategic initiatives in the year largely relate to the integration costs of the three sites acquired from Fitness First in March 2022. The credit in restructuring and reorganisation costs in the year reflects lease surrender income and costs associated with the closure of a small number of gyms, together with the profit on remeasurement of one of the Group\u2019s leases. Also included here are the costs associated with the various Board changes that occurred during the year. Non-underlying costs affecting depreciation, amortisation and impairment in the year amounted to \u00a38.5m (2021: \u00a34.2m), of which \u00a38.2m (2021: \u00a34.0m) relates to the impairment of 13 sites where slower recovery from Covid-19 and changes in hybrid working patterns have impacted on performance (see note 15 for further details). Also included here is the amortisation of business combination intangibles acquired as part of the Lifestyle, easyGym and Fitness First acquisitions. Non-underlying items affecting finance costs amounted to \u00a31.0m (2021: \u00a30.9m) and largely reflect the remeasurement of the Group\u2019s Revolving Credit Facility (\u2018RCF\u2019) following the changes agreed with the lenders. Tax on non-underlying items represents the tax charge or credit arising on the Group\u2019s non-underlying items calculated at the current tax rate. ", "dimensions": { "concept": "thegymgroupplc:DisclosureOfNonunderlyingItems", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-359": { "value": "8. Employee information 31 December 2022 \u00a3m 31 December 2021 \u00a3m Wages and salaries 33.4 30.4 Social security costs 2.9 2.1 Employers\u2019 pension costs 0.7 0.5 Share based payments (note 26) 1.4 2.9 Government grants (0.5) (4.0) Underlying employee costs 37.9 31.9 Non-underlying employee costs 0.3 0.3 Employee costs 38.2 32.2 Included within employee costs in 2022 is \u00a30.3m (2021: \u00a30.3m) which has been included within cost of sales in the consolidated income statement. The Group participated in the Kickstart scheme offered by the Government to combat youth unemployment. Under this scheme, the Group received financial support in order to offer six-month work placements for young people aged 16-24 who are claiming Universal Credit in the form of a one-off grant per person employed to cover setup costs. Government support income is recognised evenly over each six-month placement term. In 2022, \u00a30.5m was received as a contribution towards salary costs and has been netted off against employee costs in the income statement (2021: \u00a30.6m). A further \u00a30.1m (2021: \u00a30.2m) represents a grant towards training costs and has been recognised in Other income. There are no balances in deferred income related to this grant (2021: \u00a30.1m) and there is no outstanding balance receivable related to this grant as of 31 December 2022 (2021: \u00a3nil). In 2021, the Group received \u00a33.4m as part of a government initiative to provide immediate financial support as a result of the Covid-19 pandemic in the form of the Coronavirus Job Retention Scheme (\u2018CJRS\u2019). This amount was netted off employee costs in the income statement. The average number of employees, including Directors, during the year was: 31 December 2022 Number 31 December 2021 Number Operational 1,848 1,873 Administrative 187 132 2,035 2,005 ", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-396": { "value": "31 December 2022 \u00a3m 31 December 2021 \u00a3m Wages and salaries 33.4 30.4 Social security costs 2.9 2.1 Employers\u2019 pension costs 0.7 0.5 Share based payments (note 26) 1.4 2.9 Government grants (0.5) (4.0) Underlying employee costs 37.9 31.9 Non-underlying employee costs 0.3 0.3 Employee costs 38.2 32.2 Included within employee costs in 2022 is \u00a30.3m (2021: \u00a30.3m) which has been included within cost of sales in the consolidated income statement. The Group participated in the Kickstart scheme offered by the Government to combat youth unemployment. Under this scheme, the Group received financial support in order to offer six-month work placements for young people aged 16-24 who are claiming Universal Credit in the form of a one-off grant per person employed to cover setup costs. Government support income is recognised evenly over each six-month placement term. In 2022, \u00a30.5m was received as a contribution towards salary costs and has been netted off against employee costs in the income statement (2021: \u00a30.6m). A further \u00a30.1m (2021: \u00a30.2m) represents a grant towards training costs and has been recognised in Other income. There are no balances in deferred income related to this grant (2021: \u00a30.1m) and there is no outstanding balance receivable related to this grant as of 31 December 2022 (2021: \u00a3nil). In 2021, the Group received \u00a33.4m as part of a government initiative to provide immediate financial support as a result of the Covid-19 pandemic in the form of the Coronavirus Job Retention Scheme (\u2018CJRS\u2019). This amount was netted off employee costs in the income statement. ", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-426": { "value": "10. Finance costs 31 December 2022 \u00a3m 31 December 2021 \u00a3m Bank loans and overdraft interest including amortisation of financing fees 2.8 2.6 Lease interest 13.3 14.0 Movement in fair value of derivatives 0.2 \u2013 16.3 16.6 Capitalised interest (0.2) \u2013 Underlying finance costs 16.1 16.6 Non-underlying finance costs 1.0 0.9 Finance costs 17.1 17.5 Capitalised interest is recognised within leasehold improvements. The capitalisation rate used to determine the amount of borrowing costs to be capitalised is the weighted average interest rate applicable to the Group\u2019s general borrowings during 2022 of 4.5%. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-415": { "value": "10. Finance costs 31 December 2022 \u00a3m 31 December 2021 \u00a3m Bank loans and overdraft interest including amortisation of financing fees 2.8 2.6 Lease interest 13.3 14.0 Movement in fair value of derivatives 0.2 \u2013 16.3 16.6 Capitalised interest (0.2) \u2013 Underlying finance costs 16.1 16.6 Non-underlying finance costs 1.0 0.9 Finance costs 17.1 17.5 Capitalised interest is recognised within leasehold improvements. The capitalisation rate used to determine the amount of borrowing costs to be capitalised is the weighted average interest rate applicable to the Group\u2019s general borrowings during 2022 of 4.5%. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-397": { "value": "10. Finance costs 31 December 2022 \u00a3m 31 December 2021 \u00a3m Bank loans and overdraft interest including amortisation of financing fees 2.8 2.6 Lease interest 13.3 14.0 Movement in fair value of derivatives 0.2 \u2013 16.3 16.6 Capitalised interest (0.2) \u2013 Underlying finance costs 16.1 16.6 Non-underlying finance costs 1.0 0.9 Finance costs 17.1 17.5 Capitalised interest is recognised within leasehold improvements. The capitalisation rate used to determine the amount of borrowing costs to be capitalised is the weighted average interest rate applicable to the Group\u2019s general borrowings during 2022 of 4.5%. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-361": { "value": "10. Finance costs 31 December 2022 \u00a3m 31 December 2021 \u00a3m Bank loans and overdraft interest including amortisation of financing fees 2.8 2.6 Lease interest 13.3 14.0 Movement in fair value of derivatives 0.2 \u2013 16.3 16.6 Capitalised interest (0.2) \u2013 Underlying finance costs 16.1 16.6 Non-underlying finance costs 1.0 0.9 Finance costs 17.1 17.5 Capitalised interest is recognised within leasehold improvements. The capitalisation rate used to determine the amount of borrowing costs to be capitalised is the weighted average interest rate applicable to the Group\u2019s general borrowings during 2022 of 4.5%. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-362": { "value": "11. Taxation Tax on loss 31 December 2022 \u00a3m 31 December 2021 \u00a3m Current income tax Current tax on losses in the year (0.1) 0.3 Adjustments in respect of prior years \u2013 0.3 Total current income tax (0.1) 0.6 Deferred tax Origination and reversal of temporary differences (0.3) 7.7 Change in tax rates 0.5 3.0 Adjustments in respect of prior years \u2013 (2.5) Total deferred tax 0.2 8.2 Tax credit 0.1 8.8 The standard rate of corporation tax applied to reported losses is 19% (2021: 19%). Reconciliation of tax credit 31 December 2022 \u00a3m 31 December 2021 \u00a3m Loss before tax (19.4) (44.2) Tax calculation at standard rate of corporation tax of 19.0% 3.7 8.4 Expenses not deductible for tax purposes 0.7 (0.7) Change in tax rates (0.4) 3.3 Unrecognised tax losses (3.9) \u2013 Adjustments in respect of prior years \u2013 (2.2) Tax credit 0.1 8.8 Deferred tax Accelerated capital allowances \u00a3m Losses \u00a3m Intangible assets \u00a3m Share schemes \u00a3m Other \u00a3m Total \u00a3m At 1 January 2021 1.6 2.0 (0.1) 1.2 2.9 7.6 Adjustments in respect of prior years (2.1) (0.4) \u2013 \u2013 \u2013 (2.5) Recognised in income statement 0.5 7.2 0.1 (0.1) \u2013 7.7 (Charge)/credit to income statement due to changes in tax rates (0.2) 2.5 \u2013 \u2013 0.7 3.0 Recognised in equity \u2013 \u2013 \u2013 0.3 \u2013 0.3 At 31 December 2021 (0.2) 11.3 \u2013 1.4 3.6 16.1 Adjustments in respect of prior years 1.9 (1.8) (0.1) \u2013 \u2013 \u2013 Recognised in income statement (0.5) 1.1 (0.3) (0.1) (0.5) (0.3) Business combinations (see note 13) 0.6 \u2013 \u2013 \u2013 \u2013 0.6 (Charge)/credit to income statement due to changes in tax rates \u2013 0.5 \u2013 \u2013 \u2013 0.5 Recognised in equity \u2013 \u2013 \u2013 (0.6) \u2013 (0.6) At 31 December 2022 1.8 11.1 (0.4) 0.7 3.1 16.3 Deferred tax assets have been recognised in respect of tax losses and other temporary differences where the Directors believe it is probable that these will be recovered within a reasonable period. Short term timing differences are generally recognised ahead of losses on the basis that they are likely to reverse more quickly. In assessing the probability of recovery, the Directors have reviewed the Group\u2019s three year financial plan that underpins both the Going concern and Viability assessments, and the goodwill and property, plant and equipment impairment testing. The use of a three year period is also consistent with that used to assess the longer term viability of the Group. The Directors believe this detailed plan provides convincing evidence to recognise the amount of deferred tax assets that are forecast to be recovered over this three-year period. In particular, and as disclosed in more detail in respect of going concern in note 2 and impairment in notes 15 and 16, this plan anticipates continued growth in yields across the whole estate and additional members from new site openings over the next three years. The Directors have also considered the impact of climate-related risks set out in the Sustainability report on pages 50-53. The trading losses incurred as a result of the Covid-19 pandemic, together with the introduction in March 2021 of the temporary enhanced capital allowances regime (the super-deduction tax break), have resulted in significant tax losses to carry forward which are not anticipated to be fully utilised during the three years covered by the Group\u2019s financial plan. Losses for which no deferred tax asset is recognised equate to \u00a320.2m, resulting in an unrecognised deferred tax asset of \u00a35.1m using a 25% tax rate. There is no time limit for utilising trade losses in the UK. A deferred tax asset has arisen on accelerated capital allowances, whereby the tax written-down value is higher than the net book value. A deferred tax liability has arisen on intangible assets of \u00a30.4m. Other deferred tax assets include timing differences on the accounting for the various share schemes. The Finance Act 2022 increased the corporation tax rate from 19% to 25% with effect from 1 April 2023. The deferred tax assets and liabilities have been measured using the rates expected to apply in the reporting periods when the timing differences reverse. There are no material uncertain tax provisions at 31 December 2022 (2021: \u00a3nil). However, judgement has necessarily been applied in estimating the impact and timing of utilisation of capital allowances and tax losses which could give rise to prior period adjustments in future years. ", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-398": { "value": "Deferred tax Accelerated capital allowances \u00a3m Losses \u00a3m Intangible assets \u00a3m Share schemes \u00a3m Other \u00a3m Total \u00a3m At 1 January 2021 1.6 2.0 (0.1) 1.2 2.9 7.6 Adjustments in respect of prior years (2.1) (0.4) \u2013 \u2013 \u2013 (2.5) Recognised in income statement 0.5 7.2 0.1 (0.1) \u2013 7.7 (Charge)/credit to income statement due to changes in tax rates (0.2) 2.5 \u2013 \u2013 0.7 3.0 Recognised in equity \u2013 \u2013 \u2013 0.3 \u2013 0.3 At 31 December 2021 (0.2) 11.3 \u2013 1.4 3.6 16.1 Adjustments in respect of prior years 1.9 (1.8) (0.1) \u2013 \u2013 \u2013 Recognised in income statement (0.5) 1.1 (0.3) (0.1) (0.5) (0.3) Business combinations (see note 13) 0.6 \u2013 \u2013 \u2013 \u2013 0.6 (Charge)/credit to income statement due to changes in tax rates \u2013 0.5 \u2013 \u2013 \u2013 0.5 Recognised in equity \u2013 \u2013 \u2013 (0.6) \u2013 (0.6) At 31 December 2022 1.8 11.1 (0.4) 0.7 3.1 16.3 Deferred tax assets have been recognised in respect of tax losses and other temporary differences where the Directors believe it is probable that these will be recovered within a reasonable period. Short term timing differences are generally recognised ahead of losses on the basis that they are likely to reverse more quickly. In assessing the probability of recovery, the Directors have reviewed the Group\u2019s three year financial plan that underpins both the Going concern and Viability assessments, and the goodwill and property, plant and equipment impairment testing. The use of a three year period is also consistent with that used to assess the longer term viability of the Group. The Directors believe this detailed plan provides convincing evidence to recognise the amount of deferred tax assets that are forecast to be recovered over this three-year period. In particular, and as disclosed in more detail in respect of going concern in note 2 and impairment in notes 15 and 16, this plan anticipates continued growth in yields across the whole estate and additional members from new site openings over the next three years. The Directors have also considered the impact of climate-related risks set out in the Sustainability report on pages 50-53. The trading losses incurred as a result of the Covid-19 pandemic, together with the introduction in March 2021 of the temporary enhanced capital allowances regime (the super-deduction tax break), have resulted in significant tax losses to carry forward which are not anticipated to be fully utilised during the three years covered by the Group\u2019s financial plan. Losses for which no deferred tax asset is recognised equate to \u00a320.2m, resulting in an unrecognised deferred tax asset of \u00a35.1m using a 25% tax rate. There is no time limit for utilising trade losses in the UK. A deferred tax asset has arisen on accelerated capital allowances, whereby the tax written-down value is higher than the net book value. A deferred tax liability has arisen on intangible assets of \u00a30.4m. Other deferred tax assets include timing differences on the accounting for the various share schemes. The Finance Act 2022 increased the corporation tax rate from 19% to 25% with effect from 1 April 2023. The deferred tax assets and liabilities have been measured using the rates expected to apply in the reporting periods when the timing differences reverse. There are no material uncertain tax provisions at 31 December 2022 (2021: \u00a3nil). However, judgement has necessarily been applied in estimating the impact and timing of utilisation of capital allowances and tax losses which could give rise to prior period adjustments in future years. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-364": { "value": "13. Business combinations On 22 March 2022, the Group acquired the trade and assets of three sites trading under the Fitness First brand. The property lease agreements in respect of these gyms have been transferred to the Group and the gyms have been rebranded to operate under The Gym Group brand. The details of the transaction, the purchase consideration, the net assets acquired, and the goodwill arising are as follows: Fair value recognised on acquisition \u00a3m Assets Intangible assets 0.3 Property, plant and equipment 1.2 Right-of-use assets 3.3 Deferred tax assets 0.6 5.4 Liabilities Trade and other payables (0.6) Lease liabilities (3.3) Provisions (0.2) (4.1) Total identifiable net assets at fair value 1.3 Goodwill arising on acquisition 4.1 Purchase consideration paid \u2013 satisfied by cash 5.4 Net cash flow arising on acquisition Cash consideration (5.4) Net cash outflow (5.4) The Group measured the acquired lease liabilities using the present value of the remaining lease payments at the date of acquisition. The right-of-use assets were measured at an amount equal to the lease liabilities. The sites contributed revenues of \u00a31.3m and net loss of \u00a30.1m to the Group\u2019s results for the period from 22 March 2022 to 31 December 2022. The additional revenue that would have been recognised if the sites had been acquired on 1 January 2022 is \u00a30.4m. No additional net profit or losses would have been recognised. The goodwill recognised is primarily attributed to the synergies and economies of scale expected from combining each gym within the Group\u2019s operations, the premium associated with advantageous site locations, potential growth opportunities offered by each gym and the assembled workforce. It will not be deductible for tax purposes. Acquisition-related costs of \u00a31.3m were incurred in 2021 and were treated as non-underlying items in the financial statements for the year ended 31 December 2021. No additional costs have been recognised in 2022. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-363": { "value": "12. Loss per share Basic earnings per share is calculated by dividing the profit or loss attributable to equity shareholders by the weighted average number of Ordinary shares outstanding during the year, excluding unvested shares held pursuant to The Gym Group plc\u2019s share based long term incentive schemes (see note 26). Diluted earnings per share is calculated by adjusting the weighted average number of Ordinary shares outstanding to assume conversion of all dilutive potential Ordinary shares. During the year ended 31 December 2022, the Group had potentially dilutive shares in the form of share options and unvested shares issued pursuant to The Gym Group plc\u2019s share based long term incentive schemes (see note 26). 31 December 2022 31 December 2021 Loss (\u00a3m) Loss for the year attributable to equity shareholders (19.3) (35.4) Adjustment for non-underlying items 12.4 6.9 Adjusted loss for the year attributable to equity shareholders (6.9) (28.5) Weighted average number of shares Basic and diluted weighted average number of shares 177,251,348 171,060,028 Loss per share (p) Basic and diluted loss per share (10.9) (20.7) Adjusted basic and diluted loss per share (3.9) (16.7) At 31 December 2022, 6,804,605 share awards (2021: 5,260,315) were excluded from the diluted weighted average number of Ordinary shares calculation because their effect would be anti-dilutive. ", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-416": { "value": "14. Intangible assets Goodwill \u00a3m Customer list \u00a3m Contract \u00a3m Computer software and licences \u00a3m Total \u00a3m Cost At 1 January 2021 77.7 2.7 1.2 15.1 96.7 Additions \u2013 \u2013 \u2013 5.2 5.2 At 31 December 2021 77.7 2.7 1.2 20.3 101.9 Additions \u2013 \u2013 \u2013 7.3 7.3 Business combinations 4.1 0.3 \u2013 \u2013 4.4 Disposals \u2013 \u2013 (0.1) (7.3) (7.4) At 31 December 2022 81.8 3.0 1.1 20.3 106.2 Accumulated amortisation At 1 January 2021 \u2013 (2.4) (0.5) (7.4) (10.3) Charge for the year \u2013 (0.2) \u2013 (5.4) (5.6) At 31 December 2021 \u2013 (2.6) (0.5) (12.8) (15.9) Charge for the year \u2013 (0.1) (0.1) (4.8) (5.0) Impairment \u2013 \u2013 (0.1) \u2013 (0.1) Disposals \u2013 \u2013 \u2013 7.3 7.3 Transfer to right-of-use assets \u2013 \u2013 0.2 \u2013 0.2 At 31 December 2022 \u2013 (2.7) (0.5) (10.3) (13.5) Net book value At 31 December 2021 77.7 0.1 0.7 7.5 86.0 At 31 December 2022 81.8 0.3 0.6 10.0 92.7 Included within additions to computer software and licences in 2022 is \u00a31.0m in relation to a collaboration agreement with Fiit whereby Fiit granted The Gym Group a licence to provide certain products and content to LIVE IT members for a period of five years. Also included within additions to computer software and licenses in 2022 is \u00a34.7m (2021: \u00a33.0m) in relation to the investment made into the Group\u2019s new digital platform. Impairment test for goodwill Goodwill is tested for impairment on an annual basis, or more frequently if events or changes in circumstance indicate that the carrying value may be impaired. The recoverable amount of goodwill has been determined based on a value-in-use calculation using cash flow projections based on the Group\u2019s three year plan. Cash flows beyond this period are extrapolated using an estimated growth rate of 3.0% (2021: 3.0%). All cash flows are discounted using a pre-tax discount rate of 8.5% (2021: 11.9%). Membership growth, growth rates in subscription prices and increases applied to costs are the key assumptions included within the Group\u2019 s three year plan. These have been modelled based upon a mixture of historical experience and expected future performance. The impact of any future openings has not been included in the assessment as they do not form part of the existing assets. The performance of any gyms expected to close have been included within the calculation up to the point of closure. In the years under review, management\u2019s value-in-use calculations have indicated no requirement to impair and no reasonably possible change in key assumptions give rise to an impairment. Further information on impairment is provided in note 3. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-399": { "value": "14. Intangible assets Goodwill \u00a3m Customer list \u00a3m Contract \u00a3m Computer software and licences \u00a3m Total \u00a3m Cost At 1 January 2021 77.7 2.7 1.2 15.1 96.7 Additions \u2013 \u2013 \u2013 5.2 5.2 At 31 December 2021 77.7 2.7 1.2 20.3 101.9 Additions \u2013 \u2013 \u2013 7.3 7.3 Business combinations 4.1 0.3 \u2013 \u2013 4.4 Disposals \u2013 \u2013 (0.1) (7.3) (7.4) At 31 December 2022 81.8 3.0 1.1 20.3 106.2 Accumulated amortisation At 1 January 2021 \u2013 (2.4) (0.5) (7.4) (10.3) Charge for the year \u2013 (0.2) \u2013 (5.4) (5.6) At 31 December 2021 \u2013 (2.6) (0.5) (12.8) (15.9) Charge for the year \u2013 (0.1) (0.1) (4.8) (5.0) Impairment \u2013 \u2013 (0.1) \u2013 (0.1) Disposals \u2013 \u2013 \u2013 7.3 7.3 Transfer to right-of-use assets \u2013 \u2013 0.2 \u2013 0.2 At 31 December 2022 \u2013 (2.7) (0.5) (10.3) (13.5) Net book value At 31 December 2021 77.7 0.1 0.7 7.5 86.0 At 31 December 2022 81.8 0.3 0.6 10.0 92.7 Included within additions to computer software and licences in 2022 is \u00a31.0m in relation to a collaboration agreement with Fiit whereby Fiit granted The Gym Group a licence to provide certain products and content to LIVE IT members for a period of five years. Also included within additions to computer software and licenses in 2022 is \u00a34.7m (2021: \u00a33.0m) in relation to the investment made into the Group\u2019s new digital platform. Impairment test for goodwill Goodwill is tested for impairment on an annual basis, or more frequently if events or changes in circumstance indicate that the carrying value may be impaired. The recoverable amount of goodwill has been determined based on a value-in-use calculation using cash flow projections based on the Group\u2019s three year plan. Cash flows beyond this period are extrapolated using an estimated growth rate of 3.0% (2021: 3.0%). All cash flows are discounted using a pre-tax discount rate of 8.5% (2021: 11.9%). Membership growth, growth rates in subscription prices and increases applied to costs are the key assumptions included within the Group\u2019 s three year plan. These have been modelled based upon a mixture of historical experience and expected future performance. The impact of any future openings has not been included in the assessment as they do not form part of the existing assets. The performance of any gyms expected to close have been included within the calculation up to the point of closure. In the years under review, management\u2019s value-in-use calculations have indicated no requirement to impair and no reasonably possible change in key assumptions give rise to an impairment. Further information on impairment is provided in note 3. ", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-365": { "value": "14. Intangible assets Goodwill \u00a3m Customer list \u00a3m Contract \u00a3m Computer software and licences \u00a3m Total \u00a3m Cost At 1 January 2021 77.7 2.7 1.2 15.1 96.7 Additions \u2013 \u2013 \u2013 5.2 5.2 At 31 December 2021 77.7 2.7 1.2 20.3 101.9 Additions \u2013 \u2013 \u2013 7.3 7.3 Business combinations 4.1 0.3 \u2013 \u2013 4.4 Disposals \u2013 \u2013 (0.1) (7.3) (7.4) At 31 December 2022 81.8 3.0 1.1 20.3 106.2 Accumulated amortisation At 1 January 2021 \u2013 (2.4) (0.5) (7.4) (10.3) Charge for the year \u2013 (0.2) \u2013 (5.4) (5.6) At 31 December 2021 \u2013 (2.6) (0.5) (12.8) (15.9) Charge for the year \u2013 (0.1) (0.1) (4.8) (5.0) Impairment \u2013 \u2013 (0.1) \u2013 (0.1) Disposals \u2013 \u2013 \u2013 7.3 7.3 Transfer to right-of-use assets \u2013 \u2013 0.2 \u2013 0.2 At 31 December 2022 \u2013 (2.7) (0.5) (10.3) (13.5) Net book value At 31 December 2021 77.7 0.1 0.7 7.5 86.0 At 31 December 2022 81.8 0.3 0.6 10.0 92.7 Included within additions to computer software and licences in 2022 is \u00a31.0m in relation to a collaboration agreement with Fiit whereby Fiit granted The Gym Group a licence to provide certain products and content to LIVE IT members for a period of five years. Also included within additions to computer software and licenses in 2022 is \u00a34.7m (2021: \u00a33.0m) in relation to the investment made into the Group\u2019s new digital platform. Impairment test for goodwill Goodwill is tested for impairment on an annual basis, or more frequently if events or changes in circumstance indicate that the carrying value may be impaired. The recoverable amount of goodwill has been determined based on a value-in-use calculation using cash flow projections based on the Group\u2019s three year plan. Cash flows beyond this period are extrapolated using an estimated growth rate of 3.0% (2021: 3.0%). All cash flows are discounted using a pre-tax discount rate of 8.5% (2021: 11.9%). Membership growth, growth rates in subscription prices and increases applied to costs are the key assumptions included within the Group\u2019 s three year plan. These have been modelled based upon a mixture of historical experience and expected future performance. The impact of any future openings has not been included in the assessment as they do not form part of the existing assets. The performance of any gyms expected to close have been included within the calculation up to the point of closure. In the years under review, management\u2019s value-in-use calculations have indicated no requirement to impair and no reasonably possible change in key assumptions give rise to an impairment. Further information on impairment is provided in note 3. ", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-427": { "value": "Goodwill \u00a3m Customer list \u00a3m Contract \u00a3m Computer software and licences \u00a3m Total \u00a3m Cost At 1 January 2021 77.7 2.7 1.2 15.1 96.7 Additions \u2013 \u2013 \u2013 5.2 5.2 At 31 December 2021 77.7 2.7 1.2 20.3 101.9 Additions \u2013 \u2013 \u2013 7.3 7.3 Business combinations 4.1 0.3 \u2013 \u2013 4.4 Disposals \u2013 \u2013 (0.1) (7.3) (7.4) At 31 December 2022 81.8 3.0 1.1 20.3 106.2 Accumulated amortisation At 1 January 2021 \u2013 (2.4) (0.5) (7.4) (10.3) Charge for the year \u2013 (0.2) \u2013 (5.4) (5.6) At 31 December 2021 \u2013 (2.6) (0.5) (12.8) (15.9) Charge for the year \u2013 (0.1) (0.1) (4.8) (5.0) Impairment \u2013 \u2013 (0.1) \u2013 (0.1) Disposals \u2013 \u2013 \u2013 7.3 7.3 Transfer to right-of-use assets \u2013 \u2013 0.2 \u2013 0.2 At 31 December 2022 \u2013 (2.7) (0.5) (10.3) (13.5) Net book value At 31 December 2021 77.7 0.1 0.7 7.5 86.0 At 31 December 2022 81.8 0.3 0.6 10.0 92.7 Assets under construction \u00a3m Leasehold improvements \u00a3m Fixtures, fittings and equipment \u00a3m Gym and other equipment \u00a3m Computer equipment \u00a3m Total \u00a3m Cost At 1 January 2021 2.3 191.9 11.3 84.5 3.6 293.6 Additions 1.9 16.4 0.2 2.5 0.7 21.7 Disposals (0.1) (1.5) \u2013 (0.5) \u2013 (2.1) Transfers (2.0) 1.9 \u2013 0.1 \u2013 \u2013 At 31 December 2021 2.1 208.7 11.5 86.6 4.3 313.2 Additions 2.0 31.9 0.5 7.4 1.3 43.1 Business combinations \u2013 1.1 \u2013 0.1 \u2013 1.2 Disposals \u2013 (2.6) (0.4) (4.2) \u2013 (7.2) Transfers (1.8) 1.7 \u2013 0.1 \u2013 \u2013 At 31 December 2022 2.3 240.8 11.6 90.0 5.6 350.3 Accumulated depreciation At 1 January 2021 \u2013 (63.0) (8.0) (48.4) (2.9) (122.3) Charge for the year \u2013 (14.6) (1.1) (7.4) (0.5) (23.6) Impairment \u2013 (2.8) \u2013 (0.4) \u2013 (3.2) Disposals \u2013 1.2 \u2013 0.3 \u2013 1.5 At 31 December 2021 \u2013 (79.2) (9.1) (55.9) (3.4) (147.6) Charge for the year \u2013 (16.4) (0.9) (8.5) (0.6) (26.4) Impairment \u2013 (2.2) \u2013 (0.3) \u2013 (2.5) Disposals \u2013 2.6 0.4 4.2 \u2013 7.2 At 31 December 2022 \u2013 (95.2) (9.6) (60.5) (4.0) (169.3) Net book value At 31 December 2021 2.1 129.5 2.4 30.7 0.9 165.6 At 31 December 2022 2.3 145.6 2.0 29.5 1.6 181.0 ", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-428": { "value": "Impairment test for goodwill Goodwill is tested for impairment on an annual basis, or more frequently if events or changes in circumstance indicate that the carrying value may be impaired. The recoverable amount of goodwill has been determined based on a value-in-use calculation using cash flow projections based on the Group\u2019s three year plan. Cash flows beyond this period are extrapolated using an estimated growth rate of 3.0% (2021: 3.0%). All cash flows are discounted using a pre-tax discount rate of 8.5% (2021: 11.9%). Membership growth, growth rates in subscription prices and increases applied to costs are the key assumptions included within the Group\u2019 s three year plan. These have been modelled based upon a mixture of historical experience and expected future performance. The impact of any future openings has not been included in the assessment as they do not form part of the existing assets. The performance of any gyms expected to close have been included within the calculation up to the point of closure. In the years under review, management\u2019s value-in-use calculations have indicated no requirement to impair and no reasonably possible change in key assumptions give rise to an impairment. Further information on impairment is provided in note 3. Impairment test for property, plant and equipment, right-of-use assets and other intangible assets The Group reviews the carrying value of property, plant and equipment, right-of-use assets and intangible assets (excluding goodwill) for indicators of impairment annually, or more frequently if events or changes in circumstances indicate that the carrying value may be impaired. The recoverable amount of the Group\u2019s CGUs is typically based on value-in-use calculations. The value in use at 31 December 2022 was calculated using the discounted present value of each CGU\u2019s expected future cash flows using the Group\u2019s three year plan as the basis. Membership growth, growth rates in subscription prices and increases applied to costs are the key assumptions included when determining the expected future cash flows of each CGU. These have been modelled based upon a mixture of historical experience and expected future performance. A pre-tax discount rate of 8.5% (2021: 11.9%) was used to calculate the present value. During the year a total impairment loss of \u00a38.2m was recognised relating to 13 sites which have been particularly hard hit by the Covid-19 pandemic and where recovery is slower than in the rest of estate. Of the total impairment charge recognised in the year of \u00a38.2m, \u00a32.5m was allocated against property, plant and equipment and \u00a35.7m was allocated against right-of-use assets. The total recoverable amount of the affected CGUs was \u00a37.7m. The impairment loss was allocated to the assets of the CGU on a pro rata basis to their carrying amount, subject to the limitation that the carrying amount of an asset cannot be reduced below the highest of fair value less costs of disposal, value-in-use or zero. Due to the ability to sublease the right-of-use assets, these have a measurable fair value less costs of disposal and, as a result, this restriction results in the right-of-use asset being written down only to its recoverable amount based on fair value less costs of disposal. The remaining amount of the impairment loss that would otherwise have been allocated to the right-of-use asset was allocated pro rata to the other assets of the unit. In restricting the impairment charge recognised in respect of the right-of-use assets, their fair value less costs of disposal was calculated on the basis of the cash flows that could be realised by the Group through the sublet of the site, discounted using a post- tax discount rate of 7.8% (2021: 9.8%). Under the downside scenario prepared for the going concern assessment, a further impairment of \u00a31.1m would arise in relation to property, plant and equipment and \u00a30.4m in relation to right-of-use assets at the sites impaired. An impairment charge of \u00a30.1m in relation to property, plant and equipment at two sites and \u00a30.6m in relation to right-of-use assets at a further four sites totalling would also be recognised under the downside scenario. Further information on impairment is provided in note 3. ", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-366": { "value": "15. Property, plant and equipment Assets under construction \u00a3m Leasehold improvements \u00a3m Fixtures, fittings and equipment \u00a3m Gym and other equipment \u00a3m Computer equipment \u00a3m Total \u00a3m Cost At 1 January 2021 2.3 191.9 11.3 84.5 3.6 293.6 Additions 1.9 16.4 0.2 2.5 0.7 21.7 Disposals (0.1) (1.5) \u2013 (0.5) \u2013 (2.1) Transfers (2.0) 1.9 \u2013 0.1 \u2013 \u2013 At 31 December 2021 2.1 208.7 11.5 86.6 4.3 313.2 Additions 2.0 31.9 0.5 7.4 1.3 43.1 Business combinations \u2013 1.1 \u2013 0.1 \u2013 1.2 Disposals \u2013 (2.6) (0.4) (4.2) \u2013 (7.2) Transfers (1.8) 1.7 \u2013 0.1 \u2013 \u2013 At 31 December 2022 2.3 240.8 11.6 90.0 5.6 350.3 Accumulated depreciation At 1 January 2021 \u2013 (63.0) (8.0) (48.4) (2.9) (122.3) Charge for the year \u2013 (14.6) (1.1) (7.4) (0.5) (23.6) Impairment \u2013 (2.8) \u2013 (0.4) \u2013 (3.2) Disposals \u2013 1.2 \u2013 0.3 \u2013 1.5 At 31 December 2021 \u2013 (79.2) (9.1) (55.9) (3.4) (147.6) Charge for the year \u2013 (16.4) (0.9) (8.5) (0.6) (26.4) Impairment \u2013 (2.2) \u2013 (0.3) \u2013 (2.5) Disposals \u2013 2.6 0.4 4.2 \u2013 7.2 At 31 December 2022 \u2013 (95.2) (9.6) (60.5) (4.0) (169.3) Net book value At 31 December 2021 2.1 129.5 2.4 30.7 0.9 165.6 At 31 December 2022 2.3 145.6 2.0 29.5 1.6 181.0 Included within additions for the year is \u00a30.2m of capitalised interest (2021: \u00a3nil), and \u00a36.2m of accrued capital expenditure (2021: \u00a32.2m). In the prior year, there was also \u00a30.1m of capital contributions from landlords not yet received. Impairment test for property, plant and equipment, right-of-use assets and other intangible assets The Group reviews the carrying value of property, plant and equipment, right-of-use assets and intangible assets (excluding goodwill) for indicators of impairment annually, or more frequently if events or changes in circumstances indicate that the carrying value may be impaired. The recoverable amount of the Group\u2019s CGUs is typically based on value-in-use calculations. The value in use at 31 December 2022 was calculated using the discounted present value of each CGU\u2019s expected future cash flows using the Group\u2019s three year plan as the basis. Membership growth, growth rates in subscription prices and increases applied to costs are the key assumptions included when determining the expected future cash flows of each CGU. These have been modelled based upon a mixture of historical experience and expected future performance. A pre-tax discount rate of 8.5% (2021: 11.9%) was used to calculate the present value. During the year a total impairment loss of \u00a38.2m was recognised relating to 13 sites which have been particularly hard hit by the Covid-19 pandemic and where recovery is slower than in the rest of estate. Of the total impairment charge recognised in the year of \u00a38.2m, \u00a32.5m was allocated against property, plant and equipment and \u00a35.7m was allocated against right-of-use assets. The total recoverable amount of the affected CGUs was \u00a37.7m. The impairment loss was allocated to the assets of the CGU on a pro rata basis to their carrying amount, subject to the limitation that the carrying amount of an asset cannot be reduced below the highest of fair value less costs of disposal, value-in-use or zero. Due to the ability to sublease the right-of-use assets, these have a measurable fair value less costs of disposal and, as a result, this restriction results in the right-of-use asset being written down only to its recoverable amount based on fair value less costs of disposal. The remaining amount of the impairment loss that would otherwise have been allocated to the right-of-use asset was allocated pro rata to the other assets of the unit. In restricting the impairment charge recognised in respect of the right-of-use assets, their fair value less costs of disposal was calculated on the basis of the cash flows that could be realised by the Group through the sublet of the site, discounted using a post- tax discount rate of 7.8% (2021: 9.8%). Under the downside scenario prepared for the going concern assessment, a further impairment of \u00a31.1m would arise in relation to property, plant and equipment and \u00a30.4m in relation to right-of-use assets at the sites impaired. An impairment charge of \u00a30.1m in relation to property, plant and equipment at two sites and \u00a30.6m in relation to right-of-use assets at a further four sites totalling would also be recognised under the downside scenario. Further information on impairment is provided in note 3. ", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-367": { "value": "16. Right-of-use assets and leases The Group leases gym sites and its head office (\u2018Property leases\u2019) and also enters into hire purchase and lease agreements for gym equipment (\u2018Non-property leases\u2019). Property leases are typically made for fixed periods of ten to 20 years but may have extension options as well. Non-property leases are typically made for fixed periods of three years. Both property and non-property leases are recognised as a right-of-use asset with a corresponding liability at the date at which the leased asset is available for use by the Group. (i) Amounts recognised in the consolidated statement of financial position Property leases \u00a3m Non-property leases \u00a3m Total \u00a3m Cost At 1 January 2021 345.4 \u2013 345.4 Additions 42.8 7.2 50.0 At 31 December 2021 388.2 7.2 395.4 Additions 33.5 8.1 41.6 Business combinations 3.3 \u2013 3.3 Disposals (4.5) \u2013 (4.5) At 31 December 2022 420.5 15.3 435.8 Accumulated depreciation At 1 January 2021 (89.8) \u2013 (89.8) Charge for the year (23.3) (0.2) (23.5) Impairment (0.9) \u2013 (0.9) At 31 December 2021 (114.0) (0.2) (114.2) Charge for the year (26.5) (1.6) (28.1) Impairment (5.7) \u2013 (5.7) Disposals 1.8 \u2013 1.8 Transfer from intangible assets (0.2) \u2013 (0.2) At 31 December 2022 (144.6) (1.8) (146.4) Net book value At 31 December 2021 274.2 7.0 281.2 At 31 December 2022 275.9 13.5 289.4 During the year a total impairment loss of \u00a38.2m was recognised relating to 13 sites which have been particularly hard hit by the Covid-19 pandemic and where recovery is slower than in the rest of estate. Of the total impairment charge recognised in the year of \u00a38.2m, \u00a32.5m was allocated against property, plant and equipment and \u00a35.7m was allocated against right-of-use assets. The total recoverable amount of the affected CGUs was \u00a37.7m. See note 15 for further disclosure. In 2020, the IASB issued Covid-19-Related Rent Concessions \u2013 amendment to IFRS 16 Leases to provide relief to lessees from applying IFRS 16 guidance on lease modification accounting for rent concessions arising as a direct consequence of the Covid-19 pandemic. Many lessors have provided rent concessions to lessees as a result of the Covid-19 pandemic. Rent concessions can include rent holidays or rent reductions for a period of time, possibly followed by increased rent payments in future periods. Applying the requirements in IFRS 16 for changes to lease payments, particularly assessing whether the rent concessions are lease modifications and applying the required accounting, could be practically difficult in the current environment. The objective of the amendment is to provide lessees that have been granted Covid-19 related rent concessions with practical relief, whilst still providing useful information about leases to users of the financial statements. As a practical expedient, a lessee may elect not to assess whether a Covid-19-related rent concession from a lessor is a lease modification. A lessee that makes this election accounts for any change in lease payments resulting from the Covid-19-related rent concession the same way it would account for the change under IFRS 16, if the change were not a lease modification. The practical expedient applies only to rent concessions occurring as a direct consequence of the Covid-19 pandemic. As permitted by this concession, the Group has derecognised \u00a30.5m (2021: \u00a31.6m) of the lease liability that has been extinguished by the forgiveness of lease payments on buildings. This has been netted off against operating expenses in the consolidated income statement. In the prior year, where landlords have agreed to permanently change the frequency of rental payments, the change in the value of the lease liability of \u00a30.8m was recognised within finance costs in the consolidated income statement as all changes impact solely on the interest charge related to the lease liability. The split of lease liabilities between current and non-current is as follows: 31 December 2022 \u00a3m 31 December 2021 \u00a3m Current 25.3 27.0 Non-current 325.1 309.3 Total Lease liabilities 350.4 336.3 The total cash outflow for leases in the year was \u00a340.7m (\u00a32021: \u00a331.9m). The maturity analysis of lease liabilities is as follows: 31 December 2022 \u00a3m 31 December 2021 \u00a3m Within one year 40.4 39.1 Greater than one year but less than two years 43.4 37.8 Greater than two years but less than three years 40.5 37.8 Greater than three years but less than four years 38.6 35.4 Greater than four years but less than five years 38.7 35.5 Five years or more 246.0 242.7 447.6 428.3 Less: unearned interest (97.2) (92.0) Total Lease liabilities 350.4 336.3 (ii) Amounts recognised in the consolidated income statement The statement of profit or loss shows the following amounts relating to leases: 31 December 2022 \u00a3m 31 December 2021 \u00a3m Lease liability derecognised under Covid-19 Rent Concession (0.5) (1.6) Depreciation charge of right-of-use assets 28.1 23.5 Impairment of right-of-use assets 5.7 0.9 Interest expense (included in finance cost) 13.3 14.0 There are no variable lease payments and no sublease income recognised in the consolidated income statement. (iii) Extension and termination options The Group has recognised lease extension options contained within the lease in the calculation of right-of-use assets and lease liabilities at inception of the lease if management is reasonably certain to exercise the option to extend the lease beyond its contractual term. In all other cases, a lease extension is only recognised when a lease is extended beyond the original contractual term. During the year, the Group has renegotiated four leases (2021: 12) which resulted in additional lease liabilities of \u00a33.5m being recognised (2021: \u00a36.9m) and terminated two leases (2021: none). (iv) Non-property lease facilities At 31 December 2022, the Group had in place total facilities of \u00a312.5m in respect of non-property lease arrangements (2021: \u00a39.5m) which it utilises to finance the fit-out of new gyms. As at 31 December 2022, the amount outstanding on this facility was \u00a311.5m (2021: \u00a36.4m). ", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-400": { "value": "17. Investments in financial assets On 3 February 2020, the Group purchased convertible loan notes in Fiit Limited for cash consideration of \u00a31.0m. Conversion was originally expected to take place within two years of issue giving the Group a small non-controlling stake at a maximum valuation of \u00a31.25m. During the year, a number of changes to the terms of the convertible loan notes have been agreed, including the extension of the date of conversion to 15 July 2023 and changes to the circumstances in which the loan notes may be redeemed or converted. These notes are measured at fair value through profit or loss and the carrying value at the end of the year was \u00a31.0m (2021: \u00a31.0m). This is a level 3 valuation under the fair value hierarchy and was determined based on the performance of the business post-acquisition against the business plan produced at the time of the investment. The business continues to build strategic partnerships with a number of parties and is expected to continue to have adequate funding in place. As such, the carrying amount is believed to appropriately reflect the fair value. The range of sensitivity in the valuation at 31 December 2022 to reasonably possible changes in the assumptions used is not considered to be material. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-368": { "value": "17. Investments in financial assets On 3 February 2020, the Group purchased convertible loan notes in Fiit Limited for cash consideration of \u00a31.0m. Conversion was originally expected to take place within two years of issue giving the Group a small non-controlling stake at a maximum valuation of \u00a31.25m. During the year, a number of changes to the terms of the convertible loan notes have been agreed, including the extension of the date of conversion to 15 July 2023 and changes to the circumstances in which the loan notes may be redeemed or converted. These notes are measured at fair value through profit or loss and the carrying value at the end of the year was \u00a31.0m (2021: \u00a31.0m). This is a level 3 valuation under the fair value hierarchy and was determined based on the performance of the business post-acquisition against the business plan produced at the time of the investment. The business continues to build strategic partnerships with a number of parties and is expected to continue to have adequate funding in place. As such, the carrying amount is believed to appropriately reflect the fair value. The range of sensitivity in the valuation at 31 December 2022 to reasonably possible changes in the assumptions used is not considered to be material. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-429": { "value": "18. Trade and other receivables (due in less than one year) 31 December 2022 \u00a3m 31 December 2021 \u00a3m Trade receivables 0.6 0.8 Loss allowance \u2013 \u2013 0.6 0.8 Other receivables 0.7 0.6 Prepayments and accrued income 7.6 4.9 8.9 6.3 ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-417": { "value": "18. Trade and other receivables (due in less than one year) 31 December 2022 \u00a3m 31 December 2021 \u00a3m Trade receivables 0.6 0.8 Loss allowance \u2013 \u2013 0.6 0.8 Other receivables 0.7 0.6 Prepayments and accrued income 7.6 4.9 8.9 6.3 ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-401": { "value": "18. Trade and other receivables (due in less than one year) 31 December 2022 \u00a3m 31 December 2021 \u00a3m Trade receivables 0.6 0.8 Loss allowance \u2013 \u2013 0.6 0.8 Other receivables 0.7 0.6 Prepayments and accrued income 7.6 4.9 8.9 6.3 ", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-369": { "value": "18. Trade and other receivables (due in less than one year) 31 December 2022 \u00a3m 31 December 2021 \u00a3m Trade receivables 0.6 0.8 Loss allowance \u2013 \u2013 0.6 0.8 Other receivables 0.7 0.6 Prepayments and accrued income 7.6 4.9 8.9 6.3 ", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-371": { "value": "19. Cash and cash equivalents 31 December 2022 \u00a3m 31 December 2021 \u00a3m Cash at bank 0.5 3.3 Short term deposits 4.9 4.0 Cash and cash equivalents 5.4 7.3 Cash and cash equivalents earn interest at floating rates based on daily bank deposit rates. Short term deposits are made for periods of one day and earn interest at the respective short term deposit rates. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-430": { "value": "20. Trade and other payables (due in less than one year) 31 December 2022 \u00a3m 31 December 2021 \u00a3m Trade payables 8.0 2.3 Social security and other taxes 2.0 2.5 Accruals 17.6 17.0 Other payables 0.2 0.2 Contract liabilities (note 5) 11.0 8.4 38.8 30.4 ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-418": { "value": "20. Trade and other payables (due in less than one year) 31 December 2022 \u00a3m 31 December 2021 \u00a3m Trade payables 8.0 2.3 Social security and other taxes 2.0 2.5 Accruals 17.6 17.0 Other payables 0.2 0.2 Contract liabilities (note 5) 11.0 8.4 38.8 30.4 ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-402": { "value": "20. Trade and other payables (due in less than one year) 31 December 2022 \u00a3m 31 December 2021 \u00a3m Trade payables 8.0 2.3 Social security and other taxes 2.0 2.5 Accruals 17.6 17.0 Other payables 0.2 0.2 Contract liabilities (note 5) 11.0 8.4 38.8 30.4 ", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-370": { "value": "20. Trade and other payables (due in less than one year) 31 December 2022 \u00a3m 31 December 2021 \u00a3m Trade payables 8.0 2.3 Social security and other taxes 2.0 2.5 Accruals 17.6 17.0 Other payables 0.2 0.2 Contract liabilities (note 5) 11.0 8.4 38.8 30.4 ", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-372": { "value": "21. Borrowings The carrying value of the Group\u2019s bank borrowings at 31 December 2022 was \u00a370.0m (2021: \u00a344.3m). The Group has in place a Revolving Credit Facility (\u2018RCF\u2019) which is syndicated to a three-lender panel of NatWest, HSBC and Banco de Sabadell. Until May 2022, the Group had \u00a3100m of available facilities under the RCF and it was due to mature in 2023. In May 2022, the Group agreed changes to its RCF facility with its lenders which included a one-year extension of Facility A (\u00a370m) to October 2024; the cancellation in full of the temporary Facility B (\u00a330m) and replacement with a new \u00a310m Facility to October 2024; and further relaxation of finance lease restrictions. Facility A and Facility B had been accounted for as a single facility totalling \u00a3100m. The Group has applied the requirements of IFRS 9 to determine whether the changes made constitute a significant modification to the facility and management has concluded that the new agreement represents a single loan agreement for an RCF totalling \u00a380m and that the change is not a substantial modification as the revised cash flows are below 10% of the original facility. Consequently, the existing liability has been remeasured to amortised cost using a revised effective interest rate. The funds borrowed under the RCF bear interest at a minimum annual rate of 2.85% (2021: 2.60%) above the Sterling Overnight Index Average (\u2018SONIA\u2019) plus a credit adjustment spread. The average interest rate paid in the year on drawn funds under the facility is 4.46% (2021: 2.67%). Undrawn funds bear interest at a minimum annual rate of 1.14% (2021: 0.91%). The Group\u2019s borrowings are held at amortised cost using the effective interest method. Each reporting period, the Group reviews its cash flow forecasts and if these have changed since the previous reporting period, the borrowings are remeasured using the original effective interest rate. Any remeasurement of borrowings is treated as non-underlying and excluded from adjusted earnings. The RCF is subject to financial covenants relating to leverage, fixed charge cover and minimum liquidity. At 31 December 2022, the Group had drawn down \u00a370.0m under the RCF (2021: \u00a345.0m), leaving \u00a310.0m (2021: \u00a355.0m) undrawn and available. The \u00a370.0m is repayable in October 2024. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-373": { "value": "22. Financing liabilities Cash and cash equivalents \u00a3m Borrowings \u00a3m Non-property lease liabilities \u00a3m Property lease liabilities \u00a3m Total lease liabilities \u00a3m At 1 January 2021 3.7 (49.2) \u2013 (306.3) (306.3) Cash flows 3.6 6.0 \u2013 \u2013 \u2013 Non-cash changes to amortised cost \u2013 (1.1) \u2013 \u2013 \u2013 IFRS 16 \u2013 \u2013 (6.4) (23.6) (30.0) At 31 December 2021 7.3 (44.3) (6.4) (329.9) (336.3) Cash flows (1.9) (25.0) \u2013 \u2013 \u2013 Non-cash changes to amortised cost \u2013 (0.7) \u2013 \u2013 \u2013 IFRS 16 \u2013 \u2013 (5.0) (9.1) (14.1) At 31 December 2022 5.4 (70.0) (11.4) (339.0) (350.4) Non-cash changes to amortised cost comprises accrued interest using the effective interest rate method and remeasurements arising from refinancing. The IFRS 16 movements in non-property lease liabilities represent the net movement in lease payments of \u00a33.6m (2021: \u00a30.9m) offset by additions of \u00a38.0m (2021: \u00a37.2m) and finance costs of \u00a30.6m (2021: \u00a30.1m). The IFRS 16 movements in property lease liabilities represent the net movement in lease payments of \u00a337.1m (2021: \u00a331.0m), disposals of \u00a32.5m (2021: nil) and rent concessions of \u00a30.5m (2021: \u00a31.6m) offset by additions of \u00a333.0m (2021: \u00a335.3m), modifications of \u00a33.5m (2021: \u00a37.0m) and finance costs of \u00a312.7m (2021: \u00a313.9m). ", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-374": { "value": "23. Provisions Dilapidations \u00a3m Other \u00a3m Total \u00a3m At 1 January 2021 1.2 0.1 1.3 New provisions 0.4 \u2013 0.4 Release of provision \u2013 (0.1) (0.1) At 31 December 2021 1.6 \u2013 1.6 New provisions 0.2 0.2 0.4 Business combinations - 0.5 0.5 Utilisation of provisions - (0.1) (0.1) At 31 December 2022 1.8 0.6 2.4 Due in less than one year \u2013 \u2013 \u2013 Due in more than one year 1.6 \u2013 1.6 At 31 December 2021 1.6 \u2013 1.6 Due in less than one year \u2013 0.6 0.6 Due in more than one year 1.8 \u2013 1.8 At 31 December 2022 1.8 0.6 2.4 A dilapidations provision is recognised when there is a present obligation relating to the maintenance of leasehold properties. The provision is based on management\u2019s best estimate of meeting this obligation, but the amount and timing of this are uncertain. Subject to a new lease not being negotiated to extend the current lease term, dilapidations would become payable between 2025 and 2040 with \u00a30.1m expected to crystalise in the next five years, \u00a30.8m crystallising in between five and ten years and the remainder crystallising in more than ten years. ", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-375": { "value": "24. Financial instruments Fair values With the exception of the Group\u2019s borrowings, the carrying value of financial assets and liabilities equal their fair value. The carrying value of borrowings of \u00a370.0m (2021: \u00a344.3m) have a fair value of \u00a370.0m (2021: \u00a345.0m). The fair values of financial derivatives and borrowings have been calculated by discounting the future cash flows at prevailing market interest rates. Other than the fair value of financial assets at fair value through profit and loss that are categorised as Level 3, the fair value of all other financial assets and liabilities are categorised as Level 2. Capital risk management The Group\u2019s objectives when managing capital are to safeguard the Group\u2019s ability to continue as a going concern, to provide returns for shareholders and benefits for other stakeholders, and to maintain an optimal capital structure and cost of capital. In order to maintain or adjust capital, the Group may adjust the amount of dividends paid to shareholders, return capital to shareholders, issue new shares or sell assets to reduce debt. Consistent with others in the industry, the Group monitors capital on the basis of the gearing ratio. This ratio is calculated as net debt divided by total capital. Net debt is calculated as bank borrowings and non-property leases less cash and cash equivalents. Total capital is calculated as equity (excluding own shares held and retained earnings) as shown in the Consolidated Statement of Financial Position plus net debt. The gearing ratios for the periods under review are as follows: 31 December 2022 \u00a3m 31 December 2021 \u00a3m Bank borrowings 70.0 45.0 Non-property leases 11.5 6.4 Less: cash and cash equivalents (5.4) (7.3) Non-Property Net Debt 76.1 44.1 Total equity 229.7 229.6 Total capital 305.8 273.7 Gearing ratio 25% 16% Financial risk management The Group has exposure to the following risks from its use of financial instruments: l Market risk l Liquidity risk l Credit risk This note presents information about the Group\u2019s exposure to each of the above risks, and the Group\u2019s objectives, policies and procedures for measuring and managing risk. The Board of Directors has overall responsibility for the establishment and oversight of the Group\u2019s risk management framework. Market risk Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market prices. The principal market risk affecting the Group is interest rate risk. Financial instruments affected by market risk include borrowings, deposits and derivative financial instruments. The sensitivity analysis in the following sections relates to the position as at 31 December 2022 and 2021. The analysis has been prepared on the basis that the amount of net debt and the ratio of fixed to floating interest rates of the debt and derivatives are all constant. Interest rate risk The Group is exposed to interest rate risk because the Group\u2019s long term debt obligations are at floating interest rates based on GBP SONIA. The risk is sometimes managed by the Group through interest rate swap contracts and hedging activities are evaluated regularly to align with interest rate views and defined risk appetite to ensure the most cost- effective hedging strategies are applied. During the year, the Group had in place an interest rate swap contract which was designated as a cash flow hedge. This derivative expired in September 2022 and as at 31 December 2022 the Group did not have any interest rate hedging in place. The Group is not expecting any reduction in interest rates over the next 12 months. The increase in the loss before tax of a reasonably possible increase in interest rates is as follows: 31 December 2022 \u00a3m 31 December 2021 \u00a3m Change in interest rates of 0.5% (2021: 0.5%) 0.4 0.2 Liquidity risk Liquidity risk is the risk that the Group will not be able to meet its financial obligations as they fall due. Ultimate responsibility for liquidity risk management rests with the Board of Directors. The Group manages liquidity risk by continuously monitoring forecast and actual cash flows; matching the maturity profiles of financial assets and operational liabilities where possible and maintaining adequate cash reserves. The table below summarises the maturity profile of the Group\u2019s financial liabilities: 31 December 2022 Within 1 year \u00a3m 1 to 2 years \u00a3m 2 to 5 years \u00a3m More than 5 years \u00a3m Total \u00a3m Trade and other payables 25.8 \u2013 \u2013 \u2013 25.8 Borrowings 5.6 74.1 \u2013 \u2013 79.7 Lease liabilities 40.4 43.4 117.8 246.0 447.6 71.8 117.5 117.8 246.0 553.1 31 December 2021 Within 1 year \u00a3m 1 to 2 years \u00a3m 2 to 5 years \u00a3m More than 5 years \u00a3m Total \u00a3m Trade and other payables 19.4 \u2013 \u2013 \u2013 19.4 Borrowings 1.2 46.0 \u2013 \u2013 47.2 Lease liabilities 39.1 37.8 108.7 242.7 428.3 59.7 83.8 108.7 242.7 494.9 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, and other financial instruments. The credit risk on liquid funds is limited because the counterparties are banks with high credit ratings assigned by international credit-rating agencies. Due to the nature of the business requiring customers to pay in advance, there is little concentration of risk in trade receivables due to the limited value of trade receivables due from large number of customers which are spread across wide geographical areas. Trade receivable balances are written off when the balance is known not to be recoverable. and expected credit losses are immaterial. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-403": { "value": "Fair values With the exception of the Group\u2019s borrowings, the carrying value of financial assets and liabilities equal their fair value. The carrying value of borrowings of \u00a370.0m (2021: \u00a344.3m) have a fair value of \u00a370.0m (2021: \u00a345.0m). The fair values of financial derivatives and borrowings have been calculated by discounting the future cash flows at prevailing market interest rates. Other than the fair value of financial assets at fair value through profit and loss that are categorised as Level 3, the fair value of all other financial assets and liabilities are categorised as Level 2. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-404": { "value": "Capital risk management The Group\u2019s objectives when managing capital are to safeguard the Group\u2019s ability to continue as a going concern, to provide returns for shareholders and benefits for other stakeholders, and to maintain an optimal capital structure and cost of capital. In order to maintain or adjust capital, the Group may adjust the amount of dividends paid to shareholders, return capital to shareholders, issue new shares or sell assets to reduce debt. Consistent with others in the industry, the Group monitors capital on the basis of the gearing ratio. This ratio is calculated as net debt divided by total capital. Net debt is calculated as bank borrowings and non-property leases less cash and cash equivalents. Total capital is calculated as equity (excluding own shares held and retained earnings) as shown in the Consolidated Statement of Financial Position plus net debt. The gearing ratios for the periods under review are as follows: 31 December 2022 \u00a3m 31 December 2021 \u00a3m Bank borrowings 70.0 45.0 Non-property leases 11.5 6.4 Less: cash and cash equivalents (5.4) (7.3) Non-Property Net Debt 76.1 44.1 Total equity 229.7 229.6 Total capital 305.8 273.7 Gearing ratio 25% 16% ", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-405": { "value": "Financial risk management The Group has exposure to the following risks from its use of financial instruments: l Market risk l Liquidity risk l Credit risk This note presents information about the Group\u2019s exposure to each of the above risks, and the Group\u2019s objectives, policies and procedures for measuring and managing risk. The Board of Directors has overall responsibility for the establishment and oversight of the Group\u2019s risk management framework. Market risk Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market prices. The principal market risk affecting the Group is interest rate risk. Financial instruments affected by market risk include borrowings, deposits and derivative financial instruments. The sensitivity analysis in the following sections relates to the position as at 31 December 2022 and 2021. The analysis has been prepared on the basis that the amount of net debt and the ratio of fixed to floating interest rates of the debt and derivatives are all constant. Interest rate risk The Group is exposed to interest rate risk because the Group\u2019s long term debt obligations are at floating interest rates based on GBP SONIA. The risk is sometimes managed by the Group through interest rate swap contracts and hedging activities are evaluated regularly to align with interest rate views and defined risk appetite to ensure the most cost- effective hedging strategies are applied. During the year, the Group had in place an interest rate swap contract which was designated as a cash flow hedge. This derivative expired in September 2022 and as at 31 December 2022 the Group did not have any interest rate hedging in place. The Group is not expecting any reduction in interest rates over the next 12 months. The increase in the loss before tax of a reasonably possible increase in interest rates is as follows: 31 December 2022 \u00a3m 31 December 2021 \u00a3m Change in interest rates of 0.5% (2021: 0.5%) 0.4 0.2 Liquidity risk Liquidity risk is the risk that the Group will not be able to meet its financial obligations as they fall due. Ultimate responsibility for liquidity risk management rests with the Board of Directors. The Group manages liquidity risk by continuously monitoring forecast and actual cash flows; matching the maturity profiles of financial assets and operational liabilities where possible and maintaining adequate cash reserves. The table below summarises the maturity profile of the Group\u2019s financial liabilities: 31 December 2022 Within 1 year \u00a3m 1 to 2 years \u00a3m 2 to 5 years \u00a3m More than 5 years \u00a3m Total \u00a3m Trade and other payables 25.8 \u2013 \u2013 \u2013 25.8 Borrowings 5.6 74.1 \u2013 \u2013 79.7 Lease liabilities 40.4 43.4 117.8 246.0 447.6 71.8 117.5 117.8 246.0 553.1 31 December 2021 Within 1 year \u00a3m 1 to 2 years \u00a3m 2 to 5 years \u00a3m More than 5 years \u00a3m Total \u00a3m Trade and other payables 19.4 \u2013 \u2013 \u2013 19.4 Borrowings 1.2 46.0 \u2013 \u2013 47.2 Lease liabilities 39.1 37.8 108.7 242.7 428.3 59.7 83.8 108.7 242.7 494.9 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, and other financial instruments. The credit risk on liquid funds is limited because the counterparties are banks with high credit ratings assigned by international credit-rating agencies. Due to the nature of the business requiring customers to pay in advance, there is little concentration of risk in trade receivables due to the limited value of trade receivables due from large number of customers which are spread across wide geographical areas. Trade receivable balances are written off when the balance is known not to be recoverable. and expected credit losses are immaterial. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-419": { "value": "Market risk Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market prices. The principal market risk affecting the Group is interest rate risk. Financial instruments affected by market risk include borrowings, deposits and derivative financial instruments. The sensitivity analysis in the following sections relates to the position as at 31 December 2022 and 2021. The analysis has been prepared on the basis that the amount of net debt and the ratio of fixed to floating interest rates of the debt and derivatives are all constant. Interest rate risk The Group is exposed to interest rate risk because the Group\u2019s long term debt obligations are at floating interest rates based on GBP SONIA. The risk is sometimes managed by the Group through interest rate swap contracts and hedging activities are evaluated regularly to align with interest rate views and defined risk appetite to ensure the most cost- effective hedging strategies are applied. During the year, the Group had in place an interest rate swap contract which was designated as a cash flow hedge. This derivative expired in September 2022 and as at 31 December 2022 the Group did not have any interest rate hedging in place. The Group is not expecting any reduction in interest rates over the next 12 months. The increase in the loss before tax of a reasonably possible increase in interest rates is as follows: 31 December 2022 \u00a3m 31 December 2021 \u00a3m Change in interest rates of 0.5% (2021: 0.5%) 0.4 0.2 ", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-420": { "value": "Liquidity risk Liquidity risk is the risk that the Group will not be able to meet its financial obligations as they fall due. Ultimate responsibility for liquidity risk management rests with the Board of Directors. The Group manages liquidity risk by continuously monitoring forecast and actual cash flows; matching the maturity profiles of financial assets and operational liabilities where possible and maintaining adequate cash reserves. The table below summarises the maturity profile of the Group\u2019s financial liabilities: 31 December 2022 Within 1 year \u00a3m 1 to 2 years \u00a3m 2 to 5 years \u00a3m More than 5 years \u00a3m Total \u00a3m Trade and other payables 25.8 \u2013 \u2013 \u2013 25.8 Borrowings 5.6 74.1 \u2013 \u2013 79.7 Lease liabilities 40.4 43.4 117.8 246.0 447.6 71.8 117.5 117.8 246.0 553.1 31 December 2021 Within 1 year \u00a3m 1 to 2 years \u00a3m 2 to 5 years \u00a3m More than 5 years \u00a3m Total \u00a3m Trade and other payables 19.4 \u2013 \u2013 \u2013 19.4 Borrowings 1.2 46.0 \u2013 \u2013 47.2 Lease liabilities 39.1 37.8 108.7 242.7 428.3 59.7 83.8 108.7 242.7 494.9 ", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-421": { "value": "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, and other financial instruments. The credit risk on liquid funds is limited because the counterparties are banks with high credit ratings assigned by international credit-rating agencies. Due to the nature of the business requiring customers to pay in advance, there is little concentration of risk in trade receivables due to the limited value of trade receivables due from large number of customers which are spread across wide geographical areas. Trade receivable balances are written off when the balance is known not to be recoverable. and expected credit losses are immaterial. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-376": { "value": "25. Issued share capital and reserves 31 December 2022 \u00a3m 31 December 2021 \u00a3m Allotted, called up and fully paid Ordinary shares of \u00a30.0001 each \u2013 \u2013 Own shares held Deferred Ordinary shares of \u00a31 each 0.1 0.1 The number of Ordinary shares in issue is as follows: 31 December 2022 31 December 2021 Ordinary shares of \u00a30.0001 each 178,039,002 177,519,174 Deferred Ordinary shares of \u00a31 each 48,050 48,050 In addition, 312,480 Ordinary shares of \u00a30.0001 each are held by an employee benefit trust (2021: 232,044). In July 2021, 11,350,000 Ordinary shares of \u00a30.0001 each were issued at a price of \u00a32.75 per share and raised gross proceeds of \u00a331.2m. The costs directly related to the transaction amounted to \u00a30.9m. The proceeds of the share issue were used to accelerate the Group\u2019s site rollout programme. The following describes the nature and purpose of each reserve in equity: Own shares held and capital redemption reserve These reserves represent 48,050 Deferred Ordinary shares of \u00a31 each repurchased by the Company on 12 November 2015 and Ordinary shares held in an employee benefit trust. The Deferred Ordinary shares constitute a separate, non-voting class of shares which is held in treasury and not admitted to trading. The rights attached to the Deferred Shares are set out in the Company\u2019s Articles. Share premium The amount subscribed for share capital in excess of nominal value. Hedging reserve The fair value movements on the effective portion of hedging instruments. Merger reserve The amount subscribed for share capital in excess of nominal value attracting merger relief under the Companies Act 2006. Retained earnings/deficit The accumulated net gains and losses of the Group since inception. Issued Share Capital and Capital Redemption Reserve are not included in the Consolidated Statement of Changes in Equity because the balances in these reserves are less than \u00a30.1m. ", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-406": { "value": "31 December 2022 \u00a3m 31 December 2021 \u00a3m Allotted, called up and fully paid Ordinary shares of \u00a30.0001 each \u2013 \u2013 Own shares held Deferred Ordinary shares of \u00a31 each 0.1 0.1 The number of Ordinary shares in issue is as follows: 31 December 2022 31 December 2021 Ordinary shares of \u00a30.0001 each 178,039,002 177,519,174 Deferred Ordinary shares of \u00a31 each 48,050 48,050 In addition, 312,480 Ordinary shares of \u00a30.0001 each are held by an employee benefit trust (2021: 232,044). In July 2021, 11,350,000 Ordinary shares of \u00a30.0001 each were issued at a price of \u00a32.75 per share and raised gross proceeds of \u00a331.2m. The costs directly related to the transaction amounted to \u00a30.9m. The proceeds of the share issue were used to accelerate the Group\u2019s site rollout programme. ", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-407": { "value": "The following describes the nature and purpose of each reserve in equity: Own shares held and capital redemption reserve These reserves represent 48,050 Deferred Ordinary shares of \u00a31 each repurchased by the Company on 12 November 2015 and Ordinary shares held in an employee benefit trust. The Deferred Ordinary shares constitute a separate, non-voting class of shares which is held in treasury and not admitted to trading. The rights attached to the Deferred Shares are set out in the Company\u2019s Articles. Share premium The amount subscribed for share capital in excess of nominal value. Hedging reserve The fair value movements on the effective portion of hedging instruments. Merger reserve The amount subscribed for share capital in excess of nominal value attracting merger relief under the Companies Act 2006. Retained earnings/deficit The accumulated net gains and losses of the Group since inception. Issued Share Capital and Capital Redemption Reserve are not included in the Consolidated Statement of Changes in Equity because the balances in these reserves are less than \u00a30.1m. ", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-422": { "value": "Own shares held and capital redemption reserve These reserves represent 48,050 Deferred Ordinary shares of \u00a31 each repurchased by the Company on 12 November 2015 and Ordinary shares held in an employee benefit trust. The Deferred Ordinary shares constitute a separate, non-voting class of shares which is held in treasury and not admitted to trading. The rights attached to the Deferred Shares are set out in the Company\u2019s Articles. ", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-377": { "value": "26. Share based payments The Group had the following equity-settled share based payment arrangements in operation during the year: a) The Gym Group plc Performance Share Plan (\u2018PSP\u2019) b) The Gym Group plc Share Incentive Plan \u2013 Free shares (\u2018SIP - Free Shares\u2019) c) The Gym Group plc Share Incentive Plan \u2013 Matching shares (\u2018SIP\u2019) d) The Gym Group plc Restricted Stock Plan (\u2018RSA\u2019) e) The Gym Group plc Long Service Award Plan (\u2018LSA\u2019) f) The Gym Group plc Savings Related Share Option Scheme (\u2018SAYE\u2019) In accordance with IFRS 2 Share Based Payment, the value of the awards is measured at fair value at the date of the grant. The fair value is expensed on a straight-line basis over the vesting period, based on management\u2019s estimate of the number of shares that will eventually vest. The Group recognised a total charge of \u00a31.7m (2021: \u00a32.4m) in respect of the Group\u2019s share based payment arrangements and a credit related to employer\u2019s national insurance of \u00a30.3m (2021: charge of \u00a30.5m). A summary of the movements in each scheme is outlined below: Scheme name Outstanding at 1 January 2022 Granted during the year Lapsed/ cancelled during the year Exercised during the year Outstanding at 31 December 2022 Exercisable at 31 December 2022 Performance Share Plan 3,613,320 1,244,092 (1,520,175) \u2013 3,327,237 378,888 Share Incentive Plan \u2013 Free shares 19,431 \u2013 \u2013 (3,048) 16,383 16,383 Share Incentive Plan \u2013 Matching shares 158,896 77,085 (11,548) (7,729) 216,704 47,139 Restricted stock 1,604,628 1,272,508 (202,357) (496,747) 2,178,032 316,047 Long Service Awards 4,358 2,750 \u2013 (4,358) 2,750 \u2013 Save as You Earn 882,569 857,360 (408,736) (18,749) 1,312,444 52,386 6,283,002 3,453,795 (2,142,816) (530,631) 7,063,550 810,843 The exercise price of all options under the schemes held during the year is \u00a30.01, with the exception of the SAYE scheme where the exercise price ranges between 93.0p and 236.0p. 758,457 options were exercisable under the PSP, RSA and SIP schemes as at 31 December 2022 (2021: 488,466) and 52,386 options were exercisable under the SAYE scheme (2021: nil). No other options were exercisable as at 31 December 2022. (a) Performance Share Plan The outstanding awards under the PSP as at 31 December 2022 will all vest within three years, subject to continued employment and the achievement of certain performance targets. For awards made in 2022 and prior to 2020, the targets are based on TSR and financial performance measures with each target contributing to 50% of the vesting conditions. For awards made in 2022, the financial performance measures are Return on Invested Capital (\u2018ROIC\u2019) and Cumulative Adjusted Group Operating Cash Flow, with the awards being split equally between these two measures. Prior to the 2019 awards all of the financial performance measures were based on adjusted EPS targets, with the 2019 awards split equally between EPS and ROIC. For awards made in 2021 and 2020, the performance targets are solely based on TSR, with 33.3% based on absolute shareholder return and 66.7% based on relative TSR. The vesting conditions of the Performance Share Plan awards are set out on page 101. The maximum term of these awards is three years and settlement is in the form of shares. The fair value of the ROIC, Cumulative Adjusted Operating Cash Flow and EPS elements was determined using the share price at the date of grant. The fair value of the TSR element of the award was estimated at the grant date using a Monte Carlo simulation model, taking into account the terms and conditions upon which the awards were granted. This model simulates the TSR and compares it against the group of comparator companies. It takes into account historic dividends and share price fluctuations to predict the distribution of relative share price performance. The shares are potentially dilutive for the purposes of calculating diluted earnings per share. The following assumptions were used for options granted during the year: Without holding period With holding period 2022 2021 2022 2021 Weighted average share price at date of grant \u00a32.22 \u00a32.32 \u00a32.22 \u00a32.32 Exercise price \u00a30.0001 \u00a30.0001 \u00a30.0001 \u00a30.0001 Expected volatility 61.75% 60.20% 54.25% 68.83% Expected term until exercised 3 years 3 years 5 years 5 years Expected dividend yield \u2013 \u2013 \u2013 \u2013 Risk-free interest rate 1.57% 0.13% 1.56% 0.42% The weighted average fair value of each award issued under this scheme during the year was \u00a31.21 (2021: \u00a31.67). The weighted average remaining contractual life was 8.0 years at 31 December 2022 (2021: 8.0 years). (b) Share Incentive Plan \u2013 Free shares The awards made under the SIP - Free Shares occurred when the Group floated on the London Stock Exchange and were subject to continued employment requirements over a three-year period and had no performance conditions. Therefore, the options vested in full at the end of the three-year period. No further awards have been issued. The shares are held by an employee benefit trust and are dilutive for the purposes of earnings per share. The weighted average remaining contractual life was 3.3 years at 31 December 2022 (2021: 4.3 years). (c) Share Incentive Plan \u2013 Matching shares Under the matching shares award, for every share purchased by an employee the Company will award one matching share, up to a maximum value. Therefore, the options vest in full at the end of the three-year period. The awards are subject to continued employment requirements over a three-year period and have no performance conditions. The shares are held by an employee benefit trust and are dilutive for the purposes of earnings per share. The weighted average fair value of each award issued under this scheme during the year was \u00a31.60 (2021: \u00a32.64) and was determined using the share price at the date of grant. The weighted average remaining contractual life was 1.2 years at 31 December 2022 (2021: 1.3 years). (d) Restricted stock The outstanding awards under the RSA are subject to continued employment requirements over a two or three-year period and have no performance conditions. Therefore, the options vest in full at the end of the period. The shares are potentially dilutive for the purposes of calculating diluted earnings per share. The weighted average fair value of each award issued under this scheme during the year was \u00a31.53 (2021: \u00a32.66) and was determined using the share price at the date of grant. The weighted average remaining contractual life was 8.7 years at 31 December 2022 (2021: 8.4 years). (e) Long Service Awards The outstanding awards under the LSA are subject to continued employment requirements over a one-year period and have no performance conditions. Therefore, the options vest in full at the end of the period. The shares are potentially dilutive for the purposes of calculating diluted earnings per share. The weighted average fair value of each award issued under this scheme during the year was \u00a31.05 (2021: \u00a32.61) and was determined using the share price at the date of grant. The weighted average remaining contractual life was 0.9 years (2021: 0.6 years) at 31 December 2022. (f) Save as You Earn (SAYE) Scheme Under the SAYE scheme, employees are allowed to acquire options over the Company\u2019s shares at a discount of up to 20% of their market value at the date of grant. The awards are subject to continued employment requirements over a three- year period and have no performance conditions. Therefore, the options vest in full at the end of the period. The shares are dilutive for the purposes of earnings per share. The weighted average fair value of each award issued under this scheme during the year was \u00a30.56 (2021: \u00a31.17) and was determined using the share price at the date of grant. The weighted average remaining contractual life was 2.7 years (2021: 2.5 years) at 31 December 2022. ", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-423": { "value": "27. Commitments and contingencies The Group had \u00a30.8m of commitments that were contracted but not provided as at 31 December 2022 relating to contracts for the fit-out of new gyms where works have not yet commenced (2021: \u00a32.9m). ", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-408": { "value": "27. Commitments and contingencies The Group had \u00a30.8m of commitments that were contracted but not provided as at 31 December 2022 relating to contracts for the fit-out of new gyms where works have not yet commenced (2021: \u00a32.9m). ", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-378": { "value": "27. Commitments and contingencies The Group had \u00a30.8m of commitments that were contracted but not provided as at 31 December 2022 relating to contracts for the fit-out of new gyms where works have not yet commenced (2021: \u00a32.9m). ", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-379": { "value": "28. Related party transactions Identification of related parties The ultimate holding company of the Group is The Gym Group plc, a company incorporated in The United Kingdom. Closewall Limited is a company under the control of a family member of a Director, J Treharne, and provided services to the Group in prior years. During the prior period, Closewall Limited provided services to the Group to the value of \u00a311,000. There was no balance outstanding at 31 December 2022 (2021: \u00a3nil). The subsidiaries of the Group are as follows: Company Principal activity Country of incorporation Holding The Gym Group Midco1 Limited Holding company United Kingdom 100% The Gym Group Midco2 Limited Holding company United Kingdom 100% The Gym Group Operations Limited Holding company United Kingdom 100% The Gym Limited Fitness operator United Kingdom 100% Derwent Fitness NW Limited 1 Dormant United Kingdom 100% Derwent Fitness GS Limited 1 Dormant United Kingdom 100% 1 These subsidiaries are in the process of being struck off; the process is expected to be complete by the end of March 2023. The registered office of the subsidiaries is 5th Floor, OneCroydon, 12-16 Addiscombe Road, Croydon, CR0 0XT. Terms and conditions of transactions with related parties The purchases from related parties are made at normal market prices. Outstanding balances at the year end are unsecured, interest free and settlement occurs in cash. There have been no guarantees provided for any related party payables. Payments to Closewall Limited are in respect of the provision of services. Compensation of key management personnel Key management includes the Directors as identified in the Directors\u2019 Report and members of the Group\u2019s Executive Committee. The compensation paid or payable to key management for employment services is shown below: 31 December 2022 \u00a3m 31 December 2021 \u00a3m Remuneration 1.6 2.6 Termination benefits \u2013 0.2 Company contributions to defined contribution pension scheme 0.1 0.1 Share based payment charge 0.8 1.2 2.5 4.1 At the current and prior year end, there were no outstanding loan balances owed by key management personnel. At the year end, no balance (2021: \u00a30.6m) was owed to key management personnel in respect of year-end bonuses. Information regarding the highest paid Director is shown in the Report of the Remuneration Committee. ", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-410": { "value": "The subsidiaries of the Group are as follows: Company Principal activity Country of incorporation Holding The Gym Group Midco1 Limited Holding company United Kingdom 100% The Gym Group Midco2 Limited Holding company United Kingdom 100% The Gym Group Operations Limited Holding company United Kingdom 100% The Gym Limited Fitness operator United Kingdom 100% Derwent Fitness NW Limited 1 Dormant United Kingdom 100% Derwent Fitness GS Limited 1 Dormant United Kingdom 100% 1 These subsidiaries are in the process of being struck off; the process is expected to be complete by the end of March 2023. ", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-409": { "value": "Compensation of key management personnel Key management includes the Directors as identified in the Directors\u2019 Report and members of the Group\u2019s Executive Committee. The compensation paid or payable to key management for employment services is shown below: 31 December 2022 \u00a3m 31 December 2021 \u00a3m Remuneration 1.6 2.6 Termination benefits \u2013 0.2 Company contributions to defined contribution pension scheme 0.1 0.1 Share based payment charge 0.8 1.2 2.5 4.1 At the current and prior year end, there were no outstanding loan balances owed by key management personnel. At the year end, no balance (2021: \u00a30.6m) was owed to key management personnel in respect of year-end bonuses. Information regarding the highest paid Director is shown in the Report of the Remuneration Committee. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-380": { "value": "29. Dividends made and proposed It is a condition of the Facility C of the Group\u2019s RCF that the Company shall not declare or pay a dividend until the facility is cancelled in full. As such the Directors are not proposing a final dividend for the financial year 2022 (2021: \u00a3nil).", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } } } }