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These financial statements were approved by the Board of Directors on 13 March 2024.
Signed on behalf of the Board of Directors
Will Orr Luke Tait
Chief Executive Officer Chief Financial Officer
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"ifrs-full:CashAndCashEquivalents", "entity": "scheme:213800VCU9TBANZIN455", "period": "2022-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-308": { "value": "1500000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:213800VCU9TBANZIN455", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-309": { "value": "5400000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:213800VCU9TBANZIN455", "period": "2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-320": { "value": "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-311": { "value": "The Gym Group plc", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-316": { "value": "The Gym Group plc", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-1": { "value": "Gym Group plc", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-2": { "value": "operate low cost, high quality, 24/7, no contract gyms", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-3": { "value": "public limited company", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-4": { "value": "United Kingdom", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-310": { "value": "United Kingdom", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-317": { "value": "United Kingdom", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-5": { "value": "5th Floor, OneCroydon, 12-16 Addiscombe Road, Croydon, CR0 0XT, United Kingdom", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-318": { "value": "
2. Summary of material accounting policies
A summary of the material 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 2022. The functional currency of each entity in the
Group is pound sterling. The consolidated financial statements are presented in pound 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 2023, the Directors have
considered the following:
the Group\u2019s trading performance in 2023 and throughout the traditional January and February 2024 peak period;
future expected trading performance to June 2025 (the going concern period), including membership levels and
behaviours in light of the continued difficult macroeconomic environment; and
the Group\u2019s financing arrangements and relationship with its lenders and shareholders.
2023 was a year of solid membership and revenue growth for The Gym Group, with membership at the end of December
2023 reaching 850,000, an increase of 4% from the end of December 2022. Average revenue per member per month
(\u2018ARPMM\u2019) for the year was \u00a319.50, up 9% from \u00a317.82 in the prior year. Ultimate, the premium price product, ended the
year at 31.7% of total membership compared with 29.6% in December 2022.
As a result, revenue for the year at \u00a3204.0m was 18% up on the prior year. Group Adjusted EBITDA Less Normalised Rent
at \u00a338.5m was \u00a30.5m better than in 2022, as the growth in revenue was largely offset by cost inflation, particularly in
utilities and staff costs.
The Group also reported strong cash generation in the year, with free cash flow of \u00a327.0m (see Note 24 to the
Consolidated financial statements for a reconciliation to Net cash inflow from operating activities) being generated and
used to fund six new site openings and a number of major refurbishments, as well as significant investment in technology.
In September 2023, 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 2025. The Group also currently
has access to \u00a312.4m of finance lease facilities (\u00a315m permitted under the RCF).
The RCF is subject to quarterly financial covenant tests on Adjusted Leverage (Non-Property Net Debt divided by Group
Adjusted EBITDA Less Normalised Rent must not exceed 3.0 times) and Fixed Charge Cover (Adjusted EBITDAR to Net
Finance Charges plus Normalised Rent must be greater than 1.5 times). The previously reported liquidity covenant was
removed as part of the revised RCF agreement.
As at 31 December 2023, the Group had Non-Property Net Debt (including non-property leases) of \u00a366.4m, consisting
of \u00a359.0m drawn debt under the RCF, \u00a38.9m of non-property leases and \u00a31.5m of cash. Headroom under the RCF (drawn
debt less cash) was \u00a322.5m. Adjusted Leverage was 1.72 times and Fixed Charge Cover was 1.73 times.
Whilst the going concern assessment covers the period to the end of June 2025, the Directors have considered the
fact that the Group\u2019s RCF facility is currently expected to expire in October 2025 and concluded that, based on regular
discussions with participating banks and financial advisors, there is a realistic prospect that this will be extended or
refinanced before that time.
Following the January and February 2024 peak trading period, closing membership at 29 February 2024 was 909,000
members, an increase of 7% on the position at 31 December 2023, demonstrating that consumers consider gym
memberships to be a high priority purchase, despite the ongoing difficult economic environment; and that the low cost
gym model remains resilient.
Despite the above, the Directors have continued to take a cautious approach to planning. The base case forecast for the
period to 30 June 2025 anticipates continued growth in yields across the whole estate as a result of pricing optimisation
actions that have already been taken and the impact of the new three-tier price product architecture rolled out in FY23.
Modest increases in membership levels are driven largely by the sites opened in 2022 and 2023, and not by growth in the
mature estate.
In addition, the Directors have continued to take a measured approach to new site openings throughout the plan period,
with all new sites assumed to be self-financed. Under this scenario, the financial covenants are passed with headroom
and the Group can operate comfortably within its financing facilities.
The Directors have also considered a severe downside scenario in which membership numbers in the mature estate
decline by approximately 5% during 2024 and 3% thereafter. Yields continue to increase as a result of pricing
optimisation actions already taken, but they do so at a lower level than under the base case. In addition, the number of
new site openings is reduced to conserve cash and discretionary performance-related bonuses are removed. Under this
scenario, the 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 technology 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 closing membership would need to decline by 16% from February 2024 before the Fixed Charge Cover
covenant would be breached in June 2025. The Group would, however, continue to operate within its current level of debt
capacity and the Adjusted Leverage ratio would not be breached.
In the event of a reverse stress test scenario, the Directors would introduce additional measures to mitigate the impact
on the Group\u2019s covenants and liquidity, including: (i) further reductions in controllable operating costs, marketing and
capital expenditure; (ii) discussions with lenders to secure a covenant waiver; and (iii) deferral of, or reductions in, rent
payments to landlords. 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 2025. 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 2025 nor the viability of the Group over the next three years.
The following specific points were considered:
we procure 100% renewable energy for all of our sites where we directly control the purchase of energy.
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.
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 51 sites
operating successfully without gas for water heating and are continuing to roll out electric heat pumps to obviate
the requirement for gas.
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:
power over the investee (i.e. existing rights that give it the current ability to direct the relevant activities of the investee);
exposure, or rights, to variable returns from its involvement with the investee; and
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 233 sites at
31 December 2023. 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 stated before costs associated with operating the gyms.
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.
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:
it is technically feasible to complete the software product so that it will be available for use;
management intends to complete the software product and use or sell it;
there is an ability to use or sell the software product;
it can be demonstrated that the software product will generate probable future economic benefits;
adequate technical, financial and other resources to complete the development and to use or sell the software
product are available; and
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:
leasehold improvements over the shorter of the useful life and the term of the lease;
fixtures, fittings and equipment between three and ten years;
gym and other equipment between five and ten years; and
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.
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:
fixed lease payments (including in-substance fixed payments) less any lease incentives receivable;
variable lease payments that depend on an index or rate, initially measured using the index or rate at the
commencement date; and
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:
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;
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
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:
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;
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);
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;
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 2023 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:
the amount of the initial measurement of the lease liability;
any lease payments made at or before the commencement date less any lease incentives received;
any initial direct costs; and
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 cash generating units (\u2018CGUs\u2019) or groups of CGUs on the basis of which CGU or
group of CGUs is expected to benefit from the business combination in which the goodwill arose. 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, 13, 14 and 15.
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
The Group\u2019s financial assets comprise trade and other receivables, cash and cash equivalents, and investments. 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.
Financial assets are generally presented as current assets. Financial assets are classified as non-current if maturity is
greater than 12 months after the reporting date, and settlement is not expected within this time frame.
Financial liabilities
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.
Hedging activities
The Group 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:
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;
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
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:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-321": { "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 2022. The functional currency of each entity in the Group is pound sterling. The consolidated financial statements are presented in pound 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-366": { "value": "The functional currency of each entity in the Group is pound sterling. The consolidated financial statements are presented in pound 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-322": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-323": { "value": "Going concern In assessing the going concern position of the Group for the year ended 31 December 2023, the Directors have considered the following: the Group\u2019s trading performance in 2023 and throughout the traditional January and February 2024 peak period; future expected trading performance to June 2025 (the going concern period), including membership levels and behaviours in light of the continued difficult macroeconomic environment; and the Group\u2019s financing arrangements and relationship with its lenders and shareholders. 2023 was a year of solid membership and revenue growth for The Gym Group, with membership at the end of December 2023 reaching 850,000, an increase of 4% from the end of December 2022. Average revenue per member per month (\u2018ARPMM\u2019) for the year was \u00a319.50, up 9% from \u00a317.82 in the prior year. Ultimate, the premium price product, ended the year at 31.7% of total membership compared with 29.6% in December 2022. As a result, revenue for the year at \u00a3204.0m was 18% up on the prior year. Group Adjusted EBITDA Less Normalised Rent at \u00a338.5m was \u00a30.5m better than in 2022, as the growth in revenue was largely offset by cost inflation, particularly in utilities and staff costs. The Group also reported strong cash generation in the year, with free cash flow of \u00a327.0m (see Note 24 to the Consolidated financial statements for a reconciliation to Net cash inflow from operating activities) being generated and used to fund six new site openings and a number of major refurbishments, as well as significant investment in technology. In September 2023, 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 2025. The Group also currently has access to \u00a312.4m of finance lease facilities (\u00a315m permitted under the RCF). The RCF is subject to quarterly financial covenant tests on Adjusted Leverage (Non-Property Net Debt divided by Group Adjusted EBITDA Less Normalised Rent must not exceed 3.0 times) and Fixed Charge Cover (Adjusted EBITDAR to Net Finance Charges plus Normalised Rent must be greater than 1.5 times). The previously reported liquidity covenant was removed as part of the revised RCF agreement. As at 31 December 2023, the Group had Non-Property Net Debt (including non-property leases) of \u00a366.4m, consisting of \u00a359.0m drawn debt under the RCF, \u00a38.9m of non-property leases and \u00a31.5m of cash. Headroom under the RCF (drawn debt less cash) was \u00a322.5m. Adjusted Leverage was 1.72 times and Fixed Charge Cover was 1.73 times. Whilst the going concern assessment covers the period to the end of June 2025, the Directors have considered the fact that the Group\u2019s RCF facility is currently expected to expire in October 2025 and concluded that, based on regular discussions with participating banks and financial advisors, there is a realistic prospect that this will be extended or refinanced before that time. Following the January and February 2024 peak trading period, closing membership at 29 February 2024 was 909,000 members, an increase of 7% on the position at 31 December 2023, demonstrating that consumers consider gym memberships to be a high priority purchase, despite the ongoing difficult economic environment; and that the low cost gym model remains resilient. Despite the above, the Directors have continued to take a cautious approach to planning. The base case forecast for the period to 30 June 2025 anticipates continued growth in yields across the whole estate as a result of pricing optimisation actions that have already been taken and the impact of the new three-tier price product architecture rolled out in FY23. Modest increases in membership levels are driven largely by the sites opened in 2022 and 2023, and not by growth in the mature estate. In addition, the Directors have continued to take a measured approach to new site openings throughout the plan period, with all new sites assumed to be self-financed. Under this scenario, the financial covenants are passed with headroom and the Group can operate comfortably within its financing facilities. The Directors have also considered a severe downside scenario in which membership numbers in the mature estate decline by approximately 5% during 2024 and 3% thereafter. Yields continue to increase as a result of pricing optimisation actions already taken, but they do so at a lower level than under the base case. In addition, the number of new site openings is reduced to conserve cash and discretionary performance-related bonuses are removed. Under this scenario, the 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 technology 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 closing membership would need to decline by 16% from February 2024 before the Fixed Charge Cover covenant would be breached in June 2025. The Group would, however, continue to operate within its current level of debt capacity and the Adjusted Leverage ratio would not be breached. In the event of a reverse stress test scenario, the Directors would introduce additional measures to mitigate the impact on the Group\u2019s covenants and liquidity, including: (i) further reductions in controllable operating costs, marketing and capital expenditure; (ii) discussions with lenders to secure a covenant waiver; and (iii) deferral of, or reductions in, rent payments to landlords. 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 2025. 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. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-324": { "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 2025 nor the viability of the Group over the next three years. The following specific points were considered: we procure 100% renewable energy for all of our sites where we directly control the purchase of energy. 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. 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 51 sites operating successfully without gas for water heating and are continuing to roll out electric heat pumps to obviate the requirement for gas. 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-325": { "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: power over the investee (i.e. existing rights that give it the current ability to direct the relevant activities of the investee); exposure, or rights, to variable returns from its involvement with the investee; and 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-367": { "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: power over the investee (i.e. existing rights that give it the current ability to direct the relevant activities of the investee); exposure, or rights, to variable returns from its involvement with the investee; and 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-326": { "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 233 sites at 31 December 2023. 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-327": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-328": { "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 stated before costs associated with operating the gyms. ", "dimensions": { "concept": "thegymgroupplc:DescriptionOfAccountingPolicyForCostOfSalesAndGrossProfit", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-329": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-330": { "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. 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: it is technically feasible to complete the software product so that it will be available for use; management intends to complete the software product and use or sell it; there is an ability to use or sell the software product; it can be demonstrated that the software product will generate probable future economic benefits; adequate technical, financial and other resources to complete the development and to use or sell the software product are available; and 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-400": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-368": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-369": { "value": "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: it is technically feasible to complete the software product so that it will be available for use; management intends to complete the software product and use or sell it; there is an ability to use or sell the software product; it can be demonstrated that the software product will generate probable future economic benefits; adequate technical, financial and other resources to complete the development and to use or sell the software product are available; and 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-331": { "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: leasehold improvements over the shorter of the useful life and the term of the lease; fixtures, fittings and equipment between three and ten years; gym and other equipment between five and ten years; and 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-370": { "value": "Depreciation is calculated to write down the cost of the assets on a straight-line basis over the estimated useful lives as follows: leasehold improvements over the shorter of the useful life and the term of the lease; fixtures, fittings and equipment between three and ten years; gym and other equipment between five and ten years; and computer equipment three years. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-371": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-332": { "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. 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: fixed lease payments (including in-substance fixed payments) less any lease incentives receivable; variable lease payments that depend on an index or rate, initially measured using the index or rate at the commencement date; and 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: 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; 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 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: 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; 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); 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; 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 2023 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: the amount of the initial measurement of the lease liability; any lease payments made at or before the commencement date less any lease incentives received; any initial direct costs; and 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-372": { "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 cash generating units (\u2018CGUs\u2019) or groups of CGUs on the basis of which CGU or group of CGUs is expected to benefit from the business combination in which the goodwill arose. 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, 13, 14 and 15. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-333": { "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 cash generating units (\u2018CGUs\u2019) or groups of CGUs on the basis of which CGU or group of CGUs is expected to benefit from the business combination in which the goodwill arose. 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, 13, 14 and 15. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-374": { "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. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-334": { "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 The Group\u2019s financial assets comprise trade and other receivables, cash and cash equivalents, and investments. 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. Financial assets are generally presented as current assets. Financial assets are classified as non-current if maturity is greater than 12 months after the reporting date, and settlement is not expected within this time frame. Financial liabilities 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. Hedging activities The Group 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-373": { "value": "Financial assets The Group\u2019s financial assets comprise trade and other receivables, cash and cash equivalents, and investments. 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. Financial assets are generally presented as current assets. Financial assets are classified as non-current if maturity is greater than 12 months after the reporting date, and settlement is not expected within this time frame. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-375": { "value": "Financial liabilities 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-377": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-420": { "value": "Hedging activities The Group 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-401": { "value": "Hedging activities The Group 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-376": { "value": "Hedging activities The Group 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-335": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-336": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-337": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-338": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-340": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-339": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-341": { "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: 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; 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 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-378": { "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: 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; 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 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-342": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-343": { "value": "Dividends Dividends payable by the Company are recognised on declaration.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-379": { "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 233 sites as at 31 December 2023. 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 Ultimate 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 2023 would have been
\u00a34.0m in relation to five sites.
Further information on the impairment testing undertaken in the year is included in Note 14.
Sources of estimation uncertainty
Impairment testing
The recoverable amount of the Group\u2019s CGUs is 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 13, 14 and 15.
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 14 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.", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-344": { "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 233 sites as at 31 December 2023. 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 Ultimate 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 2023 would have been \u00a34.0m in relation to five sites. Further information on the impairment testing undertaken in the year is included in Note 14. Sources of estimation uncertainty Impairment testing The recoverable amount of the Group\u2019s CGUs is 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 13, 14 and 15.
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 14 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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-402": { "value": "
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 2023 (unless otherwise stated). The Group has not early adopted any other standard,
interpretation or amendment that has been issued but is not yet effective.
IFRS 17 Insurance Contracts \u2013 This amendment has no impact on the Group.
Definition of Accounting Estimates \u2013 Amendments to IAS 8
The amendments to IAS 8 clarify the distinction between changes in accounting estimates, changes in accounting
policies and the correction of errors. They also clarify how entities use measurement techniques and inputs to develop
accounting estimates. The amendments had no impact on the Group\u2019s consolidated financial statements.
Disclosure of Accounting Policies \u2013 Amendments to IAS 1 and IFRS Practice Statement 2
The amendments to IAS 1 and IFRS Practice Statement 2 Making Materiality Judgements provide guidance and examples
to help entities apply materiality judgements to accounting policy disclosures. The amendments aim to help entities
provide accounting policy disclosures that are more useful by replacing the requirement for entities to disclose their
\u2018significant\u2019 accounting policies with a requirement to disclose their \u2018material\u2019 accounting policies and adding guidance
on how entities apply the concept of materiality in making decisions about accounting policy disclosures.
These amendments have resulted in some changes to the Group\u2019s disclosures of accounting policies, but not on the
measurement, recognition or presentation of any items in the Group\u2019s financial statements.
Deferred Tax related to Assets and Liabilities arising from a Single Transaction \u2013 Amendments to IAS 12
The amendments to IAS 12 Income Tax narrow the scope of the initial recognition exception, so that it no longer
applies to transactions that give rise to equal taxable and deductible temporary differences such as leases and
decommissioning liabilities. The amendments had no impact on the Group\u2019s consolidated financial statements.
International Tax Reform \u2013 Pillar Two Model Rules \u2013 Amendments to IAS 12 \u2013 This amendment has no impact on 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.
", "dimensions": { "concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-403": { "value": "
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 2024:
Amendments to IAS 1 Classification of Liabilities as Current or Non-current
Liabilities with Covenants
Amendments to IFRS 16 Lease Liability in a Sale and Leaseback
Amendments to IAS 7 and IFRS 7 Disclosures: Supplier Finance
Amendments to IAS 21 Lack of Exchangeability
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:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-346": { "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 2023 31 December 2022
\u00a3m \u00a3m
Major products/service lines
Membership income
193.1
162.5
Rental income from personal trainers
7.7
7.8
Ancillary income
3.2
2.6
204.0
172.9
Timing of revenue recognition
Products transferred at a point in time
3.5
3.1
Products and services transferred over time
200.5
169.8
204.0
172.9
Liabilities relating to contracts with customers
Contract liabilities (Note 19)
(14.4)
(11.0)
Revenue recognised that was included in contract liabilities in the prior year
Membership income
11.0
8.4
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 19).
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
2022 of \u00a311.0m has been recognised as revenue during the year ended 31 December 2023.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-381": { "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 2023 31 December 2022
\u00a3m \u00a3m
Major products/service lines
Membership income
193.1
162.5
Rental income from personal trainers
7.7
7.8
Ancillary income
3.2
2.6
204.0
172.9
Timing of revenue recognition
Products transferred at a point in time
3.5
3.1
Products and services transferred over time
200.5
169.8
204.0
172.9
Liabilities relating to contracts with customers
Contract liabilities (Note 19)
(14.4)
(11.0)
Revenue recognised that was included in contract liabilities in the prior year
Membership income
11.0
8.4
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 19). 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 2022 of \u00a311.0m has been recognised as revenue during the year ended 31 December 2023.", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-404": { "value": "Disaggregation of revenue In the following table, revenue is disaggregated by major products and service lines and timing of revenue recognition.
31 December 2023 31 December 2022
\u00a3m \u00a3m
Major products/service lines
Membership income
193.1
162.5
Rental income from personal trainers
7.7
7.8
Ancillary income
3.2
2.6
204.0
172.9
Timing of revenue recognition
Products transferred at a point in time
3.5
3.1
Products and services transferred over time
200.5
169.8
204.0
172.9
Liabilities relating to contracts with customers
Contract liabilities (Note 19)
(14.4)
(11.0)
Revenue recognised that was included in contract liabilities in the prior year
Membership income
11.0
8.4
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 19). 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 2022 of \u00a311.0m has been recognised as revenue during the year ended 31 December 2023.", "dimensions": { "concept": "ifrs-full:DisclosureOfDisaggregationOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-345": { "value": "
6. Other income
31 December 2023 31 December 2022
\u00a3m \u00a3m
Research and development tax credits
0.3
0.4
Government grants receivable towards work placements
\u2013
0.1
Other
\u2013
0.3
0.3
0.8
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. 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:DisclosureOfOtherOperatingIncomeExplanatory", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-380": { "value": "6. Other income
31 December 2023 31 December 2022
\u00a3m \u00a3m
Research and development tax credits
0.3
0.4
Government grants receivable towards work placements
\u2013
0.1
Other
\u2013
0.3
0.3
0.8
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. 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. 7. Operating expenses Operating expenses comprise the following:
31 December 2023 31 December 2022
\u00a3m \u00a3m
Underlying employee costs (Note 8)
43.7
37.6
Site costs (excluding employee costs)
78.1
59.3
Central support office costs (excluding employee costs)
6.2
5.0
Profit on disposal of property plant and equipment
\u2013
(0.4)
Auditor\u2019s remuneration costs:
Fees payable for the audit of the Group\u2019s annual accounts
0.3
0.2
Audit of the Group\u2019s subsidiaries pursuant to legislation
0.1
0.1
Underlying operating expenses before depreciation, amortisation
and impairment
128.4
101.8
Non-underlying operating expenses before depreciation, amortisation
and impairment (Note 9)
1.5
4.4
Operating expenses before depreciation, amortisation and impairment
129.9
106.2
1 2 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 the prior year, 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. The value of business rates saved during the year ended 31 December 2023 was \u00a30.1m (2022: \u00a31.1m). ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-348": { "value": "
7. Operating expenses
Operating expenses comprise the following:
31 December 2023 31 December 2022
\u00a3m \u00a3m
Underlying employee costs (Note 8)
43.7
37.6
Site costs (excluding employee costs)
78.1
59.3
Central support office costs (excluding employee costs)
6.2
5.0
Profit on disposal of property plant and equipment
\u2013
(0.4)
Auditor\u2019s remuneration costs:
Fees payable for the audit of the Group\u2019s annual accounts
0.3
0.2
Audit of the Group\u2019s subsidiaries pursuant to legislation
0.1
0.1
Underlying operating expenses before depreciation, amortisation
and impairment
128.4
101.8
Non-underlying operating expenses before depreciation, amortisation
and impairment (Note 9)
1.5
4.4
Operating expenses before depreciation, amortisation and impairment
129.9
106.2
1
2
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 the prior year, 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. The value of business rates saved during the year ended 31 December 2023 was \u00a30.1m (2022: \u00a31.1m).
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-421": { "value": "7. Operating expenses Operating expenses comprise the following:
31 December 2023 31 December 2022
\u00a3m \u00a3m
Underlying employee costs (Note 8)
43.7
37.6
Site costs (excluding employee costs)
78.1
59.3
Central support office costs (excluding employee costs)
6.2
5.0
Profit on disposal of property plant and equipment
\u2013
(0.4)
Auditor\u2019s remuneration costs:
Fees payable for the audit of the Group\u2019s annual accounts
0.3
0.2
Audit of the Group\u2019s subsidiaries pursuant to legislation
0.1
0.1
Underlying operating expenses before depreciation, amortisation
and impairment
128.4
101.8
Non-underlying operating expenses before depreciation, amortisation
and impairment (Note 9)
1.5
4.4
Operating expenses before depreciation, amortisation and impairment
129.9
106.2
1 2 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 the prior year, 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. The value of business rates saved during the year ended 31 December 2023 was \u00a30.1m (2022: \u00a31.1m). 13. Intangible assets
Computer
software and
Goodwill Customer list Contract licences Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cost
At 1 January 2022
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
Additions
\u2013
\u2013
\u2013
4.4
4.4
Disposals
\u2013
\u2013
(0.2)
\u2013
(0.2)
At 31 December 2023
81.8
3.0
0.9
24.7
110.4
Accumulated amortisation
At 1 January 2022
\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)
Charge for the year
\u2013
(0.1)
(0.1)
(5.5)
(5.7)
Disposals
\u2013
\u2013
0.2
\u2013
0.2
At 31 December 2023
\u2013
(2.8)
(0.4)
(15.8)
(19.0)
Net book value
At 31 December 2022
81.8
0.3
0.6
10.0
92.7
At 31 December 2023
81.8
0.2
0.5
8.9
91.4
Fixtures, Gym and
Assets under Leasehold fittings and other Computer
construction improvements equipment equipment equipment Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cost
At 1 January 2022
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
Additions
1.4
8.9
0.3
4.2
0.7
15.5
Disposals
(0.3)
\u2013
\u2013
\u2013
\u2013
(0.3)
Transfers
(1.6)
1.5
\u2013
0.1
\u2013
\u2013
At 31 December 2023
1.8
251.2
11.9
94.3
6.3
365.5
Accumulated depreciation
At 1 January 2022
\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)
Charge for the year
\u2013
(15.8)
(0.5)
(6.9)
(0.8)
(24.0)
Impairment
\u2013
(0.4)
\u2013
(0.1)
\u2013
(0.5)
At 31 December 2023
\u2013
(111.4)
(10.1)
(67.5)
(4.8)
(193.8)
Net book value
At 31 December 2022
2.3
145.6
2.0
29.5
1.6
181.0
At 31 December 2023
1.8
139.8
1.8
26.8
1.5
171.7
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-405": { "value": "7. Operating expenses Operating expenses comprise the following:
31 December 2023 31 December 2022
\u00a3m \u00a3m
Underlying employee costs (Note 8)
43.7
37.6
Site costs (excluding employee costs)
78.1
59.3
Central support office costs (excluding employee costs)
6.2
5.0
Profit on disposal of property plant and equipment
\u2013
(0.4)
Auditor\u2019s remuneration costs:
Fees payable for the audit of the Group\u2019s annual accounts
0.3
0.2
Audit of the Group\u2019s subsidiaries pursuant to legislation
0.1
0.1
Underlying operating expenses before depreciation, amortisation
and impairment
128.4
101.8
Non-underlying operating expenses before depreciation, amortisation
and impairment (Note 9)
1.5
4.4
Operating expenses before depreciation, amortisation and impairment
129.9
106.2
1 2 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 the prior year, 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. The value of business rates saved during the year ended 31 December 2023 was \u00a30.1m (2022: \u00a31.1m). ", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-429": { "value": "Operating expenses comprise the following:
31 December 2023 31 December 2022
\u00a3m \u00a3m
Underlying employee costs (Note 8)
43.7
37.6
Site costs (excluding employee costs)
78.1
59.3
Central support office costs (excluding employee costs)
6.2
5.0
Profit on disposal of property plant and equipment
\u2013
(0.4)
Auditor\u2019s remuneration costs:
Fees payable for the audit of the Group\u2019s annual accounts
0.3
0.2
Audit of the Group\u2019s subsidiaries pursuant to legislation
0.1
0.1
Underlying operating expenses before depreciation, amortisation
and impairment
128.4
101.8
Non-underlying operating expenses before depreciation, amortisation
and impairment (Note 9)
1.5
4.4
Operating expenses before depreciation, amortisation and impairment
129.9
106.2
1 2 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-347": { "value": "
8. Employee information
31 December 2023 31 December 2022
\u00a3m \u00a3m
Wages and salaries
37.9
33.4
Social security costs
3.1
2.9
Employers\u2019 pension costs
0.7
0.7
Share based payments (note 25)
2.4
1.4
Government grants
\u2013
(0.5)
Underlying employee costs
44.1
37.9
Non-underlying employee costs
0.5
0.3
Employee costs
44.6
38.2
Included within employee costs in 2023 is \u00a30.4m (2022: \u00a30.3m) which has been included within cost of sales in the
consolidated income statement.
In 2023, no government grant income was received as a contribution towards salary costs (2022: \u00a30.5m). In 2022, 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 were claiming Universal Credit in the form of a one-off grant per person employed to cover setup costs. This income
was recognised evenly over each six-month placement term. The Kickstart scheme ended at the end of 2022.
The average number of employees, including Directors, during the year was:
31 December 2023 31 December 2022
Number Number
Operational
1,644
1,848
Administrative
193
187
1,837
2,035
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-382": { "value": "8. Employee information
31 December 2023 31 December 2022
\u00a3m \u00a3m
Wages and salaries
37.9
33.4
Social security costs
3.1
2.9
Employers\u2019 pension costs
0.7
0.7
Share based payments (note 25)
2.4
1.4
Government grants
\u2013
(0.5)
Underlying employee costs
44.1
37.9
Non-underlying employee costs
0.5
0.3
Employee costs
44.6
38.2
Included within employee costs in 2023 is \u00a30.4m (2022: \u00a30.3m) which has been included within cost of sales in the consolidated income statement. In 2023, no government grant income was received as a contribution towards salary costs (2022: \u00a30.5m). In 2022, 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 were claiming Universal Credit in the form of a one-off grant per person employed to cover setup costs. This income was recognised evenly over each six-month placement term. The Kickstart scheme ended at the end of 2022. ", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-349": { "value": "9. Non-underlying items
31 December 2023 31 December 2022
\u00a3m \u00a3m
Affecting operating expenses (before depreciation,
amortisation and impairment)
Costs of major strategic projects and investments
0.9
4.6
Restructuring and reorganisation costs/(income) (including site closures)
0.6
(0.2)
Total affecting operating expenses (before depreciation,
amortisation and impairment)
1.5
4.4
Affecting depreciation, amortisation and impairment
Impairment of property, plant and equipment, right-of-use assets
and intangible assets
0.6
8.3
Amortisation of business combination intangible assets
0.2
0.2
Total affecting depreciation, amortisation and impairment
0.8
8.5
Total affecting operating expenses
2.3
12.9
Affecting finance costs
Remeasurement of borrowings
0.1
0.9
Refinancing costs
0.4
0.1
Total affecting finance costs
0.5
1.0
Total all non-underlying items before tax
2.8
13.9
Tax on non-underlying items
(0.5)
(1.5)
Total non-underlying charge in income statement
2.3
12.4
1 1 At 31 December 2023, there were \u00a30.5m of accruals on the Group balance sheet relating to non-underlying items affecting operating expenses (before depreciation, amortisation and impairment). As a result, the cash outflow in the year was \u00a31.0m. In the prior year, 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 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 \u00a30.9m (2022: \u00a34.6m) include the costs incurred in relation to introducing the three-tier price product architecture, as well as consultancy and other costs incurred in shaping the Group\u2019s strategic plan. Restructuring and reorganisation costs in the year of \u00a30.6m (2022: credit of \u00a30.2m) include the costs associated with the change of Group CEO and other Board and Executive Committee changes, as well as restructuring costs incurred in relation to the Central Support Office. Non-underlying costs affecting depreciation, amortisation and impairment in the year amounted to \u00a30.8m (2022: \u00a38.5m), of which \u00a30.6m (2022: \u00a38.3m) relates to the impairment of two sites (2022: 13 sites). The majority of the charge in 2023 relates to one site which was impaired in 2022 but where the value-in-use estimate has fallen, partly driven by an increase in the discount rate. The remaining \u00a30.2m (2022: \u00a30.2m) of non-underlying costs affecting depreciation, amortisation and impairment relates to 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 \u00a30.5m (2022: \u00a31.0m), of which \u00a30.4m (2022: \u00a30.1m) relates to costs incurred in relation to the amendments to the Group\u2019s Revolving Credit Facility (\u2018RCF\u2019) which were agreed with the banks in September; and \u00a30.1m (2022: \u00a30.9m) relates to the remeasurement of the RCF following those agreed changes. 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:DisclosureOfNonunderlyingItemsWhichAreIncomeOrExpensesThatAreMaterialbyTheirSizeAndNatureNotConsideredToBeIncurredInNormalCourseOfBusiness", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-351": { "value": "
10. Finance costs
31 December 2023 31 December 2022
\u00a3m \u00a3m
Bank loans and overdraft interest including amortisation of financing fees
6.0
2.8
Lease interest
15.5
13.3
Movement in fair value of derivatives
\u2013
0.2
21.5
16.3
Capitalised interest
(0.1)
(0.2)
Underlying finance costs
21.4
16.1
Non-underlying finance costs
0.5
1.0
Finance costs
21.9
17.1
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 2023 of 8.2% (2022: 4.5%). The increase in the weighted average interest rate from 2022 to 2023 has been
primarily due to the increase in the SONIA rate over the same period.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-422": { "value": "10. Finance costs
31 December 2023 31 December 2022
\u00a3m \u00a3m
Bank loans and overdraft interest including amortisation of financing fees
6.0
2.8
Lease interest
15.5
13.3
Movement in fair value of derivatives
\u2013
0.2
21.5
16.3
Capitalised interest
(0.1)
(0.2)
Underlying finance costs
21.4
16.1
Non-underlying finance costs
0.5
1.0
Finance costs
21.9
17.1
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 2023 of 8.2% (2022: 4.5%). The increase in the weighted average interest rate from 2022 to 2023 has been primarily due to the increase in the SONIA rate over the same period.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-406": { "value": "10. Finance costs
31 December 2023 31 December 2022
\u00a3m \u00a3m
Bank loans and overdraft interest including amortisation of financing fees
6.0
2.8
Lease interest
15.5
13.3
Movement in fair value of derivatives
\u2013
0.2
21.5
16.3
Capitalised interest
(0.1)
(0.2)
Underlying finance costs
21.4
16.1
Non-underlying finance costs
0.5
1.0
Finance costs
21.9
17.1
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 2023 of 8.2% (2022: 4.5%). The increase in the weighted average interest rate from 2022 to 2023 has been primarily due to the increase in the SONIA rate over the same period.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-383": { "value": "10. Finance costs
31 December 2023 31 December 2022
\u00a3m \u00a3m
Bank loans and overdraft interest including amortisation of financing fees
6.0
2.8
Lease interest
15.5
13.3
Movement in fair value of derivatives
\u2013
0.2
21.5
16.3
Capitalised interest
(0.1)
(0.2)
Underlying finance costs
21.4
16.1
Non-underlying finance costs
0.5
1.0
Finance costs
21.9
17.1
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 2023 of 8.2% (2022: 4.5%). The increase in the weighted average interest rate from 2022 to 2023 has been primarily due to the increase in the SONIA rate over the same period.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-350": { "value": "
11. Taxation
Tax on loss
31 December 2023 31 December 2022
\u00a3m \u00a3m
Current income tax
Current tax on losses in the year
(0.1)
(0.1)
Adjustments in respect of prior years
\u2013
\u2013
Total current income tax
(0.1)
(0.1)
Deferred tax
Origination and reversal of temporary differences
\u2013
(0.3)
Change in tax rates
\u2013
0.5
Total deferred tax
\u2013
0.2
Tax (charge)/credit
(0.1)
0.1
The standard rate of corporation tax applied to reported losses is 23.5% (2022: 19%).
Reconciliation of tax credit
31 December 2023 31 December 2022
\u00a3m \u00a3m
Loss before tax
(8.3)
(19.4)
Tax calculation at standard rate of corporation tax of 23.5% (2022: 19.0%)
2.0
3.7
Expenses not deductible for tax purposes
(0.7)
0.7
Change in tax rates
\u2013
(0.4)
Unrecognised tax losses
(1.4)
(3.9)
Tax (charge)/credit
(0.1)
0.1
Deferred tax
Accelerated
capital Intangible Share
allowances Losses assets schemes Other Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 January 2022
(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
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
Adjustments in respect of prior years
(1.5)
2.4
(0.2)
\u2013
(0.2)
0.5
Recognised in income statement
1.8
(2.4)
0.3
0.2
(0.4)
(0.5)
At 31 December 2023
2.1
11.1
(0.3)
0.9
2.5
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 plan that underpins the going
concern and viability assessment, and the goodwill and property, plant and equipment impairment testing. The Directors
believe this detailed plan, supplemented with conservative projections for the years immediately following, provides
convincing evidence to recognise the amount of deferred tax assets shown above which are forecast to be recovered
within four years. As disclosed in more detail in respect of going concern in Note 2 and impairment in Notes 13 and 14, the
Group\u2019s three year plan anticipates continued growth in yields across the whole estate and additional members from new
site openings. The Directors have also considered the impact of climate-related risks set out in the Sustainability report
on pages 50 to 53.
The trading losses incurred as a result of the Covid-19 pandemic and the subsequent cost-of-living crisis, together with
the introduction in March 2021 of the temporary enhanced capital allowances regime (\u2018the super-deduction tax break\u2019),
have resulted in significant tax losses to carry forward. Losses for which no deferred tax asset is recognised equate to
\u00a323.0m (2022: \u00a320.2m), resulting in an unrecognised deferred tax asset of \u00a35.8m (2022: \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 \u00a30.3m (2022: \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 2023 (2022: nil). 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-423": { "value": "Deferred tax
Accelerated
capital Intangible Share
allowances Losses assets schemes Other Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 January 2022
(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
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
Adjustments in respect of prior years
(1.5)
2.4
(0.2)
\u2013
(0.2)
0.5
Recognised in income statement
1.8
(2.4)
0.3
0.2
(0.4)
(0.5)
At 31 December 2023
2.1
11.1
(0.3)
0.9
2.5
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 plan that underpins the going concern and viability assessment, and the goodwill and property, plant and equipment impairment testing. The Directors believe this detailed plan, supplemented with conservative projections for the years immediately following, provides convincing evidence to recognise the amount of deferred tax assets shown above which are forecast to be recovered within four years. As disclosed in more detail in respect of going concern in Note 2 and impairment in Notes 13 and 14, the Group\u2019s three year plan anticipates continued growth in yields across the whole estate and additional members from new site openings. The Directors have also considered the impact of climate-related risks set out in the Sustainability report on pages 50 to 53. The trading losses incurred as a result of the Covid-19 pandemic and the subsequent cost-of-living crisis, together with the introduction in March 2021 of the temporary enhanced capital allowances regime (\u2018the super-deduction tax break\u2019), have resulted in significant tax losses to carry forward. Losses for which no deferred tax asset is recognised equate to \u00a323.0m (2022: \u00a320.2m), resulting in an unrecognised deferred tax asset of \u00a35.8m (2022: \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 \u00a30.3m (2022: \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 2023 (2022: nil). 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. 17. Trade and other receivables (due in less than one year)
31 December 2023 31 December 2022
\u00a3m \u00a3m
Trade receivables
1.7
0.6
Loss allowance
\u2013
\u2013
1.7
0.6
Other receivables
0.2
0.7
Prepayments and accrued income
8.9
7.6
10.8
8.9
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-407": { "value": "Deferred tax
Accelerated
capital Intangible Share
allowances Losses assets schemes Other Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 January 2022
(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
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
Adjustments in respect of prior years
(1.5)
2.4
(0.2)
\u2013
(0.2)
0.5
Recognised in income statement
1.8
(2.4)
0.3
0.2
(0.4)
(0.5)
At 31 December 2023
2.1
11.1
(0.3)
0.9
2.5
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 plan that underpins the going concern and viability assessment, and the goodwill and property, plant and equipment impairment testing. The Directors believe this detailed plan, supplemented with conservative projections for the years immediately following, provides convincing evidence to recognise the amount of deferred tax assets shown above which are forecast to be recovered within four years. As disclosed in more detail in respect of going concern in Note 2 and impairment in Notes 13 and 14, the Group\u2019s three year plan anticipates continued growth in yields across the whole estate and additional members from new site openings. The Directors have also considered the impact of climate-related risks set out in the Sustainability report on pages 50 to 53. The trading losses incurred as a result of the Covid-19 pandemic and the subsequent cost-of-living crisis, together with the introduction in March 2021 of the temporary enhanced capital allowances regime (\u2018the super-deduction tax break\u2019), have resulted in significant tax losses to carry forward. Losses for which no deferred tax asset is recognised equate to \u00a323.0m (2022: \u00a320.2m), resulting in an unrecognised deferred tax asset of \u00a35.8m (2022: \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 \u00a30.3m (2022: \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 2023 (2022: nil). 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:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-384": { "value": "Deferred tax
Accelerated
capital Intangible Share
allowances Losses assets schemes Other Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 January 2022
(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
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
Adjustments in respect of prior years
(1.5)
2.4
(0.2)
\u2013
(0.2)
0.5
Recognised in income statement
1.8
(2.4)
0.3
0.2
(0.4)
(0.5)
At 31 December 2023
2.1
11.1
(0.3)
0.9
2.5
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 plan that underpins the going concern and viability assessment, and the goodwill and property, plant and equipment impairment testing. The Directors believe this detailed plan, supplemented with conservative projections for the years immediately following, provides convincing evidence to recognise the amount of deferred tax assets shown above which are forecast to be recovered within four years. As disclosed in more detail in respect of going concern in Note 2 and impairment in Notes 13 and 14, the Group\u2019s three year plan anticipates continued growth in yields across the whole estate and additional members from new site openings. The Directors have also considered the impact of climate-related risks set out in the Sustainability report on pages 50 to 53. The trading losses incurred as a result of the Covid-19 pandemic and the subsequent cost-of-living crisis, together with the introduction in March 2021 of the temporary enhanced capital allowances regime (\u2018the super-deduction tax break\u2019), have resulted in significant tax losses to carry forward. Losses for which no deferred tax asset is recognised equate to \u00a323.0m (2022: \u00a320.2m), resulting in an unrecognised deferred tax asset of \u00a35.8m (2022: \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 \u00a30.3m (2022: \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 2023 (2022: nil). 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-353": { "value": "
12. Loss per share
Basic loss per share is calculated by dividing the 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 loss 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 2023, 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 2023
31 December 2022
Loss (\u00a3m)
Loss for the year attributable to equity shareholders
(8.4)
(19.3)
Adjustment for non-underlying items
2.3
12.4
Adjusted loss for the year attributable to equity shareholders
(6.1)
(6.9)
Weighted average number of shares
Basic and diluted weighted average number of shares
178,512,563
177,251,348
Loss per share (p)
Basic and diluted loss per share
(4.7)
(10.9)
Adjusted basic and diluted loss per share
(3.4)
(3.9)
At 31 December 2023, 7,164,017 share awards (2022: 6,804,605) 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-352": { "value": "
13. Intangible assets
Computer
software and
Goodwill Customer list Contract licences Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cost
At 1 January 2022
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
Additions
\u2013
\u2013
\u2013
4.4
4.4
Disposals
\u2013
\u2013
(0.2)
\u2013
(0.2)
At 31 December 2023
81.8
3.0
0.9
24.7
110.4
Accumulated amortisation
At 1 January 2022
\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)
Charge for the year
\u2013
(0.1)
(0.1)
(5.5)
(5.7)
Disposals
\u2013
\u2013
0.2
\u2013
0.2
At 31 December 2023
\u2013
(2.8)
(0.4)
(15.8)
(19.0)
Net book value
At 31 December 2022
81.8
0.3
0.6
10.0
92.7
At 31 December 2023
81.8
0.2
0.5
8.9
91.4
Included within additions to computer software and licenses in 2023 is \u00a32.4m of investment in relation to the technology
enhancements required to implement the three-tier price product architecture (see the Chief Executive\u2019s review on pages
12 to 15 for further details). The additions in 2022 included \u00a34.7m 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% (2022: 3.0%). All cash flows are discounted using a pre-tax discount rate of 10.4% (2022: 8.5%). The increase in the
discount rate reflects the increase in SONIA and the risk free rate.
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 gives rise to an impairment. Further
information on impairment is provided in Note 3.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-430": { "value": "13. Intangible assets
Computer
software and
Goodwill Customer list Contract licences Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cost
At 1 January 2022
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
Additions
\u2013
\u2013
\u2013
4.4
4.4
Disposals
\u2013
\u2013
(0.2)
\u2013
(0.2)
At 31 December 2023
81.8
3.0
0.9
24.7
110.4
Accumulated amortisation
At 1 January 2022
\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)
Charge for the year
\u2013
(0.1)
(0.1)
(5.5)
(5.7)
Disposals
\u2013
\u2013
0.2
\u2013
0.2
At 31 December 2023
\u2013
(2.8)
(0.4)
(15.8)
(19.0)
Net book value
At 31 December 2022
81.8
0.3
0.6
10.0
92.7
At 31 December 2023
81.8
0.2
0.5
8.9
91.4
Fixtures, Gym and
Assets under Leasehold fittings and other Computer
construction improvements equipment equipment equipment Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cost
At 1 January 2022
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
Additions
1.4
8.9
0.3
4.2
0.7
15.5
Disposals
(0.3)
\u2013
\u2013
\u2013
\u2013
(0.3)
Transfers
(1.6)
1.5
\u2013
0.1
\u2013
\u2013
At 31 December 2023
1.8
251.2
11.9
94.3
6.3
365.5
Accumulated depreciation
At 1 January 2022
\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)
Charge for the year
\u2013
(15.8)
(0.5)
(6.9)
(0.8)
(24.0)
Impairment
\u2013
(0.4)
\u2013
(0.1)
\u2013
(0.5)
At 31 December 2023
\u2013
(111.4)
(10.1)
(67.5)
(4.8)
(193.8)
Net book value
At 31 December 2022
2.3
145.6
2.0
29.5
1.6
181.0
At 31 December 2023
1.8
139.8
1.8
26.8
1.5
171.7
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-408": { "value": "13. Intangible assets
Computer
software and
Goodwill Customer list Contract licences Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cost
At 1 January 2022
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
Additions
\u2013
\u2013
\u2013
4.4
4.4
Disposals
\u2013
\u2013
(0.2)
\u2013
(0.2)
At 31 December 2023
81.8
3.0
0.9
24.7
110.4
Accumulated amortisation
At 1 January 2022
\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)
Charge for the year
\u2013
(0.1)
(0.1)
(5.5)
(5.7)
Disposals
\u2013
\u2013
0.2
\u2013
0.2
At 31 December 2023
\u2013
(2.8)
(0.4)
(15.8)
(19.0)
Net book value
At 31 December 2022
81.8
0.3
0.6
10.0
92.7
At 31 December 2023
81.8
0.2
0.5
8.9
91.4
Included within additions to computer software and licenses in 2023 is \u00a32.4m of investment in relation to the technology enhancements required to implement the three-tier price product architecture (see the Chief Executive\u2019s review on pages 12 to 15 for further details). The additions in 2022 included \u00a34.7m 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% (2022: 3.0%). All cash flows are discounted using a pre-tax discount rate of 10.4% (2022: 8.5%). The increase in the discount rate reflects the increase in SONIA and the risk free rate. 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 gives rise to an impairment. Further information on impairment is provided in Note 3. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-385": { "value": "13. Intangible assets
Computer
software and
Goodwill Customer list Contract licences Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cost
At 1 January 2022
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
Additions
\u2013
\u2013
\u2013
4.4
4.4
Disposals
\u2013
\u2013
(0.2)
\u2013
(0.2)
At 31 December 2023
81.8
3.0
0.9
24.7
110.4
Accumulated amortisation
At 1 January 2022
\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)
Charge for the year
\u2013
(0.1)
(0.1)
(5.5)
(5.7)
Disposals
\u2013
\u2013
0.2
\u2013
0.2
At 31 December 2023
\u2013
(2.8)
(0.4)
(15.8)
(19.0)
Net book value
At 31 December 2022
81.8
0.3
0.6
10.0
92.7
At 31 December 2023
81.8
0.2
0.5
8.9
91.4
Included within additions to computer software and licenses in 2023 is \u00a32.4m of investment in relation to the technology enhancements required to implement the three-tier price product architecture (see the Chief Executive\u2019s review on pages 12 to 15 for further details). The additions in 2022 included \u00a34.7m in relation to the investment made into the Group\u2019s new digital platform ", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-424": { "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% (2022: 3.0%). All cash flows are discounted using a pre-tax discount rate of 10.4% (2022: 8.5%). The increase in the discount rate reflects the increase in SONIA and the risk free rate. 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 gives 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 2023 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 10.4% (2022: 8.5%) was used to calculate the present value. During the year a total impairment loss of \u00a30.6m (2022: \u00a38.2m) was recognised relating to two (2022: 13) sites. Of the total impairment charge recognised in the year of \u00a30.6m (2022: \u00a38.2m), \u00a30.5m (2022: \u00a32.5m) was allocated against property, plant and equipment and \u00a30.1m (2022: \u00a35.7m) was allocated against right-of-use assets. The total recoverable amount of the affected CGUs was \u00a31.3m (2022: \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 pre-tax discount rate of 10.4% (2022: 8.5%). The increase in the discount rate reflect the increase in the SONIA and the risk free rate. Under the downside scenario prepared for the going concern assessment, at the sites impaired during the year, no further impairment (2022: \u00a31.1m) would arise in relation to property, plant and equipment, and no further impairment (2022: \u00a30.4m) would arise in relation to right-of-use assets. Under the downside scenario, a further impairment charge of \u00a30.6m (2022: \u00a30.1m) in relation to property, plant and equipment at a further two sites would be recognised. No additional impairment (2022: \u00a30.6m) would be recognised in relation to right-of-use assets. Further information on impairment is provided in Note 3.", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-354": { "value": "
14. Property, plant and equipment
Fixtures, Gym and
Assets under Leasehold fittings and other Computer
construction improvements equipment equipment equipment Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cost
At 1 January 2022
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
Additions
1.4
8.9
0.3
4.2
0.7
15.5
Disposals
(0.3)
\u2013
\u2013
\u2013
\u2013
(0.3)
Transfers
(1.6)
1.5
\u2013
0.1
\u2013
\u2013
At 31 December 2023
1.8
251.2
11.9
94.3
6.3
365.5
Accumulated depreciation
At 1 January 2022
\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)
Charge for the year
\u2013
(15.8)
(0.5)
(6.9)
(0.8)
(24.0)
Impairment
\u2013
(0.4)
\u2013
(0.1)
\u2013
(0.5)
At 31 December 2023
\u2013
(111.4)
(10.1)
(67.5)
(4.8)
(193.8)
Net book value
At 31 December 2022
2.3
145.6
2.0
29.5
1.6
181.0
At 31 December 2023
1.8
139.8
1.8
26.8
1.5
171.7
Included within additions for the year is \u00a30.1m of capitalised interest (2022: \u00a30.2m), and \u00a34.2m of accrued capital
expenditure (2022: \u00a36.2m).
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 2023 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
10.4% (2022: 8.5%) was used to calculate the present value.
During the year a total impairment loss of \u00a30.6m (2022: \u00a38.2m) was recognised relating to two (2022: 13) sites. Of the total
impairment charge recognised in the year of \u00a30.6m (2022: \u00a38.2m), \u00a30.5m (2022: \u00a32.5m) was allocated against property,
plant and equipment and \u00a30.1m (2022: \u00a35.7m) was allocated against right-of-use assets. The total recoverable amount of
the affected CGUs was \u00a31.3m (2022: \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 pre-tax discount rate of 10.4% (2022: 8.5%). The increase in the discount rate reflect the increase in
the SONIA and the risk free rate.
Under the downside scenario prepared for the going concern assessment, at the sites impaired during the year, no
further impairment (2022: \u00a31.1m) would arise in relation to property, plant and equipment, and no further impairment
(2022: \u00a30.4m) would arise in relation to right-of-use assets.
Under the downside scenario, a further impairment charge of \u00a30.6m (2022: \u00a30.1m) in relation to property, plant and
equipment at a further two sites would be recognised. No additional impairment (2022: \u00a30.6m) would be recognised in
relation to right-of-use assets.
Further information on impairment is provided in Note 3.
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-355": { "value": "
15. 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 10 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 Non-property leases Total
\u00a3m \u00a3m \u00a3m
Cost
At 1 January 2022
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
Additions
13.8
3.0
16.8
At 31 December 2023
434.3
18.3
452.6
Accumulated depreciation
At 1 January 2022
(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)
Charge for the year
(25.7)
(2.3)
(28.0)
Impairment
(0.1)
\u2013
(0.1)
At 31 December 2023
(170.4)
(4.1)
(174.5)
Net book value
At 31 December 2022
275.9
13.5
289.4
At 31 December 2023
263.9
14.2
278.1
During the year a total impairment loss of \u00a30.6m (2022: \u00a38.2m) was recognised relating to two (2022: 13) sites. Of the total
impairment charge recognised in the year of \u00a30.6m (2022: \u00a38.2m), \u00a30.5m (2022: \u00a32.5m) was allocated against property,
plant and equipment and \u00a30.1m (2022: \u00a35.7m) was allocated against right-of-use assets. The total recoverable amount of
the affected CGUs was \u00a31.3m (2022: \u00a37.7m). See Note 14 for further disclosure.
The split of lease liabilities between current and non-current is as follows:
31 December 2023 31 December 2022
\u00a3m \u00a3m
Current
28.6
25.3
Non-current
310.6
325.1
Total Lease liabilities
339.2
350.4
The total cash outflow for leases in the year was \u00a343.5m (2022: \u00a340.7m). The maturity analysis of lease liabilities is
disclosed in Note 23.
(ii) Amounts recognised in the consolidated income statement
The statement of profit or loss shows the following amounts relating to leases:
31 December 2023 31 December 2022
\u00a3m \u00a3m
Lease liability derecognised under Covid-19 Rent Concession
\u2013
(0.5)
Depreciation charge of right-of-use assets
28.0
28.1
Impairment of right-of-use assets
0.1
5.7
Interest expense (included in finance cost)
15.5
13.3
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 two leases (2022: four) which resulted in additional lease liabilities of \u00a31.8m
being recognised (2022: \u00a33.5m), with a corresponding increase included within additions to the right-of-use assets in
the table in Note 15 (i). The Group also terminated one lease (2022: two) in the year with no gain or loss recognised on
termination as the right-of-use asset was fully impaired in the previous year.
(iv) Non-property lease facilities
At 31 December 2023, the Group had in place total facilities of \u00a312.4m in respect of non-property lease arrangements
(2022: \u00a312.5m) which it utilises to finance the fit-out of new gyms. As at 31 December 2023, the amount outstanding on
these facilities was \u00a38.9m (2022: \u00a311.4m).
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-356": { "value": "
16. 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 2022, a number of changes to the terms of the convertible loan notes were
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. In July 2023, the date of conversion was further extended to 15 July 2025.
These notes are measured at fair value through profit or loss and the carrying value at the end of the year was \u00a31.0m
(2022: \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 2023 to reasonably possible changes in the assumptions used is not considered to be material.
20. Borrowings
The carrying value of the Group\u2019s bank borrowings at 31 December 2023 was \u00a358.9m (2022: \u00a370.0m).
The Group has in place a combined \u00a380m Revolving Credit Facility (\u2018RCF\u2019) (2022: \u00a380m) which is syndicated to a three-
lender panel of NatWest, HSBC and Barclays. Until September 2023, the syndicate included Banco de Sabadell, which was
then replaced by Barclays. The facility was due to mature in October 2024, but as part of the changes agreed with the
banks in September 2023, the facility was extended to October 2025.
The funds borrowed under the RCF bear interest at a minimum annual rate of 2.85% (2022: 2.85%) above the Sterling
Overnight Index Average (\u2018SONIA\u2019). The average interest rate paid in the year on drawn funds was 8.2% (2022: 4.46%).
Undrawn funds bear interest at a minimum annual rate of 1.14% (2022: 1.14%).
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 (other than as a
result of changes in floating interest rates), 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 quarterly financial covenant tests on Adjusted Leverage and Fixed Charge Cover (both terms defined
on page 126). Adjusted Leverage must not exceed 3.0 times and the Fixed Charge Cover must be greater than 1.5 times.
At 31 December 2023, the Group had drawn down \u00a359.0m under the RCF (2022: \u00a370.0m), leaving \u00a321.0m (2022: \u00a310.0m)
undrawn and available. The \u00a359.0m is repayable in October 2025. Adjusted Leverage was 1.72 times (2022: 2.0 times) and
Fixed Charge Cover was 1.73 times (2022: 1.94 times).
Changes in liabilities arising from financing activities
Non-property Property lease Total lease
Borrowings lease liabilities liabilities liabilities
\u00a3m \u00a3m \u00a3m \u00a3m
At 1 January 2022
44.3
6.4
329.9
336.3
Repayments of interest and principal
(7.8)
(3.6)
(37.1)
(40.7)
Interest expense
2.3
0.5
12.8
13.3
Drawdowns
30.5
\u2013
\u2013
\u2013
Business combinations
\u2013
\u2013
3.3
3.3
New leases and modifications
\u2013
8.1
33.5
41.6
Lease disposals
\u2013
\u2013
(4.5)
(4.5)
Other
0.7
\u2013
1.1
1.1
At 31 December 2022
70.0
11.4
339.0
350.4
Repayments of interest and principal
(17.5)
(6.5)
(37.0)
(43.5)
Interest expense
5.7
1.0
14.5
15.5
Drawdowns
2.0
\u2013
\u2013
\u2013
New leases and modifications
\u2013
3.0
13.8
16.8
Other
(1.3)
\u2013
\u2013
\u2013
At 31 December 2023
58.9
8.9
330.3
339.2
Included in \u2018Other\u2019 is the effect of changes to amortised cost on borrowings using the effective interest rate method,
accrued but unpaid interest, and rent concessions in 2022.
Reconciliation of property lease payments to Normalised Rent
31 December 2023 31 December 2022
\u00a3m \u00a3m
Property lease payments
37.0
37.1
Lease payments made in advance
(0.2)
(0.7)
Leases terminated
\u2013
(1.0)
Accrued rent not yet paid
0.3
\u2013
Unwind of deferred rent
(0.1)
(2.1)
Normalised Rent
37.0
33.3
23. 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 \u00a358.9m (2022: \u00a370.0m) have a fair value of \u00a359.0m (2022: \u00a370.0m). After initial
recognition, borrowings are subsequently measured at amortised cost using the EIR method. Gains and losses are
recognised in profit and loss when the liabilities are derecognised.
The fair value of borrowings have been calculated by discounting the future cash flows at prevailing market interest rates.
The fair value of borrowings is categorised as Level 2, and all other financial assets at fair value through profit and loss
are categorised as Level 3.
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. The Directors believe that this measure of net debt best reflects the financial health of the business.
In addition, it is a key constituent of the Adjusted Leverage covenant included in the Group\u2019s banking agreement.
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 2023 31 December 2022
\u00a3m \u00a3m
Bank borrowings
59.0
70.0
Non-property leases
8.9
11.4
Less: Cash and cash equivalents
(1.5)
(5.4)
Non-Property Net Debt
66.4
76.0
Total equity
229.7
229.7
Total capital
296.1
305.7
Gearing ratio
22%
25%
Financial risk management
The Group has exposure to the following risks from its use of financial instruments:
Market risk
Liquidity risk
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 2023 and 2022. 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.
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 2023 31 December 2022
\u00a3m \u00a3m
Change in interest rates of 0.5% (2022: 0.5%)
0.3
0.4
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 2023
Within 1 year 1 to 2 years 2 to 5 years More than 5 years Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Trade and other payables
24.9
\u2013
\u2013
\u2013
24.9
Borrowings
6.2
64.7
\u2013
\u2013
70.9
Lease liabilities
43.4
43.6
125.9
218.0
430.9
74.5
108.3
125.9
218.0
526.7
31 December 2022
Within 1 year 1 to 2 years 2 to 5 years More than 5 years Total
\u00a3m \u00a3m \u00a3m \u00a3m \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
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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-409": { "value": "16. 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 2022, a number of changes to the terms of the convertible loan notes were 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. In July 2023, the date of conversion was further extended to 15 July 2025. These notes are measured at fair value through profit or loss and the carrying value at the end of the year was \u00a31.0m (2022: \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 2023 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-386": { "value": "16. 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 2022, a number of changes to the terms of the convertible loan notes were 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. In July 2023, the date of conversion was further extended to 15 July 2025. These notes are measured at fair value through profit or loss and the carrying value at the end of the year was \u00a31.0m (2022: \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 2023 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-359": { "value": "
17. Trade and other receivables (due in less than one year)
31 December 2023 31 December 2022
\u00a3m \u00a3m
Trade receivables
1.7
0.6
Loss allowance
\u2013
\u2013
1.7
0.6
Other receivables
0.2
0.7
Prepayments and accrued income
8.9
7.6
10.8
8.9
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-432": { "value": "17. Trade and other receivables (due in less than one year)
31 December 2023 31 December 2022
\u00a3m \u00a3m
Trade receivables
1.7
0.6
Loss allowance
\u2013
\u2013
1.7
0.6
Other receivables
0.2
0.7
Prepayments and accrued income
8.9
7.6
10.8
8.9
", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-412": { "value": "17. Trade and other receivables (due in less than one year)
31 December 2023 31 December 2022
\u00a3m \u00a3m
Trade receivables
1.7
0.6
Loss allowance
\u2013
\u2013
1.7
0.6
Other receivables
0.2
0.7
Prepayments and accrued income
8.9
7.6
10.8
8.9
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-390": { "value": "17. Trade and other receivables (due in less than one year)
31 December 2023 31 December 2022
\u00a3m \u00a3m
Trade receivables
1.7
0.6
Loss allowance
\u2013
\u2013
1.7
0.6
Other receivables
0.2
0.7
Prepayments and accrued income
8.9
7.6
10.8
8.9
", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-358": { "value": "
18. Cash and cash equivalents
31 December 2023 31 December 2022
\u00a3m \u00a3m
Cash at bank
1.5
0.5
Short term deposits
\u2013
4.9
Cash and cash equivalents
1.5
5.4
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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-387": { "value": "18. Cash and cash equivalents
31 December 2023 31 December 2022
\u00a3m \u00a3m
Cash at bank
1.5
0.5
Short term deposits
\u2013
4.9
Cash and cash equivalents
1.5
5.4
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndBankBalancesAtCentralBanksExplanatory", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-357": { "value": "
19. Trade and other payables (due in less than one year)
31 December 2023 31 December 2022
\u00a3m \u00a3m
Trade payables
6.7
8.0
Social security and other taxes
4.3
2.0
Accruals
18.0
17.6
Other payables
0.2
0.2
Contract liabilities (note 5)
14.4
11.0
43.6
38.8
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-431": { "value": "19. Trade and other payables (due in less than one year)
31 December 2023 31 December 2022
\u00a3m \u00a3m
Trade payables
6.7
8.0
Social security and other taxes
4.3
2.0
Accruals
18.0
17.6
Other payables
0.2
0.2
Contract liabilities (note 5)
14.4
11.0
43.6
38.8
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-410": { "value": "19. Trade and other payables (due in less than one year)
31 December 2023 31 December 2022
\u00a3m \u00a3m
Trade payables
6.7
8.0
Social security and other taxes
4.3
2.0
Accruals
18.0
17.6
Other payables
0.2
0.2
Contract liabilities (note 5)
14.4
11.0
43.6
38.8
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-388": { "value": "19. Trade and other payables (due in less than one year)
31 December 2023 31 December 2022
\u00a3m \u00a3m
Trade payables
6.7
8.0
Social security and other taxes
4.3
2.0
Accruals
18.0
17.6
Other payables
0.2
0.2
Contract liabilities (note 5)
14.4
11.0
43.6
38.8
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-411": { "value": "20. Borrowings The carrying value of the Group\u2019s bank borrowings at 31 December 2023 was \u00a358.9m (2022: \u00a370.0m). The Group has in place a combined \u00a380m Revolving Credit Facility (\u2018RCF\u2019) (2022: \u00a380m) which is syndicated to a three- lender panel of NatWest, HSBC and Barclays. Until September 2023, the syndicate included Banco de Sabadell, which was then replaced by Barclays. The facility was due to mature in October 2024, but as part of the changes agreed with the banks in September 2023, the facility was extended to October 2025. The funds borrowed under the RCF bear interest at a minimum annual rate of 2.85% (2022: 2.85%) above the Sterling Overnight Index Average (\u2018SONIA\u2019). The average interest rate paid in the year on drawn funds was 8.2% (2022: 4.46%). Undrawn funds bear interest at a minimum annual rate of 1.14% (2022: 1.14%). 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 (other than as a result of changes in floating interest rates), 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 quarterly financial covenant tests on Adjusted Leverage and Fixed Charge Cover (both terms defined on page 126). Adjusted Leverage must not exceed 3.0 times and the Fixed Charge Cover must be greater than 1.5 times. At 31 December 2023, the Group had drawn down \u00a359.0m under the RCF (2022: \u00a370.0m), leaving \u00a321.0m (2022: \u00a310.0m) undrawn and available. The \u00a359.0m is repayable in October 2025. Adjusted Leverage was 1.72 times (2022: 2.0 times) and Fixed Charge Cover was 1.73 times (2022: 1.94 times). Changes in liabilities arising from financing activities
Non-property Property lease Total lease
Borrowings lease liabilities liabilities liabilities
\u00a3m \u00a3m \u00a3m \u00a3m
At 1 January 2022
44.3
6.4
329.9
336.3
Repayments of interest and principal
(7.8)
(3.6)
(37.1)
(40.7)
Interest expense
2.3
0.5
12.8
13.3
Drawdowns
30.5
\u2013
\u2013
\u2013
Business combinations
\u2013
\u2013
3.3
3.3
New leases and modifications
\u2013
8.1
33.5
41.6
Lease disposals
\u2013
\u2013
(4.5)
(4.5)
Other
0.7
\u2013
1.1
1.1
At 31 December 2022
70.0
11.4
339.0
350.4
Repayments of interest and principal
(17.5)
(6.5)
(37.0)
(43.5)
Interest expense
5.7
1.0
14.5
15.5
Drawdowns
2.0
\u2013
\u2013
\u2013
New leases and modifications
\u2013
3.0
13.8
16.8
Other
(1.3)
\u2013
\u2013
\u2013
At 31 December 2023
58.9
8.9
330.3
339.2
Included in \u2018Other\u2019 is the effect of changes to amortised cost on borrowings using the effective interest rate method, accrued but unpaid interest, and rent concessions in 2022. Reconciliation of property lease payments to Normalised Rent
31 December 2023 31 December 2022
\u00a3m \u00a3m
Property lease payments
37.0
37.1
Lease payments made in advance
(0.2)
(0.7)
Leases terminated
\u2013
(1.0)
Accrued rent not yet paid
0.3
\u2013
Unwind of deferred rent
(0.1)
(2.1)
Normalised Rent
37.0
33.3
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-389": { "value": "20. Borrowings The carrying value of the Group\u2019s bank borrowings at 31 December 2023 was \u00a358.9m (2022: \u00a370.0m). The Group has in place a combined \u00a380m Revolving Credit Facility (\u2018RCF\u2019) (2022: \u00a380m) which is syndicated to a three- lender panel of NatWest, HSBC and Barclays. Until September 2023, the syndicate included Banco de Sabadell, which was then replaced by Barclays. The facility was due to mature in October 2024, but as part of the changes agreed with the banks in September 2023, the facility was extended to October 2025. The funds borrowed under the RCF bear interest at a minimum annual rate of 2.85% (2022: 2.85%) above the Sterling Overnight Index Average (\u2018SONIA\u2019). The average interest rate paid in the year on drawn funds was 8.2% (2022: 4.46%). Undrawn funds bear interest at a minimum annual rate of 1.14% (2022: 1.14%). 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 (other than as a result of changes in floating interest rates), 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 quarterly financial covenant tests on Adjusted Leverage and Fixed Charge Cover (both terms defined on page 126). Adjusted Leverage must not exceed 3.0 times and the Fixed Charge Cover must be greater than 1.5 times. At 31 December 2023, the Group had drawn down \u00a359.0m under the RCF (2022: \u00a370.0m), leaving \u00a321.0m (2022: \u00a310.0m) undrawn and available. The \u00a359.0m is repayable in October 2025. Adjusted Leverage was 1.72 times (2022: 2.0 times) and Fixed Charge Cover was 1.73 times (2022: 1.94 times). ", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-391": { "value": "Reconciliation of property lease payments to Normalised Rent 31 December 2023 31 December 2022 \u00a3m \u00a3m Property lease payments 37.0 37.1 Lease payments made in advance (0.2) (0.7) Leases terminated \u2013 (1.0) Accrued rent not yet paid 0.3 \u2013 Unwind of deferred rent (0.1) (2.1) Normalised Rent 37.0 33.3 ", "dimensions": { "concept": "thegymgroupplc:DisclosureOfPropertyLeasePaymentsToNormalisedRentBeingTheContractualRentPayableREcognisedInTheMonthlyPeriodToWhichITRelates", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-425": { "value": "
for the year ended 31 December 2023
22. Provisions
Dilapidations Other Total
\u00a3m \u00a3m \u00a3m
At 1 January 2023
1.8
0.6
2.4
New provisions
\u2013
0.1
0.1
Utilisation of provisions
\u2013
(0.3)
(0.3)
Release of provisions
(0.1)
(0.3)
(0.4)
At 31 December 2023
1.7
0.1
1.8
Due in less than one year
\u2013
0.1
0.1
Due in more than one year
1.7
\u2013
1.7
At 31 December 2023
1.7
0.1
1.8
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. 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 200 of the Group\u2019s 233 gym sites as at 31 December 2023 (2022: 196 of 229) 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.
Subject to a new lease not being negotiated to extend the current lease term, dilapidations would become payable
between 2025 and 2040 (2022: 2025 and 2040) with \u00a30.2m (2022: \u00a30.1m) expected to crystalise in the next five years,
\u00a30.9m (2022: \u00a30.8m) crystallising in between five and ten years and the remainder crystallising in more than ten years.
27. Commitments and contingencies The Group had \u00a33.6m of commitments that were contracted but not provided as at 31 December 2023 relating to contracts for the fit-out of new gyms where works have not yet commenced (2022: \u00a30.8m).", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-360": { "value": "22. Provisions
Dilapidations Other Total
\u00a3m \u00a3m \u00a3m
At 1 January 2023
1.8
0.6
2.4
New provisions
\u2013
0.1
0.1
Utilisation of provisions
\u2013
(0.3)
(0.3)
Release of provisions
(0.1)
(0.3)
(0.4)
At 31 December 2023
1.7
0.1
1.8
Due in less than one year
\u2013
0.1
0.1
Due in more than one year
1.7
\u2013
1.7
At 31 December 2023
1.7
0.1
1.8
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. 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 200 of the Group\u2019s 233 gym sites as at 31 December 2023 (2022: 196 of 229) 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. Subject to a new lease not being negotiated to extend the current lease term, dilapidations would become payable between 2025 and 2040 (2022: 2025 and 2040) with \u00a30.2m (2022: \u00a30.1m) expected to crystalise in the next five years, \u00a30.9m (2022: \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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-413": { "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 \u00a358.9m (2022: \u00a370.0m) have a fair value of \u00a359.0m (2022: \u00a370.0m). After initial recognition, borrowings are subsequently measured at amortised cost using the EIR method. Gains and losses are recognised in profit and loss when the liabilities are derecognised. The fair value of borrowings have been calculated by discounting the future cash flows at prevailing market interest rates. The fair value of borrowings is categorised as Level 2, and all other financial assets at fair value through profit and loss are categorised as Level 3. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-392": { "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 \u00a358.9m (2022: \u00a370.0m) have a fair value of \u00a359.0m (2022: \u00a370.0m). After initial recognition, borrowings are subsequently measured at amortised cost using the EIR method. Gains and losses are recognised in profit and loss when the liabilities are derecognised. The fair value of borrowings have been calculated by discounting the future cash flows at prevailing market interest rates. The fair value of borrowings is categorised as Level 2, and all other financial assets at fair value through profit and loss are categorised as Level 3. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-393": { "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. The Directors believe that this measure of net debt best reflects the financial health of the business. In addition, it is a key constituent of the Adjusted Leverage covenant included in the Group\u2019s banking agreement. 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 2023 31 December 2022
\u00a3m \u00a3m
Bank borrowings
59.0
70.0
Non-property leases
8.9
11.4
Less: Cash and cash equivalents
(1.5)
(5.4)
Non-Property Net Debt
66.4
76.0
Total equity
229.7
229.7
Total capital
296.1
305.7
Gearing ratio
22%
25%
", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-394": { "value": "Financial risk management The Group has exposure to the following risks from its use of financial instruments: Market risk Liquidity risk 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 2023 and 2022. 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. 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 2023 31 December 2022
\u00a3m \u00a3m
Change in interest rates of 0.5% (2022: 0.5%)
0.3
0.4
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 2023
Within 1 year 1 to 2 years 2 to 5 years More than 5 years Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Trade and other payables
24.9
\u2013
\u2013
\u2013
24.9
Borrowings
6.2
64.7
\u2013
\u2013
70.9
Lease liabilities
43.4
43.6
125.9
218.0
430.9
74.5
108.3
125.9
218.0
526.7
31 December 2022
Within 1 year 1 to 2 years 2 to 5 years More than 5 years Total
\u00a3m \u00a3m \u00a3m \u00a3m \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
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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-414": { "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 2023 and 2022. 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. 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 2023 31 December 2022
\u00a3m \u00a3m
Change in interest rates of 0.5% (2022: 0.5%)
0.3
0.4
", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-426": { "value": "The increase in the loss before tax of a reasonably possible increase in interest rates is as follows:
31 December 2023 31 December 2022
\u00a3m \u00a3m
Change in interest rates of 0.5% (2022: 0.5%)
0.3
0.4
", "dimensions": { "concept": "ifrs-full:SensitivityAnalysisForEachTypeOfMarketRisk", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-415": { "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 2023
Within 1 year 1 to 2 years 2 to 5 years More than 5 years Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Trade and other payables
24.9
\u2013
\u2013
\u2013
24.9
Borrowings
6.2
64.7
\u2013
\u2013
70.9
Lease liabilities
43.4
43.6
125.9
218.0
430.9
74.5
108.3
125.9
218.0
526.7
31 December 2022
Within 1 year 1 to 2 years 2 to 5 years More than 5 years Total
\u00a3m \u00a3m \u00a3m \u00a3m \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
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-433": { "value": "The table below summarises the maturity profile of the Group\u2019s financial liabilities:
31 December 2023
Within 1 year 1 to 2 years 2 to 5 years More than 5 years Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Trade and other payables
24.9
\u2013
\u2013
\u2013
24.9
Borrowings
6.2
64.7
\u2013
\u2013
70.9
Lease liabilities
43.4
43.6
125.9
218.0
430.9
74.5
108.3
125.9
218.0
526.7
31 December 2022
Within 1 year 1 to 2 years 2 to 5 years More than 5 years Total
\u00a3m \u00a3m \u00a3m \u00a3m \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
", "dimensions": { "concept": "ifrs-full:MaturityAnalysisForDerivativeFinancialLiabilities", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-427": { "value": "The table below summarises the maturity profile of the Group\u2019s financial liabilities:
31 December 2023
Within 1 year 1 to 2 years 2 to 5 years More than 5 years Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Trade and other payables
24.9
\u2013
\u2013
\u2013
24.9
Borrowings
6.2
64.7
\u2013
\u2013
70.9
Lease liabilities
43.4
43.6
125.9
218.0
430.9
74.5
108.3
125.9
218.0
526.7
31 December 2022
Within 1 year 1 to 2 years 2 to 5 years More than 5 years Total
\u00a3m \u00a3m \u00a3m \u00a3m \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
", "dimensions": { "concept": "ifrs-full:MaturityAnalysisForNonderivativeFinancialLiabilities", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-416": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-361": { "value": "24. Net cash inflow from operating activities The Directors believe that Free cash flow is the measure that best reflects the amount of cash available to the Group for investing in new sites and technology, and for enhancing existing sites. As such, Free cash flow is included within the Key performance indicators section of the Annual Report and Accounts 2023 and referenced in both the Financial review and Going concern note. A reconciliation of Net cash inflow from operating activities to Free cash flow is included below. Reconciliation of Net cash inflow from operating activities to Free cash flow 31 December 2023 31 December 2022 \u00a3m \u00a3m Net cash inflow from operating activities 79.5 65.4 Less: Property lease payments made (Note 21) (37.0) (37.1) Less: Maintenance capital expenditure (including funded by lease) (10.3) (8.8) Less: Bank and non-property lease interest paid (5.5) (2.8) Add: Bank interest received 0.3 \u2013 Free cash flow 27.0 16.7", "dimensions": { "concept": "thegymgroupplc:DisclosureOfFreeCashflowDescribedAsAdjustedEBITDALessNormalisedRentWorkingCapitalMaintenceCapitalExpenditureCashNonUnderlyingItemsBankAndNonPropertyInterestAndTax", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-362": { "value": "25. Issued share capital and reserves
31 December 2023 31 December 2022
\u00a3m \u00a3m
Allotted, called up and fully paid
Ordinary shares of \u00a30.0001 each
Own shares held
\u2013
\u2013
Deferred Ordinary shares of \u00a31 each
0.1
0.1
The number of Ordinary shares in issue is as follows:
31 December 2023
31 December 2022
Ordinary shares of \u00a30.0001 each
178,135,710
178,039,002
Deferred Ordinary shares of \u00a31 each
48,050
48,050
In addition, 564,676 Ordinary shares of \u00a30.0001 each are held by an employee benefit trust (2022: 312,480). This employee benefit trust is linked to the share incentive plan. During the year, 348,884 Ordinary shares were issued, of which 252,176 were issued to the employee benefit trust. 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-395": { "value": "
31 December 2023 31 December 2022
\u00a3m \u00a3m
Allotted, called up and fully paid
Ordinary shares of \u00a30.0001 each
Own shares held
\u2013
\u2013
Deferred Ordinary shares of \u00a31 each
0.1
0.1
The number of Ordinary shares in issue is as follows:
31 December 2023
31 December 2022
Ordinary shares of \u00a30.0001 each
178,135,710
178,039,002
Deferred Ordinary shares of \u00a31 each
48,050
48,050
In addition, 564,676 Ordinary shares of \u00a30.0001 each are held by an employee benefit trust (2022: 312,480). This employee
benefit trust is linked to the share incentive plan.
During the year, 348,884 Ordinary shares were issued, of which 252,176 were issued to the employee benefit trust.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-396": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-417": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-363": { "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 \u2013 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 \u00a32.4m (2022: \u00a31.7m) in respect of the Group\u2019s share based payment arrangements. There was no net charge or credit related to employer\u2019s national insurance (2022: credit of \u00a30.3m). A summary of the movements in each scheme is outlined below:
31 December 2023
Lapsed/
Outstanding Granted cancelled Exercised
Outstanding at
Exercisable at
at 1 January during the during the during the
31 December
31 December
Scheme name 2023 year year
year
2023
2023
Performance Share Plan
3,337,237
2,778,282
(2,062,556)
\u2013
4,052,963
375,300
Share Incentive Plan \u2013 Free shares
16,383
\u2013
\u2013
(2,016)
14,367
14,367
Share Incentive Plan \u2013 Matching shares
216,704
100,645
(21,659)
(21,156)
274,534
87,808
Restricted stock
2,178,032
1,770,627
(298,496)
(261,919)
3,388,244
405,377
Long Service Awards
2,750
1,500
\u2013
(2,750)
1,500
\u2013
Save as You Earn
1,312,444
526,656
(410,851)
(3,888)
1,424,361
255,979
7,063,550
5,177,710
(2,793,562)
(291,729)
9,155,969
1,138,831
1 2 3 4 5 1 The weighted average share price at the date of exercise of these options was \u00a31.09. 2 The weighted average share price at the date of exercise of these options was \u00a31.04. 3 The weighted average share price at the date of exercise of these options was \u00a31.13. 4 The weighted average share price at the date of exercise of these options was \u00a31.00. 5 The weighted average share price at the date of exercise of these options was \u00a31.40.
31 December 2022
Lapsed/
Outstanding Granted cancelled
Outstanding at
Exercisable at
at 1 January during the during the Exercised
31 December
31 December
Scheme name 2022 year year
during the year
2022
2022
Performance Share Plan
3,613,320
1,244,092
(1,520,175)
\u2013
3,337,237
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
1 2 3 4 5 1 The weighted average share price at the date of exercise of these options was \u00a31.36. 2 The weighted average share price at the date of exercise of these options was \u00a31.61. 3 The weighted average share price at the date of exercise of these options was \u00a31.53. 4 The weighted average share price at the date of exercise of these options was \u00a31.31. 5 The weighted average share price at the date of exercise of these options was \u00a31.55
The exercise price of all options under the schemes held during the year is \u00a30.01 (2022: \u00a30.01), with the exception of the
SAYE scheme where the exercise price ranges between \u00a30.93 and \u00a32.36 (2022: \u00a30.93 and \u00a32.36). 882,852 options were
exercisable under the PSP, RSA and SIP schemes as at 31 December 2023 (2022: 758,457) and 255,979 options were
exercisable under the SAYE scheme (2022: 52,386). No other options were exercisable as at 31 December 2023 (2022: none).
In January 2024, the Group established an Employee Benefit Trust (\u2018EBT\u2019). The EBT will be used to purchase shares in order
to minimise dilution associated with the share based payments.
(a) Performance Share Plan
The outstanding awards under the PSP as at 31 December 2023 will all vest within three years, subject to continued
employment and the achievement of certain performance targets.
For awards made in 2023, the targets are based on TSR and Social Value performance measures, with the TSR target
contributing 80% of the vesting conditions, and the Social Value contributing 20%. The TSR performance measures are
relative TSR and absolute TSR, with awards being split equally between these two measures.
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 pages 99 to 100. 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
2023
2022
2023
2022
Weighted average share price at date of grant
\u00a30.97
\u00a32.22
\u00a30.97
\u00a32.22
Exercise price
\u00a30.0001
\u00a30.0001
\u00a30.0001
\u00a30.0001
Expected volatility
51.2%
61.75%
42.3%
54.25%
Expected term until exercised
3 years
3 years
5 years
5 years
Expected dividend yield
\u2013
\u2013
\u2013
\u2013
Risk-free interest rate
3.83%
1.57%
3.66%
1.56%
The weighted average fair value of each award issued under this scheme during the year was \u00a30.46 (2022: \u00a31.21).
The weighted average remaining contractual life was 7.8 years at 31 December 2023 (2022: 8.0 years).
(b) Share Incentive Plan \u2013 Free shares
The awards made under the SIP \u2013 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 2.3 years at 31 December 2023 (2022: 3.3 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 \u00a31.06 (2022: \u00a31.60) and was
determined using the share price at the date of grant. The weighted average remaining contractual life was 1.3 years at
31 December 2023 (2022: 1.2 years).
(d) Restricted stock
The outstanding awards under the RSA are subject to continued employment requirements, which range from a one-year
to a 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 \u00a31.22 (2022: \u00a31.53) and was
determined using the share price at the date of grant. The weighted average remaining contractual life was 8.3 years at
31 December 2023 (2022: 8.7 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 \u00a31.14 (2022: \u00a31.05) and was
determined using the share price at the date of grant. The weighted average remaining contractual life was 0.2 years
(2022: 0.9 years) at 31 December 2023.
(f) Save as You Earn (\u2018SAYE\u2019) 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 \u00a30.95 (2022: \u00a30.56) and was
determined using the share price at the date of grant. The weighted average remaining contractual life was 2.4 years
(2022: 2.7 years) at 31 December 2023.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-364": { "value": "
27. Commitments and contingencies
The Group had \u00a33.6m of commitments that were contracted but not provided as at 31 December 2023 relating to
contracts for the fit-out of new gyms where works have not yet commenced (2022: \u00a30.8m).
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-418": { "value": "27. Commitments and contingencies The Group had \u00a33.6m of commitments that were contracted but not provided as at 31 December 2023 relating to contracts for the fit-out of new gyms where works have not yet commenced (2022: \u00a30.8m).", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-397": { "value": "27. Commitments and contingencies The Group had \u00a33.6m of commitments that were contracted but not provided as at 31 December 2023 relating to contracts for the fit-out of new gyms where works have not yet commenced (2022: \u00a30.8m).", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-365": { "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.
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%
The registered office of the subsidiaries is 5th Floor, OneCroydon, 12\u201316 Addiscombe Road, Croydon, CR0 0XT.
In March 2023, two dormant entities, Derwent Fitness NW Limited and Derwent Fitness GS Limited, were struck off.
There have been no other significant changes to the nature of the Group\u2019s related parties during the year.
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. There were no transactions with related parties during 2023 (2022: nil), other than key management personnel
as disclosed below.
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 2023 31 December 2022
\u00a3m \u00a3m
Remuneration
2.4
1.6
Company contributions to defined contribution pension scheme
0.1
0.1
Share based payment charge
0.6
0.8
3.1
2.5
At the current and prior year end, there were no outstanding loan balances owed by key management personnel.
At the year end, no balance (2022: nil) 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-419": { "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. 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%
The registered office of the subsidiaries is 5th Floor, OneCroydon, 12\u201316 Addiscombe Road, Croydon, CR0 0XT. In March 2023, two dormant entities, Derwent Fitness NW Limited and Derwent Fitness GS Limited, were struck off. There have been no other significant changes to the nature of the Group\u2019s related parties during the year. 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. There were no transactions with related parties during 2023 (2022: nil), other than key management personnel as disclosed below. 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 2023 31 December 2022
\u00a3m \u00a3m
Remuneration
2.4
1.6
Company contributions to defined contribution pension scheme
0.1
0.1
Share based payment charge
0.6
0.8
3.1
2.5
At the current and prior year end, there were no outstanding loan balances owed by key management personnel. At the year end, no balance (2022: nil) 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:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-434": { "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%
The registered office of the subsidiaries is 5th Floor, OneCroydon, 12\u201316 Addiscombe Road, Croydon, CR0 0XT. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-428": { "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%
The registered office of the subsidiaries is 5th Floor, OneCroydon, 12\u201316 Addiscombe Road, Croydon, CR0 0XT. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-398": { "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%
The registered office of the subsidiaries is 5th Floor, OneCroydon, 12\u201316 Addiscombe Road, Croydon, CR0 0XT. ", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-399": { "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 2023 31 December 2022
\u00a3m \u00a3m
Remuneration
2.4
1.6
Company contributions to defined contribution pension scheme
0.1
0.1
Share based payment charge
0.6
0.8
3.1
2.5
At the current and prior year end, there were no outstanding loan balances owed by key management personnel. At the year end, no balance (2022: nil) 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } } } }