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1 General information
J Sainsbury plc is a public limited company (the Company) incorporated in the United Kingdom, whose shares are publicly traded on the London Stock
Exchange. The Company is domiciled in the United Kingdom and its registered address is 33 Holborn, London EC1N 2HT, United Kingdom.
The consolidated financial statements for the 52 weeks to 1 March 2025 comprise the financial statements of the Company and its subsidiaries (the Group)
and the Group\u2019s share of the post-tax results of its joint ventures and associates.
Within these consolidated financial statements, \u20182025\u2019 refers to the 52 weeks to 1 March 2025, or as at 1 March 2025; and \u20182024\u2019 refers to the 52 weeks
to 2 March 2024, or as at 2 March 2024.
The Group\u2019s principal activities are food, general merchandise and clothing retailing and Financial Services.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800VGZAAJIKJ9Y484", "period": "2024-03-03T00:00:00/2025-03-02T00:00:00" } }, "fact-3": { "value": "J Sainsbury plc", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:213800VGZAAJIKJ9Y484", "period": "2024-03-03T00:00:00/2025-03-02T00:00:00" } }, "fact-431": { "value": "J Sainsbury plc", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:213800VGZAAJIKJ9Y484", "period": "2024-03-03T00:00:00/2025-03-02T00:00:00" } }, "fact-4": { "value": "public limited company", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:213800VGZAAJIKJ9Y484", "period": "2024-03-03T00:00:00/2025-03-02T00:00:00" } }, "fact-5": { "value": "United Kingdom", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:213800VGZAAJIKJ9Y484", "period": "2024-03-03T00:00:00/2025-03-02T00:00:00" } }, "fact-6": { "value": "United Kingdom", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:213800VGZAAJIKJ9Y484", "period": "2024-03-03T00:00:00/2025-03-02T00:00:00" } }, "fact-7": { "value": "33 Holborn, London EC1N 2HT, United Kingdom", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:213800VGZAAJIKJ9Y484", "period": "2024-03-03T00:00:00/2025-03-02T00:00:00" } }, "fact-434": { "value": "
2.1 Basis of preparation
The Group\u2019s financial statements have been prepared in accordance with UK-adopted international accounting standards.
They have been prepared under the historical cost convention, except for certain financial instruments, defined benefit pension scheme assets and
share-based payments.
Sainsbury\u2019s Bank plc and its subsidiaries have been consolidated for the twelve months to 28 February 2025 being the Bank\u2019s year-end date (2024: 29 February
2024). Adjustments are made for the effects of significant transactions or events that occur between this date and the Group\u2019s balance sheet date.
Unless otherwise stated, material accounting policies have been applied consistently to all periods presented in the financial statements although certain
presentational changes have been made with the objective of simplification and to assist in and aid the users\u2019 understanding.
Discontinued operations
A discontinued operation is a component of the Group which represents a separate major line of business which has been disposed of or is classified as held
for sale. Such classification assumes the expectation that the sale will complete within twelve months of the assessment date.
Non-current assets (or disposal groups) are classified as assets held for sale when their carrying amount is to be recovered principally through such sale
transactions. Assets and liabilities held for sale are measured at the lower of their carrying amount and fair value less costs to sell.
Where the carrying amount of a non-current asset or disposal group held for sale exceeds its fair value less costs to sell, a loss is recognised. This is allocated
firstly against any goodwill attributable to the disposal group, and then to other non-current assets in the disposal group that are in scope of IFRS 5
\u2018Non-current assets held for sale and discontinued operations\u2019 measurement requirements. Any excess loss remaining is recognised against the remaining
assets of the disposal group as a whole.
A component of the Group that is held for sale or disposed of is presented as a discontinued operation either when it is a subsidiary acquired exclusively with
a view to resale or it represents, or is part of a coordinated plan to dispose of, a separate major line of business.
Operations classified as discontinued are disclosed further in note 11.
Following the announcement on 20 June 2024 that the Group had entered into an agreement for the sale of Sainsbury\u2019s Bank plc\u2019s personal loan, credit card
and retail deposit portfolios (together, the Core Banking Business) to NatWest Group (NatWest), the agreement triggered a change in business model as the
objective is now to sell financial assets and no longer to hold for the collection of contractual cash flows. The underlying portfolios have therefore been
reclassified from being measured at amortised cost to being measured at fair value through profit and loss by reference to the pricing mechanism within the
sale agreement and reflects the market conditions prevailing at the balance sheet date. Provisions for expected credit loss and effective interest rate
adjustments have been derecognised as a result. The adjustment has been made prospectively from 15 September 2024, being the first day of the reporting
period following the change in business model. Prior to the reclassification, the financial assets were classified and subsequently measured at amortised
cost using the effective interest method, net of any loss allowance.
Amounts have been recognised within discontinued operations.
Climate change considerations
In preparing the Group\u2019s financial statements, consideration has been given to the impact of both physical and transition climate change risks, as described
within the Task Force on Climate-related Financial Disclosures section on page 31, and how these impact the financial statements. The Group has
implemented processes to identify, assess and manage these risks, including scenario analysis and stress testing to understand the potential financial
impact on the Group\u2019s operations and assets. Consideration has also been given to the potential impact of policy, technology and market changes that are
being developed in response to climate change, and their interdependence on each other. While it is not believed that these climate change risks have a
material impact on the Group\u2019s financial statements, it is recognised that the uncertainty and complexity of these issues may make it challenging to fully
capture their potential impact. The ongoing assessment of these risks will be included in future financial statements as they become clearer, taking into
account the requirements of UK-adopted international accounting standards. Monitoring and assessment of the regulatory environment and any new
standards that may be developed in the future will continue. Further narrative disclosure has been provided in the following notes:
Note
\u2022 Going concern
2.2
\u2022 Property, plant and equipment
3.5
\u2022 Significant judgements and estimates
4
\u2022 Impairment of non-financial assets
17.1
\u2022 Provisions
25.1
\u2022 Retirement benefit obligations
34.5
The policy, technology and market changes in response to climate change are still developing, and these are interdependent upon each other, and consequently
the financial statements cannot capture all possible future outcomes as these are not yet known. The degree of certainty of these changes may also mean
that they cannot be taken into account when determining asset and liability valuations and the timing of future cash flows under the requirements of UK
adopted international accounting standards.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800VGZAAJIKJ9Y484", "period": "2024-03-03T00:00:00/2025-03-02T00:00:00" } }, "fact-488": { "value": "The Group\u2019s financial statements have been prepared in accordance with UK-adopted international accounting standards. ", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:213800VGZAAJIKJ9Y484", "period": "2024-03-03T00:00:00/2025-03-02T00:00:00" } }, "fact-490": { "value": "Discontinued operations A discontinued operation is a component of the Group which represents a separate major line of business which has been disposed of or is classified as held for sale. Such classification assumes the expectation that the sale will complete within twelve months of the assessment date. Non-current assets (or disposal groups) are classified as assets held for sale when their carrying amount is to be recovered principally through such sale transactions. Assets and liabilities held for sale are measured at the lower of their carrying amount and fair value less costs to sell. Where the carrying amount of a non-current asset or disposal group held for sale exceeds its fair value less costs to sell, a loss is recognised. This is allocated firstly against any goodwill attributable to the disposal group, and then to other non-current assets in the disposal group that are in scope of IFRS 5 \u2018Non-current assets held for sale and discontinued operations\u2019 measurement requirements. Any excess loss remaining is recognised against the remaining assets of the disposal group as a whole. A component of the Group that is held for sale or disposed of is presented as a discontinued operation either when it is a subsidiary acquired exclusively with a view to resale or it represents, or is part of a coordinated plan to dispose of, a separate major line of business. Operations classified as discontinued are disclosed further in note 11. Following the announcement on 20 June 2024 that the Group had entered into an agreement for the sale of Sainsbury\u2019s Bank plc\u2019s personal loan, credit card and retail deposit portfolios (together, the Core Banking Business) to NatWest Group (NatWest), the agreement triggered a change in business model as the objective is now to sell financial assets and no longer to hold for the collection of contractual cash flows. The underlying portfolios have therefore been reclassified from being measured at amortised cost to being measured at fair value through profit and loss by reference to the pricing mechanism within the sale agreement and reflects the market conditions prevailing at the balance sheet date. Provisions for expected credit loss and effective interest rate adjustments have been derecognised as a result. The adjustment has been made prospectively from 15 September 2024, being the first day of the reporting period following the change in business model. Prior to the reclassification, the financial assets were classified and subsequently measured at amortised cost using the effective interest method, net of any loss allowance. Amounts have been recognised within discontinued operations. 11 Discontinued operations In January 2024 the Group announced it had completed its strategic review of the Financial Services division, culminating in a single co-ordinated plan to move to a third-party distributed model. Owing to the complex nature of assets and liabilities that make up the separate major line of business, this will result in a phased withdrawal with components completing at various stages. Following the announcement on 20 June 2024 that the Group had entered into an agreement for the sale of Sainsbury\u2019s Bank plc\u2019s personal loan, credit card and retail deposit portfolios (together, the Core Banking Business) to NatWest Group (NatWest), the associated assets and liabilities of the disposal group were classified as held for sale. The sale is expected to complete in the first half of calendar year 2025. The announced agreement subsequently triggered a change in business model in accordance with IFRS 9 \u2018Financial Instruments\u2019 as the objective is to sell financial assets and no longer to hold for the collection of contractual cash flows. The underlying portfolios within the disposal group have therefore been reclassified from being measured at amortised cost to being measured at fair value through profit and loss by reference to the pricing mechanism within the sale agreement and reflects the market conditions prevailing at the balance sheet date. The adjustment has been made prospectively from 15 September, being the first day of the reporting period following the change in business mode. Prior to the reclassification the financial assets were classified and subsequently measured at amortised cost using the effective interest method, net of any loss allowance, whilst the disposal group was measured at fair value less costs to sell in accordance with IFRS 5 \u2018Non-current assets held for sale and discontinued operations\u2019. On 25 September 2024, the Group announced the sale of its ATM estate to NoteMachine, with transfer of assets expected to be completed by May 2025. Following the transfer, the Group will cease manufactured ATM operations. At the balance sheet date, remaining ATM assets are classified as held for sale. Following the classification of the Core Banking Business and ATMs as held for sale, and both components forming part of the single co-ordinated plan to move to a third-party distributed model, results have also been re-presented to classify the operations as discontinued. On 31 October 2024 the Group announced it had entered into an agreement for the sale of AFS cards to NewDay Group representing the next phase of the single co-ordinated plan to move to a third-party distributed model. As a result, results have been re-presented to classify the operations as discontinued. The sale subsequently completed on 28 February 2025 with associated assets being derecognised as a result. In August 2023, the Group disposed of its mortgage portfolio which in isolation was not sufficiently material to be classified as a discontinued operation at that time but did form part of the move to a third-party distributed model in prior periods and accordingly has now been reclassified as a discontinued operation for the 52 week period to 2 March 2024. The loss for these operations is set out in note 11.2 with associated non-underlying items previously included in continuing operations set out in note 11.3. Further costs associated with this restructuring will be incurred in future years as further detailed plans to execute these changes are formulated and communicated. Loss on disposal is measured by reference to the fair value of portfolios at the balance sheet date, or in the case of AFS cards, by reference to the fair value of consideration received, as set out in note 11.4. 11.1 Discontinued operations total loss after tax
2025
2024
Note
\u00a3m
\u00a3m
Loss after tax
11.2
(72)
(160)
Net loss arising from disposals
11.4
(106)
(11)
Loss after tax
(178)
(171)
Of which:
Underlying items
31
36
Non-underlying items
11.3, 11.4
(209)
(207)
Loss after tax
(178)
(171)
11.2 Discontinued operations loss after tax excluding net loss arising from disposals
2025
2024
Note
\u00a3m
\u00a3m
Revenue
Interest receivable
273
414
Fees and commission income
57
69
330
483
Operating costs
(293)
(436)
Operating profit, excluding non-underlying restructuring costs
37
47
Non-underlying restructuring and impairment costs
a)
11.3
(133)
(245)
Loss before tax
(96)
(198)
Income tax credit
24
38
Loss after tax
(72)
(160)
a) Amounts for 2025 have been recognised in administrative expenses (2024: \u00a321 million effective interest rate adjustment to financial assets was recognised in revenue, with the remaining \u00a3224 million recognised in administrative expenses) .
11.3 Non-underlying restructuring and impairment costs included in discontinued operations
2025
2024
\u00a3m
\u00a3m
Impairment charges
a)
\u2014
(190)
Employee costs
b)
(43)
(6)
Onerous contracts
c)
(75)
(17)
Effective interest rate adjustment to financial assets
d)
\u2014
(21)
Other costs
e)
(15)
(11)
(133)
(245)
Income tax credit
30
49
(103)
(196)
a) 2024: comprises impairment charges of property, plant and equipment and intangible assets including goodwill.
b) Comprises severance costs and incremental employee costs.
c) Comprises long-dated IT contracts where early termination will result in incremental costs to exit. Costs represent the lower of the costs of fulfilling contracts and the costs of terminating.
d) 2024: The withdrawal from Core Banking operations has a commercial impact upon future management initiatives and potential impact on customer behaviours. This required refreshed
assumptions in the calculation of the effective interest rate, reducing the amortised cost of financial assets with the impacts being recognised in revenue.
e) Comprises loss on derivatives no longer classified in an effective hedge relationship, and consultancy costs (2024: comprises consultancy costs).
11.4 Discontinued operations net loss arising from disposals
2025
2024
\u00a3m
\u00a3m
Fair value of consideration received/(payable)
a)
149
446
Fair value of net assets disposed
b)
(218)
(457)
Write down of net liabilities/loss on net assets disposed
c)
(69)
(11)
Costs of disposal
d)
(72)
(3)
Loss on disposal before tax
(141)
(14)
Income tax credit
35
3
Loss on disposal after tax
(106)
(11)
a) Comprises amounts payable in relation to the Core Banking activities with net liabilities inclusive of a \u00a3132 million discount on gross assets based on pricing mechanisms set out in the sale
agreement but measured at the reporting date. The discount at expected point of completion in 2025 is \u00a3125 million (2024: comprises proceeds in respect of the sale of the mortgage portfolio).
Amounts are offset by \u00a3749 million related to AFS cards and the debt instrument notes derecognised, and \u00a32 million related to the ATM assets.
b) Comprises the fair value of assets and liabilities of the Core Banking portfolios held for sale, AFS cards assets disposed inclusive of \u00a324 million goodwill previously allocated to the Home
Retail Group CGU, and ATM related assets (2024: Comprises the fair value of the assets and liabilities of the mortgage portfolio inclusive of \u00a37 million goodwill).
c) By the point of completion of the Core Banking sale in the first half of calendar year 2025, the write down of net assets disposed is expected to be up to \u00a37 million lower than the amount
recognised as at 1 March 2025. Furthermore, the total loss on disposal by this point will also include further incremental legal and consultancy costs to be incurred.
d) Relates to disposal costs comprising legal, consultancy and migration costs directly associated with the sale.
11.5 Assets and liabilities of disposal group and non-current assets classified as held for sale
2025
Note
\u00a3m
Non-current assets classified as held for sale
ATM assets
1
Assets of disposal group classified as held for sale
Unsecured balances
2,512
Intangible assets
a)
16
\u2014
2,512
Total assets of disposal group and non-current assets classified as held for sale
22
2,513
Liabilities of disposal group classified as held for sale
Customer deposits
(3,109)
Provisions for costs of disposal
(27)
Total liabilities of disposal group classified as held for sale
(3,136)
Net liabilities held for sale associated with discontinued operations
(623)
a)
Represents the cost and associated accumulated amortisation and impairment of \u00a338 million for goodwill and \u00a339 million for acquired intangibles deemed directly attributable to the disposal group.
11.6 Discontinued operations cash flow statement
2025 2024
Net cash flows from: \u00a3m \u00a3m
Operating activities
579
(148)
Investing activities
a)
750
446
1,329
298
a) Net cash flows generated from investing activities primarily relate to proceeds received from the disposal of AFS cards and cash receipts from the sale of a debt instrument that formed
part consideration under the arrangement. Inflows of \u00a3446 million in 2024 relate to the disposal of the mortgage portfolio.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:213800VGZAAJIKJ9Y484", "period": "2024-03-03T00:00:00/2025-03-02T00:00:00" } }, "fact-548": { "value": "Discontinued operations A discontinued operation is a component of the Group which represents a separate major line of business which has been disposed of or is classified as held for sale. Such classification assumes the expectation that the sale will complete within twelve months of the assessment date. Non-current assets (or disposal groups) are classified as assets held for sale when their carrying amount is to be recovered principally through such sale transactions. Assets and liabilities held for sale are measured at the lower of their carrying amount and fair value less costs to sell. Where the carrying amount of a non-current asset or disposal group held for sale exceeds its fair value less costs to sell, a loss is recognised. This is allocated firstly against any goodwill attributable to the disposal group, and then to other non-current assets in the disposal group that are in scope of IFRS 5 \u2018Non-current assets held for sale and discontinued operations\u2019 measurement requirements. Any excess loss remaining is recognised against the remaining assets of the disposal group as a whole. A component of the Group that is held for sale or disposed of is presented as a discontinued operation either when it is a subsidiary acquired exclusively with a view to resale or it represents, or is part of a coordinated plan to dispose of, a separate major line of business. Operations classified as discontinued are disclosed further in note 11. Following the announcement on 20 June 2024 that the Group had entered into an agreement for the sale of Sainsbury\u2019s Bank plc\u2019s personal loan, credit card and retail deposit portfolios (together, the Core Banking Business) to NatWest Group (NatWest), the agreement triggered a change in business model as the objective is now to sell financial assets and no longer to hold for the collection of contractual cash flows. The underlying portfolios have therefore been reclassified from being measured at amortised cost to being measured at fair value through profit and loss by reference to the pricing mechanism within the sale agreement and reflects the market conditions prevailing at the balance sheet date. Provisions for expected credit loss and effective interest rate adjustments have been derecognised as a result. The adjustment has been made prospectively from 15 September 2024, being the first day of the reporting period following the change in business model. Prior to the reclassification, the financial assets were classified and subsequently measured at amortised cost using the effective interest method, net of any loss allowance. Amounts have been recognised within discontinued operations. 11 Discontinued operations In January 2024 the Group announced it had completed its strategic review of the Financial Services division, culminating in a single co-ordinated plan to move to a third-party distributed model. Owing to the complex nature of assets and liabilities that make up the separate major line of business, this will result in a phased withdrawal with components completing at various stages. Following the announcement on 20 June 2024 that the Group had entered into an agreement for the sale of Sainsbury\u2019s Bank plc\u2019s personal loan, credit card and retail deposit portfolios (together, the Core Banking Business) to NatWest Group (NatWest), the associated assets and liabilities of the disposal group were classified as held for sale. The sale is expected to complete in the first half of calendar year 2025. The announced agreement subsequently triggered a change in business model in accordance with IFRS 9 \u2018Financial Instruments\u2019 as the objective is to sell financial assets and no longer to hold for the collection of contractual cash flows. The underlying portfolios within the disposal group have therefore been reclassified from being measured at amortised cost to being measured at fair value through profit and loss by reference to the pricing mechanism within the sale agreement and reflects the market conditions prevailing at the balance sheet date. The adjustment has been made prospectively from 15 September, being the first day of the reporting period following the change in business mode. Prior to the reclassification the financial assets were classified and subsequently measured at amortised cost using the effective interest method, net of any loss allowance, whilst the disposal group was measured at fair value less costs to sell in accordance with IFRS 5 \u2018Non-current assets held for sale and discontinued operations\u2019. On 25 September 2024, the Group announced the sale of its ATM estate to NoteMachine, with transfer of assets expected to be completed by May 2025. Following the transfer, the Group will cease manufactured ATM operations. At the balance sheet date, remaining ATM assets are classified as held for sale. Following the classification of the Core Banking Business and ATMs as held for sale, and both components forming part of the single co-ordinated plan to move to a third-party distributed model, results have also been re-presented to classify the operations as discontinued. On 31 October 2024 the Group announced it had entered into an agreement for the sale of AFS cards to NewDay Group representing the next phase of the single co-ordinated plan to move to a third-party distributed model. As a result, results have been re-presented to classify the operations as discontinued. The sale subsequently completed on 28 February 2025 with associated assets being derecognised as a result. In August 2023, the Group disposed of its mortgage portfolio which in isolation was not sufficiently material to be classified as a discontinued operation at that time but did form part of the move to a third-party distributed model in prior periods and accordingly has now been reclassified as a discontinued operation for the 52 week period to 2 March 2024. The loss for these operations is set out in note 11.2 with associated non-underlying items previously included in continuing operations set out in note 11.3. Further costs associated with this restructuring will be incurred in future years as further detailed plans to execute these changes are formulated and communicated. Loss on disposal is measured by reference to the fair value of portfolios at the balance sheet date, or in the case of AFS cards, by reference to the fair value of consideration received, as set out in note 11.4. 11.1 Discontinued operations total loss after tax
2025
2024
Note
\u00a3m
\u00a3m
Loss after tax
11.2
(72)
(160)
Net loss arising from disposals
11.4
(106)
(11)
Loss after tax
(178)
(171)
Of which:
Underlying items
31
36
Non-underlying items
11.3, 11.4
(209)
(207)
Loss after tax
(178)
(171)
11.2 Discontinued operations loss after tax excluding net loss arising from disposals
2025
2024
Note
\u00a3m
\u00a3m
Revenue
Interest receivable
273
414
Fees and commission income
57
69
330
483
Operating costs
(293)
(436)
Operating profit, excluding non-underlying restructuring costs
37
47
Non-underlying restructuring and impairment costs
a)
11.3
(133)
(245)
Loss before tax
(96)
(198)
Income tax credit
24
38
Loss after tax
(72)
(160)
a) Amounts for 2025 have been recognised in administrative expenses (2024: \u00a321 million effective interest rate adjustment to financial assets was recognised in revenue, with the remaining \u00a3224 million recognised in administrative expenses) 11.3 Non-underlying restructuring and impairment costs included in discontinued operations
2025
2024
\u00a3m
\u00a3m
Impairment charges
a)
\u2014
(190)
Employee costs
b)
(43)
(6)
Onerous contracts
c)
(75)
(17)
Effective interest rate adjustment to financial assets
d)
\u2014
(21)
Other costs
e)
(15)
(11)
(133)
(245)
Income tax credit
30
49
(103)
(196)
a) 2024: comprises impairment charges of property, plant and equipment and intangible assets including goodwill. b) Comprises severance costs and incremental employee costs. c) Comprises long-dated IT contracts where early termination will result in incremental costs to exit. Costs represent the lower of the costs of fulfilling contracts and the costs of terminating. d) 2024: The withdrawal from Core Banking operations has a commercial impact upon future management initiatives and potential impact on customer behaviours. This required refreshed assumptions in the calculation of the effective interest rate, reducing the amortised cost of financial assets with the impacts being recognised in revenue. e) Comprises loss on derivatives no longer classified in an effective hedge relationship, and consultancy costs (2024: comprises consultancy costs). 11.4 Discontinued operations net loss arising from disposals
2025
2024
\u00a3m
\u00a3m
Fair value of consideration received/(payable)
a)
149
446
Fair value of net assets disposed
b)
(218)
(457)
Write down of net liabilities/loss on net assets disposed
c)
(69)
(11)
Costs of disposal
d)
(72)
(3)
Loss on disposal before tax
(141)
(14)
Income tax credit
35
3
Loss on disposal after tax
(106)
(11)
a) Comprises amounts payable in relation to the Core Banking activities with net liabilities inclusive of a \u00a3132 million discount on gross assets based on pricing mechanisms set out in the sale agreement but measured at the reporting date. The discount at expected point of completion in 2025 is \u00a3125 million (2024: comprises proceeds in respect of the sale of the mortgage portfolio). Amounts are offset by \u00a3749 million related to AFS cards and the debt instrument notes derecognised, and \u00a32 million related to the ATM assets. b) Comprises the fair value of assets and liabilities of the Core Banking portfolios held for sale, AFS cards assets disposed inclusive of \u00a324 million goodwill previously allocated to the Home Retail Group CGU, and ATM related assets (2024: Comprises the fair value of the assets and liabilities of the mortgage portfolio inclusive of \u00a37 million goodwill). c) By the point of completion of the Core Banking sale in the first half of calendar year 2025, the write down of net assets disposed is expected to be up to \u00a37 million lower than the amount recognised as at 1 March 2025. Furthermore, the total loss on disposal by this point will also include further incremental legal and consultancy costs to be incurred. d) Relates to disposal costs comprising legal, consultancy and migration costs directly associated with the sale. 11.5 Assets and liabilities of disposal group and non-current assets classified as held for sale
2025
Note
\u00a3m
Non-current assets classified as held for sale
ATM assets
1
Assets of disposal group classified as held for sale
Unsecured balances
2,512
Intangible assets
a)
16
\u2014
2,512
Total assets of disposal group and non-current assets classified as held for sale
22
2,513
Liabilities of disposal group classified as held for sale
Customer deposits
(3,109)
Provisions for costs of disposal
(27)
Total liabilities of disposal group classified as held for sale
(3,136)
Net liabilities held for sale associated with discontinued operations
(623)
a) Represents the cost and associated accumulated amortisation and impairment of \u00a338 million for goodwill and \u00a339 million for acquired intangibles deemed directly attributable to the disposal group. 11.6 Discontinued operations cash flow statement
2025 2024
Net cash flows from: \u00a3m \u00a3m
Operating activities
579
(148)
Investing activities
a)
750
446
1,329
298
a) Net cash flows generated from investing activities primarily relate to proceeds received from the disposal of AFS cards and cash receipts from the sale of a debt instrument that formed part consideration under the arrangement. Inflows of \u00a3446 million in 2024 relate to the disposal of the mortgage portfolio. 22 Assets and liabilities of disposal group and non-current assets held for sale As described in note 11, in the period the Group announced the sale of its Core Banking Business and ATM estate, which are due to complete in the first half of the calendar year 2025. Consequently, assets and liabilities of \u00a32,512 million and \u00a33,136 million, of the core banking disposal group are classified as held for sale and measured at fair value through profit and loss by reference to the pricing mechanism within sale agreement and reflects the market conditions prevailing at the balance sheet date. As such, amounts classified as held for sale for the core banking disposal group during the period are reported net of any portfolio unwind and fair value movements between the point of initial classification and the reporting date. Non-current assets of \u00a315 million comprise \u00a31 million of ATM assets and \u00a314 million of retail related assets. Proceeds from disposals of non-current assets held for sale for continuing operations have been presented within proceeds from disposal of property, plant and equipment in the Group cash flow statement. 22.1 Assets of disposal group and non-current assets held for sale
2025
2024
\u00a3m
\u00a3m
Opening balance
10
8
Acquisitions
\u2014
63
Classified as held for sale in the year
2,521
15
No longer classified as held for sale
\u2014
(10)
Sold in the year
(4)
(66)
Closing balance
2,527
10
Of which
Assets of disposal group held for sale
2,512
\u2014
Non-current assets classified as held for sale
15
10
2,527
10
22.2 Liabilities of disposal group held for sale
2025
2024
\u00a3m
\u00a3m
Opening balance
\u2014
\u2014
Classified as held for sale in the period
(3,136)
\u2014
Closing balance
(3,136)
\u2014
As disclosed in note 3.12, assets held for sale are stated at the lower of the carrying amount and fair value less costs to dispose. The fair value of non-current assets held for sale are based on independent market valuations of the assets and the fair value of assets of disposal group held for sale are based on contractually committed pricing mechanisms. Acquisitions in the prior year relate to the asset acquisition of four properties, which were sold to a third party for \u00a361 million. The fifth and final property acquired as part of the asset acquisition was sold to a third party in the 52 weeks ended 1 March 2025. Amounts no longer classified as held for sale relate to circumstances where it is no longer considered highly probable that a sale will occur within the next 12 months. Amounts reclassified are adjusted for any depreciation or amortisation that would have been recognised had the asset not been classified as held for sale.", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:213800VGZAAJIKJ9Y484", "period": "2024-03-03T00:00:00/2025-03-02T00:00:00" } }, "fact-489": { "value": "Climate change considerations In preparing the Group\u2019s financial statements, consideration has been given to the impact of both physical and transition climate change risks, as described within the Task Force on Climate-related Financial Disclosures section on page 31, and how these impact the financial statements. The Group has implemented processes to identify, assess and manage these risks, including scenario analysis and stress testing to understand the potential financial impact on the Group\u2019s operations and assets. Consideration has also been given to the potential impact of policy, technology and market changes that are being developed in response to climate change, and their interdependence on each other. While it is not believed that these climate change risks have a material impact on the Group\u2019s financial statements, it is recognised that the uncertainty and complexity of these issues may make it challenging to fully capture their potential impact. The ongoing assessment of these risks will be included in future financial statements as they become clearer, taking into account the requirements of UK-adopted international accounting standards. Monitoring and assessment of the regulatory environment and any new standards that may be developed in the future will continue. Further narrative disclosure has been provided in the following notes:
Note
\u2022 Going concern
2.2
\u2022 Property, plant and equipment
3.5
\u2022 Significant judgements and estimates
4
\u2022 Impairment of non-financial assets
17.1
\u2022 Provisions
25.1
\u2022 Retirement benefit obligations
34.5
The policy, technology and market changes in response to climate change are still developing, and these are interdependent upon each other, and consequently the financial statements cannot capture all possible future outcomes as these are not yet known. The degree of certainty of these changes may also mean that they cannot be taken into account when determining asset and liability valuations and the timing of future cash flows under the requirements of UK adopted international accounting standards.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEnvironmentRelatedExpenseExplanatory", "language": "en", "entity": "scheme:213800VGZAAJIKJ9Y484", "period": "2024-03-03T00:00:00/2025-03-02T00:00:00" } }, "fact-435": { "value": "
2.2 Going concern
The Directors are satisfied that the Group has sufficient resources to continue in operation for a period of at least 12 months from the date of approval.
Accordingly, they continue to adopt the going concern basis in preparing the financial statements. The assessment period for the purposes of considering
going concern is the 12 months to 16 April 2026.
In assessing the Group\u2019s ability to continue as a going concern, the Directors have considered the Group\u2019s most recent corporate planning and budgeting
processes. This includes an annual review which considers profitability, the Group\u2019s cash flows, committed funding and liquidity positions and forecasted
future funding requirements over three years, with a further year of indicative movements.
The Group manages its financing by diversifying funding sources, for example through the Investment Grade Corporate Bond markets and structuring core
borrowings with phased maturities to manage refinancing risk, evidenced by the issuance in January 2025 of \u00a3550 million of Investment Grade Corporate Bonds,
split into two tranches, a \u00a3250 million tranche maturing in June 2030 and a \u00a3300 million tranche maturing in January 2035. In addition, the Group has in place an
inflation-linked amortising loan with a principal of \u00a3438 million outstanding at the reporting date. As at 1 March 2025, both facilities were fully drawn.
The Group also seeks to minimise liquidity risk and maintain sufficient levels of standby liquidity and a suitable level of undrawn additional funding capacity
via the Revolving Credit Facility. The Revolving Credit Facility of \u00a31,000 million comprises two \u00a3500 million facilities which were both extended by a further 12
months during the year. This is the second extension resulting in revised maturity dates of December 2029 for Facility A and December 2028 for Facility B. As at
1 March 2025, the Revolving Credit Facility was undrawn. No additional forms of financing are assumed in the assessment of the Group as a going concern.
In assessing going concern, scenarios in relation to the Group\u2019s principal risks have been considered in line with those disclosed in the viability statement on
page 64 by overlaying them into the corporate plan and assessing the impact on cash flows, net debt and funding headroom. These severe but plausible
scenarios included modelling inflationary pressures on both food margins and general recession-related risks, the impact of any regulatory fines, and the
failure to deliver planned cost savings.
In performing the above analysis, the Directors have made certain assumptions around the availability and effectiveness of the mitigating actions available
to the Group. These include reducing any non-essential capital expenditure and suspending dividend payments.
The Group\u2019s most recent corporate planning and budgeting processes includes assumed cash flows to address climate change risks, including costs
associated with initiatives in place as part of the Plan for Better commitment which include reducing environmental impacts and meeting customer
expectations in this area, notably through sustainability initiatives such as reducing packaging and reducing energy usage across the estate. Climate-related
risks do not result in any material uncertainties affecting the Group\u2019s ability to continue as a going concern.
Specific additional consideration has been given to the phased withdrawal from Financial Services as we transition to a distributed model, with assets and
operations being transferred to NatWest, NewDay, and NoteMachine. The strategy change introduces new or amended risks in respect of liquidity and capital
adequacy which arise from the move to offer Financial Services products by dedicated financial services providers and the phased withdrawal to a third-
party distributed model. Taking into account the current and forecast levels of liquidity and capital together with the related headroom, the Directors have
considered and assessed the potential impact of the phased withdrawal and the risks arising thereon. The evaluation has included costs to exit being higher
than planned and the ability to withstand unforeseen scenarios such as planned divestments not concluding as expected. Having undertaken this
assessment, the Directors are satisfied that the Bank has sufficient liquidity and capital resources to withstand severe but plausible adverse scenarios
stemming from the risks of the phased withdrawal, prior to any additional mitigating actions being taken. Accordingly, it has been concluded that this does
not result in any material uncertainties affecting the Group\u2019s ability to continue as a going concern.
As a consequence of the work performed, the Directors considered it appropriate to adopt the going concern basis in preparing the Financial Statements with
no material uncertainties to disclose.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:213800VGZAAJIKJ9Y484", "period": "2024-03-03T00:00:00/2025-03-02T00:00:00" } }, "fact-436": { "value": "
2.3 Basis of consolidation
a) Subsidiaries
Subsidiaries are all entities, including structured entities (see below) over which the Group has control. This is when the Group is exposed to, or has rights to,
variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. The results of subsidiaries
are included in the income statement from the date of acquisition or, in the case of disposals, up to the effective date of disposal. Intercompany transactions
and balances between Group companies are eliminated upon consolidation.
Sainsbury\u2019s Thistle Scottish Limited Partnership and Nectar 360 Services LLP are partnerships which are fully consolidated into these Group financial
statements. The Group has taken advantage of the exemption conferred by Regulation 7 of the Partnerships (Accounts) Regulations 2008 and has therefore
not appended the accounts of these qualifying partnerships to these financial statements.
b) Joint ventures and associates
Investments in joint arrangements are classified as joint ventures whereby the joint controlling parties have rights to the net assets of the arrangement.
Associates are entities over which the Group has significant influence but not control.
Investments in joint ventures and associates are carried in the Group balance sheet at historical cost plus post-acquisition changes in the Group\u2019s share of net
assets of the entity, less any provision for impairment. Where the Group transacts with a joint venture or associate, profits and losses are eliminated to the
extent of the Group\u2019s interest in the joint venture or associate.
Joint ventures with a different year-end date to the Group are reported to include the results up to 28 February, the nearest month-end to the Group\u2019s
year-end. Adjustments are made for the effects of significant transactions or events that occurred between 28 February and the Group\u2019s balance sheet date.
c) Business combinations
Business combinations are accounted for using the acquisition method where any excess of the purchase consideration over the fair value of the assets,
liabilities and contingent liabilities acquired and the resulting deferred tax thereon is recognised as goodwill which is then reviewed annually for impairment.
Acquisition related costs are expensed.
Where relevant and in particular in property related acquisitions, the optional \u2018concentration test\u2019 and \u2018substantive process test\u2019 set out within IFRS 3 Business
Combinations are considered to assess whether assets and liabilities acquired in a transaction constitute a business as opposed to an asset acquisition.
d) Asset acquisitions
Where the value of assets in a target, such as investment property, represents substantially all of the fair value of the gross assets acquired, the transaction
is accounted for as an asset acquisition.
e) Foreign currencies
Foreign operations
The assets and liabilities of foreign operations are translated into pound sterling using the exchange rates prevailing at the balance sheet date. The results
of foreign operations are translated using the average rates of exchange for the year. Exchange differences are recognised in the Group statement of
comprehensive income/(loss) and included within the Group\u2019s translation reserve.
Foreign currency transactions
Transactions denominated in foreign currencies are translated at the exchange rate at the date of the transaction. Monetary assets and liabilities
denominated in foreign currencies at the balance sheet date are translated at the exchange rate ruling at that date. Foreign exchange differences arising on
translation are recognised in the income statement.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:213800VGZAAJIKJ9Y484", "period": "2024-03-03T00:00:00/2025-03-02T00:00:00" } }, "fact-491": { "value": "a) Subsidiaries Subsidiaries are all entities, including structured entities (see below) over which the Group has control. This is when the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. The results of subsidiaries are included in the income statement from the date of acquisition or, in the case of disposals, up to the effective date of disposal. Intercompany transactions and balances between Group companies are eliminated upon consolidation. Sainsbury\u2019s Thistle Scottish Limited Partnership and Nectar 360 Services LLP are partnerships which are fully consolidated into these Group financial statements. The Group has taken advantage of the exemption conferred by Regulation 7 of the Partnerships (Accounts) Regulations 2008 and has therefore not appended the accounts of these qualifying partnerships to these financial statements. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:213800VGZAAJIKJ9Y484", "period": "2024-03-03T00:00:00/2025-03-02T00:00:00" } }, "fact-572": { "value": "b) Joint ventures and associates Investments in joint arrangements are classified as joint ventures whereby the joint controlling parties have rights to the net assets of the arrangement. Associates are entities over which the Group has significant influence but not control. Investments in joint ventures and associates are carried in the Group balance sheet at historical cost plus post-acquisition changes in the Group\u2019s share of net assets of the entity, less any provision for impairment. Where the Group transacts with a joint venture or associate, profits and losses are eliminated to the extent of the Group\u2019s interest in the joint venture or associate. Joint ventures with a different year-end date to the Group are reported to include the results up to 28 February, the nearest month-end to the Group\u2019s year-end. Adjustments are made for the effects of significant transactions or events that occurred between 28 February and the Group\u2019s balance sheet date. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates", "language": "en", "entity": "scheme:213800VGZAAJIKJ9Y484", "period": "2024-03-03T00:00:00/2025-03-02T00:00:00" } }, "fact-549": { "value": "b) Joint ventures and associates Investments in joint arrangements are classified as joint ventures whereby the joint controlling parties have rights to the net assets of the arrangement. Associates are entities over which the Group has significant influence but not control. Investments in joint ventures and associates are carried in the Group balance sheet at historical cost plus post-acquisition changes in the Group\u2019s share of net assets of the entity, less any provision for impairment. Where the Group transacts with a joint venture or associate, profits and losses are eliminated to the extent of the Group\u2019s interest in the joint venture or associate. Joint ventures with a different year-end date to the Group are reported to include the results up to 28 February, the nearest month-end to the Group\u2019s year-end. Adjustments are made for the effects of significant transactions or events that occurred between 28 February and the Group\u2019s balance sheet date. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures", "language": "en", "entity": "scheme:213800VGZAAJIKJ9Y484", "period": "2024-03-03T00:00:00/2025-03-02T00:00:00" } }, "fact-492": { "value": "b) Joint ventures and associates Investments in joint arrangements are classified as joint ventures whereby the joint controlling parties have rights to the net assets of the arrangement. Associates are entities over which the Group has significant influence but not control. Investments in joint ventures and associates are carried in the Group balance sheet at historical cost plus post-acquisition changes in the Group\u2019s share of net assets of the entity, less any provision for impairment. Where the Group transacts with a joint venture or associate, profits and losses are eliminated to the extent of the Group\u2019s interest in the joint venture or associate. Joint ventures with a different year-end date to the Group are reported to include the results up to 28 February, the nearest month-end to the Group\u2019s year-end. Adjustments are made for the effects of significant transactions or events that occurred between 28 February and the Group\u2019s balance sheet date. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory", "language": "en", "entity": "scheme:213800VGZAAJIKJ9Y484", "period": "2024-03-03T00:00:00/2025-03-02T00:00:00" } }, "fact-573": { "value": "c) Business combinations Business combinations are accounted for using the acquisition method where any excess of the purchase consideration over the fair value of the assets, liabilities and contingent liabilities acquired and the resulting deferred tax thereon is recognised as goodwill which is then reviewed annually for impairment. Acquisition related costs are expensed. Where relevant and in particular in property related acquisitions, the optional \u2018concentration test\u2019 and \u2018substantive process test\u2019 set out within IFRS 3 Business Combinations are considered to assess whether assets and liabilities acquired in a transaction constitute a business as opposed to an asset acquisition. a) Goodwill Goodwill represents the excess of the fair value of the consideration of an acquisition over the fair value of the Group\u2019s share of the net identifiable assets of the acquired subsidiary at the date of acquisition. At the acquisition date goodwill is allocated to the cash-generating unit (CGU) or group of CGUs within the Retail or Financial Services segments that are expected to benefit from the combination. Goodwill is not amortised, but is tested at least annually for impairment as set out in note 3.8. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800VGZAAJIKJ9Y484", "period": "2024-03-03T00:00:00/2025-03-02T00:00:00" } }, "fact-493": { "value": "c) Business combinations Business combinations are accounted for using the acquisition method where any excess of the purchase consideration over the fair value of the assets, liabilities and contingent liabilities acquired and the resulting deferred tax thereon is recognised as goodwill which is then reviewed annually for impairment. Acquisition related costs are expensed. Where relevant and in particular in property related acquisitions, the optional \u2018concentration test\u2019 and \u2018substantive process test\u2019 set out within IFRS 3 Business Combinations are considered to assess whether assets and liabilities acquired in a transaction constitute a business as opposed to an asset acquisition. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:213800VGZAAJIKJ9Y484", "period": "2024-03-03T00:00:00/2025-03-02T00:00:00" } }, "fact-494": { "value": "e) Foreign currencies Foreign operations The assets and liabilities of foreign operations are translated into pound sterling using the exchange rates prevailing at the balance sheet date. The results of foreign operations are translated using the average rates of exchange for the year. Exchange differences are recognised in the Group statement of comprehensive income/(loss) and included within the Group\u2019s translation reserve. Foreign currency transactions Transactions denominated in foreign currencies are translated at the exchange rate at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are translated at the exchange rate ruling at that date. Foreign exchange differences arising on translation are recognised in the income statement.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:213800VGZAAJIKJ9Y484", "period": "2024-03-03T00:00:00/2025-03-02T00:00:00" } }, "fact-437": { "value": "
2.4 New standards, interpretations and amendments adopted by the Group
a) New accounting standards adopted by the Group
The Group has applied the following new standards and interpretations which became effective in the 52 weeks to 1 March 2025:
\u2022 Amendments to IFRS 16: Lease liability in a sale and leaseback
\u2022 Amendments to IAS 1: Classification of liabilities as current or non-current and non-current liabilities with covenants
\u2022 Amendments to IAS 7 and IFRS 7: Supplier finance arrangements
The new accounting standards, interpretations and amendments to standards and IFRIC interpretations which became applicable during the year were
either not relevant or had no impact, or no material impact, on the Group\u2019s results or net assets. Therefore, the adoption of the new standards and
interpretations listed above did not require any changes to be made to the Group accounting policies and the policies have remained unchanged from those
disclosed in the Annual Report for the financial year ended 2 March 2024.
b) New accounting standards in issue but not yet effective
The following standards and interpretations were in issue at the date of approval of these financial statements but not yet effective and therefore have not
been applied for the 52 weeks to 1 March 2025:
\u2022 Amendments to IAS 21: Lack of exchangeability
\u2022 Amendments to IFRS 9 and IFRS 7: Classification and measurement of financial instruments
\u2022 IFRS 18: Presentation and disclosure in financial statements
\u2022 IFRS 19: Subsidiaries without public accountability
\u2022 Amendments to IFRS 9 and IFRS 7: Contracts Referencing Nature-dependent Electricity
\u2022 Amendments to IFRS 10 and IAS 28: Sale or Contribution of Assets between an Investor and its Associate or Joint Venture.
The adoption of the above standards and interpretations, with the exception of the adoption of IFRS 18, is not expected to lead to any changes to the Group\u2019s
accounting policies nor to have any impact, or any material impact, on the Group\u2019s results or net assets.
The impact of IFRS 18 \u2018Presentation and disclosure in financial statements\u2019, which will become effective in the consolidated Group financial statements for
the financial year ending 26 February 2028, subject to UK endorsement, is still under assessment.
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:213800VGZAAJIKJ9Y484", "period": "2024-03-03T00:00:00/2025-03-02T00:00:00" } }, "fact-495": { "value": "2.4 New standards, interpretations and amendments adopted by the Group a) New accounting standards adopted by the Group The Group has applied the following new standards and interpretations which became effective in the 52 weeks to 1 March 2025: \u2022 Amendments to IFRS 16: Lease liability in a sale and leaseback \u2022 Amendments to IAS 1: Classification of liabilities as current or non-current and non-current liabilities with covenants \u2022 Amendments to IAS 7 and IFRS 7: Supplier finance arrangements The new accounting standards, interpretations and amendments to standards and IFRIC interpretations which became applicable during the year were either not relevant or had no impact, or no material impact, on the Group\u2019s results or net assets. Therefore, the adoption of the new standards and interpretations listed above did not require any changes to be made to the Group accounting policies and the policies have remained unchanged from those disclosed in the Annual Report for the financial year ended 2 March 2024. ", "dimensions": { "concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations", "language": "en", "entity": "scheme:213800VGZAAJIKJ9Y484", "period": "2024-03-03T00:00:00/2025-03-02T00:00:00" } }, "fact-496": { "value": "b) New accounting standards in issue but not yet effective The following standards and interpretations were in issue at the date of approval of these financial statements but not yet effective and therefore have not been applied for the 52 weeks to 1 March 2025: \u2022 Amendments to IAS 21: Lack of exchangeability \u2022 Amendments to IFRS 9 and IFRS 7: Classification and measurement of financial instruments \u2022 IFRS 18: Presentation and disclosure in financial statements \u2022 IFRS 19: Subsidiaries without public accountability \u2022 Amendments to IFRS 9 and IFRS 7: Contracts Referencing Nature-dependent Electricity \u2022 Amendments to IFRS 10 and IAS 28: Sale or Contribution of Assets between an Investor and its Associate or Joint Venture. The adoption of the above standards and interpretations, with the exception of the adoption of IFRS 18, is not expected to lead to any changes to the Group\u2019s accounting policies nor to have any impact, or any material impact, on the Group\u2019s results or net assets. The impact of IFRS 18 \u2018Presentation and disclosure in financial statements\u2019, which will become effective in the consolidated Group financial statements for the financial year ending 26 February 2028, subject to UK endorsement, is still under assessment.", "dimensions": { "concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations", "language": "en", "entity": "scheme:213800VGZAAJIKJ9Y484", "period": "2024-03-03T00:00:00/2025-03-02T00:00:00" } }, "fact-438": { "value": "2.5 Alternative Performance Measures (APMs) In the reporting of financial information, the Directors use various APMs. These APMs should be considered in addition to, and are not intended to be a substitute for, IFRS measurements. As they are not defined by International Financial Reporting Standards, they may not be directly comparable with other companies\u2019 APMs. The Directors believe that these APMs provide additional useful information for understanding the financial performance and health of the Group. They are also used to enhance the comparability of information between reporting periods (such as like-for-like sales and underlying performance measures) by adjusting for non-recurring factors which affect IFRS measures, and to aid users in understanding the Group\u2019s performance. Consequently, APMs are used by the Directors and management for performance analysis, planning, reporting and incentive setting purposes. Non-underlying items In order to provide shareholders with additional insight into the year-on-year performance of the business, underlying profit measures are provided to supplement the reported IFRS numbers and reflects how the business measures performance internally. These adjusted measures exclude items recognised in reported profit or loss before tax which, if included, could distort comparability between periods. Underlying profit is not an IFRS measure and therefore not directly comparable to other companies. Reconciliations to IFRS measures The income statement shows the non-underlying items excluded from reported results to determine underlying results with a more detailed analysis of the non-underlying items set out in note 5. Other APMs are detailed in notes A1, A2, A3 and A4 of this report which includes further information on the definition, purpose and reconciliation to the closest IFRS measure. Changes to APMs Following the Group\u2019s announcement over phased withdrawal from Financial Services, the definition of the Group\u2019s retail free cash flow APM has been updated during the period to now exclude capital injections to, dividends from, and any other exceptional cash movements with or on behalf of Sainsbury\u2019s Bank and its subsidiaries. This change results in more relevant information as retail free cash flow will now solely present retail cash flows without any impacts of the phased withdrawal from Financial Services, and enables management to assess solely the cash flows associated with its core retail operations. No comparatives have been restated as exceptional cash movements with Sainsbury\u2019s Bank in the prior year were immaterial.", "dimensions": { "concept": "jsainsburyplc:DisclosureOfAlternativePerformanceMeasuresAPMs", "language": "en", "entity": "scheme:213800VGZAAJIKJ9Y484", "period": "2024-03-03T00:00:00/2025-03-02T00:00:00" } }, "fact-432": { "value": "
3 Material accounting policies
3.1 Revenue
Revenue arises from the sale of goods and services in the course of the Group\u2019s ordinary activities, net of returns, related discounts and excluding Value
Added Tax (VAT) and, in the case of Financial Services, interest receivable, fees and commissions. Revenue is recognised when the Group has a contract with
a customer and a performance obligation has been satisfied, at the transaction price allocated to that performance obligation.
a) Retail sales
Sale of goods
Revenue from the sale of goods is recognised at point of sale or, where later, upon collection by, or delivery to, the customer as this is the point in which
control has passed. Where consideration has been received in advance of the performance obligation being satisfied, a contract liability is recognised within
trade and other payables.
Other revenue items
Other revenue items comprise income from commissions.
Commission revenue relates to the sale of third-party products where it has been determined that the Group is acting as an agent. Sales commission from
third parties is recognised when the related goods or services are sold.
b) Nectar points
The issuance of Nectar points creates a separate performance obligation and therefore a portion of the transaction price is allocated to the loyalty
programme using the relative standalone selling price of points issued, and the corresponding revenue deferred. The fair value of the points awarded is
determined with reference to the value per point to a customer and considers expected redemption rates (breakage) and the money off that each point
entitles a customer to. The deferral is treated as a deduction from revenue and recognised as a contract liability within deferred income. The revenue
deferred is subsequently recognised when the Nectar points are redeemed by the customer.
c) Financial Services
Financial Services revenue consists of interest, fees and commission income from the provision of retail banking and insurance-related activities.
Interest income
Interest income is recognised in the income statement for all instruments measured at amortised cost using the effective interest method.
The effective interest rate of a financial asset is calculated on initial recognition and is applied to the gross carrying amount of the asset. For financial assets
that have become credit impaired subsequent to initial recognition, interest income is calculated by applying the effective interest rate to the amortised cost
of the financial asset net of impairment. If the asset is no longer credit-impaired, then the calculation of interest income reverts to the gross basis. In
calculating the effective interest rate of a financial instrument the Group takes into account all amounts that are integral to the yield of a financial
instrument as well as incremental transaction costs.
Fees and commission income
Fees and commissions that are not integral to the effective interest rate calculation relate primarily to certain credit card and storecard fees, ATM interchange
fees, insurance introduction commission and warranty commission receivable. These are recognised in the income statement on an accruals basis as
performance obligations are satisfied. Where in the case of insurance commissions the income comprises an initial commission and profit share, both are
recognised on completion of the service to the extent reliably measurable. Where there is a risk of potential claw back, an appropriate element of the
commission receivable is deferred and amortised over the clawback period.
Income from the sale of travel money, representing the difference between the cost price and the selling price, is recognised when the sale to the customer
takes place.
3.2 Cost of sales
Cost of sales consists of all costs that are directly attributable to the point of sale including warehouse, transportation costs and all the costs of operating
retail outlets. In the case of Financial Services, cost of sales includes interest expense on operating activities, calculated using the effective interest method.
Supplier incentives, rebates and discounts, collectively known as \u2018supplier arrangements\u2019, represent a material deduction to cost of sales and directly affect
the Group\u2019s reported margin.
Income from supplier arrangements is recognised when earned by the Group when all obligations per the terms of the contract have been satisfied.
Any supplier arrangements which are linked to inventory purchases are included within the cost of the related inventory, and therefore recognised within
cost of sales once the inventory is sold. Unpaid amounts relating to supplier arrangements are recognised within trade and other receivables, unless there
is a legal right of offset, in which case it is recognised within trade and other payables. Amounts which have been invoiced at the balance sheet date are
categorised as supplier arrangements due and those not yet invoiced are categorised as accrued supplier arrangements.
3.3 Finance income and costs
Finance income and costs, excluding those arising from Financial Services, are recognised in the income statement for financial assets and liabilities
measured at amortised cost using the effective interest method.
For Financial Services, finance income and finance costs are recognised in revenue and cost of sales.
3.4 Taxation
a) Current tax
Current tax is accounted for on the basis of tax laws enacted or substantively enacted at the balance sheet date. Current tax is charged or credited to the
income statement, except when it relates to items charged to equity or other comprehensive income.
b) Deferred tax
Deferred tax is accounted for on the basis of temporary differences arising from differences between the tax base and accounting base of assets and liabilities.
Deferred tax is recognised for all temporary differences, except to the extent where it arises from the initial recognition of an asset or a liability in a transaction
that is not a business combination or a transaction that gives rise to an equal and deductible temporary difference and, at the time of transaction, affects neither
accounting profit nor taxable profit. It is determined using tax rates (and laws) that have been enacted or substantively enacted at the balance sheet date and are
expected to apply when the related deferred income tax asset is realised or the deferred income tax liability is settled.
Deferred tax assets are recognised to the extent that it is probable that future taxable profits will be available against which the temporary differences can be utilised.
Deferred tax is charged or credited to the income statement, except when it relates to items charged or credited directly to equity or other comprehensive income.
Deferred tax is provided on temporary differences associated with investments in subsidiaries, branches, and joint ventures except where the Group is able to
control the timing of the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future.
3.5 Property, plant and equipment
a) Land and buildings
Land and buildings are held at historical cost less accumulated depreciation and, where appropriate, any provision for impairment as determined in accordance
with note 3.8. Cost includes the original purchase price of the asset and the costs attributable to bringing the asset to its working condition for intended use,
including any directly attributable internal payroll-related costs for employees who are associated with projects in order to bring the assets into use.
b) Fixtures and equipment
Fixtures, equipment and vehicles are held at cost less accumulated depreciation and, where appropriate, any provision for impairment as determined in
accordance with note 3.8. Cost includes the original purchase price of the asset and the costs attributable to bringing the asset to its working condition and its
intended use, including any directly attributable internal payroll-related costs for employees who are associated with projects in order to bring the assets into
use. Fixtures, equipment and vehicles are held at cost less accumulated depreciation and, where appropriate, any provision for impairment as determined in
accordance with note 3.8. Cost includes the original purchase price of the asset and the costs attributable to bringing the asset to its working condition and its
intended use, including any directly attributable internal payroll-related costs for employees who are associated with projects in order to bring the assets into use.
c) Work in progress
Capital work in progress is held at cost less any provision for impairment.
d) Depreciation
Depreciation is calculated to write down the cost of the assets to their residual values, on a straight-line basis over their useful economic life, using the
following rates:
\u2022 Freehold buildings and leasehold improvements 50 years, or the lease term if shorter
\u2022 Fixtures, equipment and vehicles three to 15 years
\u2022 Freehold land not depreciated
Capital work in progress (which excludes land) is not depreciated prior to being available for its intended commercial use.
e) Disposals and retirement
The gain or loss on disposal or retirement of an asset is determined by comparing proceeds less any associated costs of disposal with the asset\u2019s carrying
amount and is recognised within operating profit.
f) Climate change impacts
Residual values and useful lives of assets are reviewed, and adjusted if appropriate, at the end of each reporting period. This includes consideration over
climate change-related risks which may impact the useful lives or residual values of the Group\u2019s assets, such as the impact of flood risks on store and
non-store assets, changes in regulations related to carbon emissions and any anticipated replacement of existing assets with new technologies.
g) Capitalisation of interest
Borrowing costs that are directly attributable to the acquisition or construction of qualifying assets are capitalised to the cost of the asset, gross of tax relief.
3.6 Leases
a) Group as lessee
The Group\u2019s lease portfolio is principally comprised of property leases of land and buildings in relation to stores, distribution centres and support offices,
but also includes other assets such as motor vehicles. The leases have varying terms and often include break clauses or options to renew beyond the
non-cancellable periods.
The Group presents additions to lease liabilities and right-of-use assets in line with the disclosure requirements of IFRS 16 \u2018Leases\u2019. In doing so, additions to
right-of-use assets and lease liabilities in note 15 include the net impact of new leases, terminations, modifications, and reassessments.
Right-of-use assets
Right-of-use assets are recognised at the commencement date of the lease, when the underlying asset is available for use. The cost of right-of-use assets
comprises the amount of lease liabilities recognised, any initial direct costs incurred, lease payments made at or before the commencement date and less
any lease incentives received. Right-of-use assets are subsequently measured at cost, less any accumulated depreciation and impairment losses, and
adjusted for any subsequent modifications which include terminations and reassessments which all represent a remeasurement of lease liabilities.
The recognised right-of-use assets are depreciated on a straight-line basis over the shorter of the estimated useful life and the lease term.
Lease liabilities
Lease liabilities are recognised at the commencement date of the lease and are measured at the present value of lease payments to be made over the lease term,
discounted using the incremental borrowing rate (IBR) at the lease commencement date if the interest rate implicit in the lease is not readily determinable.
The lease payments include fixed payments and variable lease payments that depend on an index or a rate (using the relevant rate at the commencement
date of the lease), less any lease incentives receivable. The variable lease payments that do not depend on an index or a rate are recognised as an expense in
the period in which the event or condition that triggers the payment occurs. For agreements which contain both lease and non-lease components, such as
cleaning and maintenance services, the non-lease component is excluded from the lease payments used to measure the lease liabilities.
The IBRs depend on the start date and term of the lease, and are determined based on a reference (risk-free) rate and adjustments to reflect the Group\u2019s credit risk.
The Group determines the lease term as the non-cancellable term of the lease, together with any periods covered by an option to extend the lease if it is
reasonably certain to be exercised, or any periods covered by an option to terminate the lease (a break clause), if it is reasonably certain not to be exercised.
After the commencement date of the lease, the lease liability is subsequently measured at amortised cost using the effective interest rate method.
The carrying amount of lease liabilities is remeasured when there is a change in the future lease payments due to a change in the lease term such as
a recognition of an extension or break option, a change in the fixed lease payments or a change in the assessment to purchase the underlying asset.
Short-term leases and leases of low-value assets
The Group applies the short-term lease recognition exemption to those leases that have a lease term of 12 months or less from the commencement date and
do not contain a purchase option. It also applies the low-value asset recognition exemption to groups of underlying leases where the underlying assets leased
are considered uniformly low value. Lease payments on short-term leases and leases of low-value assets are expensed to the income statement.
b) Group as a lessor
The Group leases out owned properties and sublets leased properties under operating and finance leases. Such properties include mall units, stores and units
within stores.
Subleases
Classification is assessed with reference to the head lease right-of-use asset. This assessment considers, among other factors, whether the sublease
represents the majority of the remaining life of the head lease. The ratio of rental income to head lease rental payments is used to determine how much of
the right-of-use asset should be derecognised, or analysis of square foot leased in the headlease and sublease where appropriate. This assessment takes into
consideration whether the sublease/headlease are above or below market rate.
Finance leases
Amounts due under finance leases are recorded as a receivable at an amount equal to the net investment in the lease. This is initially calculated and
recognised using the IBR prevalent in the underlying headlease at the recognition date. Any difference between the derecognised right-of-use asset and the
newly recognised amounts due for leases under finance leases is immediately recognised in the income statement. The Group recognises finance income
over the lease term, reflecting a constant periodic rate of return on the Group\u2019s net investment in the lease.
Operating leases
Operating lease income is recognised as earned on a straight-line basis over the lease term.
3.7 Intangible assets
a) Goodwill
Goodwill represents the excess of the fair value of the consideration of an acquisition over the fair value of the Group\u2019s share of the net identifiable assets of
the acquired subsidiary at the date of acquisition. At the acquisition date goodwill is allocated to the cash-generating unit (CGU) or group of CGUs within the
Retail or Financial Services segments that are expected to benefit from the combination. Goodwill is not amortised, but is tested at least annually for
impairment as set out in note 3.8.
b) Computer software
Software and licences which are capitalised include costs incurred to acquire the assets as well as any external and internal costs incurred in the
development of software. External and internal costs are external direct costs, as well as directly attributable internal payroll-related costs for employees
who are associated with projects in order to bring the assets into use. Costs associated with internally generated software are recognised as an intangible
asset only if they can be separately identified, it is probable that the asset will generate future economic benefits which exceed one year, and the cost can be
measured reliably. Software under development is not amortised, but held at cost less any impairment loss.
Subsequent expenditure is capitalised only when it increases the future economic benefits embodied in the specific asset to which it relates. Costs associated
with maintaining computer software are recognised as an expense as incurred.
c) Cloud computing arrangements
Software as a Service (SaaS) arrangements are service contracts providing the Group with the right to access a cloud provider\u2019s application software over the
contract period. Typically, such arrangements involve ongoing licence fees to obtain access to the cloud provider\u2019s application software, as well as upfront
costs incurred to configure or customise the SaaS solution.
Configuration and customisation costs are capitalised in the following instances as intangible assets:
\u2022 The Group has both a contractual right to take possession of the software at any time without significant penalty, and the ability to run the software
independently of the host vendor
\u2022 The costs incurred meet the definition of and recognition criteria for an intangible asset. This includes for example the development of software code that
enhances or modifies, or creates additional capability to, existing systems controlled by Sainsbury\u2019s
Where these conditions are not met, costs incurred to configure or customise, and the ongoing fees to obtain access to the cloud provider\u2019s application
software, are recognised as operating expenses when the services are received.
Where the configuration or customisation of a SaaS solution is performed by the SaaS vendor, consideration is given to whether this activity is distinct from
the provision of the solution itself. This assessment considers the nature of the activities, and whether benefit can be obtained from any of the services in
isolation. Where the activity is not considered distinct, the costs are capitalised as a prepayment and amortised over the expected useful life of the solution.
d) Acquired intangible assets
Intangible assets acquired in a business combination are recognised at fair value at the acquisition date. Intangible assets with finite useful economic lives are carried
at cost less accumulated amortisation and any provision for impairment. Amortisation of acquired intangible assets is recorded within administrative expenses.
e) Amortisation
Amortisation is calculated to write down the cost of the assets to their residual values, on a straight-line basis over their useful economic life, using the
following rates:
\u2022 Computer software five to 15 years
\u2022 Configuration and customisation costs capitalised as part of SaaS arrangements life of the SaaS arrangement
\u2022 Acquired intangible assets five to ten years
\u2022 Goodwill not amortised
Capital work in progress is not amortised prior to being available for its intended commercial use.
3.8 Impairment
a) Non-financial assets
Property, plant and equipment (PPE), right-of-use assets, and intangible assets are assessed on an ongoing basis to determine whether there is an indication
that the net book value is no longer supportable. If any such indication exists, the recoverable amount of the asset, being the higher of its fair value less costs
to dispose and its value-in-use (VIU), is estimated in order to determine the extent of the impairment loss. Where it is not possible to estimate the recoverable
amount of an individual asset, the Group estimates the recoverable amount of the CGU to which the asset belongs.
If the recoverable amount of an asset or CGU is estimated to be less than its carrying amount, the carrying amount of the asset or CGU is impaired to its
recoverable amount.
Where there has been a change in the estimates used to determine the recoverable amount and an impairment loss subsequently reverses, the carrying
amount of the asset or CGU is increased to the revised estimate of its recoverable amount, although not to exceed the carrying amount that would have been
determined had no impairment loss been recognised. Any impairment loss or reversal of impairment is recognised in the income statement.
Goodwill is assessed annually by measuring the recoverable amount of the CGU, calculated as the higher of fair value less cost to dispose and VIU. Where the
carrying value of the CGU exceeds the recoverable amount, an impairment loss is recognised in the income statement. The impairment charge is allocated
first against goodwill and then pro rata against other assets within the CGU by reference to the carrying amount of each remaining asset in the CGU.
Impairment losses recognised for goodwill are not subsequently reversed.
Identification of a cash-generating unit
CGUs are deemed the smallest group of assets that independently generate cash inflows and are independent of the cash flows generated by other assets
and are identified within the respective reportable operating segments.
Retail
CGUs are deemed to be corporate level business units, trading stores, store pipeline development sites or in certain cases for Argos, a cluster of stores.
PPE, intangible assets and right-of-use assets are allocated to the store CGU they are associated with. For non-store assets, including depots and IT assets,
these are allocated to store CGUs where it can be done on a reasonable and consistent basis, otherwise these are allocated to the CGU corporate level to which
they relate.
Goodwill recognised on acquisition of retail chains of stores is allocated, where possible, to respective store CGUs, otherwise it is attributed to the acquired
business as a whole.
Financial Services
Cash generating units are deemed to be each respective product or product group that is capable of generating cash flows independent of other products.
Non-product assets are reviewed separately as collective CGUs with the products that they support.
b) Financial assets
Impairments on financial assets measured at amortised cost are accounted for using a three-stage forward-looking expected credit loss (ECL) approach.
The Group is required to record an allowance for ECL for all loans and other debt financial assets not held at fair value through profit or loss (FVPL), together
with loan commitments and financial guarantee contracts.
ECLs are based on the difference between the cash flows due in accordance with the contract and all the cash flows that the Group expects to receive,
discounted at an approximation of the original effective interest rate. The expected cash flows will include cash flows from the sale of collateral held or
other credit enhancements that are integral to the contractual terms.
For Financial Services portfolios of loans, such as credit card lending, storecard lending and personal loans, impairment provisions are calculated for groups
of assets, otherwise impairment is identified at a counterparty-specific level. The allowance is calculated by reference to the estimated probability of default
(PD), exposure at default (EAD) and loss given default (LGD).
\u2022 The probability of default represents the likelihood of a borrower defaulting within 12 months from the balance sheet date or within the expected lifetime
of the borrower
\u2022 Exposure at default represents the expected amount due from the borrower at the point of default by reference to exposure at the balance sheet date
adjusted for expected future changes including repayments and utilisation of undrawn facilities
\u2022 Loss given default represents the expected percentage loss at the point of default relative to the EAD. The estimate takes into account utilisation of any
expected collections and recoveries strategies, debt sale arrangements and collateral
3.9 Inventories
Inventories comprise goods held for resale and are valued on a standard cost or weighted average cost basis which approximates to actual cost and is carried
at the lower of cost or net realisable value.
Cost includes all direct expenditure and other appropriate attributable costs incurred in bringing inventories to their present location and condition.
Net realisable value represents the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and
distribution. Provision is made for obsolete, slow-moving or damaged items where appropriate.
3.10 Trade and other receivables
Trade and other receivables are non-interest bearing and are on commercial terms. They are initially recognised at fair value and subsequently measured
at amortised cost less allowances for expected credit losses, using the simplified approach, with adjustments for factors specific to each receivable.
3.11 Amounts due from Financial Services customers and other banks
Loans and advances are initially recognised at fair value and subsequently held at amortised cost, using the effective interest method, less provision for
impairment and recognised on the balance sheet when cash is advanced.
3.12 Assets held for sale
Assets are classified as held for sale if their carrying amount is to be recovered principally through a sale transaction rather than through continuing use
and also only when the sale is highly probable within one year from the date of classification and the assets are available for sale in their present condition.
Assets held for sale are stated at the lower of the carrying amount and fair value less costs to dispose. Any amounts no longer classified as assets held for
sale are measured at the lower of its carrying amount before the asset was classified as held for sale, adjusted for any depreciation that would have been
recognised had the asset not been classified as held for sale, and its recoverable amount at the date of the subsequent decision not to sell.
3.13 Trade and other payables
Trade payables are initially recognised at fair value and subsequently measured at amortised cost. Amounts are presented net of supplier arrangements due
where there is a contractual right of offset.
3.14 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 economic
resources will be required to settle the obligation and where the amount can be reliably estimated.
Provisions are measured at management\u2019s best estimate of the consideration required to settle the obligation at the reporting date and discounted using
a pre-tax rate that reflects current market assessments where the time value of money is deemed material. An increase in the provision due to the passage
of time is recognised as an interest expense.
Provisions for onerous contracts are recognised when the Group believes that the unavoidable costs of meeting or novating a contract exceed the economic
benefits expected to be received under it. Where assets are dedicated to the fulfilment of a contract that cannot be redirected to other parts of the Group,
an impairment charge is recognised to reduce the carrying value of the assets to \u00a3nil before recognising a separate onerous contract.
A restructuring provision is recognised when the Group has developed a detailed formal plan and has raised a valid expectation in those affected that it will
carry out the restructuring by starting to implement the plan or announcing its main features to those affected by it. The measurement of a restructuring
provision includes only the direct expenditures arising from the restructuring.
a) Property provisions
Where the Group no longer operates from a leased property, onerous property contract provisions are recognised for the least net cost of exiting from the
contract. The amounts provided are based on the Group\u2019s best estimates of the likely committed outflows and site closure dates. These provisions do not
include rent in accordance with IFRS 16, however do include unavoidable costs related to the lease such as service charges and insurance.
Property provisions also include provisions for dilapidations which are recognised where the Group has the obligation to make good its leased properties,
which is when a decision to exit a lease has been made. This is the point at which a reliable estimate of the expected cost for dilapidations can be made.
These provisions are recognised based on historically settled dilapidations which form the basis of the estimated future cash outflows. Any difference
between amounts expected to be settled and the actual cash outflow is be accounted for in the period when such determination is made.
Where the Group is able to exit lease contracts before the expiry date or agree sublets, this results in the release of any associated property provisions.
Such events are subject to the agreement of landlords, therefore the Group makes no assumptions on the ability to either exit or sublet a property until
a position is agreed. Utilisation is expected to be in line with the profile of the leases to which the provisions relate.
b) Insurance provisions
Provisions are based on assumptions regarding past claims experience and assessments by an independent actuary to provide a best estimate of the most
likely or expected outcome.
Other Financial Services-related provisions are primarily in relation to Argos Financial Services customers in respect of potential redress payable arising from
the historic sales of Payment Protection Insurance (PPI).
The eventual cost is dependent on response rates, uphold rates, complaint rates, redress costs and claim handling costs. The provision represents management\u2019s
best estimate of future costs. These assumptions are inherently uncertain and the ultimate financial impact may differ from the amount provided.
3.15 Financial instruments
a) Financial assets
The Group classifies all of its financial assets as either amortised cost, FVOCI or FVPL.
The Group\u2019s non-derivative financial assets comprise:
\u2022 Cash and cash equivalents
\u2022 Trade and other receivables, excluding prepayments and accrued income
\u2022 Amounts due from Financial Services customers and other banks
\u2022 Financial assets at FVOCI
\u2022 Financial assets at FVPL
To determine their classification and measurement category, all financial assets, except equity instruments and derivatives, are required to be assessed
based on a combination of the entity\u2019s business model for managing the assets and the instruments\u2019 contractual cash flow characteristics.
In order for a financial asset to be classified and measured at amortised cost or FVOCI, it needs to give rise to cash flows that are \u2018solely payments of principal
and interest (SPPI)\u2019 on the principal amount outstanding. This assessment is referred to as the SPPI test and is performed at an instrument level.
The business model assessment reflects how the Group manages the risks relating to the underlying financial assets, including whether the Group\u2019s principal
objective is to collect the contractual cash flows arising from the instruments (amortised cost), to sell the financial instruments (FVPL) or a combination
thereof (FVOCI).
Financial instruments at amortised cost
Financial assets that are principally held for the collection of contractual cash flows and which pass the SPPI test are classified as amortised cost. For the
Group this includes cash, receivables and amounts due from Financial Services customers and other banks. The Group has no intention of trading these
assets. With the exception of trade receivables that do not contain a significant financing component, the Group initially measures these financial assets
at fair value plus transaction costs. Subsequently these assets are carried at amortised cost less impairment using the effective interest rate method.
Income from these financial assets is calculated on an effective interest rate basis and is recognised in the income statement.
Financial assets at fair value through other comprehensive income Financial assets that are held for both the purpose of collecting contractual cash flows and to sell are classified as FVOCI. They are included in non-current assets unless management intends to dispose of the investment within 12 months of the balance sheet date. Equity investments have been irrevocably designated as FVOCI. On initial recognition, financial assets at FVOCI are measured at fair value plus transaction costs and subsequently recorded at fair value at each period end with the movements recognised in other comprehensive income until derecognised or impaired. On derecognition, the cumulative gain or loss previously recognised in other comprehensive income reserves is recognised in the income statement for debt instruments. Cumulative gains and losses on equity instruments are never recycled to the income statement, but are transferred from financial asset reserve to retained earnings within equity. Dividends on financial assets at FVOCI are recognised in the income statement when the entity\u2019s right to receive payment is established. Interest on financial assets at FVOCI debt instruments is recognised using the effective interest method. Financial assets at fair value through profit and loss Financial assets that do not meet the classification criteria to be measured at amortised cost or at FVOCI are measured at FVPL. Financial assets measured at FVPL are carried in the statement of financial position at fair value with net changes in fair value recognised in the income statement. Interest on debt instruments is recognised using the effective interest method. Financial assets are derecognised when the contractual cash flows from the asset have expired or have been transferred, usually by sale, and with them either substantially all the risks and rewards of the asset or significant risks and rewards, along with the unconditional ability to sell or pledge the asset. b) Financial liabilities The Group recognises all of its financial liabilities at amortised cost and all derivative financial liabilities are classified as FVPL. Financial liabilities costs, including premiums payable on settlement or redemption and direct issue costs, are accounted for on an accrual basis in the income statement using the effective interest rate method and are added to the carrying amount of the instrument to the extent that they are not settled in the period in which they arise. The Group\u2019s non-derivative financial liabilities comprise: \u2022 Borrowings \u2022 Trade and other payables, excluding deferred income and other taxes and social security costs payable \u2022 Amounts due to Financial Services customers and other banks \u2022 Lease liabilities Interest-bearing bank loans, overdrafts, other deposits and amounts due to Sainsbury\u2019s Bank customers are recorded initially at fair value, which is generally the proceeds received, net of direct issue costs. Subsequently, these liabilities are held at amortised cost using the effective interest rate method. Transaction costs are amortised on a straight-line basis over the life of the facility they relate to. Financial liabilities are derecognised when the obligation under the liability is discharged, cancelled, or expires. 3.16 Derivative financial instruments and hedge accounting The Group uses derivative financial instruments to hedge its exposure to foreign exchange, interest rate and commodity risks. All derivative financial instruments are initially measured at fair value on the contract date and are also measured at fair value at subsequent reporting dates. Where derivatives do not qualify for hedge accounting, any changes in the fair value of the derivative financial instrument are recognised in the income statement as they arise. To qualify for hedge accounting, the Group documents, at the inception of the hedge, the hedging risk management strategy, the relationship between the hedging instrument and the hedged item or transaction, the nature of the risks being hedged and an assessment of the effectiveness of the hedging relationship to ensure it is highly effective on an ongoing basis. Where a derivative does qualify for hedge accounting, any changes in fair value are recognised depending on the nature of the hedge relationship and the item being hedged as follows: a) Cash flow hedges Hedge relationships are classified as cash flow hedges where the derivative financial instruments hedge the Group\u2019s exposure to variability in cash flows resulting from a highly probable forecasted transaction. These include the exchange rate risk of inventory purchases denominated in foreign currency, interest rate risk and commodity risk on purchases of power and fuel. Changes in the fair value of derivative financial instruments that are designated and effective as hedges of future cash flows are recognised directly in other comprehensive income and the ineffective portion is recognised immediately in the income statement. The cash flow hedge reserve therefore only contains amounts where hedge accounting applies. If a cash flow hedge is hedging a firm commitment or forecast transaction that results in the recognition of a non-financial asset or liability, then, at the time the asset or liability is recognised, the associated gains or losses on the derivative that had previously been recognised in other comprehensive income are included in the initial measurement of the asset or liability. This applies to the Group\u2019s foreign currency hedges in relation to inventory purchases. b) Fair value hedges The Group designates certain derivatives as fair value hedges where the derivative financial instrument hedges the change in fair value of the particular risks inherent in recognised assets or liabilities (fair value hedges). The Group applies IFRS 9 hedge accounting requirements for its fair value hedges of investment securities and its one-for-one hedge on Tier 2 Debt issuance within Sainsbury\u2019s Bank. The Group adopted IAS 39 for its macro portfolio fair value hedges of fixed rate personal loans up to the point of announced disposal in June 2024, and for Mortgages in the comparative year up until the point of disposal in August 2023. Fair value hedging matches the change in fair value of designated hedged items against the corresponding change in value of the hedging derivative. The designated hedged item can be a recognised asset or liability, a firm commitment, or an identified portion of an asset.
The effective part of any gain or loss on the hedged item adjusts the balance of the hedged item and is recognised in the income statement, offsetting the
gain or loss on the hedging derivative. Should circumstances arise where the hedge relationship subsequently proves ineffective, is early settled, or is
terminated, the adjustment to the balance of the hedged item is amortised over the remaining life of the hedged item and to the income statement.
Micro fair value hedging \u2013 IFRS 9
The Group has purchased a number of fixed rate debt investment securities and has issued fixed rate subordinated debt within Sainsbury\u2019s Bank.
These instruments are hedged via plain vanilla interest rate swaps, with the critical economic terms of both the hedging instrument and hedged item
matching. The notional amount, fixed interest legs and maturity dates are economically matched.
Portfolio fair value hedging \u2013 IAS 39
Portfolio fair value hedging allows the designation of the whole or part of a portfolio of assets or liabilities with similar risk exposures. The hedged item can be
designated based on expected maturities to match the hedging derivative maturity. Hedge effectiveness is considered to have been met where the change in
fair value of the hedged item offsets the change in fair value of hedging instruments, within the 80 to 125 per cent ratio corridor.
The Group used portfolio fair value hedging as a risk management tool for hedging interest rate risk on the personal loans portfolio up to the point of
announced disposal in June 2024, and for mortgages in the comparative year up until the point of disposal in August 2023. Following the announced exit of
personal loans, the related derivatives classified in a hedge relationship were deemed ineffective with changes in fair value recognised immediately in the
income statement from this date.
3.17 Cash and cash equivalents
Cash and bank balances comprise cash in hand and at bank, deposits at central banks, investments in money market funds and deposits, and other
short-term highly liquid investments.
To be classified as cash and cash equivalents, an asset must:
\u2022 Be readily convertible into cash
\u2022 Have an insignificant risk of changes in value
\u2022 Have a maturity period of typically three months or less at acquisition
Bank overdrafts that are repayable on demand and form an integral part of the Group\u2019s cash management are included as a component of cash and cash
equivalents for the purposes of the cash flow statement.
3.18 Cash flow statement classifications
The following cash receipts and payments are presented within the following sections of the cash flow statement:
a) Interest, dividends and taxes
Included in operating cash flows
\u2022 Interest paid on borrowings as they are held for cash management purposes
Included in cash flows from investing activities
\u2022 Interest received on bank deposits and other financial assets as well as dividends received as they represent returns on the Group\u2019s investments
b) Lease payments and receipts
Included in operating cash flows
\u2022 Cash payments for the interest element of lease liabilities consistent with presentation of interest payments
\u2022 Short-term lease payments, payments for leases of low-value assets and variable lease payments that are not included in the measurement of the
lease liabilities
\u2022 Cash receipts in relation to sub-leases (both operating and finance leases)
Included in cash flows from financing activities
\u2022 Cash payments for the principal element of the lease liabilities are presented within financing activities
3.19 Retirement benefit obligations
a) Defined contribution pension schemes
The Group contributions to defined contribution pension schemes are charged to the income statement as incurred. Any contributions unpaid at the balance
sheet date are included as an accrual as at that date. The Group has no further payment obligations once the contributions have been paid.
b) Defined benefit pension scheme (Sainsbury\u2019s Pension Scheme)
The surplus or deficit recognised in the balance sheet for defined benefit schemes represents the difference between the fair value of the plan assets and
the present value of the defined benefit obligation at the balance sheet date. The defined benefit obligation is actuarially calculated on an annual basis using
the projected unit credit method.
Actuarial gains and losses are reported in the statement of other comprehensive income as incurred, and comprise both the effects of changes in actuarial
assumptions and experience adjustments arising because of differences between the previous actuarial assumptions and what has actually occurred.
The income statement charge consists of a financing charge, which is the net of interest cost on pension scheme liabilities and interest income on plan assets
and defined benefit pension scheme expenses. The financing charge is determined by applying the discount rate used to measure the defined benefit
obligation to the pension scheme liabilities and plan assets at the beginning of the financial year.
IFRIC 14
Under IFRIC 14, a company is required to measure any economic benefits available to it in the form of refunds or reductions to future contributions at
the maximum amount that is consistent with the terms and conditions of the pension scheme. These are regarded as available to a company if it has an
unconditional right to realise them at some point during the life of the pension scheme or when all benefits are finally settled. Such an unconditional right
would not exist when the availability of the refund or the reduction in future contributions would be contingent upon factors beyond the Company\u2019s control.
Management is of the view that it has an unconditional right to a refund of surplus under IFRIC 14. As such no adjustment has been made for potential
additional liabilities.
In forming this conclusion management has considered whether the Group can control the run-off of the Scheme until there are no liabilities left, consistent
with IFRIC 14. For example, if the Trustee has a unilateral power to wind up the Scheme while there are liabilities remaining, then it is viewed that the Group
cannot access surplus through this route. For both sections, management have assessed that the Group can control run-off until no liabilities remain by
complying with its obligations under the Scheme rules and pensions legislation, and there will therefore be a gradual settlement of the planned liabilities
over the life of each section.
The Scheme rules list certain situations under which the Trustee can wind up the Scheme; however, whilst there is gradual settlement of the Scheme\u2019s
liabilities, these are concluded to be within the control of the Group. As a result, it is concluded that the Trustee does not have a unilateral power to wind up
the Scheme nor augment benefits while the Scheme is ongoing.
3.20 Share-based payments
The Group provides benefits to employees (including Directors) of the Group in the form of equity-settled and cash-settled share-based payment
transactions, whereby employees render services in exchange for shares, rights over shares or the value of those shares in cash terms.
For equity-settled share-based payments, the fair value of the employee services rendered is determined by reference to the fair value of the shares awarded
or options granted, excluding the impact of any non-market vesting conditions. All share options are valued using an option pricing model (Black-Scholes).
This fair value is charged to the income statement over the vesting period of the share-based payment scheme with a corresponding increase in equity.
For cash-settled share-based payments, the fair value of the employee services rendered is determined at each balance sheet date and the charge recognised
through the income statement over the vesting period of the share-based payment scheme, with a corresponding increase in accruals.
The value of the charge is adjusted in the income statement over the remainder of the vesting period to reflect expected and actual levels of options vesting,
with the corresponding adjustments made in equity and accruals.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:213800VGZAAJIKJ9Y484", "period": "2024-03-03T00:00:00/2025-03-02T00:00:00" } }, "fact-439": { "value": "3.1 Revenue Revenue arises from the sale of goods and services in the course of the Group\u2019s ordinary activities, net of returns, related discounts and excluding Value Added Tax (VAT) and, in the case of Financial Services, interest receivable, fees and commissions. Revenue is recognised when the Group has a contract with a customer and a performance obligation has been satisfied, at the transaction price allocated to that performance obligation. a) Retail sales Sale of goods Revenue from the sale of goods is recognised at point of sale or, where later, upon collection by, or delivery to, the customer as this is the point in which control has passed. Where consideration has been received in advance of the performance obligation being satisfied, a contract liability is recognised within trade and other payables. Other revenue items Other revenue items comprise income from commissions. Commission revenue relates to the sale of third-party products where it has been determined that the Group is acting as an agent. Sales commission from third parties is recognised when the related goods or services are sold. b) Nectar points The issuance of Nectar points creates a separate performance obligation and therefore a portion of the transaction price is allocated to the loyalty programme using the relative standalone selling price of points issued, and the corresponding revenue deferred. The fair value of the points awarded is determined with reference to the value per point to a customer and considers expected redemption rates (breakage) and the money off that each point entitles a customer to. The deferral is treated as a deduction from revenue and recognised as a contract liability within deferred income. The revenue deferred is subsequently recognised when the Nectar points are redeemed by the customer. c) Financial Services Financial Services revenue consists of interest, fees and commission income from the provision of retail banking and insurance-related activities. Interest income Interest income is recognised in the income statement for all instruments measured at amortised cost using the effective interest method. The effective interest rate of a financial asset is calculated on initial recognition and is applied to the gross carrying amount of the asset. For financial assets that have become credit impaired subsequent to initial recognition, interest income is calculated by applying the effective interest rate to the amortised cost of the financial asset net of impairment. If the asset is no longer credit-impaired, then the calculation of interest income reverts to the gross basis. In calculating the effective interest rate of a financial instrument the Group takes into account all amounts that are integral to the yield of a financial instrument as well as incremental transaction costs. Fees and commission income Fees and commissions that are not integral to the effective interest rate calculation relate primarily to certain credit card and storecard fees, ATM interchange fees, insurance introduction commission and warranty commission receivable. These are recognised in the income statement on an accruals basis as performance obligations are satisfied. Where in the case of insurance commissions the income comprises an initial commission and profit share, both are recognised on completion of the service to the extent reliably measurable. Where there is a risk of potential claw back, an appropriate element of the commission receivable is deferred and amortised over the clawback period. Income from the sale of travel money, representing the difference between the cost price and the selling price, is recognised when the sale to the customer takes place. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:213800VGZAAJIKJ9Y484", "period": "2024-03-03T00:00:00/2025-03-02T00:00:00" } }, "fact-499": { "value": "b) Nectar points The issuance of Nectar points creates a separate performance obligation and therefore a portion of the transaction price is allocated to the loyalty programme using the relative standalone selling price of points issued, and the corresponding revenue deferred. The fair value of the points awarded is determined with reference to the value per point to a customer and considers expected redemption rates (breakage) and the money off that each point entitles a customer to. The deferral is treated as a deduction from revenue and recognised as a contract liability within deferred income. The revenue deferred is subsequently recognised when the Nectar points are redeemed by the customer. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForCustomerLoyaltyProgrammesExplanatory", "language": "en", "entity": "scheme:213800VGZAAJIKJ9Y484", "period": "2024-03-03T00:00:00/2025-03-02T00:00:00" } }, "fact-497": { "value": "Interest income Interest income is recognised in the income statement for all instruments measured at amortised cost using the effective interest method. The effective interest rate of a financial asset is calculated on initial recognition and is applied to the gross carrying amount of the asset. For financial assets that have become credit impaired subsequent to initial recognition, interest income is calculated by applying the effective interest rate to the amortised cost of the financial asset net of impairment. If the asset is no longer credit-impaired, then the calculation of interest income reverts to the gross basis. In calculating the effective interest rate of a financial instrument the Group takes into account all amounts that are integral to the yield of a financial instrument as well as incremental transaction costs. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:213800VGZAAJIKJ9Y484", "period": "2024-03-03T00:00:00/2025-03-02T00:00:00" } }, "fact-498": { "value": "Fees and commission income Fees and commissions that are not integral to the effective interest rate calculation relate primarily to certain credit card and storecard fees, ATM interchange fees, insurance introduction commission and warranty commission receivable. These are recognised in the income statement on an accruals basis as performance obligations are satisfied. Where in the case of insurance commissions the income comprises an initial commission and profit share, both are recognised on completion of the service to the extent reliably measurable. Where there is a risk of potential claw back, an appropriate element of the commission receivable is deferred and amortised over the clawback period. Income from the sale of travel money, representing the difference between the cost price and the selling price, is recognised when the sale to the customer takes place. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFeeAndCommissionIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:213800VGZAAJIKJ9Y484", "period": "2024-03-03T00:00:00/2025-03-02T00:00:00" } }, "fact-440": { "value": "3.2 Cost of sales Cost of sales consists of all costs that are directly attributable to the point of sale including warehouse, transportation costs and all the costs of operating retail outlets. In the case of Financial Services, cost of sales includes interest expense on operating activities, calculated using the effective interest method. Supplier incentives, rebates and discounts, collectively known as \u2018supplier arrangements\u2019, represent a material deduction to cost of sales and directly affect the Group\u2019s reported margin. Income from supplier arrangements is recognised when earned by the Group when all obligations per the terms of the contract have been satisfied. Any supplier arrangements which are linked to inventory purchases are included within the cost of the related inventory, and therefore recognised within cost of sales once the inventory is sold. Unpaid amounts relating to supplier arrangements are recognised within trade and other receivables, unless there is a legal right of offset, in which case it is recognised within trade and other payables. Amounts which have been invoiced at the balance sheet date are categorised as supplier arrangements due and those not yet invoiced are categorised as accrued supplier arrangements. ", "dimensions": { "concept": "jsainsburyplc:DescriptionOfAccountingPolicyForCostOfSales", "language": "en", "entity": "scheme:213800VGZAAJIKJ9Y484", "period": "2024-03-03T00:00:00/2025-03-02T00:00:00" } }, "fact-500": { "value": "3.3 Finance income and costs Finance income and costs, excluding those arising from Financial Services, are recognised in the income statement for financial assets and liabilities measured at amortised cost using the effective interest method. For Financial Services, finance income and finance costs are recognised in revenue and cost of sales. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory", "language": "en", "entity": "scheme:213800VGZAAJIKJ9Y484", "period": "2024-03-03T00:00:00/2025-03-02T00:00:00" } }, "fact-441": { "value": "3.3 Finance income and costs Finance income and costs, excluding those arising from Financial Services, are recognised in the income statement for financial assets and liabilities measured at amortised cost using the effective interest method. For Financial Services, finance income and finance costs are recognised in revenue and cost of sales. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:213800VGZAAJIKJ9Y484", "period": "2024-03-03T00:00:00/2025-03-02T00:00:00" } }, "fact-442": { "value": "3.4 Taxation a) Current tax Current tax is accounted for on the basis of tax laws enacted or substantively enacted at the balance sheet date. Current tax is charged or credited to the income statement, except when it relates to items charged to equity or other comprehensive income. b) Deferred tax Deferred tax is accounted for on the basis of temporary differences arising from differences between the tax base and accounting base of assets and liabilities. Deferred tax is recognised for all temporary differences, except to the extent where it arises from the initial recognition of an asset or a liability in a transaction that is not a business combination or a transaction that gives rise to an equal and deductible temporary difference and, at the time of transaction, affects neither accounting profit nor taxable profit. It is determined using tax rates (and laws) that have been enacted or substantively enacted at the balance sheet date and are expected to apply when the related deferred income tax asset is realised or the deferred income tax liability is settled. Deferred tax assets are recognised to the extent that it is probable that future taxable profits will be available against which the temporary differences can be utilised. Deferred tax is charged or credited to the income statement, except when it relates to items charged or credited directly to equity or other comprehensive income. Deferred tax is provided on temporary differences associated with investments in subsidiaries, branches, and joint ventures except where the Group is able to control the timing of the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800VGZAAJIKJ9Y484", "period": "2024-03-03T00:00:00/2025-03-02T00:00:00" } }, "fact-501": { "value": "b) Deferred tax Deferred tax is accounted for on the basis of temporary differences arising from differences between the tax base and accounting base of assets and liabilities. Deferred tax is recognised for all temporary differences, except to the extent where it arises from the initial recognition of an asset or a liability in a transaction that is not a business combination or a transaction that gives rise to an equal and deductible temporary difference and, at the time of transaction, affects neither accounting profit nor taxable profit. It is determined using tax rates (and laws) that have been enacted or substantively enacted at the balance sheet date and are expected to apply when the related deferred income tax asset is realised or the deferred income tax liability is settled. Deferred tax assets are recognised to the extent that it is probable that future taxable profits will be available against which the temporary differences can be utilised. Deferred tax is charged or credited to the income statement, except when it relates to items charged or credited directly to equity or other comprehensive income. Deferred tax is provided on temporary differences associated with investments in subsidiaries, branches, and joint ventures except where the Group is able to control the timing of the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800VGZAAJIKJ9Y484", "period": "2024-03-03T00:00:00/2025-03-02T00:00:00" } }, "fact-443": { "value": "3.5 Property, plant and equipment a) Land and buildings Land and buildings are held at historical cost less accumulated depreciation and, where appropriate, any provision for impairment as determined in accordance with note 3.8. Cost includes the original purchase price of the asset and the costs attributable to bringing the asset to its working condition for intended use, including any directly attributable internal payroll-related costs for employees who are associated with projects in order to bring the assets into use. b) Fixtures and equipment Fixtures, equipment and vehicles are held at cost less accumulated depreciation and, where appropriate, any provision for impairment as determined in accordance with note 3.8. Cost includes the original purchase price of the asset and the costs attributable to bringing the asset to its working condition and its intended use, including any directly attributable internal payroll-related costs for employees who are associated with projects in order to bring the assets into use. Fixtures, equipment and vehicles are held at cost less accumulated depreciation and, where appropriate, any provision for impairment as determined in accordance with note 3.8. Cost includes the original purchase price of the asset and the costs attributable to bringing the asset to its working condition and its intended use, including any directly attributable internal payroll-related costs for employees who are associated with projects in order to bring the assets into use. c) Work in progress Capital work in progress is held at cost less any provision for impairment. d) Depreciation Depreciation is calculated to write down the cost of the assets to their residual values, on a straight-line basis over their useful economic life, using the following rates: \u2022 Freehold buildings and leasehold improvements 50 years, or the lease term if shorter \u2022 Fixtures, equipment and vehicles three to 15 years \u2022 Freehold land not depreciated Capital work in progress (which excludes land) is not depreciated prior to being available for its intended commercial use. e) Disposals and retirement The gain or loss on disposal or retirement of an asset is determined by comparing proceeds less any associated costs of disposal with the asset\u2019s carrying amount and is recognised within operating profit. f) Climate change impacts Residual values and useful lives of assets are reviewed, and adjusted if appropriate, at the end of each reporting period. This includes consideration over climate change-related risks which may impact the useful lives or residual values of the Group\u2019s assets, such as the impact of flood risks on store and non-store assets, changes in regulations related to carbon emissions and any anticipated replacement of existing assets with new technologies. g) Capitalisation of interest Borrowing costs that are directly attributable to the acquisition or construction of qualifying assets are capitalised to the cost of the asset, gross of tax relief. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800VGZAAJIKJ9Y484", "period": "2024-03-03T00:00:00/2025-03-02T00:00:00" } }, "fact-502": { "value": "d) Depreciation Depreciation is calculated to write down the cost of the assets to their residual values, on a straight-line basis over their useful economic life, using the following rates: \u2022 Freehold buildings and leasehold improvements 50 years, or the lease term if shorter \u2022 Fixtures, equipment and vehicles three to 15 years \u2022 Freehold land not depreciated Capital work in progress (which excludes land) is not depreciated prior to being available for its intended commercial use. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:213800VGZAAJIKJ9Y484", "period": "2024-03-03T00:00:00/2025-03-02T00:00:00" } }, "fact-503": { "value": "g) Capitalisation of interest Borrowing costs that are directly attributable to the acquisition or construction of qualifying assets are capitalised to the cost of the asset, gross of tax relief. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory", "language": "en", "entity": "scheme:213800VGZAAJIKJ9Y484", "period": "2024-03-03T00:00:00/2025-03-02T00:00:00" } }, "fact-444": { "value": "3.6 Leases a) Group as lessee The Group\u2019s lease portfolio is principally comprised of property leases of land and buildings in relation to stores, distribution centres and support offices, but also includes other assets such as motor vehicles. The leases have varying terms and often include break clauses or options to renew beyond the non-cancellable periods. The Group presents additions to lease liabilities and right-of-use assets in line with the disclosure requirements of IFRS 16 \u2018Leases\u2019. In doing so, additions to right-of-use assets and lease liabilities in note 15 include the net impact of new leases, terminations, modifications, and reassessments. Right-of-use assets Right-of-use assets are recognised at the commencement date of the lease, when the underlying asset is available for use. The cost of right-of-use assets comprises the amount of lease liabilities recognised, any initial direct costs incurred, lease payments made at or before the commencement date and less any lease incentives received. Right-of-use assets are subsequently measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any subsequent modifications which include terminations and reassessments which all represent a remeasurement of lease liabilities. The recognised right-of-use assets are depreciated on a straight-line basis over the shorter of the estimated useful life and the lease term. Lease liabilities Lease liabilities are recognised at the commencement date of the lease and are measured at the present value of lease payments to be made over the lease term, discounted using the incremental borrowing rate (IBR) at the lease commencement date if the interest rate implicit in the lease is not readily determinable. The lease payments include fixed payments and variable lease payments that depend on an index or a rate (using the relevant rate at the commencement date of the lease), less any lease incentives receivable. The variable lease payments that do not depend on an index or a rate are recognised as an expense in the period in which the event or condition that triggers the payment occurs. For agreements which contain both lease and non-lease components, such as cleaning and maintenance services, the non-lease component is excluded from the lease payments used to measure the lease liabilities. The IBRs depend on the start date and term of the lease, and are determined based on a reference (risk-free) rate and adjustments to reflect the Group\u2019s credit risk. The Group determines the lease term as the non-cancellable term of the lease, together with any periods covered by an option to extend the lease if it is reasonably certain to be exercised, or any periods covered by an option to terminate the lease (a break clause), if it is reasonably certain not to be exercised. After the commencement date of the lease, the lease liability is subsequently measured at amortised cost using the effective interest rate method. The carrying amount of lease liabilities is remeasured when there is a change in the future lease payments due to a change in the lease term such as a recognition of an extension or break option, a change in the fixed lease payments or a change in the assessment to purchase the underlying asset. Short-term leases and leases of low-value assets The Group applies the short-term lease recognition exemption to those leases that have a lease term of 12 months or less from the commencement date and do not contain a purchase option. It also applies the low-value asset recognition exemption to groups of underlying leases where the underlying assets leased are considered uniformly low value. Lease payments on short-term leases and leases of low-value assets are expensed to the income statement. b) Group as a lessor The Group leases out owned properties and sublets leased properties under operating and finance leases. Such properties include mall units, stores and units within stores. Subleases Classification is assessed with reference to the head lease right-of-use asset. This assessment considers, among other factors, whether the sublease represents the majority of the remaining life of the head lease. The ratio of rental income to head lease rental payments is used to determine how much of the right-of-use asset should be derecognised, or analysis of square foot leased in the headlease and sublease where appropriate. This assessment takes into consideration whether the sublease/headlease are above or below market rate. Finance leases Amounts due under finance leases are recorded as a receivable at an amount equal to the net investment in the lease. This is initially calculated and recognised using the IBR prevalent in the underlying headlease at the recognition date. Any difference between the derecognised right-of-use asset and the newly recognised amounts due for leases under finance leases is immediately recognised in the income statement. The Group recognises finance income over the lease term, reflecting a constant periodic rate of return on the Group\u2019s net investment in the lease. Operating leases Operating lease income is recognised as earned on a straight-line basis over the lease term. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:213800VGZAAJIKJ9Y484", "period": "2024-03-03T00:00:00/2025-03-02T00:00:00" } }, "fact-445": { "value": "3.7 Intangible assets a) Goodwill Goodwill represents the excess of the fair value of the consideration of an acquisition over the fair value of the Group\u2019s share of the net identifiable assets of the acquired subsidiary at the date of acquisition. At the acquisition date goodwill is allocated to the cash-generating unit (CGU) or group of CGUs within the Retail or Financial Services segments that are expected to benefit from the combination. Goodwill is not amortised, but is tested at least annually for impairment as set out in note 3.8. b) Computer software Software and licences which are capitalised include costs incurred to acquire the assets as well as any external and internal costs incurred in the development of software. External and internal costs are external direct costs, as well as directly attributable internal payroll-related costs for employees who are associated with projects in order to bring the assets into use. Costs associated with internally generated software are recognised as an intangible asset only if they can be separately identified, it is probable that the asset will generate future economic benefits which exceed one year, and the cost can be measured reliably. Software under development is not amortised, but held at cost less any impairment loss. Subsequent expenditure is capitalised only when it increases the future economic benefits embodied in the specific asset to which it relates. Costs associated with maintaining computer software are recognised as an expense as incurred. c) Cloud computing arrangements Software as a Service (SaaS) arrangements are service contracts providing the Group with the right to access a cloud provider\u2019s application software over the contract period. Typically, such arrangements involve ongoing licence fees to obtain access to the cloud provider\u2019s application software, as well as upfront costs incurred to configure or customise the SaaS solution. Configuration and customisation costs are capitalised in the following instances as intangible assets: \u2022 The Group has both a contractual right to take possession of the software at any time without significant penalty, and the ability to run the software independently of the host vendor \u2022 The costs incurred meet the definition of and recognition criteria for an intangible asset. This includes for example the development of software code that enhances or modifies, or creates additional capability to, existing systems controlled by Sainsbury\u2019s Where these conditions are not met, costs incurred to configure or customise, and the ongoing fees to obtain access to the cloud provider\u2019s application software, are recognised as operating expenses when the services are received. Where the configuration or customisation of a SaaS solution is performed by the SaaS vendor, consideration is given to whether this activity is distinct from the provision of the solution itself. This assessment considers the nature of the activities, and whether benefit can be obtained from any of the services in isolation. Where the activity is not considered distinct, the costs are capitalised as a prepayment and amortised over the expected useful life of the solution. d) Acquired intangible assets Intangible assets acquired in a business combination are recognised at fair value at the acquisition date. Intangible assets with finite useful economic lives are carried at cost less accumulated amortisation and any provision for impairment. Amortisation of acquired intangible assets is recorded within administrative expenses. e) Amortisation Amortisation is calculated to write down the cost of the assets to their residual values, on a straight-line basis over their useful economic life, using the following rates: \u2022 Computer software five to 15 years \u2022 Configuration and customisation costs capitalised as part of SaaS arrangements life of the SaaS arrangement \u2022 Acquired intangible assets five to ten years \u2022 Goodwill not amortised Capital work in progress is not amortised prior to being available for its intended commercial use. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800VGZAAJIKJ9Y484", "period": "2024-03-03T00:00:00/2025-03-02T00:00:00" } }, "fact-505": { "value": "a) Goodwill Goodwill represents the excess of the fair value of the consideration of an acquisition over the fair value of the Group\u2019s share of the net identifiable assets of the acquired subsidiary at the date of acquisition. At the acquisition date goodwill is allocated to the cash-generating unit (CGU) or group of CGUs within the Retail or Financial Services segments that are expected to benefit from the combination. Goodwill is not amortised, but is tested at least annually for impairment as set out in note 3.8. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:213800VGZAAJIKJ9Y484", "period": "2024-03-03T00:00:00/2025-03-02T00:00:00" } }, "fact-550": { "value": "b) Computer software Software and licences which are capitalised include costs incurred to acquire the assets as well as any external and internal costs incurred in the development of software. External and internal costs are external direct costs, as well as directly attributable internal payroll-related costs for employees who are associated with projects in order to bring the assets into use. Costs associated with internally generated software are recognised as an intangible asset only if they can be separately identified, it is probable that the asset will generate future economic benefits which exceed one year, and the cost can be measured reliably. Software under development is not amortised, but held at cost less any impairment loss. Subsequent expenditure is capitalised only when it increases the future economic benefits embodied in the specific asset to which it relates. Costs associated with maintaining computer software are recognised as an expense as incurred. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:213800VGZAAJIKJ9Y484", "period": "2024-03-03T00:00:00/2025-03-02T00:00:00" } }, "fact-504": { "value": "b) Computer software Software and licences which are capitalised include costs incurred to acquire the assets as well as any external and internal costs incurred in the development of software. External and internal costs are external direct costs, as well as directly attributable internal payroll-related costs for employees who are associated with projects in order to bring the assets into use. Costs associated with internally generated software are recognised as an intangible asset only if they can be separately identified, it is probable that the asset will generate future economic benefits which exceed one year, and the cost can be measured reliably. Software under development is not amortised, but held at cost less any impairment loss. Subsequent expenditure is capitalised only when it increases the future economic benefits embodied in the specific asset to which it relates. Costs associated with maintaining computer software are recognised as an expense as incurred. c) Cloud computing arrangements Software as a Service (SaaS) arrangements are service contracts providing the Group with the right to access a cloud provider\u2019s application software over the contract period. Typically, such arrangements involve ongoing licence fees to obtain access to the cloud provider\u2019s application software, as well as upfront costs incurred to configure or customise the SaaS solution. Configuration and customisation costs are capitalised in the following instances as intangible assets: \u2022 The Group has both a contractual right to take possession of the software at any time without significant penalty, and the ability to run the software independently of the host vendor \u2022 The costs incurred meet the definition of and recognition criteria for an intangible asset. This includes for example the development of software code that enhances or modifies, or creates additional capability to, existing systems controlled by Sainsbury\u2019s Where these conditions are not met, costs incurred to configure or customise, and the ongoing fees to obtain access to the cloud provider\u2019s application software, are recognised as operating expenses when the services are received. Where the configuration or customisation of a SaaS solution is performed by the SaaS vendor, consideration is given to whether this activity is distinct from the provision of the solution itself. This assessment considers the nature of the activities, and whether benefit can be obtained from any of the services in isolation. Where the activity is not considered distinct, the costs are capitalised as a prepayment and amortised over the expected useful life of the solution. d) Acquired intangible assets Intangible assets acquired in a business combination are recognised at fair value at the acquisition date. Intangible assets with finite useful economic lives are carried at cost less accumulated amortisation and any provision for impairment. Amortisation of acquired intangible assets is recorded within administrative expenses. e) Amortisation Amortisation is calculated to write down the cost of the assets to their residual values, on a straight-line basis over their useful economic life, using the following rates: \u2022 Computer software five to 15 years \u2022 Configuration and customisation costs capitalised as part of SaaS arrangements life of the SaaS arrangement \u2022 Acquired intangible assets five to ten years \u2022 Goodwill not amortised Capital work in progress is not amortised prior to being available for its intended commercial use. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:213800VGZAAJIKJ9Y484", "period": "2024-03-03T00:00:00/2025-03-02T00:00:00" } }, "fact-446": { "value": "3.8 Impairment a) Non-financial assets Property, plant and equipment (PPE), right-of-use assets, and intangible assets are assessed on an ongoing basis to determine whether there is an indication that the net book value is no longer supportable. If any such indication exists, the recoverable amount of the asset, being the higher of its fair value less costs to dispose and its value-in-use (VIU), is estimated in order to determine the extent of the impairment loss. Where it is not possible to estimate the recoverable amount of an individual asset, the Group estimates the recoverable amount of the CGU to which the asset belongs. If the recoverable amount of an asset or CGU is estimated to be less than its carrying amount, the carrying amount of the asset or CGU is impaired to its recoverable amount. Where there has been a change in the estimates used to determine the recoverable amount and an impairment loss subsequently reverses, the carrying amount of the asset or CGU is increased to the revised estimate of its recoverable amount, although not to exceed the carrying amount that would have been determined had no impairment loss been recognised. Any impairment loss or reversal of impairment is recognised in the income statement. Goodwill is assessed annually by measuring the recoverable amount of the CGU, calculated as the higher of fair value less cost to dispose and VIU. Where the carrying value of the CGU exceeds the recoverable amount, an impairment loss is recognised in the income statement. The impairment charge is allocated first against goodwill and then pro rata against other assets within the CGU by reference to the carrying amount of each remaining asset in the CGU. Impairment losses recognised for goodwill are not subsequently reversed. Identification of a cash-generating unit CGUs are deemed the smallest group of assets that independently generate cash inflows and are independent of the cash flows generated by other assets and are identified within the respective reportable operating segments. Retail CGUs are deemed to be corporate level business units, trading stores, store pipeline development sites or in certain cases for Argos, a cluster of stores. PPE, intangible assets and right-of-use assets are allocated to the store CGU they are associated with. For non-store assets, including depots and IT assets, these are allocated to store CGUs where it can be done on a reasonable and consistent basis, otherwise these are allocated to the CGU corporate level to which they relate. Goodwill recognised on acquisition of retail chains of stores is allocated, where possible, to respective store CGUs, otherwise it is attributed to the acquired business as a whole. Financial Services Cash generating units are deemed to be each respective product or product group that is capable of generating cash flows independent of other products. Non-product assets are reviewed separately as collective CGUs with the products that they support. b) Financial assets Impairments on financial assets measured at amortised cost are accounted for using a three-stage forward-looking expected credit loss (ECL) approach. The Group is required to record an allowance for ECL for all loans and other debt financial assets not held at fair value through profit or loss (FVPL), together with loan commitments and financial guarantee contracts. ECLs are based on the difference between the cash flows due in accordance with the contract and all the cash flows that the Group expects to receive, discounted at an approximation of the original effective interest rate. The expected cash flows will include cash flows from the sale of collateral held or other credit enhancements that are integral to the contractual terms. For Financial Services portfolios of loans, such as credit card lending, storecard lending and personal loans, impairment provisions are calculated for groups of assets, otherwise impairment is identified at a counterparty-specific level. The allowance is calculated by reference to the estimated probability of default (PD), exposure at default (EAD) and loss given default (LGD). \u2022 The probability of default represents the likelihood of a borrower defaulting within 12 months from the balance sheet date or within the expected lifetime of the borrower \u2022 Exposure at default represents the expected amount due from the borrower at the point of default by reference to exposure at the balance sheet date adjusted for expected future changes including repayments and utilisation of undrawn facilities \u2022 Loss given default represents the expected percentage loss at the point of default relative to the EAD. The estimate takes into account utilisation of any expected collections and recoveries strategies, debt sale arrangements and collateral ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:213800VGZAAJIKJ9Y484", "period": "2024-03-03T00:00:00/2025-03-02T00:00:00" } }, "fact-506": { "value": "a) Non-financial assets Property, plant and equipment (PPE), right-of-use assets, and intangible assets are assessed on an ongoing basis to determine whether there is an indication that the net book value is no longer supportable. If any such indication exists, the recoverable amount of the asset, being the higher of its fair value less costs to dispose and its value-in-use (VIU), is estimated in order to determine the extent of the impairment loss. Where it is not possible to estimate the recoverable amount of an individual asset, the Group estimates the recoverable amount of the CGU to which the asset belongs. If the recoverable amount of an asset or CGU is estimated to be less than its carrying amount, the carrying amount of the asset or CGU is impaired to its recoverable amount. Where there has been a change in the estimates used to determine the recoverable amount and an impairment loss subsequently reverses, the carrying amount of the asset or CGU is increased to the revised estimate of its recoverable amount, although not to exceed the carrying amount that would have been determined had no impairment loss been recognised. Any impairment loss or reversal of impairment is recognised in the income statement. Goodwill is assessed annually by measuring the recoverable amount of the CGU, calculated as the higher of fair value less cost to dispose and VIU. Where the carrying value of the CGU exceeds the recoverable amount, an impairment loss is recognised in the income statement. The impairment charge is allocated first against goodwill and then pro rata against other assets within the CGU by reference to the carrying amount of each remaining asset in the CGU. Impairment losses recognised for goodwill are not subsequently reversed. Identification of a cash-generating unit CGUs are deemed the smallest group of assets that independently generate cash inflows and are independent of the cash flows generated by other assets and are identified within the respective reportable operating segments. Retail CGUs are deemed to be corporate level business units, trading stores, store pipeline development sites or in certain cases for Argos, a cluster of stores. PPE, intangible assets and right-of-use assets are allocated to the store CGU they are associated with. For non-store assets, including depots and IT assets, these are allocated to store CGUs where it can be done on a reasonable and consistent basis, otherwise these are allocated to the CGU corporate level to which they relate. Goodwill recognised on acquisition of retail chains of stores is allocated, where possible, to respective store CGUs, otherwise it is attributed to the acquired business as a whole. Financial Services Cash generating units are deemed to be each respective product or product group that is capable of generating cash flows independent of other products. Non-product assets are reviewed separately as collective CGUs with the products that they support. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800VGZAAJIKJ9Y484", "period": "2024-03-03T00:00:00/2025-03-02T00:00:00" } }, "fact-574": { "value": "b) Financial assets Impairments on financial assets measured at amortised cost are accounted for using a three-stage forward-looking expected credit loss (ECL) approach. The Group is required to record an allowance for ECL for all loans and other debt financial assets not held at fair value through profit or loss (FVPL), together with loan commitments and financial guarantee contracts. ECLs are based on the difference between the cash flows due in accordance with the contract and all the cash flows that the Group expects to receive, discounted at an approximation of the original effective interest rate. The expected cash flows will include cash flows from the sale of collateral held or other credit enhancements that are integral to the contractual terms. For Financial Services portfolios of loans, such as credit card lending, storecard lending and personal loans, impairment provisions are calculated for groups of assets, otherwise impairment is identified at a counterparty-specific level. The allowance is calculated by reference to the estimated probability of default (PD), exposure at default (EAD) and loss given default (LGD). \u2022 The probability of default represents the likelihood of a borrower defaulting within 12 months from the balance sheet date or within the expected lifetime of the borrower \u2022 Exposure at default represents the expected amount due from the borrower at the point of default by reference to exposure at the balance sheet date adjusted for expected future changes including repayments and utilisation of undrawn facilities \u2022 Loss given default represents the expected percentage loss at the point of default relative to the EAD. The estimate takes into account utilisation of any expected collections and recoveries strategies, debt sale arrangements and collateral a) Financial assets The Group classifies all of its financial assets as either amortised cost, FVOCI or FVPL. The Group\u2019s non-derivative financial assets comprise: \u2022 Cash and cash equivalents \u2022 Trade and other receivables, excluding prepayments and accrued income \u2022 Amounts due from Financial Services customers and other banks \u2022 Financial assets at FVOCI \u2022 Financial assets at FVPL To determine their classification and measurement category, all financial assets, except equity instruments and derivatives, are required to be assessed based on a combination of the entity\u2019s business model for managing the assets and the instruments\u2019 contractual cash flow characteristics. In order for a financial asset to be classified and measured at amortised cost or FVOCI, it needs to give rise to cash flows that are \u2018solely payments of principal and interest (SPPI)\u2019 on the principal amount outstanding. This assessment is referred to as the SPPI test and is performed at an instrument level. The business model assessment reflects how the Group manages the risks relating to the underlying financial assets, including whether the Group\u2019s principal objective is to collect the contractual cash flows arising from the instruments (amortised cost), to sell the financial instruments (FVPL) or a combination thereof (FVOCI). Financial instruments at amortised cost Financial assets that are principally held for the collection of contractual cash flows and which pass the SPPI test are classified as amortised cost. For the Group this includes cash, receivables and amounts due from Financial Services customers and other banks. The Group has no intention of trading these assets. With the exception of trade receivables that do not contain a significant financing component, the Group initially measures these financial assets at fair value plus transaction costs. Subsequently these assets are carried at amortised cost less impairment using the effective interest rate method. Income from these financial assets is calculated on an effective interest rate basis and is recognised in the income statement.
Financial assets at fair value through other comprehensive income
Financial assets that are held for both the purpose of collecting contractual cash flows and to sell are classified as FVOCI. They are included in non-current
assets unless management intends to dispose of the investment within 12 months of the balance sheet date.
Equity investments have been irrevocably designated as FVOCI. On initial recognition, financial assets at FVOCI are measured at fair value plus transaction
costs and subsequently recorded at fair value at each period end with the movements recognised in other comprehensive income until derecognised or
impaired. On derecognition, the cumulative gain or loss previously recognised in other comprehensive income reserves is recognised in the income statement
for debt instruments. Cumulative gains and losses on equity instruments are never recycled to the income statement, but are transferred from financial asset
reserve to retained earnings within equity. Dividends on financial assets at FVOCI are recognised in the income statement when the entity\u2019s right to receive
payment is established.
Interest on financial assets at FVOCI debt instruments is recognised using the effective interest method.
Financial assets at fair value through profit and loss
Financial assets that do not meet the classification criteria to be measured at amortised cost or at FVOCI are measured at FVPL. Financial assets measured
at FVPL are carried in the statement of financial position at fair value with net changes in fair value recognised in the income statement. Interest on debt
instruments is recognised using the effective interest method.
Financial assets are derecognised when the contractual cash flows from the asset have expired or have been transferred, usually by sale, and with them
either substantially all the risks and rewards of the asset or significant risks and rewards, along with the unconditional ability to sell or pledge the asset.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800VGZAAJIKJ9Y484", "period": "2024-03-03T00:00:00/2025-03-02T00:00:00" } }, "fact-507": { "value": "b) Financial assets Impairments on financial assets measured at amortised cost are accounted for using a three-stage forward-looking expected credit loss (ECL) approach. The Group is required to record an allowance for ECL for all loans and other debt financial assets not held at fair value through profit or loss (FVPL), together with loan commitments and financial guarantee contracts. ECLs are based on the difference between the cash flows due in accordance with the contract and all the cash flows that the Group expects to receive, discounted at an approximation of the original effective interest rate. The expected cash flows will include cash flows from the sale of collateral held or other credit enhancements that are integral to the contractual terms. For Financial Services portfolios of loans, such as credit card lending, storecard lending and personal loans, impairment provisions are calculated for groups of assets, otherwise impairment is identified at a counterparty-specific level. The allowance is calculated by reference to the estimated probability of default (PD), exposure at default (EAD) and loss given default (LGD). \u2022 The probability of default represents the likelihood of a borrower defaulting within 12 months from the balance sheet date or within the expected lifetime of the borrower \u2022 Exposure at default represents the expected amount due from the borrower at the point of default by reference to exposure at the balance sheet date adjusted for expected future changes including repayments and utilisation of undrawn facilities \u2022 Loss given default represents the expected percentage loss at the point of default relative to the EAD. The estimate takes into account utilisation of any expected collections and recoveries strategies, debt sale arrangements and collateral ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800VGZAAJIKJ9Y484", "period": "2024-03-03T00:00:00/2025-03-02T00:00:00" } }, "fact-447": { "value": "3.9 Inventories Inventories comprise goods held for resale and are valued on a standard cost or weighted average cost basis which approximates to actual cost and is carried at the lower of cost or net realisable value. Cost includes all direct expenditure and other appropriate attributable costs incurred in bringing inventories to their present location and condition. Net realisable value represents the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution. Provision is made for obsolete, slow-moving or damaged items where appropriate. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:213800VGZAAJIKJ9Y484", "period": "2024-03-03T00:00:00/2025-03-02T00:00:00" } }, "fact-448": { "value": "3.10 Trade and other receivables Trade and other receivables are non-interest bearing and are on commercial terms. They are initially recognised at fair value and subsequently measured at amortised cost less allowances for expected credit losses, using the simplified approach, with adjustments for factors specific to each receivable. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800VGZAAJIKJ9Y484", "period": "2024-03-03T00:00:00/2025-03-02T00:00:00" } }, "fact-449": { "value": "3.11 Amounts due from Financial Services customers and other banks Loans and advances are initially recognised at fair value and subsequently held at amortised cost, using the effective interest method, less provision for impairment and recognised on the balance sheet when cash is advanced. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLoansAndReceivablesExplanatory", "language": "en", "entity": "scheme:213800VGZAAJIKJ9Y484", "period": "2024-03-03T00:00:00/2025-03-02T00:00:00" } }, "fact-508": { "value": "3.12 Assets held for sale Assets are classified as held for sale if their carrying amount is to be recovered principally through a sale transaction rather than through continuing use and also only when the sale is highly probable within one year from the date of classification and the assets are available for sale in their present condition. Assets held for sale are stated at the lower of the carrying amount and fair value less costs to dispose. Any amounts no longer classified as assets held for sale are measured at the lower of its carrying amount before the asset was classified as held for sale, adjusted for any depreciation that would have been recognised had the asset not been classified as held for sale, and its recoverable amount at the date of the subsequent decision not to sell. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:213800VGZAAJIKJ9Y484", "period": "2024-03-03T00:00:00/2025-03-02T00:00:00" } }, "fact-450": { "value": "3.12 Assets held for sale Assets are classified as held for sale if their carrying amount is to be recovered principally through a sale transaction rather than through continuing use and also only when the sale is highly probable within one year from the date of classification and the assets are available for sale in their present condition. Assets held for sale are stated at the lower of the carrying amount and fair value less costs to dispose. Any amounts no longer classified as assets held for sale are measured at the lower of its carrying amount before the asset was classified as held for sale, adjusted for any depreciation that would have been recognised had the asset not been classified as held for sale, and its recoverable amount at the date of the subsequent decision not to sell. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:213800VGZAAJIKJ9Y484", "period": "2024-03-03T00:00:00/2025-03-02T00:00:00" } }, "fact-451": { "value": "3.13 Trade and other payables Trade payables are initially recognised at fair value and subsequently measured at amortised cost. Amounts are presented net of supplier arrangements due where there is a contractual right of offset. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800VGZAAJIKJ9Y484", "period": "2024-03-03T00:00:00/2025-03-02T00:00:00" } }, "fact-452": { "value": "3.14 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 economic resources will be required to settle the obligation and where the amount can be reliably estimated. Provisions are measured at management\u2019s best estimate of the consideration required to settle the obligation at the reporting date and discounted using a pre-tax rate that reflects current market assessments where the time value of money is deemed material. An increase in the provision due to the passage of time is recognised as an interest expense. Provisions for onerous contracts are recognised when the Group believes that the unavoidable costs of meeting or novating a contract exceed the economic benefits expected to be received under it. Where assets are dedicated to the fulfilment of a contract that cannot be redirected to other parts of the Group, an impairment charge is recognised to reduce the carrying value of the assets to \u00a3nil before recognising a separate onerous contract. A restructuring provision is recognised when the Group has developed a detailed formal plan and has raised a valid expectation in those affected that it will carry out the restructuring by starting to implement the plan or announcing its main features to those affected by it. The measurement of a restructuring provision includes only the direct expenditures arising from the restructuring. a) Property provisions Where the Group no longer operates from a leased property, onerous property contract provisions are recognised for the least net cost of exiting from the contract. The amounts provided are based on the Group\u2019s best estimates of the likely committed outflows and site closure dates. These provisions do not include rent in accordance with IFRS 16, however do include unavoidable costs related to the lease such as service charges and insurance. Property provisions also include provisions for dilapidations which are recognised where the Group has the obligation to make good its leased properties, which is when a decision to exit a lease has been made. This is the point at which a reliable estimate of the expected cost for dilapidations can be made. These provisions are recognised based on historically settled dilapidations which form the basis of the estimated future cash outflows. Any difference between amounts expected to be settled and the actual cash outflow is be accounted for in the period when such determination is made. Where the Group is able to exit lease contracts before the expiry date or agree sublets, this results in the release of any associated property provisions. Such events are subject to the agreement of landlords, therefore the Group makes no assumptions on the ability to either exit or sublet a property until a position is agreed. Utilisation is expected to be in line with the profile of the leases to which the provisions relate. b) Insurance provisions Provisions are based on assumptions regarding past claims experience and assessments by an independent actuary to provide a best estimate of the most likely or expected outcome. Other Financial Services-related provisions are primarily in relation to Argos Financial Services customers in respect of potential redress payable arising from the historic sales of Payment Protection Insurance (PPI). The eventual cost is dependent on response rates, uphold rates, complaint rates, redress costs and claim handling costs. The provision represents management\u2019s best estimate of future costs. These assumptions are inherently uncertain and the ultimate financial impact may differ from the amount provided. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:213800VGZAAJIKJ9Y484", "period": "2024-03-03T00:00:00/2025-03-02T00:00:00" } }, "fact-453": { "value": "3.15 Financial instruments a) Financial assets The Group classifies all of its financial assets as either amortised cost, FVOCI or FVPL. The Group\u2019s non-derivative financial assets comprise: \u2022 Cash and cash equivalents \u2022 Trade and other receivables, excluding prepayments and accrued income \u2022 Amounts due from Financial Services customers and other banks \u2022 Financial assets at FVOCI \u2022 Financial assets at FVPL To determine their classification and measurement category, all financial assets, except equity instruments and derivatives, are required to be assessed based on a combination of the entity\u2019s business model for managing the assets and the instruments\u2019 contractual cash flow characteristics. In order for a financial asset to be classified and measured at amortised cost or FVOCI, it needs to give rise to cash flows that are \u2018solely payments of principal and interest (SPPI)\u2019 on the principal amount outstanding. This assessment is referred to as the SPPI test and is performed at an instrument level. The business model assessment reflects how the Group manages the risks relating to the underlying financial assets, including whether the Group\u2019s principal objective is to collect the contractual cash flows arising from the instruments (amortised cost), to sell the financial instruments (FVPL) or a combination thereof (FVOCI). Financial instruments at amortised cost Financial assets that are principally held for the collection of contractual cash flows and which pass the SPPI test are classified as amortised cost. For the Group this includes cash, receivables and amounts due from Financial Services customers and other banks. The Group has no intention of trading these assets. With the exception of trade receivables that do not contain a significant financing component, the Group initially measures these financial assets at fair value plus transaction costs. Subsequently these assets are carried at amortised cost less impairment using the effective interest rate method. Income from these financial assets is calculated on an effective interest rate basis and is recognised in the income statement. Financial assets at fair value through other comprehensive income Financial assets that are held for both the purpose of collecting contractual cash flows and to sell are classified as FVOCI. They are included in non-current assets unless management intends to dispose of the investment within 12 months of the balance sheet date. Equity investments have been irrevocably designated as FVOCI. On initial recognition, financial assets at FVOCI are measured at fair value plus transaction costs and subsequently recorded at fair value at each period end with the movements recognised in other comprehensive income until derecognised or impaired. On derecognition, the cumulative gain or loss previously recognised in other comprehensive income reserves is recognised in the income statement for debt instruments. Cumulative gains and losses on equity instruments are never recycled to the income statement, but are transferred from financial asset reserve to retained earnings within equity. Dividends on financial assets at FVOCI are recognised in the income statement when the entity\u2019s right to receive payment is established. Interest on financial assets at FVOCI debt instruments is recognised using the effective interest method. Financial assets at fair value through profit and loss Financial assets that do not meet the classification criteria to be measured at amortised cost or at FVOCI are measured at FVPL. Financial assets measured at FVPL are carried in the statement of financial position at fair value with net changes in fair value recognised in the income statement. Interest on debt instruments is recognised using the effective interest method. Financial assets are derecognised when the contractual cash flows from the asset have expired or have been transferred, usually by sale, and with them either substantially all the risks and rewards of the asset or significant risks and rewards, along with the unconditional ability to sell or pledge the asset. b) Financial liabilities The Group recognises all of its financial liabilities at amortised cost and all derivative financial liabilities are classified as FVPL. Financial liabilities costs, including premiums payable on settlement or redemption and direct issue costs, are accounted for on an accrual basis in the income statement using the effective interest rate method and are added to the carrying amount of the instrument to the extent that they are not settled in the period in which they arise. The Group\u2019s non-derivative financial liabilities comprise: \u2022 Borrowings \u2022 Trade and other payables, excluding deferred income and other taxes and social security costs payable \u2022 Amounts due to Financial Services customers and other banks \u2022 Lease liabilities Interest-bearing bank loans, overdrafts, other deposits and amounts due to Sainsbury\u2019s Bank customers are recorded initially at fair value, which is generally the proceeds received, net of direct issue costs. Subsequently, these liabilities are held at amortised cost using the effective interest rate method. Transaction costs are amortised on a straight-line basis over the life of the facility they relate to. Financial liabilities are derecognised when the obligation under the liability is discharged, cancelled, or expires. 3.16 Derivative financial instruments and hedge accounting The Group uses derivative financial instruments to hedge its exposure to foreign exchange, interest rate and commodity risks. All derivative financial instruments are initially measured at fair value on the contract date and are also measured at fair value at subsequent reporting dates. Where derivatives do not qualify for hedge accounting, any changes in the fair value of the derivative financial instrument are recognised in the income statement as they arise. To qualify for hedge accounting, the Group documents, at the inception of the hedge, the hedging risk management strategy, the relationship between the hedging instrument and the hedged item or transaction, the nature of the risks being hedged and an assessment of the effectiveness of the hedging relationship to ensure it is highly effective on an ongoing basis. Where a derivative does qualify for hedge accounting, any changes in fair value are recognised depending on the nature of the hedge relationship and the item being hedged as follows: a) Cash flow hedges Hedge relationships are classified as cash flow hedges where the derivative financial instruments hedge the Group\u2019s exposure to variability in cash flows resulting from a highly probable forecasted transaction. These include the exchange rate risk of inventory purchases denominated in foreign currency, interest rate risk and commodity risk on purchases of power and fuel. Changes in the fair value of derivative financial instruments that are designated and effective as hedges of future cash flows are recognised directly in other comprehensive income and the ineffective portion is recognised immediately in the income statement. The cash flow hedge reserve therefore only contains amounts where hedge accounting applies. If a cash flow hedge is hedging a firm commitment or forecast transaction that results in the recognition of a non-financial asset or liability, then, at the time the asset or liability is recognised, the associated gains or losses on the derivative that had previously been recognised in other comprehensive income are included in the initial measurement of the asset or liability. This applies to the Group\u2019s foreign currency hedges in relation to inventory purchases. b) Fair value hedges The Group designates certain derivatives as fair value hedges where the derivative financial instrument hedges the change in fair value of the particular risks inherent in recognised assets or liabilities (fair value hedges). The Group applies IFRS 9 hedge accounting requirements for its fair value hedges of investment securities and its one-for-one hedge on Tier 2 Debt issuance within Sainsbury\u2019s Bank. The Group adopted IAS 39 for its macro portfolio fair value hedges of fixed rate personal loans up to the point of announced disposal in June 2024, and for Mortgages in the comparative year up until the point of disposal in August 2023. Fair value hedging matches the change in fair value of designated hedged items against the corresponding change in value of the hedging derivative. The designated hedged item can be a recognised asset or liability, a firm commitment, or an identified portion of an asset. The effective part of any gain or loss on the hedged item adjusts the balance of the hedged item and is recognised in the income statement, offsetting the gain or loss on the hedging derivative. Should circumstances arise where the hedge relationship subsequently proves ineffective, is early settled, or is terminated, the adjustment to the balance of the hedged item is amortised over the remaining life of the hedged item and to the income statement. Micro fair value hedging \u2013 IFRS 9 The Group has purchased a number of fixed rate debt investment securities and has issued fixed rate subordinated debt within Sainsbury\u2019s Bank. These instruments are hedged via plain vanilla interest rate swaps, with the critical economic terms of both the hedging instrument and hedged item matching. The notional amount, fixed interest legs and maturity dates are economically matched. Portfolio fair value hedging \u2013 IAS 39 Portfolio fair value hedging allows the designation of the whole or part of a portfolio of assets or liabilities with similar risk exposures. The hedged item can be designated based on expected maturities to match the hedging derivative maturity. Hedge effectiveness is considered to have been met where the change in fair value of the hedged item offsets the change in fair value of hedging instruments, within the 80 to 125 per cent ratio corridor. The Group used portfolio fair value hedging as a risk management tool for hedging interest rate risk on the personal loans portfolio up to the point of announced disposal in June 2024, and for mortgages in the comparative year up until the point of disposal in August 2023. Following the announced exit of personal loans, the related derivatives classified in a hedge relationship were deemed ineffective with changes in fair value recognised immediately in the income statement from this date. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800VGZAAJIKJ9Y484", "period": "2024-03-03T00:00:00/2025-03-02T00:00:00" } }, "fact-591": { "value": "a) Financial assets The Group classifies all of its financial assets as either amortised cost, FVOCI or FVPL. The Group\u2019s non-derivative financial assets comprise: \u2022 Cash and cash equivalents \u2022 Trade and other receivables, excluding prepayments and accrued income \u2022 Amounts due from Financial Services customers and other banks \u2022 Financial assets at FVOCI \u2022 Financial assets at FVPL To determine their classification and measurement category, all financial assets, except equity instruments and derivatives, are required to be assessed based on a combination of the entity\u2019s business model for managing the assets and the instruments\u2019 contractual cash flow characteristics. In order for a financial asset to be classified and measured at amortised cost or FVOCI, it needs to give rise to cash flows that are \u2018solely payments of principal and interest (SPPI)\u2019 on the principal amount outstanding. This assessment is referred to as the SPPI test and is performed at an instrument level. The business model assessment reflects how the Group manages the risks relating to the underlying financial assets, including whether the Group\u2019s principal objective is to collect the contractual cash flows arising from the instruments (amortised cost), to sell the financial instruments (FVPL) or a combination thereof (FVOCI). Financial instruments at amortised cost Financial assets that are principally held for the collection of contractual cash flows and which pass the SPPI test are classified as amortised cost. For the Group this includes cash, receivables and amounts due from Financial Services customers and other banks. The Group has no intention of trading these assets. With the exception of trade receivables that do not contain a significant financing component, the Group initially measures these financial assets at fair value plus transaction costs. Subsequently these assets are carried at amortised cost less impairment using the effective interest rate method. Income from these financial assets is calculated on an effective interest rate basis and is recognised in the income statement. Financial assets at fair value through other comprehensive income Financial assets that are held for both the purpose of collecting contractual cash flows and to sell are classified as FVOCI. They are included in non-current assets unless management intends to dispose of the investment within 12 months of the balance sheet date. Equity investments have been irrevocably designated as FVOCI. On initial recognition, financial assets at FVOCI are measured at fair value plus transaction costs and subsequently recorded at fair value at each period end with the movements recognised in other comprehensive income until derecognised or impaired. On derecognition, the cumulative gain or loss previously recognised in other comprehensive income reserves is recognised in the income statement for debt instruments. Cumulative gains and losses on equity instruments are never recycled to the income statement, but are transferred from financial asset reserve to retained earnings within equity. Dividends on financial assets at FVOCI are recognised in the income statement when the entity\u2019s right to receive payment is established. Interest on financial assets at FVOCI debt instruments is recognised using the effective interest method. Financial assets at fair value through profit and loss Financial assets that do not meet the classification criteria to be measured at amortised cost or at FVOCI are measured at FVPL. Financial assets measured at FVPL are carried in the statement of financial position at fair value with net changes in fair value recognised in the income statement. Interest on debt instruments is recognised using the effective interest method. Financial assets are derecognised when the contractual cash flows from the asset have expired or have been transferred, usually by sale, and with them either substantially all the risks and rewards of the asset or significant risks and rewards, along with the unconditional ability to sell or pledge the asset. b) Financial liabilities The Group recognises all of its financial liabilities at amortised cost and all derivative financial liabilities are classified as FVPL. Financial liabilities costs, including premiums payable on settlement or redemption and direct issue costs, are accounted for on an accrual basis in the income statement using the effective interest rate method and are added to the carrying amount of the instrument to the extent that they are not settled in the period in which they arise. The Group\u2019s non-derivative financial liabilities comprise: \u2022 Borrowings \u2022 Trade and other payables, excluding deferred income and other taxes and social security costs payable \u2022 Amounts due to Financial Services customers and other banks \u2022 Lease liabilities Interest-bearing bank loans, overdrafts, other deposits and amounts due to Sainsbury\u2019s Bank customers are recorded initially at fair value, which is generally the proceeds received, net of direct issue costs. Subsequently, these liabilities are held at amortised cost using the effective interest rate method. Transaction costs are amortised on a straight-line basis over the life of the facility they relate to. Financial liabilities are derecognised when the obligation under the liability is discharged, cancelled, or expires. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:213800VGZAAJIKJ9Y484", "period": "2024-03-03T00:00:00/2025-03-02T00:00:00" } }, "fact-551": { "value": "Financial assets at fair value through profit and loss Financial assets that do not meet the classification criteria to be measured at amortised cost or at FVOCI are measured at FVPL. Financial assets measured at FVPL are carried in the statement of financial position at fair value with net changes in fair value recognised in the income statement. Interest on debt instruments is recognised using the effective interest method. Financial assets are derecognised when the contractual cash flows from the asset have expired or have been transferred, usually by sale, and with them either substantially all the risks and rewards of the asset or significant risks and rewards, along with the unconditional ability to sell or pledge the asset. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:213800VGZAAJIKJ9Y484", "period": "2024-03-03T00:00:00/2025-03-02T00:00:00" } }, "fact-586": { "value": "Financial assets are derecognised when the contractual cash flows from the asset have expired or have been transferred, usually by sale, and with them either substantially all the risks and rewards of the asset or significant risks and rewards, along with the unconditional ability to sell or pledge the asset.
Financial liabilities are derecognised when the obligation under the liability is discharged, cancelled, or expires.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800VGZAAJIKJ9Y484", "period": "2024-03-03T00:00:00/2025-03-02T00:00:00" } }, "fact-509": { "value": "b) Financial liabilities The Group recognises all of its financial liabilities at amortised cost and all derivative financial liabilities are classified as FVPL. Financial liabilities costs, including premiums payable on settlement or redemption and direct issue costs, are accounted for on an accrual basis in the income statement using the effective interest rate method and are added to the carrying amount of the instrument to the extent that they are not settled in the period in which they arise. The Group\u2019s non-derivative financial liabilities comprise: \u2022 Borrowings \u2022 Trade and other payables, excluding deferred income and other taxes and social security costs payable \u2022 Amounts due to Financial Services customers and other banks \u2022 Lease liabilities Interest-bearing bank loans, overdrafts, other deposits and amounts due to Sainsbury\u2019s Bank customers are recorded initially at fair value, which is generally the proceeds received, net of direct issue costs. Subsequently, these liabilities are held at amortised cost using the effective interest rate method. Transaction costs are amortised on a straight-line basis over the life of the facility they relate to. Financial liabilities are derecognised when the obligation under the liability is discharged, cancelled, or expires. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800VGZAAJIKJ9Y484", "period": "2024-03-03T00:00:00/2025-03-02T00:00:00" } }, "fact-510": { "value": "
3.16 Derivative financial instruments and hedge accounting
The Group uses derivative financial instruments to hedge its exposure to foreign exchange, interest rate and commodity risks. All derivative financial
instruments are initially measured at fair value on the contract date and are also measured at fair value at subsequent reporting dates. Where derivatives do
not qualify for hedge accounting, any changes in the fair value of the derivative financial instrument are recognised in the income statement as they arise.
To qualify for hedge accounting, the Group documents, at the inception of the hedge, the hedging risk management strategy, the relationship between the
hedging instrument and the hedged item or transaction, the nature of the risks being hedged and an assessment of the effectiveness of the hedging
relationship to ensure it is highly effective on an ongoing basis.
Where a derivative does qualify for hedge accounting, any changes in fair value are recognised depending on the nature of the hedge relationship and the
item being hedged as follows:
a) Cash flow hedges
Hedge relationships are classified as cash flow hedges where the derivative financial instruments hedge the Group\u2019s exposure to variability in cash flows
resulting from a highly probable forecasted transaction. These include the exchange rate risk of inventory purchases denominated in foreign currency,
interest rate risk and commodity risk on purchases of power and fuel. Changes in the fair value of derivative financial instruments that are designated and
effective as hedges of future cash flows are recognised directly in other comprehensive income and the ineffective portion is recognised immediately in the
income statement. The cash flow hedge reserve therefore only contains amounts where hedge accounting applies.
If a cash flow hedge is hedging a firm commitment or forecast transaction that results in the recognition of a non-financial asset or liability, then, at the time
the asset or liability is recognised, the associated gains or losses on the derivative that had previously been recognised in other comprehensive income are
included in the initial measurement of the asset or liability. This applies to the Group\u2019s foreign currency hedges in relation to inventory purchases.
b) Fair value hedges
The Group designates certain derivatives as fair value hedges where the derivative financial instrument hedges the change in fair value of the particular risks
inherent in recognised assets or liabilities (fair value hedges).
The Group applies IFRS 9 hedge accounting requirements for its fair value hedges of investment securities and its one-for-one hedge on Tier 2 Debt issuance
within Sainsbury\u2019s Bank. The Group adopted IAS 39 for its macro portfolio fair value hedges of fixed rate personal loans up to the point of announced disposal
in June 2024, and for Mortgages in the comparative year up until the point of disposal in August 2023.
Fair value hedging matches the change in fair value of designated hedged items against the corresponding change in value of the hedging derivative.
The designated hedged item can be a recognised asset or liability, a firm commitment, or an identified portion of an asset.
The effective part of any gain or loss on the hedged item adjusts the balance of the hedged item and is recognised in the income statement, offsetting the gain or loss on the hedging derivative. Should circumstances arise where the hedge relationship subsequently proves ineffective, is early settled, or is terminated, the adjustment to the balance of the hedged item is amortised over the remaining life of the hedged item and to the income statement. Micro fair value hedging \u2013 IFRS 9 The Group has purchased a number of fixed rate debt investment securities and has issued fixed rate subordinated debt within Sainsbury\u2019s Bank. These instruments are hedged via plain vanilla interest rate swaps, with the critical economic terms of both the hedging instrument and hedged item matching. The notional amount, fixed interest legs and maturity dates are economically matched. Portfolio fair value hedging \u2013 IAS 39 Portfolio fair value hedging allows the designation of the whole or part of a portfolio of assets or liabilities with similar risk exposures. The hedged item can be designated based on expected maturities to match the hedging derivative maturity. Hedge effectiveness is considered to have been met where the change in fair value of the hedged item offsets the change in fair value of hedging instruments, within the 80 to 125 per cent ratio corridor. The Group used portfolio fair value hedging as a risk management tool for hedging interest rate risk on the personal loans portfolio up to the point of announced disposal in June 2024, and for mortgages in the comparative year up until the point of disposal in August 2023. Following the announced exit of personal loans, the related derivatives classified in a hedge relationship were deemed ineffective with changes in fair value recognised immediately in the income statement from this date. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:213800VGZAAJIKJ9Y484", "period": "2024-03-03T00:00:00/2025-03-02T00:00:00" } }, "fact-575": { "value": "3.16 Derivative financial instruments and hedge accounting The Group uses derivative financial instruments to hedge its exposure to foreign exchange, interest rate and commodity risks. All derivative financial instruments are initially measured at fair value on the contract date and are also measured at fair value at subsequent reporting dates. Where derivatives do not qualify for hedge accounting, any changes in the fair value of the derivative financial instrument are recognised in the income statement as they arise. To qualify for hedge accounting, the Group documents, at the inception of the hedge, the hedging risk management strategy, the relationship between the hedging instrument and the hedged item or transaction, the nature of the risks being hedged and an assessment of the effectiveness of the hedging relationship to ensure it is highly effective on an ongoing basis. Where a derivative does qualify for hedge accounting, any changes in fair value are recognised depending on the nature of the hedge relationship and the item being hedged as follows: a) Cash flow hedges Hedge relationships are classified as cash flow hedges where the derivative financial instruments hedge the Group\u2019s exposure to variability in cash flows resulting from a highly probable forecasted transaction. These include the exchange rate risk of inventory purchases denominated in foreign currency, interest rate risk and commodity risk on purchases of power and fuel. Changes in the fair value of derivative financial instruments that are designated and effective as hedges of future cash flows are recognised directly in other comprehensive income and the ineffective portion is recognised immediately in the income statement. The cash flow hedge reserve therefore only contains amounts where hedge accounting applies. If a cash flow hedge is hedging a firm commitment or forecast transaction that results in the recognition of a non-financial asset or liability, then, at the time the asset or liability is recognised, the associated gains or losses on the derivative that had previously been recognised in other comprehensive income are included in the initial measurement of the asset or liability. This applies to the Group\u2019s foreign currency hedges in relation to inventory purchases. b) Fair value hedges The Group designates certain derivatives as fair value hedges where the derivative financial instrument hedges the change in fair value of the particular risks inherent in recognised assets or liabilities (fair value hedges). The Group applies IFRS 9 hedge accounting requirements for its fair value hedges of investment securities and its one-for-one hedge on Tier 2 Debt issuance within Sainsbury\u2019s Bank. The Group adopted IAS 39 for its macro portfolio fair value hedges of fixed rate personal loans up to the point of announced disposal in June 2024, and for Mortgages in the comparative year up until the point of disposal in August 2023. Fair value hedging matches the change in fair value of designated hedged items against the corresponding change in value of the hedging derivative. The designated hedged item can be a recognised asset or liability, a firm commitment, or an identified portion of an asset. The effective part of any gain or loss on the hedged item adjusts the balance of the hedged item and is recognised in the income statement, offsetting the gain or loss on the hedging derivative. Should circumstances arise where the hedge relationship subsequently proves ineffective, is early settled, or is terminated, the adjustment to the balance of the hedged item is amortised over the remaining life of the hedged item and to the income statement. Micro fair value hedging \u2013 IFRS 9 The Group has purchased a number of fixed rate debt investment securities and has issued fixed rate subordinated debt within Sainsbury\u2019s Bank. These instruments are hedged via plain vanilla interest rate swaps, with the critical economic terms of both the hedging instrument and hedged item matching. The notional amount, fixed interest legs and maturity dates are economically matched. Portfolio fair value hedging \u2013 IAS 39 Portfolio fair value hedging allows the designation of the whole or part of a portfolio of assets or liabilities with similar risk exposures. The hedged item can be designated based on expected maturities to match the hedging derivative maturity. Hedge effectiveness is considered to have been met where the change in fair value of the hedged item offsets the change in fair value of hedging instruments, within the 80 to 125 per cent ratio corridor. The Group used portfolio fair value hedging as a risk management tool for hedging interest rate risk on the personal loans portfolio up to the point of announced disposal in June 2024, and for mortgages in the comparative year up until the point of disposal in August 2023. Following the announced exit of personal loans, the related derivatives classified in a hedge relationship were deemed ineffective with changes in fair value recognised immediately in the income statement from this date. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory", "language": "en", "entity": "scheme:213800VGZAAJIKJ9Y484", "period": "2024-03-03T00:00:00/2025-03-02T00:00:00" } }, "fact-552": { "value": "3.16 Derivative financial instruments and hedge accounting The Group uses derivative financial instruments to hedge its exposure to foreign exchange, interest rate and commodity risks. All derivative financial instruments are initially measured at fair value on the contract date and are also measured at fair value at subsequent reporting dates. Where derivatives do not qualify for hedge accounting, any changes in the fair value of the derivative financial instrument are recognised in the income statement as they arise. To qualify for hedge accounting, the Group documents, at the inception of the hedge, the hedging risk management strategy, the relationship between the hedging instrument and the hedged item or transaction, the nature of the risks being hedged and an assessment of the effectiveness of the hedging relationship to ensure it is highly effective on an ongoing basis. Where a derivative does qualify for hedge accounting, any changes in fair value are recognised depending on the nature of the hedge relationship and the item being hedged as follows: a) Cash flow hedges Hedge relationships are classified as cash flow hedges where the derivative financial instruments hedge the Group\u2019s exposure to variability in cash flows resulting from a highly probable forecasted transaction. These include the exchange rate risk of inventory purchases denominated in foreign currency, interest rate risk and commodity risk on purchases of power and fuel. Changes in the fair value of derivative financial instruments that are designated and effective as hedges of future cash flows are recognised directly in other comprehensive income and the ineffective portion is recognised immediately in the income statement. The cash flow hedge reserve therefore only contains amounts where hedge accounting applies. If a cash flow hedge is hedging a firm commitment or forecast transaction that results in the recognition of a non-financial asset or liability, then, at the time the asset or liability is recognised, the associated gains or losses on the derivative that had previously been recognised in other comprehensive income are included in the initial measurement of the asset or liability. This applies to the Group\u2019s foreign currency hedges in relation to inventory purchases. b) Fair value hedges The Group designates certain derivatives as fair value hedges where the derivative financial instrument hedges the change in fair value of the particular risks inherent in recognised assets or liabilities (fair value hedges). The Group applies IFRS 9 hedge accounting requirements for its fair value hedges of investment securities and its one-for-one hedge on Tier 2 Debt issuance within Sainsbury\u2019s Bank. The Group adopted IAS 39 for its macro portfolio fair value hedges of fixed rate personal loans up to the point of announced disposal in June 2024, and for Mortgages in the comparative year up until the point of disposal in August 2023. Fair value hedging matches the change in fair value of designated hedged items against the corresponding change in value of the hedging derivative. The designated hedged item can be a recognised asset or liability, a firm commitment, or an identified portion of an asset. The effective part of any gain or loss on the hedged item adjusts the balance of the hedged item and is recognised in the income statement, offsetting the gain or loss on the hedging derivative. Should circumstances arise where the hedge relationship subsequently proves ineffective, is early settled, or is terminated, the adjustment to the balance of the hedged item is amortised over the remaining life of the hedged item and to the income statement. Micro fair value hedging \u2013 IFRS 9 The Group has purchased a number of fixed rate debt investment securities and has issued fixed rate subordinated debt within Sainsbury\u2019s Bank. These instruments are hedged via plain vanilla interest rate swaps, with the critical economic terms of both the hedging instrument and hedged item matching. The notional amount, fixed interest legs and maturity dates are economically matched. Portfolio fair value hedging \u2013 IAS 39 Portfolio fair value hedging allows the designation of the whole or part of a portfolio of assets or liabilities with similar risk exposures. The hedged item can be designated based on expected maturities to match the hedging derivative maturity. Hedge effectiveness is considered to have been met where the change in fair value of the hedged item offsets the change in fair value of hedging instruments, within the 80 to 125 per cent ratio corridor. The Group used portfolio fair value hedging as a risk management tool for hedging interest rate risk on the personal loans portfolio up to the point of announced disposal in June 2024, and for mortgages in the comparative year up until the point of disposal in August 2023. Following the announced exit of personal loans, the related derivatives classified in a hedge relationship were deemed ineffective with changes in fair value recognised immediately in the income statement from this date. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800VGZAAJIKJ9Y484", "period": "2024-03-03T00:00:00/2025-03-02T00:00:00" } }, "fact-454": { "value": "3.17 Cash and cash equivalents Cash and bank balances comprise cash in hand and at bank, deposits at central banks, investments in money market funds and deposits, and other short-term highly liquid investments. To be classified as cash and cash equivalents, an asset must: \u2022 Be readily convertible into cash \u2022 Have an insignificant risk of changes in value \u2022 Have a maturity period of typically three months or less at acquisition Bank overdrafts that are repayable on demand and form an integral part of the Group\u2019s cash management are included as a component of cash and cash equivalents for the purposes of the cash flow statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:213800VGZAAJIKJ9Y484", "period": "2024-03-03T00:00:00/2025-03-02T00:00:00" } }, "fact-455": { "value": "3.18 Cash flow statement classifications The following cash receipts and payments are presented within the following sections of the cash flow statement: a) Interest, dividends and taxes Included in operating cash flows \u2022 Interest paid on borrowings as they are held for cash management purposes Included in cash flows from investing activities \u2022 Interest received on bank deposits and other financial assets as well as dividends received as they represent returns on the Group\u2019s investments b) Lease payments and receipts Included in operating cash flows \u2022 Cash payments for the interest element of lease liabilities consistent with presentation of interest payments \u2022 Short-term lease payments, payments for leases of low-value assets and variable lease payments that are not included in the measurement of the lease liabilities \u2022 Cash receipts in relation to sub-leases (both operating and finance leases) Included in cash flows from financing activities \u2022 Cash payments for the principal element of the lease liabilities are presented within financing activities ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory", "language": "en", "entity": "scheme:213800VGZAAJIKJ9Y484", "period": "2024-03-03T00:00:00/2025-03-02T00:00:00" } }, "fact-456": { "value": "3.19 Retirement benefit obligations a) Defined contribution pension schemes The Group contributions to defined contribution pension schemes are charged to the income statement as incurred. Any contributions unpaid at the balance sheet date are included as an accrual as at that date. The Group has no further payment obligations once the contributions have been paid. b) Defined benefit pension scheme (Sainsbury\u2019s Pension Scheme) The surplus or deficit recognised in the balance sheet for defined benefit schemes represents the difference between the fair value of the plan assets and the present value of the defined benefit obligation at the balance sheet date. The defined benefit obligation is actuarially calculated on an annual basis using the projected unit credit method. Actuarial gains and losses are reported in the statement of other comprehensive income as incurred, and comprise both the effects of changes in actuarial assumptions and experience adjustments arising because of differences between the previous actuarial assumptions and what has actually occurred. The income statement charge consists of a financing charge, which is the net of interest cost on pension scheme liabilities and interest income on plan assets and defined benefit pension scheme expenses. The financing charge is determined by applying the discount rate used to measure the defined benefit obligation to the pension scheme liabilities and plan assets at the beginning of the financial year. IFRIC 14 Under IFRIC 14, a company is required to measure any economic benefits available to it in the form of refunds or reductions to future contributions at the maximum amount that is consistent with the terms and conditions of the pension scheme. These are regarded as available to a company if it has an unconditional right to realise them at some point during the life of the pension scheme or when all benefits are finally settled. Such an unconditional right would not exist when the availability of the refund or the reduction in future contributions would be contingent upon factors beyond the Company\u2019s control. Management is of the view that it has an unconditional right to a refund of surplus under IFRIC 14. As such no adjustment has been made for potential additional liabilities. In forming this conclusion management has considered whether the Group can control the run-off of the Scheme until there are no liabilities left, consistent with IFRIC 14. For example, if the Trustee has a unilateral power to wind up the Scheme while there are liabilities remaining, then it is viewed that the Group cannot access surplus through this route. For both sections, management have assessed that the Group can control run-off until no liabilities remain by complying with its obligations under the Scheme rules and pensions legislation, and there will therefore be a gradual settlement of the planned liabilities over the life of each section. The Scheme rules list certain situations under which the Trustee can wind up the Scheme; however, whilst there is gradual settlement of the Scheme\u2019s liabilities, these are concluded to be within the control of the Group. As a result, it is concluded that the Trustee does not have a unilateral power to wind up the Scheme nor augment benefits while the Scheme is ongoing. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800VGZAAJIKJ9Y484", "period": "2024-03-03T00:00:00/2025-03-02T00:00:00" } }, "fact-457": { "value": "3.20 Share-based payments The Group provides benefits to employees (including Directors) of the Group in the form of equity-settled and cash-settled share-based payment transactions, whereby employees render services in exchange for shares, rights over shares or the value of those shares in cash terms. For equity-settled share-based payments, the fair value of the employee services rendered is determined by reference to the fair value of the shares awarded or options granted, excluding the impact of any non-market vesting conditions. All share options are valued using an option pricing model (Black-Scholes). This fair value is charged to the income statement over the vesting period of the share-based payment scheme with a corresponding increase in equity. For cash-settled share-based payments, the fair value of the employee services rendered is determined at each balance sheet date and the charge recognised through the income statement over the vesting period of the share-based payment scheme, with a corresponding increase in accruals. The value of the charge is adjusted in the income statement over the remainder of the vesting period to reflect expected and actual levels of options vesting, with the corresponding adjustments made in equity and accruals.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:213800VGZAAJIKJ9Y484", "period": "2024-03-03T00:00:00/2025-03-02T00:00:00" } }, "fact-458": { "value": "
4 Significant judgements and estimates
The preparation of financial statements requires the use of judgements, estimates and assumptions that affect the reported amounts of assets and
liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results may
differ from those estimates.
Judgements and estimates are evaluated regularly and are based on historical experience and other factors, including expectations of future events that
are believed to be reasonable under the circumstances. Any revisions to accounting estimates are recognised in the period in which the estimate is revised.
In assessing the Group\u2019s judgements and sources of estimation uncertainty, consideration has been given to the impact of climate change risk on these.
Aside from impairment of non-financial assets (refer to note 17) and post-employment benefits (refer to note 34), climate change risks do not have any
impacts on the Group\u2019s judgements or sources of estimation uncertainty.
Consideration has also been given to the judgements and estimates arising from the accounting for the phased withdrawal from Financial Services.
Key judgements have included the classification of costs as non-underlying items (note 4.1 a)), the timing of recognition of provisions, the classification
of amounts within discontinued operations, and the timing and quantum of assets held for sale and loss on disposal recognition. Key estimates have
included the measurement of onerous contracts and restructuring provisions.
The following judgements, which were disclosed as significant judgements in the prior year financial statements, are no longer deemed to be significant judgements:
\u2022 Classification of cash flows as part of asset acquisition - As part of the asset acquisition in the prior year, significant judgement was applied when
considering the classification of the pre-funded cash flows which formed part of the total consideration within the Group\u2019s cash flow statement as cash
flows from investing activities. This acquisition was completed in the prior year and as there have been no asset acquisitions in 52 weeks ended
1 March 2025, this has been removed as a significant judgement
The following estimates, which were disclosed as significant estimates in the prior year financial statements, are no longer deemed to be significant estimates:
\u2022 Provisions - The Group\u2019s provisions are based on estimates of the actual costs and timing of future cash flows, which are dependent on future events and
market conditions. However, any reasonably possible changes in the estimates applied in calculating these provisions would not have a material impact on
the provisions recognised. Therefore, provisioning is no longer deemed to be a significant estimate
\u2022 Impairment of financial assets - This estimate related to the Expected Credit Loss (ECL) approach on the Bank\u2019s financial assets. Following the transfer
of the Core Banking portfolios to assets of the disposal group held for sale, and the derecognition of AFS cards, financial assets are no longer material and
therefore a significant estimate over their impairment no longer exists
4.1 Significant judgements
a) Non-underlying items
In order to provide shareholders with additional insight into the year-on-year performance of the business, underlying profit measures are provided to
supplement the reported IFRS numbers and reflect how the business measures performance internally. These adjusted measures exclude items recognised
in reported profit, which, if included, could distort comparability between periods.
Determining which items are to be adjusted requires judgement, in which the Group considers items which are significant either by virtue of their size and/or
nature, or that are non-recurring in that they do not relate to the ongoing business. The same assessment is applied consistently to any reversals of prior
non-underlying items.
An analysis of non-underlying items is set out in note 5.
b) Consolidation of structured entities
A structured entity is one in which the Group does not hold the majority interest but where voting rights are not the dominant factor in determining control.
Sainsbury\u2019s Thistle Scottish Limited Partnership (the Partnership) is a structured entity in which both the Group and Pension Scheme Trustee hold an interest
where the relevant activities are the funding of the pension scheme (the Scheme).
Furthermore, a general partner wholly owned by the Group has exclusive responsibility for the management and control of the Partnership and sole authority
to exercise the Partnership\u2019s rights including the ability to make additional contributions. As the Group can direct the Partnership\u2019s relevant activities and
affect its returns, it has been concluded that the Group controls the Partnership, despite not having a majority interest and has therefore been consolidated.
Further information is included in note 34.1.
c) Aggregation of operating segments
The Group\u2019s operating segments have been determined based on the information regularly provided to the Chief Operating Decision Maker (CODM), which has
been determined to be the Group Operating Board. This information is used to make optimal decisions on the allocation of resources and assess performance.
The CODM is presented information for the following operating segments:
\u2022 Retail \u2013 food
\u2022 Retail \u2013 general merchandise and clothing
\u2022 Financial Services
Management have considered the economic characteristics, in particular average gross margin, similarity of products, production processes, customers, sales
methods and regulatory environment of its two Retail segments. In doing so it has been concluded that they should be aggregated into one \u2018Retail\u2019 segment
within the financial statements given the similar economic characteristics between the two. This aggregated information provides users the financial
information needed to evaluate the business and the environment in which it operates.
d) Lease terms
The inclusion of a lease extension period or lease break period in the lease term requires consideration of all relevant factors that create an economic
incentive for the Group to exercise them. For leased properties, this includes the current and expected profitability of the respective site, as well as the length
of time until the option can be exercised. Any changes to the Group\u2019s judgement over lease terms will impact both the right-of-use asset and lease liability.
4.2 Significant estimates
a) Revenue recognition: Fair value of Nectar points
The Group estimates the fair value of points awarded under the Nectar programme by reference to the value per point to a customer, multiplied by expected
breakage assumptions. Breakage represents management\u2019s estimate of points issued that will never be redeemed and is therefore subject to uncertainty.
Breakage is estimated by management based on the terms and conditions of membership and historical accumulation and redemption patterns, and is
calculated with reference to lifetime actual breakage and lifetime issuance. A sensitivity analysis, showing the impact of a change in breakage estimate on
the deferred points liability, is set out in note 23.1.
b) Lease liabilities: Derivation of discount rates
Lease liabilities are measured at the present value of lease payments to be made over the lease term, discounted using the incremental borrowing rate (IBR)
at the lease commencement date (for additions) or at the lease modification date (for modifications).
The IBRs depend on the measurement date and term of the lease, and are determined based on a number of inputs including a reference (risk-free) rate
and adjustments to reflect the Group\u2019s credit risk. The reference rates are based on UK overnight swap rates and the credit risk adjustments are based on the
prices of instruments issued by the Group and quoted credit default swaps (CDS). Note 15.1 e) includes the impact that a reasonable possible change in the IBR
would have had on the lease liability additions and modifications recognised during the year.
c) Impairment of non-financial assets
Goodwill is required to be valued annually to assess the requirement for potential impairment. Other assets are assessed on an ongoing basis to determine
whether circumstances exist that could lead to the conclusion that the net book value of such assets is not supportable. Impairment testing is carried out in
accordance with the methodology described in note 17. Such calculations require estimation regarding the appropriate discount factors and in the case of
goodwill in particular, long-term growth prevalent in a particular market as well as short and medium-term business plans. Management draws upon
experience as well as external resources in determining these estimates.
In assessing impairment of property, plant and equipment and intangible assets, discounted cash flow methods are used as described in note 17.1.
Judgement is required in determining the appropriate discount factors as well as the short and medium-term business plans. Consistent with goodwill,
the Directors draw upon experience and external resources in determining these estimates.
d) Post-employment benefits
Assets
The Sainsbury\u2019s Pension Scheme (the Scheme) holds some private market assets as they are expected to deliver a more favourable risk/return profile than
public market equivalents. These assets are relatively illiquid (likely to be realised over approximately five years) but the Scheme holds sufficient liquid assets
(cash, gilts and other liquid securities) to be confident that it can meet its pension and collateral obligations over time.
The valuation of these assets is based on the audited accounts of the funds, where available, and net asset value statements from the investment managers
where recent accounts are not available. For many of these investments, the valuations provided are at 30 September. A roll-forward is therefore required to
be performed for these valuations, adjusting for cash received or paid and applying the changes seen in relevant liquid indices. The valuation of these assets
is sensitive to the indices used and a sensitivity to changes in these indices is set out in note 34.6.
d) Post-employment benefits continued
Liabilities
The present value of post-employment benefit obligations is determined on an actuarial basis using various assumptions, including the discount rate,
inflation rate, future pension increases and mortality assumptions. Any changes in these assumptions will impact the carrying amount as well as the net
pension finance income/(cost). Key assumptions and sensitivities for post-employment benefit obligations are disclosed in note 34.7.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:213800VGZAAJIKJ9Y484", "period": "2024-03-03T00:00:00/2025-03-02T00:00:00" } }, "fact-459": { "value": "5 Non-underlying items 2024 2025 (restated*) Restructuring Restructuring and and impairment Pensions Other impairment Pensions Other 5.1 5.2 5.3 Total 5.1 5.2 5.3 Total Note \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m Cost of sales (80) \u2014 2 (78) (73) \u2014 (66) (139) Administrative expenses (75) (8) (17) (100) (49) (7) (15) (71) Other income (4) \u2014 57 53 \u2014 \u2014 6 6 Affecting operating profit (159) (8) 42 (125) (122) (7) (75) (204) Net finance (costs)/income (2) 36 (12) 22 (1) 51 (11) 39 Affecting profit before tax \u2013\ue01dcontinuing operations (161) 28 30 (103) (123) 44 (86) (165) Income tax credit/(charge) 10 15 (7) Affecting profit after tax \u2013\ue01dcontinuing operations (88) (172) Loss on disposal after tax \u2013\ue01fdiscontinued operations 11.4 (106) (11) Restructuring and impairment costs after tax \u2013\ue01fdiscontinued operations 11.3 (103) (196) Affecting profit after tax \u2013\ue01ddiscontinued operations (209) (207) Affecting profit for the financial period (297) (379) * Comparative periods have been re-presented to separately disclose discontinued operations. Refer to note 11 for further details. The impact of non-underlying items on Retail cash generated from operations is presented in note A2.2. 5.1 Restructuring and impairment a) Restructuring Financial Services model As part of the phased withdrawal from Financial Services, costs incurred associated with the exit that are directly attributable to the disposal group have been classified as discontinued operations as set out in note 11. Costs which are not directly attributable to the disposal group, but have specifically been incurred as part of the phased withdrawal, have been recognised within non-underlying items within continuing operations. Retail restructuring programmes In the year ended 6 March 2021, the Group announced a restructuring programme to accelerate the structural integration of Sainsbury\u2019s and Argos and further simplify the Argos business; create a new supply chain and logistics operating model, and further rationalise/repurpose the Group\u2019s supermarkets and convenience estate. The programme also considered the Group\u2019s Store Support Centre ways of working. Separately, as part of our Next Level Sainsbury\u2019s strategy implementation, launched in the current year, we have commenced a multi-year restructuring programme which will update our central management structures to support faster decision-making and drive performance at both Sainsbury\u2019s and Argos, creating fewer, bigger roles with clearer accountabilities. In addition, it was announced in the current year that we will be closing food counters, converting cafes to expert partners, and converting remaining scratch bakeries. As the costs incurred facilitate future underlying cost savings, it was considered whether it was appropriate to report these costs within underlying profit. Whilst they arise from changes in the Group\u2019s underlying operations, they can be separately identified, are material in size and do not relate to ordinary in-year trading activity. In addition, the areas being closed or restructured no longer relate to the Group\u2019s remaining underlying operations and their exclusion provides meaningful comparison between financial years. b) Non-restructuring items Impairments of non-financial assets Separate from restructuring initiatives, the Group has recognised \u00a316 million of impairment (2024: \u00a3nil) in relation to non-trading sites, reflecting rent reviews. Analysis of restructuring and non-restructuring impairment items 2024 2025 (restated*) Financial Retail Impairment of Financial Retail Services restructuring non-financial Services restructuring model programmes assets Total model programmes Total Note \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m Non-financial asset impairments Property, plant and equipment 17 \u2014 (4) \u2014 (4) (3) (1) (4) Right-of-use assets 17 \u2014 \u2014 (16) (16) (3) (3) (6) Intangible assets 17 \u2014 \u2014 \u2014 \u2014 (16) \u2014 (16) \u2014 (4) (16) (20) (22) (4) (26) Accelerated depreciation of assets a) \u2014 (42) \u2014 (42) \u2014 (19) (19) Employee costs b) (8) (43) \u2014 (51) (3) (33) (36) Onerous contracts c) (8) \u2014 \u2014 (8) \u2014 \u2014 \u2014 Property closure provisions d) \u2014 (12) \u2014 (12) \u2014 (33) (33) Other costs e) (1) (27) \u2014 (28) (3) (6) (9) (17) (128) (16) (161) (28) (95) (123) * Comparative periods have been re-presented to separately disclose discontinued operations. Refer to note 11 for further details. a) The remaining useful economic lives of corresponding sites have been reassessed to align with closure dates, resulting in an acceleration in depreciation of these assets. The existing depreciation of these assets (depreciation that would have been recognised absent of a closure decision) is recognised within underlying expenses, whereas accelerated depreciation above this is recognised within non-underlying expenses. b) Comprises severance costs and for the Financial services model also includes incremental project-related employee costs. c) Comprises long-dated IT contracts where anticipated early termination will result in unavoidable costs of meeting obligations under the contracts which exceed the economic benefits expected to be received under them. Costs represent the lower of the costs of fulfilling contracts and the costs of terminating. Such amounts are reflected in provisions as set out in note 25. d) Relates to onerous lease costs, dilapidations and strip-out costs on sites that have been identified for closure, as well as business rates for sites the Group no longer operates from which are recognised as incurred. Upon initial recognition of such provisions, management uses its best estimates of the relevant costs to be incurred as well as expected closure dates. Such amounts are reflected in provisions as set out in note 25. e) Other costs comprise predominantly consultancy costs. 5.2 Pensions Such amounts relate to the defined benefit pension scheme (the Scheme) and are treated as non-underlying owing to the Scheme being closed to future accrual and accordingly not forming part of ongoing operating activities. More detailed analysis in note 34.2. 5.3 Other 2024 2025 (restated*) \u00a3m \u00a3m Property related transactions a) 57 (15) Non-underlying finance and fair value movements b) (10) (56) Acquisition adjustments c) (17) (15) 30 (86) * Comparative periods have been re-presented to separately disclose discontinued operations. Refer to note 11 for further details. a) Predominantly relates to the profit on completion of the disposal of land associated with the Hendon Mixed Used Development Scheme, which included the closure of the existing supermarket and the recognition of a new supermarket asset within property, plant and equipment (2024: an impairment charge of \u00a319 million of property, plant and equipment was recognised in cost of sales as part of the asset acquisition of 21 stores, whereby the asset base of these stores\u2019 CGUs had significantly changed as a result of the transaction and therefore were reviewed for impairment, offset by a gain on disposal of non-trading properties of \u00a34 million recognised in other income). b) Comprises \u00a312 million (2024: \u00a310 million) finance costs relating to lease interest paid on impaired non-trading sites, and \u00a32 million gain (2024: \u00a346 million loss) within cost of sales relating to favourable (2024: unfavourable) movements on long-term, fixed price power purchase arrangements (PPAs) with independent producers. These are classified as derivatives which are not in a hedge relationship and owing to potentially significant fluctuations in value from external market factors are treated as non-underlying to enable consistency between periods. c) Comprises the unwind of non-cash fair value adjustments arising from the Home Retail Group. Classification as non-underlying is because these assets would not normally be recognised outside of a business combination.", "dimensions": { "concept": "jsainsburyplc:DisclosureOfNonUnderlyingItems", "language": "en", "entity": "scheme:213800VGZAAJIKJ9Y484", "period": "2024-03-03T00:00:00/2025-03-02T00:00:00" } }, "fact-460": { "value": "
6 Segment reporting
The Group\u2019s operating segments have been determined based on the information regularly provided to the Chief Operating Decision Maker (CODM), which has
been determined to be the Group Operating Board, which is used to make optimal decisions on the allocation of resources and assess performance.
In determining the Group\u2019s reportable segments, management have considered the economic characteristics, in particular average gross margin, similarity
of products, production processes, customers, sales methods and the regulatory environment of its two Retail operating segments. In doing so it has been
concluded that they should be aggregated into one \u2018Retail\u2019 reportable segment within the financial statements given the similar economic characteristics
between the two. This aggregated information provides users the financial information needed to evaluate the business and the environment in which
it operates.
The Group\u2019s reportable operating segments have therefore been identified as follows:
\u2022 Retail, comprising the sale of food, household, general merchandise, clothing and fuel primarily through store and online channels
\u2022 Financial Services, comprising banking and insurance services through Sainsbury\u2019s Bank and Argos Financial Services
The CODM uses underlying profit before tax as the key measure of segmental performance as it represents the ongoing trading performance with additional
insight into year-on-year performance that is more comparable over time. As described in note 2.5, the use of underlying profit before tax aims to provide
parity and transparency between users of the financial statements and the CODM in assessing the core performance of the business and performance
of management.
Segment results, include items directly attributable to a segment as well as those that can be allocated on a reasonable basis. Segment assets and liabilities,
including investments in associates and joint ventures, are not disclosed because they are not reported to, or reviewed by, the CODM.
In presenting discontinued operations, income and costs directly attributable to the discontinued operations are presented separately. A high proportion
of central and multi-product costs continue to be recognised within continuing operations as they are not deemed to be directly attributable to the
discontinued operation.
6.1 Income statement
2025
Group \u2013
Group \u2013
Discontinued
Financial
Continuing
operations
Group
Retail Services
operations
(Note 11) Total
Note
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Revenue
Grocery, general merchandise and clothing
28,762
\u2014
28,762
\u2014
28,762
Fuel
3,868
\u2014
3,868
\u2014
3,868
Interest receivable
\u2014
103
103
273
376
Fees and commission
\u2014
79
79
57
136
32,630
182
32,812
330
33,142
Underlying operating profit/(loss)
Underlying operating profit/(loss)
1,036
(7)
1,029
37
1,066
Underlying finance income
31
\u2014
31
\u2014
31
Underlying finance costs
(336)
\u2014
(336)
\u2014
(336)
Underlying profit/(loss) before tax
731
(7)
724
37
761
Non-underlying items
5
(103)
(274)
(377)
Profit/(loss) before tax
621
(237)
384
Income tax (expense)/credit
10
(201)
59
(142)
Profit/(loss) for the financial year
420
(178)
242
2024
Group \u2013
Group \u2013
Discontinued
Financial
Continuing
operations
Retail Services
operations
(restated*) Group
(restated*)
(restated*)
(Note 11) Total
Note
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Revenue
Grocery, general merchandise and clothing
2 7, 830
\u2014
2 7,830
\u2014
27,8 3 0
Fuel
4,254
\u2014
4,254
\u2014
4,254
Interest receivable
\u2014
79
79
414
493
Fees and commission
\u2014
75
75
69
144
32,084
154
32,238
483
32,721
Underlying operating profit/(loss)
Underlying operating profit/(loss)
966
(18)
948
47
995
Underlying finance income
30
\u2014
30
\u2014
30
Underlying finance costs
(324)
\u2014
(324)
\u2014
(324)
Underlying profit/(loss) before tax
672
(18)
654
47
701
Non-underlying items
5
(165)
(259)
(424)
Profit/(loss) before tax
489
(212)
277
Income tax (expense)/credit
10
(181)
41
(140)
Profit/(loss) for the financial year
308
(171)
137
* Comparative periods have been re-presented to separately disclose discontinued operations. Refer to note 11 for further details.
6.2 Balance sheet
2025
2024
Financial Financial
Retail
Services
Group
Retail
Services
Group
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Assets
18,423
6,223
24,646
18,288
6,771
25,059
Investments in joint ventures and associates
2
\u2014
2
2
\u2014
2
Segment assets
18,425
6,223
24,648
18,290
6,771
25,061
Segment liabilities
(12,446)
(5,551)
(17,997 )
(12,171)
(6,022)
(18,193)
6.3 Other segment items
2025
Group \u2013 Group \u2013
Financial Continuing Discontinued
Retail Services operations
operations
Group
Note
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Depreciation expense
Property, plant and equipment
14
532
\u2014
532
\u2014
532
Right-of-use assets
15
501
\u2014
501
\u2014
501
Amortisation expense
Intangible assets
16
182
\u2014
182
\u2014
182
Impairment of non-financial assets
17
22
\u2014
22
\u2014
22
Impairment loss on financial assets
\u2014
2
2
61
63
Share based payments
35
71
4
75
5
80
2024
Group \u2013 Group \u2013
Financial Continuing Discontinued
Services operations operations
Retail (restated*) (restated*)
(restated*)
Group
Note
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Depreciation expense
Property, plant and equipment
14
538
\u2014
538
1
539
Right-of-use assets
15
449
1
450
\u2014
450
Amortisation expense
Intangible assets
16
159
13
172
17
189
Impairment of non-financial assets
17
23
22
45
152
197
Impairment of goodwill
17
\u2014
\u2014
\u2014
38
38
Impairment loss/(reversal) on financial assets
(4)
2
(2)
100
98
Share based payments
35
83
2
85
4
89
* Comparative periods have been re-presented to separately disclose discontinued operations. Refer to note 11 for further details.
2025
2024
Financial Financial
Retail
Services
Group
Retail
Services
Group
Note
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Additions to non-current assets
Property, plant and equipment
14
629
\u2014
629
1,654
1
1,655
Intangible assets
16
208
\u2014
208
165
13
178
Right-of-use assets
15
676
\u2014
676
435
3
438
6.4 Geographical segments
In the current year, the Group traded in the UK and consequently the majority of revenues, capital expenditure and segment net assets arise there. The assets
of the businesses in the Republic of Ireland and Asia, where the Group does not trade but maintains an operational presence, are not material.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:213800VGZAAJIKJ9Y484", "period": "2024-03-03T00:00:00/2025-03-02T00:00:00" } }, "fact-592": { "value": "6.1 Income statement
2025
Group \u2013
Group \u2013
Discontinued
Financial
Continuing
operations
Group
Retail Services
operations
(Note 11) Total
Note
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Revenue
Grocery, general merchandise and clothing
28,762
\u2014
28,762
\u2014
28,762
Fuel
3,868
\u2014
3,868
\u2014
3,868
Interest receivable
\u2014
103
103
273
376
Fees and commission
\u2014
79
79
57
136
32,630
182
32,812
330
33,142
Underlying operating profit/(loss)
Underlying operating profit/(loss)
1,036
(7)
1,029
37
1,066
Underlying finance income
31
\u2014
31
\u2014
31
Underlying finance costs
(336)
\u2014
(336)
\u2014
(336)
Underlying profit/(loss) before tax
731
(7)
724
37
761
Non-underlying items
5
(103)
(274)
(377)
Profit/(loss) before tax
621
(237)
384
Income tax (expense)/credit
10
(201)
59
(142)
Profit/(loss) for the financial year
420
(178)
242
2024
Group \u2013
Group \u2013
Discontinued
Financial
Continuing
operations
Retail Services
operations
(restated*) Group
(restated*)
(restated*)
(Note 11) Total
Note
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Revenue
Grocery, general merchandise and clothing
2 7, 830
\u2014
2 7,830
\u2014
27,8 3 0
Fuel
4,254
\u2014
4,254
\u2014
4,254
Interest receivable
\u2014
79
79
414
493
Fees and commission
\u2014
75
75
69
144
32,084
154
32,238
483
32,721
Underlying operating profit/(loss)
Underlying operating profit/(loss)
966
(18)
948
47
995
Underlying finance income
30
\u2014
30
\u2014
30
Underlying finance costs
(324)
\u2014
(324)
\u2014
(324)
Underlying profit/(loss) before tax
672
(18)
654
47
701
Non-underlying items
5
(165)
(259)
(424)
Profit/(loss) before tax
489
(212)
277
Income tax (expense)/credit
10
(181)
41
(140)
Profit/(loss) for the financial year
308
(171)
137
* Comparative periods have been re-presented to separately disclose discontinued operations. Refer to note 11 for further details. 9 Finance income and finance costs
2025
2024
Non- Non-
Underlying
underlying
Total
Underlying
underlying
Total
Continuing operations
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Interest on bank deposits and other financial assets
29
\u2014
29
28
\u2014
28
IAS 19 pension financing income
\u2014
36
36
\u2014
51
51
Finance income on net investment in leases
2
\u2014
2
2
\u2014
2
Finance income
31
36
67
30
51
81
Secured borrowings
(35)
\u2014
(35)
(38)
\u2014
(38)
Unsecured borrowings
(41)
\u2014
(41)
(33)
\u2014
(33)
Lease liabilities
(260)
(12)
(272)
(253)
(11)
(264)
Provisions \u2013 amortisation of discount
\u2014
(2)
(2)
\u2014
(1)
(1)
Finance costs
(336)
(14)
(350)
(324)
(12)
(336)
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800VGZAAJIKJ9Y484", "period": "2024-03-03T00:00:00/2025-03-02T00:00:00" } }, "fact-587": { "value": "6.1 Income statement
2025
Group \u2013
Group \u2013
Discontinued
Financial
Continuing
operations
Group
Retail Services
operations
(Note 11) Total
Note
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Revenue
Grocery, general merchandise and clothing
28,762
\u2014
28,762
\u2014
28,762
Fuel
3,868
\u2014
3,868
\u2014
3,868
Interest receivable
\u2014
103
103
273
376
Fees and commission
\u2014
79
79
57
136
32,630
182
32,812
330
33,142
Underlying operating profit/(loss)
Underlying operating profit/(loss)
1,036
(7)
1,029
37
1,066
Underlying finance income
31
\u2014
31
\u2014
31
Underlying finance costs
(336)
\u2014
(336)
\u2014
(336)
Underlying profit/(loss) before tax
731
(7)
724
37
761
Non-underlying items
5
(103)
(274)
(377)
Profit/(loss) before tax
621
(237)
384
Income tax (expense)/credit
10
(201)
59
(142)
Profit/(loss) for the financial year
420
(178)
242
2024
Group \u2013
Group \u2013
Discontinued
Financial
Continuing
operations
Retail Services
operations
(restated*) Group
(restated*)
(restated*)
(Note 11) Total
Note
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Revenue
Grocery, general merchandise and clothing
2 7, 830
\u2014
2 7,830
\u2014
27,8 3 0
Fuel
4,254
\u2014
4,254
\u2014
4,254
Interest receivable
\u2014
79
79
414
493
Fees and commission
\u2014
75
75
69
144
32,084
154
32,238
483
32,721
Underlying operating profit/(loss)
Underlying operating profit/(loss)
966
(18)
948
47
995
Underlying finance income
30
\u2014
30
\u2014
30
Underlying finance costs
(324)
\u2014
(324)
\u2014
(324)
Underlying profit/(loss) before tax
672
(18)
654
47
701
Non-underlying items
5
(165)
(259)
(424)
Profit/(loss) before tax
489
(212)
277
Income tax (expense)/credit
10
(181)
41
(140)
Profit/(loss) for the financial year
308
(171)
137
* Comparative periods have been re-presented to separately disclose discontinued operations. Refer to note 11 for further details. 9 Finance income and finance costs
2025
2024
Non- Non-
Underlying
underlying
Total
Underlying
underlying
Total
Continuing operations
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Interest on bank deposits and other financial assets
29
\u2014
29
28
\u2014
28
IAS 19 pension financing income
\u2014
36
36
\u2014
51
51
Finance income on net investment in leases
2
\u2014
2
2
\u2014
2
Finance income
31
36
67
30
51
81
Secured borrowings
(35)
\u2014
(35)
(38)
\u2014
(38)
Unsecured borrowings
(41)
\u2014
(41)
(33)
\u2014
(33)
Lease liabilities
(260)
(12)
(272)
(253)
(11)
(264)
Provisions \u2013 amortisation of discount
\u2014
(2)
(2)
\u2014
(1)
(1)
Finance costs
(336)
(14)
(350)
(324)
(12)
(336)
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:213800VGZAAJIKJ9Y484", "period": "2024-03-03T00:00:00/2025-03-02T00:00:00" } }, "fact-576": { "value": "6.1 Income statement
2025
Group \u2013
Group \u2013
Discontinued
Financial
Continuing
operations
Group
Retail Services
operations
(Note 11) Total
Note
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Revenue
Grocery, general merchandise and clothing
28,762
\u2014
28,762
\u2014
28,762
Fuel
3,868
\u2014
3,868
\u2014
3,868
Interest receivable
\u2014
103
103
273
376
Fees and commission
\u2014
79
79
57
136
32,630
182
32,812
330
33,142
Underlying operating profit/(loss)
Underlying operating profit/(loss)
1,036
(7)
1,029
37
1,066
Underlying finance income
31
\u2014
31
\u2014
31
Underlying finance costs
(336)
\u2014
(336)
\u2014
(336)
Underlying profit/(loss) before tax
731
(7)
724
37
761
Non-underlying items
5
(103)
(274)
(377)
Profit/(loss) before tax
621
(237)
384
Income tax (expense)/credit
10
(201)
59
(142)
Profit/(loss) for the financial year
420
(178)
242
2024
Group \u2013
Group \u2013
Discontinued
Financial
Continuing
operations
Retail Services
operations
(restated*) Group
(restated*)
(restated*)
(Note 11) Total
Note
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Revenue
Grocery, general merchandise and clothing
2 7, 830
\u2014
2 7,830
\u2014
27,8 3 0
Fuel
4,254
\u2014
4,254
\u2014
4,254
Interest receivable
\u2014
79
79
414
493
Fees and commission
\u2014
75
75
69
144
32,084
154
32,238
483
32,721
Underlying operating profit/(loss)
Underlying operating profit/(loss)
966
(18)
948
47
995
Underlying finance income
30
\u2014
30
\u2014
30
Underlying finance costs
(324)
\u2014
(324)
\u2014
(324)
Underlying profit/(loss) before tax
672
(18)
654
47
701
Non-underlying items
5
(165)
(259)
(424)
Profit/(loss) before tax
489
(212)
277
Income tax (expense)/credit
10
(181)
41
(140)
Profit/(loss) for the financial year
308
(171)
137
* Comparative periods have been re-presented to separately disclose discontinued operations. Refer to note 11 for further details. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFeeAndCommissionIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800VGZAAJIKJ9Y484", "period": "2024-03-03T00:00:00/2025-03-02T00:00:00" } }, "fact-553": { "value": "6.1 Income statement
2025
Group \u2013
Group \u2013
Discontinued
Financial
Continuing
operations
Group
Retail Services
operations
(Note 11) Total
Note
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Revenue
Grocery, general merchandise and clothing
28,762
\u2014
28,762
\u2014
28,762
Fuel
3,868
\u2014
3,868
\u2014
3,868
Interest receivable
\u2014
103
103
273
376
Fees and commission
\u2014
79
79
57
136
32,630
182
32,812
330
33,142
Underlying operating profit/(loss)
Underlying operating profit/(loss)
1,036
(7)
1,029
37
1,066
Underlying finance income
31
\u2014
31
\u2014
31
Underlying finance costs
(336)
\u2014
(336)
\u2014
(336)
Underlying profit/(loss) before tax
731
(7)
724
37
761
Non-underlying items
5
(103)
(274)
(377)
Profit/(loss) before tax
621
(237)
384
Income tax (expense)/credit
10
(201)
59
(142)
Profit/(loss) for the financial year
420
(178)
242
2024
Group \u2013
Group \u2013
Discontinued
Financial
Continuing
operations
Retail Services
operations
(restated*) Group
(restated*)
(restated*)
(Note 11) Total
Note
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Revenue
Grocery, general merchandise and clothing
2 7, 830
\u2014
2 7,830
\u2014
27,8 3 0
Fuel
4,254
\u2014
4,254
\u2014
4,254
Interest receivable
\u2014
79
79
414
493
Fees and commission
\u2014
75
75
69
144
32,084
154
32,238
483
32,721
Underlying operating profit/(loss)
Underlying operating profit/(loss)
966
(18)
948
47
995
Underlying finance income
30
\u2014
30
\u2014
30
Underlying finance costs
(324)
\u2014
(324)
\u2014
(324)
Underlying profit/(loss) before tax
672
(18)
654
47
701
Non-underlying items
5
(165)
(259)
(424)
Profit/(loss) before tax
489
(212)
277
Income tax (expense)/credit
10
(181)
41
(140)
Profit/(loss) for the financial year
308
(171)
137
* Comparative periods have been re-presented to separately disclose discontinued operations. Refer to note 11 for further details. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDisaggregationOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:213800VGZAAJIKJ9Y484", "period": "2024-03-03T00:00:00/2025-03-02T00:00:00" } }, "fact-511": { "value": "6.1 Income statement
2025
Group \u2013
Group \u2013
Discontinued
Financial
Continuing
operations
Group
Retail Services
operations
(Note 11) Total
Note
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Revenue
Grocery, general merchandise and clothing
28,762
\u2014
28,762
\u2014
28,762
Fuel
3,868
\u2014
3,868
\u2014
3,868
Interest receivable
\u2014
103
103
273
376
Fees and commission
\u2014
79
79
57
136
32,630
182
32,812
330
33,142
Underlying operating profit/(loss)
Underlying operating profit/(loss)
1,036
(7)
1,029
37
1,066
Underlying finance income
31
\u2014
31
\u2014
31
Underlying finance costs
(336)
\u2014
(336)
\u2014
(336)
Underlying profit/(loss) before tax
731
(7)
724
37
761
Non-underlying items
5
(103)
(274)
(377)
Profit/(loss) before tax
621
(237)
384
Income tax (expense)/credit
10
(201)
59
(142)
Profit/(loss) for the financial year
420
(178)
242
2024
Group \u2013
Group \u2013
Discontinued
Financial
Continuing
operations
Retail Services
operations
(restated*) Group
(restated*)
(restated*)
(Note 11) Total
Note
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Revenue
Grocery, general merchandise and clothing
2 7, 830
\u2014
2 7,830
\u2014
27,8 3 0
Fuel
4,254
\u2014
4,254
\u2014
4,254
Interest receivable
\u2014
79
79
414
493
Fees and commission
\u2014
75
75
69
144
32,084
154
32,238
483
32,721
Underlying operating profit/(loss)
Underlying operating profit/(loss)
966
(18)
948
47
995
Underlying finance income
30
\u2014
30
\u2014
30
Underlying finance costs
(324)
\u2014
(324)
\u2014
(324)
Underlying profit/(loss) before tax
672
(18)
654
47
701
Non-underlying items
5
(165)
(259)
(424)
Profit/(loss) before tax
489
(212)
277
Income tax (expense)/credit
10
(181)
41
(140)
Profit/(loss) for the financial year
308
(171)
137
* Comparative periods have been re-presented to separately disclose discontinued operations. Refer to note 11 for further details. ", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:213800VGZAAJIKJ9Y484", "period": "2024-03-03T00:00:00/2025-03-02T00:00:00" } }, "fact-512": { "value": "6.4 Geographical segments In the current year, the Group traded in the UK and consequently the majority of revenues, capital expenditure and segment net assets arise there. The assets of the businesses in the Republic of Ireland and Asia, where the Group does not trade but maintains an operational presence, are not material.", "dimensions": { "concept": "ifrs-full:DisclosureOfGeographicalAreasExplanatory", "language": "en", "entity": "scheme:213800VGZAAJIKJ9Y484", "period": "2024-03-03T00:00:00/2025-03-02T00:00:00" } }, "fact-8": { "value": "UK", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:213800VGZAAJIKJ9Y484", "period": "2024-03-03T00:00:00/2025-03-02T00:00:00" } }, "fact-461": { "value": "7 Supplier arrangements The types of supplier arrangements applicable to the Group are as follows: \u2022 Discounts and supplier incentives: Represent the majority of all supplier arrangements and are linked to individual unit sales. The incentive is typically based on an agreed sum per item sold on promotion for a period and therefore is considered part of the purchase price of that product \u2022 Fixed amounts: Agreed with suppliers primarily to support in-store activity including promotions, such as utilising specific space \u2022 Supplier rebates: Typically agreed on an annual basis, aligned with the Group\u2019s financial year. The rebate amount is linked to pre-agreed targets such as sales volumes \u2022 Marketing and advertising income: Advertising income from suppliers and online marketing and advertising campaigns within Argos Recognised in income statement 2025 2024 \u00a3m \u00a3m Fixed amounts 293 271 Supplier rebates 40 76 Marketing and advertising income 174 134 507 481 Discounts and supplier incentives are not shown as they are deemed to be part of the cost price of inventory. Held on the balance sheet 2025 2024 \u00a3m \u00a3m Within inventory (2) (3) Within current trade receivables Supplier arrangements due 54 47 Accrued supplier arrangements 65 48 Within current trade payables Supplier arrangements due 37 39 Accrued supplier arrangements \u2014 1 Total supplier arrangements 154 132 Additionally, \u00a318 million (2024: \u00a3nil) of supplier arrangements contractually agreed but not yet earned is held on the balance sheet within deferred income.", "dimensions": { "concept": "jsainsburyplc:DisclosureOfSupplierArrangements", "language": "en", "entity": "scheme:213800VGZAAJIKJ9Y484", "period": "2024-03-03T00:00:00/2025-03-02T00:00:00" } }, "fact-462": { "value": "
8 Operating profit
8.1 Operating profit is stated after charging/(crediting):
2024
2025 (restated*)
Continuing operations
Note
\u00a3m
\u00a3m
Employee costs
8.2
3,983
3,803
Inventories recognised as an expense within cost of sales
26,557
26,087
Write-down of inventories
721
672
Depreciation
\u2013 Property, plant and equipment
a)
14
532
538
\u2013 Right-of-use assets
15
501
450
Amortisation
\u2013 Intangible assets
a)
16
182
172
Impairment of non-financial assets
17
22
44
Short-term lease expense
30
30
Sublet income
(47)
(46)
Profit on disposal
\u2013 Property, plant and equipment
(53)
(5)
\u2013 Lease terminations
(9)
(11)
Foreign exchange (gain)/loss
(1)
12
* Comparative periods have been re-presented to separately disclose discontinued operations. Refer to note 11 for further details.
a) Includes the unwind of acquisition adjustments as set out in note 5.3.
8.2 Employee costs
2025
2024
\u00a3m
\u00a3m
Wages and salaries, including bonus and termination benefits
3,532
3,348
Social security costs
275
254
Pension costs \u2013 defined contribution schemes
204
188
Share-based payments expense
80
89
4,091
3,879
Discontinued operations
108
76
Continuing operations
3,983
3,803
8.3 Employee numbers
2025
2024
Average number of employees, including Directors and discontinued operations:
\u2019000
\u2019000
Full-time
53
57
Part-time
92
95
145
152
Full-time equivalent
95
100
Details of key management compensation can be found in note 38.1 and within the Directors\u2019 remuneration report on pages 104 to 121.
8.4 Auditor\u2019s remuneration
2025
2024
\u00a3m
\u00a3m
Audit of the parent company and consolidated financial statements
1.5
1.2
Audit of the Company\u2019s subsidiaries
2.7
2.4
Audit-related assurance services, including half-year review
0.1
0.1
4.3
3.7
Non-audit services
0.1
\u2014
Total fees
4.4
3.7
Non-audit services relate to services provided by the Group\u2019s auditor in relation to the establishment of the Euro MTN (EMTN) Programme which provided
a platform for accessing the public bond markets.
", "dimensions": { "concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory", "language": "en", "entity": "scheme:213800VGZAAJIKJ9Y484", "period": "2024-03-03T00:00:00/2025-03-02T00:00:00" } }, "fact-577": { "value": "8 Operating profit 8.1 Operating profit is stated after charging/(crediting):
2024
2025 (restated*)
Continuing operations
Note
\u00a3m
\u00a3m
Employee costs
8.2
3,983
3,803
Inventories recognised as an expense within cost of sales
26,557
26,087
Write-down of inventories
721
672
Depreciation
\u2013 Property, plant and equipment
a)
14
532
538
\u2013 Right-of-use assets
15
501
450
Amortisation
\u2013 Intangible assets
a)
16
182
172
Impairment of non-financial assets
17
22
44
Short-term lease expense
30
30
Sublet income
(47)
(46)
Profit on disposal
\u2013 Property, plant and equipment
(53)
(5)
\u2013 Lease terminations
(9)
(11)
Foreign exchange (gain)/loss
(1)
12
* Comparative periods have been re-presented to separately disclose discontinued operations. Refer to note 11 for further details. a) Includes the unwind of acquisition adjustments as set out in note 5.3. 8.2 Employee costs
2025
2024
\u00a3m
\u00a3m
Wages and salaries, including bonus and termination benefits
3,532
3,348
Social security costs
275
254
Pension costs \u2013 defined contribution schemes
204
188
Share-based payments expense
80
89
4,091
3,879
Discontinued operations
108
76
Continuing operations
3,983
3,803
8.3 Employee numbers
2025
2024
Average number of employees, including Directors and discontinued operations:
\u2019000
\u2019000
Full-time
53
57
Part-time
92
95
145
152
Full-time equivalent
95
100
Details of key management compensation can be found in note 38.1 and within the Directors\u2019 remuneration report on pages 104 to 121. 8.4 Auditor\u2019s remuneration
2025
2024
\u00a3m
\u00a3m
Audit of the parent company and consolidated financial statements
1.5
1.2
Audit of the Company\u2019s subsidiaries
2.7
2.4
Audit-related assurance services, including half-year review
0.1
0.1
4.3
3.7
Non-audit services
0.1
\u2014
Total fees
4.4
3.7
Non-audit services relate to services provided by the Group\u2019s auditor in relation to the establishment of the Euro MTN (EMTN) Programme which provided a platform for accessing the public bond markets.", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:213800VGZAAJIKJ9Y484", "period": "2024-03-03T00:00:00/2025-03-02T00:00:00" } }, "fact-554": { "value": "8.1 Operating profit is stated after charging/(crediting):
2024
2025 (restated*)
Continuing operations
Note
\u00a3m
\u00a3m
Employee costs
8.2
3,983
3,803
Inventories recognised as an expense within cost of sales
26,557
26,087
Write-down of inventories
721
672
Depreciation
\u2013 Property, plant and equipment
a)
14
532
538
\u2013 Right-of-use assets
15
501
450
Amortisation
\u2013 Intangible assets
a)
16
182
172
Impairment of non-financial assets
17
22
44
Short-term lease expense
30
30
Sublet income
(47)
(46)
Profit on disposal
\u2013 Property, plant and equipment
(53)
(5)
\u2013 Lease terminations
(9)
(11)
Foreign exchange (gain)/loss
(1)
12
* Comparative periods have been re-presented to separately disclose discontinued operations. Refer to note 11 for further details. a) Includes the unwind of acquisition adjustments as set out in note 5.3. 14 Property, plant and equipment
2025
2024
Land and Fixtures and Land and Fixtures and
buildings
equipment
Total
buildings
equipment
Total
Note
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cost
At beginning of financial year
11,154
4,919
16,073
9,865
5,029
14,894
Acquisition
\u2014
\u2014
\u2014
1,021
\u2014
1,021
Additions
280
349
629
274
360
634
Disposals
(26)
(730)
(756)
(1)
(470)
(471)
Transfer to assets held for sale
22
(27)
(33)
(60)
(5)
\u2014
(5)
At end of financial year
11,381
4,505
15,886
11,154
4,919
16,073
Accumulated depreciation and impairment
At beginning of financial year
3,347
3,444
6,791
3,153
3,540
6,693
Depreciation expense
203
329
532
186
353
539
Impairment loss
17
1
5
6
8
21
29
Disposals
(22)
(727)
(749)
\u2014
(470)
(470)
Transfer to assets held for sale
22
(21)
(31)
(52)
\u2014
\u2014
\u2014
At end of financial year
3,508
3,020
6,528
3,347
3,444
6,791
Net book value
7,873
1,485
9,358
7,807
1,475
9,282
Capital work-in-progress included above
202
56
258
115
56
171
Transfers to assets held from sale in the year relate to Retail non-current assets held for sale and do not form part of the disposal group. 14.1 Security
2025
2024
Net book Net book
Number of value Number of value
Property, plant and equipment pledged as security for properties \u00a3bn properties \u00a3bn
Loan due 2031
48
0.9
48
0.9
Asset-backed pension contribution scheme
51
1.2
51
1.2
Other
\u2014
\u2014
6
0.1
99
2.1
105
2.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:213800VGZAAJIKJ9Y484", "period": "2024-03-03T00:00:00/2025-03-02T00:00:00" } }, "fact-513": { "value": "8.1 Operating profit is stated after charging/(crediting):
2024
2025 (restated*)
Continuing operations
Note
\u00a3m
\u00a3m
Employee costs
8.2
3,983
3,803
Inventories recognised as an expense within cost of sales
26,557
26,087
Write-down of inventories
721
672
Depreciation
\u2013 Property, plant and equipment
a)
14
532
538
\u2013 Right-of-use assets
15
501
450
Amortisation
\u2013 Intangible assets
a)
16
182
172
Impairment of non-financial assets
17
22
44
Short-term lease expense
30
30
Sublet income
(47)
(46)
Profit on disposal
\u2013 Property, plant and equipment
(53)
(5)
\u2013 Lease terminations
(9)
(11)
Foreign exchange (gain)/loss
(1)
12
* Comparative periods have been re-presented to separately disclose discontinued operations. Refer to note 11 for further details. a) Includes the unwind of acquisition adjustments as set out in note 5.3. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCostOfSalesExplanatory", "language": "en", "entity": "scheme:213800VGZAAJIKJ9Y484", "period": "2024-03-03T00:00:00/2025-03-02T00:00:00" } }, "fact-514": { "value": "8.2 Employee costs
2025
2024
\u00a3m
\u00a3m
Wages and salaries, including bonus and termination benefits
3,532
3,348
Social security costs
275
254
Pension costs \u2013 defined contribution schemes
204
188
Share-based payments expense
80
89
4,091
3,879
Discontinued operations
108
76
Continuing operations
3,983
3,803
8.3 Employee numbers
2025
2024
Average number of employees, including Directors and discontinued operations:
\u2019000
\u2019000
Full-time
53
57
Part-time
92
95
145
152
Full-time equivalent
95
100
Details of key management compensation can be found in note 38.1 and within the Directors\u2019 remuneration report on pages 104 to 121. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:213800VGZAAJIKJ9Y484", "period": "2024-03-03T00:00:00/2025-03-02T00:00:00" } }, "fact-515": { "value": "8.4 Auditor\u2019s remuneration
2025
2024
\u00a3m
\u00a3m
Audit of the parent company and consolidated financial statements
1.5
1.2
Audit of the Company\u2019s subsidiaries
2.7
2.4
Audit-related assurance services, including half-year review
0.1
0.1
4.3
3.7
Non-audit services
0.1
\u2014
Total fees
4.4
3.7
Non-audit services relate to services provided by the Group\u2019s auditor in relation to the establishment of the Euro MTN (EMTN) Programme which provided a platform for accessing the public bond markets.", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:213800VGZAAJIKJ9Y484", "period": "2024-03-03T00:00:00/2025-03-02T00:00:00" } }, "fact-463": { "value": "
9 Finance income and finance costs
2025
2024
Non- Non-
Underlying
underlying
Total
Underlying
underlying
Total
Continuing operations
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Interest on bank deposits and other financial assets
29
\u2014
29
28
\u2014
28
IAS 19 pension financing income
\u2014
36
36
\u2014
51
51
Finance income on net investment in leases
2
\u2014
2
2
\u2014
2
Finance income
31
36
67
30
51
81
Secured borrowings
(35)
\u2014
(35)
(38)
\u2014
(38)
Unsecured borrowings
(41)
\u2014
(41)
(33)
\u2014
(33)
Lease liabilities
(260)
(12)
(272)
(253)
(11)
(264)
Provisions \u2013 amortisation of discount
\u2014
(2)
(2)
\u2014
(1)
(1)
Finance costs
(336)
(14)
(350)
(324)
(12)
(336)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800VGZAAJIKJ9Y484", "period": "2024-03-03T00:00:00/2025-03-02T00:00:00" } }, "fact-578": { "value": "9 Finance income and finance costs
2025
2024
Non- Non-
Underlying
underlying
Total
Underlying
underlying
Total
Continuing operations
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Interest on bank deposits and other financial assets
29
\u2014
29
28
\u2014
28
IAS 19 pension financing income
\u2014
36
36
\u2014
51
51
Finance income on net investment in leases
2
\u2014
2
2
\u2014
2
Finance income
31
36
67
30
51
81
Secured borrowings
(35)
\u2014
(35)
(38)
\u2014
(38)
Unsecured borrowings
(41)
\u2014
(41)
(33)
\u2014
(33)
Lease liabilities
(260)
(12)
(272)
(253)
(11)
(264)
Provisions \u2013 amortisation of discount
\u2014
(2)
(2)
\u2014
(1)
(1)
Finance costs
(336)
(14)
(350)
(324)
(12)
(336)
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:213800VGZAAJIKJ9Y484", "period": "2024-03-03T00:00:00/2025-03-02T00:00:00" } }, "fact-555": { "value": "9 Finance income and finance costs
2025
2024
Non- Non-
Underlying
underlying
Total
Underlying
underlying
Total
Continuing operations
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Interest on bank deposits and other financial assets
29
\u2014
29
28
\u2014
28
IAS 19 pension financing income
\u2014
36
36
\u2014
51
51
Finance income on net investment in leases
2
\u2014
2
2
\u2014
2
Finance income
31
36
67
30
51
81
Secured borrowings
(35)
\u2014
(35)
(38)
\u2014
(38)
Unsecured borrowings
(41)
\u2014
(41)
(33)
\u2014
(33)
Lease liabilities
(260)
(12)
(272)
(253)
(11)
(264)
Provisions \u2013 amortisation of discount
\u2014
(2)
(2)
\u2014
(1)
(1)
Finance costs
(336)
(14)
(350)
(324)
(12)
(336)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:213800VGZAAJIKJ9Y484", "period": "2024-03-03T00:00:00/2025-03-02T00:00:00" } }, "fact-516": { "value": "9 Finance income and finance costs
2025
2024
Non- Non-
Underlying
underlying
Total
Underlying
underlying
Total
Continuing operations
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Interest on bank deposits and other financial assets
29
\u2014
29
28
\u2014
28
IAS 19 pension financing income
\u2014
36
36
\u2014
51
51
Finance income on net investment in leases
2
\u2014
2
2
\u2014
2
Finance income
31
36
67
30
51
81
Secured borrowings
(35)
\u2014
(35)
(38)
\u2014
(38)
Unsecured borrowings
(41)
\u2014
(41)
(33)
\u2014
(33)
Lease liabilities
(260)
(12)
(272)
(253)
(11)
(264)
Provisions \u2013 amortisation of discount
\u2014
(2)
(2)
\u2014
(1)
(1)
Finance costs
(336)
(14)
(350)
(324)
(12)
(336)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:213800VGZAAJIKJ9Y484", "period": "2024-03-03T00:00:00/2025-03-02T00:00:00" } }, "fact-464": { "value": "
10 Taxation
10.1 Income statement
2024
2025 (restated*)
Continuing operations \u00a3m \u00a3m
Current tax
Corporation tax
124
129
Over provision in prior years
(34)
(4)
90
125
Deferred tax
Origination and reversal of temporary differences
61
36
Under/(over) provision in prior years
54
(19)
Adjustment from change in applicable rate of deferred tax
\u2014
(1)
(Recognition)/derecognition of capital losses
(4)
40
111
56
Total income tax expense
201
181
Analysed as:
Underlying tax
216
174
Non-underlying tax
(15)
7
Total income tax expense
201
181
Underlying tax rate
29.8%
26.7%
Effective tax rate
32.4%
37.1%
* Comparative periods have been re-presented to separately disclose discontinued operations. Tax associated with discontinued operations is presented in note 11.
The effective tax rate of 32.4 per cent (2024: 37.1 per cent) is higher than the standard rate of corporation tax in the UK of 25 per cent as a result of the
differences set out below:
2024
2025 (restated*)
Non- Non-
Underlying
underlying
Total
Underlying
underlying
Total
Continuing operations
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Profit before tax
724
(103)
621
654
(165)
489
Income tax at UK corporation tax rate of 25% (2024: 24.6%):
a)
181
(26)
155
161
(41)
120
Disallowed depreciation on UK properties
37
1
38
39
\u2014
39
(Gain)/loss on disposal of properties
\u2014
(6)
(6)
\u2014
3
3
Restructuring programmes
\u2014
\u2014
\u2014
\u2014
3
3
Other
(2)
\u2014
(2)
(3)
3
\u2014
Under/(over) provision in prior years
\u2014
20
20
(23)
\u2014
(23)
(Recognition)/derecognition of capital losses
\u2014
(4)
(4)
\u2014
39
39
216
(15)
201
174
7
181
* Comparative periods have been re-presented to separately disclose discontinued operations. Tax associated with discontinued operations is presented in note 11.
a) In the prior year, a blended rate of 24.6% was used in the reconciliation above to reflect the increase in UK corporation tax from 19% to 25% which was effective from 1 April 2024.
The Group is within the scope of global minimum tax (GMT) under the OECD Pillar Two rules (Pillar Two). Pillar Two reporting requirements were enacted for
the UK on 18 July 2023 and apply to the Group from the period ended 1 March 2025. Under these requirements, the Group is liable to pay a top up tax for any
deficit between the minimum tax rate of 15 per cent and the effective tax rate per jurisdiction. As a primarily UK focused Group, we do not anticipate the
impact of any GMT being material, and anticipate being able to benefit from the transitional safe harbour rules for the majority of the Group\u2019s overseas subsidiaries.
It is unclear if the Pillar Two model rules create additional temporary differences, whether to remeasure deferred taxes and which tax rate to use to measure
deferred taxes. The Group has therefore applied the mandatory temporary exception in the amended IAS 12 \u2018Income taxes\u2019 from the requirement to recognise
or disclose information about deferred tax assets and liabilities related to the proposed Pillar Two model rules.
10.2 Income tax charged or (credited) to equity and/or other comprehensive income
2025
2024
Current tax
Deferred tax
Total
Current tax
Deferred tax
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Share based payment reserve
(3)
\u2014
(3)
(3)
3
\u2014
Actuarial reserve
\u2014
(8)
(8)
(8)
(97)
(105)
Financial asset reserve
1
(1)
\u2014
(2)
(80)
(82)
Cash flow hedge
\u2014
4
4
\u2014
(17)
(17)
(2)
(5)
(7)
(13)
(191)
(204)
The current and deferred tax in relation to the Group\u2019s defined benefit pension scheme\u2019s remeasurements and available-for-sale fair value movements have
been charged or credited through other comprehensive income where appropriate.
10.3 Movements in deferred tax (prior to offsetting balances in same tax jurisdiction)
Accelerated Retirement
capital Capital Fair value Rolled over benefit Share-based
allowances losses movements capital gains obligations
payments
Leases
Other
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
3 March 2024
(134)
44
(1)
(92)
(244)
35
81
(18)
(329)
(Charge)/credit to
income statement
\u2013\ue01fcontinuing\ue01foperations
(75)
(5)
(8)
\u2014
18
(3)
(18)
(24)
(115)
Credit to income statement
\u2013\ue01fdiscontinued operations
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
6
6
(Charge)/credit to equity or
other comprehensive income
\u2014
\u2014
(3)
\u2014
8
\u2014
\u2014
\u2014
5
Recognition of deferred
tax asset
\u2014
4
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
4
1 March 2025
(209)
43
(12)
(92)
(218)
32
63
(36)
(429)
5 March 2023
(166)
87
(102)
(93)
(330)
32
109
(13)
(476)
Credit/(charge) to
income statement \u2013 continuing
22
(3)
4
1
(11)
6
(29)
(5)
(15)
Credit to income statement
\u2013 discontinued
10
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
10
Credit to equity or other
comprehensive income
\u2014
\u2014
97
\u2014
97
(3)
\u2014
\u2014
191
Revaluation adjustment
to income statement
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
1
\u2014
1
Derecognition of deferred
tax asset
\u2014
(40)
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
(40)
2 March 2024
(134)
44
(1)
(92)
(244)
35
81
(18)
(329)
2025
2024
\u00a3m
\u00a3m
Total deferred tax liabilities
(567)
(489)
Total deferred tax assets
138
160
Net deferred income tax liability recognised in non-current liabilities
(429)
(329)
Deferred tax assets have not been recognised in respect of capital losses of \u00a3399 million (2024: \u00a3355 million) for which their use against chargeable capital
gains is restricted. These capital losses have no date of expiry. Deferred income tax assets and liabilities are only offset where there is a legally enforceable
right of offset and relate to taxes levied by the same tax authority.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800VGZAAJIKJ9Y484", "period": "2024-03-03T00:00:00/2025-03-02T00:00:00" } }, "fact-517": { "value": "10 Taxation 10.1 Income statement
2024
2025 (restated*)
Continuing operations \u00a3m \u00a3m
Current tax
Corporation tax
124
129
Over provision in prior years
(34)
(4)
90
125
Deferred tax
Origination and reversal of temporary differences
61
36
Under/(over) provision in prior years
54
(19)
Adjustment from change in applicable rate of deferred tax
\u2014
(1)
(Recognition)/derecognition of capital losses
(4)
40
111
56
Total income tax expense
201
181
Analysed as:
Underlying tax
216
174
Non-underlying tax
(15)
7
Total income tax expense
201
181
Underlying tax rate
29.8%
26.7%
Effective tax rate
32.4%
37.1%
* Comparative periods have been re-presented to separately disclose discontinued operations. Tax associated with discontinued operations is presented in note 11. The effective tax rate of 32.4 per cent (2024: 37.1 per cent) is higher than the standard rate of corporation tax in the UK of 25 per cent as a result of the differences set out below:
2024
2025 (restated*)
Non- Non-
Underlying
underlying
Total
Underlying
underlying
Total
Continuing operations
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Profit before tax
724
(103)
621
654
(165)
489
Income tax at UK corporation tax rate of 25% (2024: 24.6%):
a)
181
(26)
155
161
(41)
120
Disallowed depreciation on UK properties
37
1
38
39
\u2014
39
(Gain)/loss on disposal of properties
\u2014
(6)
(6)
\u2014
3
3
Restructuring programmes
\u2014
\u2014
\u2014
\u2014
3
3
Other
(2)
\u2014
(2)
(3)
3
\u2014
Under/(over) provision in prior years
\u2014
20
20
(23)
\u2014
(23)
(Recognition)/derecognition of capital losses
\u2014
(4)
(4)
\u2014
39
39
216
(15)
201
174
7
181
* Comparative periods have been re-presented to separately disclose discontinued operations. Tax associated with discontinued operations is presented in note 11. a) In the prior year, a blended rate of 24.6% was used in the reconciliation above to reflect the increase in UK corporation tax from 19% to 25% which was effective from 1 April 2024. The Group is within the scope of global minimum tax (GMT) under the OECD Pillar Two rules (Pillar Two). Pillar Two reporting requirements were enacted for the UK on 18 July 2023 and apply to the Group from the period ended 1 March 2025. Under these requirements, the Group is liable to pay a top up tax for any deficit between the minimum tax rate of 15 per cent and the effective tax rate per jurisdiction. As a primarily UK focused Group, we do not anticipate the impact of any GMT being material, and anticipate being able to benefit from the transitional safe harbour rules for the majority of the Group\u2019s overseas subsidiaries. It is unclear if the Pillar Two model rules create additional temporary differences, whether to remeasure deferred taxes and which tax rate to use to measure deferred taxes. The Group has therefore applied the mandatory temporary exception in the amended IAS 12 \u2018Income taxes\u2019 from the requirement to recognise or disclose information about deferred tax assets and liabilities related to the proposed Pillar Two model rules. 10.2 Income tax charged or (credited) to equity and/or other comprehensive income
2025
2024
Current tax
Deferred tax
Total
Current tax
Deferred tax
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Share based payment reserve
(3)
\u2014
(3)
(3)
3
\u2014
Actuarial reserve
\u2014
(8)
(8)
(8)
(97)
(105)
Financial asset reserve
1
(1)
\u2014
(2)
(80)
(82)
Cash flow hedge
\u2014
4
4
\u2014
(17)
(17)
(2)
(5)
(7)
(13)
(191)
(204)
The current and deferred tax in relation to the Group\u2019s defined benefit pension scheme\u2019s remeasurements and available-for-sale fair value movements have been charged or credited through other comprehensive income where appropriate. 10.3 Movements in deferred tax (prior to offsetting balances in same tax jurisdiction)
Accelerated Retirement
capital Capital Fair value Rolled over benefit Share-based
allowances losses movements capital gains obligations
payments
Leases
Other
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
3 March 2024
(134)
44
(1)
(92)
(244)
35
81
(18)
(329)
(Charge)/credit to
income statement
\u2013\ue01fcontinuing\ue01foperations
(75)
(5)
(8)
\u2014
18
(3)
(18)
(24)
(115)
Credit to income statement
\u2013\ue01fdiscontinued operations
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
6
6
(Charge)/credit to equity or
other comprehensive income
\u2014
\u2014
(3)
\u2014
8
\u2014
\u2014
\u2014
5
Recognition of deferred
tax asset
\u2014
4
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
4
1 March 2025
(209)
43
(12)
(92)
(218)
32
63
(36)
(429)
5 March 2023
(166)
87
(102)
(93)
(330)
32
109
(13)
(476)
Credit/(charge) to
income statement \u2013 continuing
22
(3)
4
1
(11)
6
(29)
(5)
(15)
Credit to income statement
\u2013 discontinued
10
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
10
Credit to equity or other
comprehensive income
\u2014
\u2014
97
\u2014
97
(3)
\u2014
\u2014
191
Revaluation adjustment
to income statement
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
1
\u2014
1
Derecognition of deferred
tax asset
\u2014
(40)
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
(40)
2 March 2024
(134)
44
(1)
(92)
(244)
35
81
(18)
(329)
2025
2024
\u00a3m
\u00a3m
Total deferred tax liabilities
(567)
(489)
Total deferred tax assets
138
160
Net deferred income tax liability recognised in non-current liabilities
(429)
(329)
Deferred tax assets have not been recognised in respect of capital losses of \u00a3399 million (2024: \u00a3355 million) for which their use against chargeable capital gains is restricted. These capital losses have no date of expiry. Deferred income tax assets and liabilities are only offset where there is a legally enforceable right of offset and relate to taxes levied by the same tax authority. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:213800VGZAAJIKJ9Y484", "period": "2024-03-03T00:00:00/2025-03-02T00:00:00" } }, "fact-593": { "value": "10.3 Movements in deferred tax (prior to offsetting balances in same tax jurisdiction)
Accelerated Retirement
capital Capital Fair value Rolled over benefit Share-based
allowances losses movements capital gains obligations
payments
Leases
Other
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
3 March 2024
(134)
44
(1)
(92)
(244)
35
81
(18)
(329)
(Charge)/credit to
income statement
\u2013\ue01fcontinuing\ue01foperations
(75)
(5)
(8)
\u2014
18
(3)
(18)
(24)
(115)
Credit to income statement
\u2013\ue01fdiscontinued operations
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
6
6
(Charge)/credit to equity or
other comprehensive income
\u2014
\u2014
(3)
\u2014
8
\u2014
\u2014
\u2014
5
Recognition of deferred
tax asset
\u2014
4
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
4
1 March 2025
(209)
43
(12)
(92)
(218)
32
63
(36)
(429)
5 March 2023
(166)
87
(102)
(93)
(330)
32
109
(13)
(476)
Credit/(charge) to
income statement \u2013 continuing
22
(3)
4
1
(11)
6
(29)
(5)
(15)
Credit to income statement
\u2013 discontinued
10
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
10
Credit to equity or other
comprehensive income
\u2014
\u2014
97
\u2014
97
(3)
\u2014
\u2014
191
Revaluation adjustment
to income statement
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
1
\u2014
1
Derecognition of deferred
tax asset
\u2014
(40)
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
(40)
2 March 2024
(134)
44
(1)
(92)
(244)
35
81
(18)
(329)
2025
2024
\u00a3m
\u00a3m
Total deferred tax liabilities
(567)
(489)
Total deferred tax assets
138
160
Net deferred income tax liability recognised in non-current liabilities
(429)
(329)
Deferred tax assets have not been recognised in respect of capital losses of \u00a3399 million (2024: \u00a3355 million) for which their use against chargeable capital gains is restricted. These capital losses have no date of expiry. Deferred income tax assets and liabilities are only offset where there is a legally enforceable right of offset and relate to taxes levied by the same tax authority. 23 Trade and other payables
2025
2024
Non-current
Current
Total
Non-current
Current
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Trade payables
\u2014
3,903
3,903
2
3,764
3,766
Other payables
\u2014
533
533
2
538
540
Accruals
8
501
509
6
456
462
Deferred income
16
341
357
1
333
334
24
5,278
5,302
11
5,091
5,102
2025
2024
Analysis of deferred income
\u00a3m
\u00a3m
Opening balance
334
342
Revenue deferred
323
289
Revenue recognised which has previously been deferred
(300)
(297)
Closing balance
357
334
\u00a3299 million (2024: \u00a3303 million) of deferred income relates to deferred Nectar points. 23.1 Sensitivity of deferred income in respect of Nectar points to breakage estimates
(Increase)/decrease in
deferred points liability
Key assumption Sensitivity \u00a3m
Breakage estimate
1pts
53
(1)pts
(53)
23.2 Foreign currency risk The Group has net euro-denominated trade payables of \u00a393 million (2024: \u00a398 million) and US dollar-denominated trade payables of \u00a3140 million (2024: \u00a3136 million). 23.3 Supplier financing arrangements The Group has supply chain finance programmes in place for a total of \u00a31,135 million (2024: \u00a31,053 million). The programmes are funded by seven of the Group\u2019s relationship banking partners. The programmes act as an alternative source of financing for the suppliers who have the option to trade their invoices with funding providers in order to receive cash earlier than the invoice due dates. The payment terms offered to suppliers who are party to the supply chain finance programmes are within standard supplier payment terms and agreed directly between the Group and the supplier. Balances outstanding under the supplier financing arrangements are classified as trade payables, and cash flows are included in operating cash flows, since the financing arrangements are agreed between the supplier, the funding providers and the third-party platform providers. a) Carrying amount of liabilities
2025
2024
\u00a3m
\u00a3m
Presented within trade and other payables
1,230
1,168
\u2013 of which is drawn under the supply chain finance programmes
693
547
b) Range of payment due dates
2025
2024
Liabilities that are part of the arrangement
7-90 days after invoice date
7-90 days after invoice date
Comparable trade payables that are not part of an arrangement
0-120 days after invoice date
0-120 days after invoice date
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800VGZAAJIKJ9Y484", "period": "2024-03-03T00:00:00/2025-03-02T00:00:00" } }, "fact-588": { "value": "10.3 Movements in deferred tax (prior to offsetting balances in same tax jurisdiction)
Accelerated Retirement
capital Capital Fair value Rolled over benefit Share-based
allowances losses movements capital gains obligations
payments
Leases
Other
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
3 March 2024
(134)
44
(1)
(92)
(244)
35
81
(18)
(329)
(Charge)/credit to
income statement
\u2013\ue01fcontinuing\ue01foperations
(75)
(5)
(8)
\u2014
18
(3)
(18)
(24)
(115)
Credit to income statement
\u2013\ue01fdiscontinued operations
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
6
6
(Charge)/credit to equity or
other comprehensive income
\u2014
\u2014
(3)
\u2014
8
\u2014
\u2014
\u2014
5
Recognition of deferred
tax asset
\u2014
4
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
4
1 March 2025
(209)
43
(12)
(92)
(218)
32
63
(36)
(429)
5 March 2023
(166)
87
(102)
(93)
(330)
32
109
(13)
(476)
Credit/(charge) to
income statement \u2013 continuing
22
(3)
4
1
(11)
6
(29)
(5)
(15)
Credit to income statement
\u2013 discontinued
10
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
10
Credit to equity or other
comprehensive income
\u2014
\u2014
97
\u2014
97
(3)
\u2014
\u2014
191
Revaluation adjustment
to income statement
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
1
\u2014
1
Derecognition of deferred
tax asset
\u2014
(40)
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
(40)
2 March 2024
(134)
44
(1)
(92)
(244)
35
81
(18)
(329)
2025
2024
\u00a3m
\u00a3m
Total deferred tax liabilities
(567)
(489)
Total deferred tax assets
138
160
Net deferred income tax liability recognised in non-current liabilities
(429)
(329)
Deferred tax assets have not been recognised in respect of capital losses of \u00a3399 million (2024: \u00a3355 million) for which their use against chargeable capital gains is restricted. These capital losses have no date of expiry. Deferred income tax assets and liabilities are only offset where there is a legally enforceable right of offset and relate to taxes levied by the same tax authority. 20 Trade and other receivables 20.1 Trade and other receivables
2025
2024
Non-current
Current
Total
Non-current
Current
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Trade receivables
\u2014
158
158
\u2014
126
126
Other receivables
27
192
219
65
253
318
Accrued income
\u2014
29
29
\u2014
13
13
Prepayments
15
193
208
43
190
233
42
572
614
108
582
690
Trade and other receivables include \u00a3119 million (2024: \u00a395 million) relating to supplier arrangements where there is no right of offset. In addition, current other receivables include \u00a385 million (2024: \u00a3160 million) of bank funds in the course of settlement. 20.2 Allowance for expected credit losses The Group\u2019s exposure to credit risk arising from its retail operations is minimal owing to the customer base being large and unrelated, with the overwhelming majority of transactions settled through cash or secure electronic means. New parties wishing to obtain credit terms with the Group are credit checked prior to invoices being raised and credit limits are determined on an individual basis.
2025
Not 0 to 6 months 6 to 12 months Over 1 year
past due past due past due
past due
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Gross amounts
Trade receivables
133
27
\u2014
1
161
Other receivables
224
1
2
9
236
Gross carrying amount \u2013 Trade and other receivables
357
28
2
10
397
Allowance for expected credit losses
(7)
(2)
(2)
(9)
(20)
Net carrying amount
350
26
\u2014
1
377
2024
Not 0 to 6 months 6 to 12 months Over 1 year
past due past due past due
past due
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Gross amounts
Trade receivables
114
13
1
4
132
Other receivables
319
4
1
11
335
Gross carrying amount \u2013 Trade and other receivables
433
17
2
15
467
Allowance for expected credit losses
(4)
(4)
(1)
(14)
(23)
Net carrying amount
429
13
1
1
444
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:213800VGZAAJIKJ9Y484", "period": "2024-03-03T00:00:00/2025-03-02T00:00:00" } }, "fact-556": { "value": "10.3 Movements in deferred tax (prior to offsetting balances in same tax jurisdiction)
Accelerated Retirement
capital Capital Fair value Rolled over benefit Share-based
allowances losses movements capital gains obligations
payments
Leases
Other
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
3 March 2024
(134)
44
(1)
(92)
(244)
35
81
(18)
(329)
(Charge)/credit to
income statement
\u2013\ue01fcontinuing\ue01foperations
(75)
(5)
(8)
\u2014
18
(3)
(18)
(24)
(115)
Credit to income statement
\u2013\ue01fdiscontinued operations
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
6
6
(Charge)/credit to equity or
other comprehensive income
\u2014
\u2014
(3)
\u2014
8
\u2014
\u2014
\u2014
5
Recognition of deferred
tax asset
\u2014
4
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
4
1 March 2025
(209)
43
(12)
(92)
(218)
32
63
(36)
(429)
5 March 2023
(166)
87
(102)
(93)
(330)
32
109
(13)
(476)
Credit/(charge) to
income statement \u2013 continuing
22
(3)
4
1
(11)
6
(29)
(5)
(15)
Credit to income statement
\u2013 discontinued
10
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
10
Credit to equity or other
comprehensive income
\u2014
\u2014
97
\u2014
97
(3)
\u2014
\u2014
191
Revaluation adjustment
to income statement
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
1
\u2014
1
Derecognition of deferred
tax asset
\u2014
(40)
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
(40)
2 March 2024
(134)
44
(1)
(92)
(244)
35
81
(18)
(329)
2025
2024
\u00a3m
\u00a3m
Total deferred tax liabilities
(567)
(489)
Total deferred tax assets
138
160
Net deferred income tax liability recognised in non-current liabilities
(429)
(329)
Deferred tax assets have not been recognised in respect of capital losses of \u00a3399 million (2024: \u00a3355 million) for which their use against chargeable capital gains is restricted. These capital losses have no date of expiry. Deferred income tax assets and liabilities are only offset where there is a legally enforceable right of offset and relate to taxes levied by the same tax authority. ", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:213800VGZAAJIKJ9Y484", "period": "2024-03-03T00:00:00/2025-03-02T00:00:00" } }, "fact-465": { "value": "
12 Earnings per share
The calculations of basic and underlying basic earnings per share are based on profit after tax and underlying profit after tax for the financial year, respectively,
divided by the weighted average number of ordinary shares in issue during the year, excluding own shares held by the Employee Share Ownership Trust (ESOT).
Underlying earnings per share figures, which represent Alternative Performance Measures as defined in note 2.5, have been calculated based on total profit
after tax attributable to shareholders before non-underlying items which are set out in note 5.
Diluted and underlying diluted earnings per share are calculated on the same basis as basic and underlying basic earnings per share, but where the weighted
average share numbers have also been adjusted for the weighted average effects of potentially dilutive shares. Such potentially dilutive shares comprise share
options and awards granted to employees, where the scheme to date performance is deemed to have been earned.
2024
2025 (restated*)
Note
million
million
Weighted average number of shares in issue for calculating basic earnings per share
2,330.6
2,334.8
Weighted average number of dilutive share options
43.5
59.2
Weighted average number of shares in issue for calculating diluted earnings per share
2,374.1
2,394.0
\u00a3m
\u00a3m
Underlying profit after tax attributable to ordinary shareholders of the parent
539
516
Adjustment for non-underlying items net of tax
5
(297)
(379)
Profit after tax attributable to ordinary shareholders of the parent \u2013 continuing operations
420
308
Loss after tax from discontinued operations
11
(178)
(171)
Profit after tax attributable to ordinary shareholders of the parent
242
137
Pence
Pence per share
Earnings per share per share (restated*)
Basic
10.4
5.9
Diluted
10.2
5.7
Basic \u2013 discontinued operations
(7.6)
( 7. 3)
Diluted \u2013 discontinued operations
(7.5)
( 7. 2)
Basic \u2013 continuing operations
18.0
13.2
Diluted \u2013 continuing operations
17.7
12.9
Basic - underlying
23.1
22.1
Diluted - underlying
22.7
21.6
* Comparative periods have been re-presented to separately disclose discontinued operations.Refer to note 11 for further details.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:213800VGZAAJIKJ9Y484", "period": "2024-03-03T00:00:00/2025-03-02T00:00:00" } }, "fact-466": { "value": "
13 Dividends
2025
2024
pence pence 2025 2024
per share per share \u00a3m \u00a3m
Amounts recognised as distributions to ordinary shareholders
Final dividend for financial year ended 4 March 2023
\u2014
9.2
\u2014
215
Interim dividend for financial year ended 2 March 2024
\u2014
3.9
\u2014
91
Final dividend for financial year ended 2 March 2024
9.2
\u2014
217
\u2014
Interim dividend for financial year ended 1 March 2025
3.9
\u2014
91
\u2014
13.1
13.1
308
306
Proposed final dividend at financial year-end
9.7
223
The proposed final dividend was approved by the Board on 16 April 2025 and is subject to shareholders\u2019 approval at the Annual General Meeting. If approved,
it will be paid on 11 July 2025 to shareholders on the register as at 6 June 2025. No amount for the proposed final dividend has been recognised at the balance
sheet date.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:213800VGZAAJIKJ9Y484", "period": "2024-03-03T00:00:00/2025-03-02T00:00:00" } }, "fact-518": { "value": "0.097", "decimals": 3, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:213800VGZAAJIKJ9Y484", "period": "2024-03-03T00:00:00/2025-03-02T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-467": { "value": "
14 Property, plant and equipment
2025
2024
Land and Fixtures and Land and Fixtures and
buildings
equipment
Total
buildings
equipment
Total
Note
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cost
At beginning of financial year
11,154
4,919
16,073
9,865
5,029
14,894
Acquisition
\u2014
\u2014
\u2014
1,021
\u2014
1,021
Additions
280
349
629
274
360
634
Disposals
(26)
(730)
(756)
(1)
(470)
(471)
Transfer to assets held for sale
22
(27)
(33)
(60)
(5)
\u2014
(5)
At end of financial year
11,381
4,505
15,886
11,154
4,919
16,073
Accumulated depreciation and impairment
At beginning of financial year
3,347
3,444
6,791
3,153
3,540
6,693
Depreciation expense
203
329
532
186
353
539
Impairment loss
17
1
5
6
8
21
29
Disposals
(22)
(727)
(749)
\u2014
(470)
(470)
Transfer to assets held for sale
22
(21)
(31)
(52)
\u2014
\u2014
\u2014
At end of financial year
3,508
3,020
6,528
3,347
3,444
6,791
Net book value
7,873
1,485
9,358
7,807
1,475
9,282
Capital work-in-progress included above
202
56
258
115
56
171
Transfers to assets held from sale in the year relate to Retail non-current assets held for sale and do not form part of the disposal group.
14.1 Security
2025
2024
Net book Net book
Number of value Number of value
Property, plant and equipment pledged as security for properties \u00a3bn properties \u00a3bn
Loan due 2031
48
0.9
48
0.9
Asset-backed pension contribution scheme
51
1.2
51
1.2
Other
\u2014
\u2014
6
0.1
99
2.1
105
2.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800VGZAAJIKJ9Y484", "period": "2024-03-03T00:00:00/2025-03-02T00:00:00" } }, "fact-468": { "value": "
15 Leases
15.1 Group as a lessee
a) Right-of-use assets
2025
2024
Land and Land and
buildings
Equipment
Total
buildings
Equipment
Total
Net book value
Note
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At beginning of financial year
3,976
320
4,296
5,032
313
5,345
New leases and modifications
487
189
676
334
104
438
Impairment loss
17
(16)
\u2014
(16)
(6)
\u2014
(6)
Depreciation expense
(392)
(109)
(501)
(353)
(97)
(450)
Derecognised as part of asset acquisition
\u2014
\u2014
\u2014
(1,031)
\u2014
(1,031)
At end of financial year
4,055
400
4,455
3,976
320
4,296
b) Lease liabilities
2025 2024
Note \u00a3m \u00a3m
At beginning of financial year
5,354
6,489
New leases and modifications
627
414
Derecognised as part of asset acquisition
\u2014
(1,042)
Interest expense
9
272
264
Payments
(759)
(771)
At end of financial year
5,494
5,354
c) Maturity analysis
2025 2024
\u00a3m \u00a3m
Contractual undiscounted cash flows
Less than 1 year
758
703
1 to 2 years
721
660
2 to 3 years
657
619
3 to 4 years
620
562
4 to 5 years
598
534
Total less than 5 years
3,354
3,078
5 to 10 years
2,665
2,467
10 to 15 years
1,688
1,779
More than 15 years
2,654
2,770
Total undiscounted lease liability
10,361
10,094
Lease liability in the balance sheet
5,494
5,354
Analysed as:
Current
590
515
Non-current
4,904
4,839
d) Undiscounted future rental payments not currently included within the reported lease liability
2025
2024
\u00a3m
\u00a3m
Extension options expected to not be exercised
4,591
4,498
Lease breaks expected to be exercised
341
400
e) Sensitivity to changes in discount rate
2025
Increase/(decrease)
in lease liability
additions/modifications
\u00a3m
Increase in IBR of 3pts
(80)
Decrease in IBR of 3pts
79
The reference rates for IBRs, which are determined quarterly, are based on UK overnight swap rates and the credit risk adjustments are based on the prices of
instruments issued by the Group and quoted credit default swaps (CDS).
f) Lease liabilities subject to specific terms (typically occurring on an annual or five-yearly basis)
2025
2024
\u00a3m
\u00a3m
Inflation-linked rentals
2,913
2,862
Subject to rent reviews
207
225
g) Lease cash flows
2025
2024
\u00a3m
\u00a3m
Total cash outflow for leases (excludes sublet income)
(791)
(803)
15.2 Group as lessor
a) Maturity analysis of lease receivables classified as finance leases
2025
2024
\u00a3m
\u00a3m
Contractual undiscounted cash flows
Less than 1 year
11
10
1 to 5 years
12
21
More than 5 years
7
10
30
41
Lease receivable included in the balance sheet
Current
9
9
Non-current
15
24
24
33
b) Maturity analysis of lease receivables classified as operating leases
2025
2024
\u00a3m
\u00a3m
Less than 1 year
17
20
1 to 2 years
15
17
2 to 3 years
13
15
3 to 4 years
12
12
4 to 5 years
10
11
5 to 10 years
32
37
10 to 15 years
7
7
More than 15 years
20
11
Total undiscounted lease payments receivable
126
130
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:213800VGZAAJIKJ9Y484", "period": "2024-03-03T00:00:00/2025-03-02T00:00:00" } }, "fact-519": { "value": "a) Right-of-use assets
2025
2024
Land and Land and
buildings
Equipment
Total
buildings
Equipment
Total
Net book value
Note
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At beginning of financial year
3,976
320
4,296
5,032
313
5,345
New leases and modifications
487
189
676
334
104
438
Impairment loss
17
(16)
\u2014
(16)
(6)
\u2014
(6)
Depreciation expense
(392)
(109)
(501)
(353)
(97)
(450)
Derecognised as part of asset acquisition
\u2014
\u2014
\u2014
(1,031)
\u2014
(1,031)
At end of financial year
4,055
400
4,455
3,976
320
4,296
", "dimensions": { "concept": "ifrs-full:DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory", "language": "en", "entity": "scheme:213800VGZAAJIKJ9Y484", "period": "2024-03-03T00:00:00/2025-03-02T00:00:00" } }, "fact-520": { "value": "a) Maturity analysis of lease receivables classified as finance leases
2025
2024
\u00a3m
\u00a3m
Contractual undiscounted cash flows
Less than 1 year
11
10
1 to 5 years
12
21
More than 5 years
7
10
30
41
Lease receivable included in the balance sheet
Current
9
9
Non-current
15
24
24
33
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaturityAnalysisOfFinanceLeasePaymentsReceivableExplanatory", "language": "en", "entity": "scheme:213800VGZAAJIKJ9Y484", "period": "2024-03-03T00:00:00/2025-03-02T00:00:00" } }, "fact-521": { "value": "b) Maturity analysis of lease receivables classified as operating leases
2025
2024
\u00a3m
\u00a3m
Less than 1 year
17
20
1 to 2 years
15
17
2 to 3 years
13
15
3 to 4 years
12
12
4 to 5 years
10
11
5 to 10 years
32
37
10 to 15 years
7
7
More than 15 years
20
11
Total undiscounted lease payments receivable
126
130
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaturityAnalysisOfOperatingLeasePaymentsExplanatory", "language": "en", "entity": "scheme:213800VGZAAJIKJ9Y484", "period": "2024-03-03T00:00:00/2025-03-02T00:00:00" } }, "fact-469": { "value": "
16 Intangible assets
Computer Acquired Customer
Goodwill software brands
relationships
Total
Note
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cost
At 3 March 2024
384
1,235
229
32
1,880
Additions
\u2014
208
\u2014
\u2014
208
Disposals
(24)
(93)
\u2014
\u2014
(117)
Transfer to assets held for sale
22
(38)
\u2014
(39)
\u2014
(77)
At 1 March 2025
322
1,350
190
32
1,894
Accumulated amortisation and impairment
At 3 March 2024
77
780
185
32
1,074
Amortisation expense
\u2014
164
18
\u2014
182
Disposals
\u2014
(92)
\u2014
\u2014
(92)
Transfer to assets held for sale
22
(38)
\u2014
(39)
\u2014
(77)
At 1 March 2025
39
852
164
32
1,087
Net book value at 1 March 2025
283
498
26
\u2014
807
Capital work-in-progress included above
Cost
\u2014
63
\u2014
\u2014
63
At 5 March 2023
391
1,105
229
32
1,757
Additions
\u2014
178
\u2014
\u2014
178
Disposals
(7)
(48)
\u2014
\u2014
(55)
At 2 March 2024
384
1,235
229
32
1,880
Accumulated amortisation and impairment
At 5 March 2023
39
495
167
32
733
Amortisation expense
\u2014
171
18
\u2014
189
Impairment loss
17
38
162
\u2014
\u2014
200
Disposals
\u2014
(48)
\u2014
\u2014
(48)
At 2 March 2024
77
780
185
32
1,074
Net book value at 2 March 2024
307
455
44
\u2014
806
Capital work-in-progress included above
\u2014
44
\u2014
\u2014
44
Following the agreement to sell Core Banking portfolios announced during the year, the cost and associated accumulated amortisation and impairment
of \u00a338 million for goodwill and \u00a339 million for acquired brands has been transferred to the disposal group classified as held for sale. A further \u00a324 million
of goodwill previously allocated to the Home Retail Group CGU has been derecognised following the disposal of AFS cards.
Disposal of goodwill in the prior year relates to the disposal of the mortgage book.
16.1 Analysis of goodwill balances by CGU
2025
2024
\u00a3m
\u00a3m
Jacksons Stores Limited
18
18
Home Retail Group
95
119
Nectar
147
147
Bells Stores Limited
5
5
Other
18
18
283
307
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800VGZAAJIKJ9Y484", "period": "2024-03-03T00:00:00/2025-03-02T00:00:00" } }, "fact-557": { "value": "16 Intangible assets
Computer Acquired Customer
Goodwill software brands
relationships
Total
Note
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cost
At 3 March 2024
384
1,235
229
32
1,880
Additions
\u2014
208
\u2014
\u2014
208
Disposals
(24)
(93)
\u2014
\u2014
(117)
Transfer to assets held for sale
22
(38)
\u2014
(39)
\u2014
(77)
At 1 March 2025
322
1,350
190
32
1,894
Accumulated amortisation and impairment
At 3 March 2024
77
780
185
32
1,074
Amortisation expense
\u2014
164
18
\u2014
182
Disposals
\u2014
(92)
\u2014
\u2014
(92)
Transfer to assets held for sale
22
(38)
\u2014
(39)
\u2014
(77)
At 1 March 2025
39
852
164
32
1,087
Net book value at 1 March 2025
283
498
26
\u2014
807
Capital work-in-progress included above
Cost
\u2014
63
\u2014
\u2014
63
At 5 March 2023
391
1,105
229
32
1,757
Additions
\u2014
178
\u2014
\u2014
178
Disposals
(7)
(48)
\u2014
\u2014
(55)
At 2 March 2024
384
1,235
229
32
1,880
Accumulated amortisation and impairment
At 5 March 2023
39
495
167
32
733
Amortisation expense
\u2014
171
18
\u2014
189
Impairment loss
17
38
162
\u2014
\u2014
200
Disposals
\u2014
(48)
\u2014
\u2014
(48)
At 2 March 2024
77
780
185
32
1,074
Net book value at 2 March 2024
307
455
44
\u2014
806
Capital work-in-progress included above
\u2014
44
\u2014
\u2014
44
Following the agreement to sell Core Banking portfolios announced during the year, the cost and associated accumulated amortisation and impairment of \u00a338 million for goodwill and \u00a339 million for acquired brands has been transferred to the disposal group classified as held for sale. A further \u00a324 million of goodwill previously allocated to the Home Retail Group CGU has been derecognised following the disposal of AFS cards. Disposal of goodwill in the prior year relates to the disposal of the mortgage book. 16.1 Analysis of goodwill balances by CGU
2025
2024
\u00a3m
\u00a3m
Jacksons Stores Limited
18
18
Home Retail Group
95
119
Nectar
147
147
Bells Stores Limited
5
5
Other
18
18
283
307
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:213800VGZAAJIKJ9Y484", "period": "2024-03-03T00:00:00/2025-03-02T00:00:00" } }, "fact-522": { "value": "16 Intangible assets
Computer Acquired Customer
Goodwill software brands
relationships
Total
Note
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cost
At 3 March 2024
384
1,235
229
32
1,880
Additions
\u2014
208
\u2014
\u2014
208
Disposals
(24)
(93)
\u2014
\u2014
(117)
Transfer to assets held for sale
22
(38)
\u2014
(39)
\u2014
(77)
At 1 March 2025
322
1,350
190
32
1,894
Accumulated amortisation and impairment
At 3 March 2024
77
780
185
32
1,074
Amortisation expense
\u2014
164
18
\u2014
182
Disposals
\u2014
(92)
\u2014
\u2014
(92)
Transfer to assets held for sale
22
(38)
\u2014
(39)
\u2014
(77)
At 1 March 2025
39
852
164
32
1,087
Net book value at 1 March 2025
283
498
26
\u2014
807
Capital work-in-progress included above
Cost
\u2014
63
\u2014
\u2014
63
At 5 March 2023
391
1,105
229
32
1,757
Additions
\u2014
178
\u2014
\u2014
178
Disposals
(7)
(48)
\u2014
\u2014
(55)
At 2 March 2024
384
1,235
229
32
1,880
Accumulated amortisation and impairment
At 5 March 2023
39
495
167
32
733
Amortisation expense
\u2014
171
18
\u2014
189
Impairment loss
17
38
162
\u2014
\u2014
200
Disposals
\u2014
(48)
\u2014
\u2014
(48)
At 2 March 2024
77
780
185
32
1,074
Net book value at 2 March 2024
307
455
44
\u2014
806
Capital work-in-progress included above
\u2014
44
\u2014
\u2014
44
Following the agreement to sell Core Banking portfolios announced during the year, the cost and associated accumulated amortisation and impairment of \u00a338 million for goodwill and \u00a339 million for acquired brands has been transferred to the disposal group classified as held for sale. A further \u00a324 million of goodwill previously allocated to the Home Retail Group CGU has been derecognised following the disposal of AFS cards. Disposal of goodwill in the prior year relates to the disposal of the mortgage book. 16.1 Analysis of goodwill balances by CGU
2025
2024
\u00a3m
\u00a3m
Jacksons Stores Limited
18
18
Home Retail Group
95
119
Nectar
147
147
Bells Stores Limited
5
5
Other
18
18
283
307
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:213800VGZAAJIKJ9Y484", "period": "2024-03-03T00:00:00/2025-03-02T00:00:00" } }, "fact-470": { "value": "
17 Impairment of non-financial assets
17.1 Impairment testing
Cash Generating Units
For the purpose of impairment testing, cash generating units are determined by reference to the smallest identifiable group of assets that generates cash
flows independent from other assets or group of assets. These have been assessed as:
\u2022 Individual assets
\u2022 Individual stores representing the collective assets directly attributable to each respective store
\u2022 Group of stores representing local fulfilment centres and hub-stores within Argos where each site serves a defined set of hub-stores
\u2022 Corporate level covering the principal brands of the Group: Sainsbury\u2019s, Argos, Nectar and Sainsbury\u2019s Bank
Central assets and associated cash flows are allocated to the respective corporate level CGU to which they relate and are attributed to the lowest level CGU
to the extent that they are reasonably and consistently allocable, estimated by reference to store sales.
For the purpose of impairment, goodwill acquired is allocated to the CGU that is expected to benefit from the synergies of the combination.
Recoverable amount
The recoverable amount of individual assets, stores and group of store CGUs is measured as the higher of fair value less cost to dispose and the value-in-use
of cash flows expected to be independently generated. The recoverable amount for corporate level CGUs is measured as the value-in-use.
In measuring the value-in-use, cash flow projections are based on the latest management approved forecast covering a four-year period, and beyond four
years the final year forecast is extrapolated based on the estimated average long-term growth rate. Long-term sales and cost projections consider the
outlook for addressable markets, competitor behaviour, estimation on inflation and market rates, the prevailing macro and microeconomic climate and
committed initiatives. In forming these projections, management draws on past experience as a basis of forecasting future performance. Cash flows are
then adjusted to remove the impact of estimated future cash flows expected to arise from strategic capital expenditure not yet incurred. For the purpose
of store-level and group of store-level CGUs, base cash flows are derived from the relative current year performance and extrapolated by reference to the
adjusted operating profit growth approved by management.
Climate change considerations
The Group\u2019s scenario analysis performed as part of the Task Force on Climate-related Financial Disclosures (TCFD) report (page 31) identified that the most
material climate-related risks were heat events, labour capacity, drought, flooding, regulation and changes in consumer preferences. produce, cotton, coffee,
tea, clothing, meat, fish and poultry (MFP), and fuel were the product categories most exposed to the climate-related risks.
The most material transitional climate risk was in fuel. As such, the Group\u2019s review of indicators of impairment in the current year incorporated the expected
climate-related risks associated with fuel sales. The effect of reduced fuel sales on the Retail segment\u2019s store CGUs did not represent an indicator of impairment
and therefore the Group have concluded that the expected climate-related risks associated with fuel sales do not have a material impact on the Group\u2019s
impairment considerations at the reporting date.
Other than fuel, changes in consumer preferences in MFP was identified as the risk most vulnerable to transitional risks and modelling this risk in
isolation to 2030 in a 1.5\u00b0C scenario calculated a \u00a3400 million to \u00a3500 million loss in revenue. The Group has considered what the impact that this revenue loss
(if unmitigated) could have on the carrying value of the Group\u2019s store assets. In doing so, a corresponding reduction in margin and therefore cash flows have
been modelled. Immaterial impairment risks were identified. As such, all other climate change-related risks do not have a material impact on the Group\u2019s
impairment considerations.
Key assumptions
\u2022 Long-term growth rate: measured by reference to average historical GDP growth
\u2022 Discount rates: Representing the weighted average cost of capital (WACC), calculated using the capital asset pricing model, the inputs of which include
a 20-year average risk-free rate for the UK, a UK equity risk premium, levered debt premium and risk adjustment and an average beta for the Group
\u2022 Cash flow length: where the useful economic life exceeds management\u2019s cash flow projects, the final year is extrapolated out to the sooner of perpetuity
using a terminal value and contractually committed tenure. Properties identified for closure will be assessed by reference to the committed exit date
The value attributed to each assumption in measuring the recoverable amount of components with attributed goodwill are as follows:
2025
2024
Pre-tax Post-tax Long-term Pre-tax Post-tax Long-term
discount rate discount rate growth rate discount rate discount rate growth rate
Home Retail Group
11.0%
8.3%
2%
8.9%
6.6%
2%
Nectar UK
9.1%
6.8%
2%
8.9%
6.6%
2%
Jacksons Stores Limited
9.1%
6.8%
2%
8.9%
6.6%
2%
Bells Stores Limited
9.1%
6.8%
2%
8.9%
6.6%
2%
Other
9.1%
6.8%
2%
8.9%
6.6%
2%
Sainsbury\u2019s Bank
a)
\u2014
\u2014
\u2014
14.7%
11.0%
2%
a) Following the announced restructuring of the Financial Services business in January 2024, a full impairment review was undertaken in the prior year resulting in a \u00a3212 million impairment
being recognised over non-financial assets, inclusive of \u00a338 million goodwill as further disclosed in note 11. For Financial Services products not directly impacted by the phased withdrawal,
the assumed growth rate of 2% was applied to extrapolate future cash flows beyond management\u2019s four-year forecast.
17.2 Non-financial assets
a) Impairment charges
In line with the assumptions noted above, the Group assessed whether an indicator of impairment existed at the reporting date. Given Argos trading
performance was below expectations, it was determined that an indicator of impairment existed over the Group\u2019s Argos assets and therefore a full
impairment review was undertaken. \u00a32 million of impairment was recognised as a result of this review.
Separate to the indicator of impairment assessment, the Group recognised \u00a34 million of impairment as part of retail restructuring programmes, and
\u00a316 million of impairment in relation to non-trading sites reflecting rent reviews.
2025
2024
Financial Financial
Retail
Services
Total
Retail
Services
Total
Note
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Balance sheet
Property, plant and equipment
6
\u2014
6
20
9
29
Right-of-use assets
16
\u2014
16
3
3
6
Intangible assets
\u2014
\u2014
\u2014
\u2014
200
200
Total impairment loss
22
\u2014
22
23
212
235
Income statement
Comprising
Within non-underlying items
Restructuring programmes
5.1
4
\u2014
4
4
212
216
Non-restructuring programmes
5.1
16
\u2014
16
19
\u2014
19
Within underlying items
Argos store assets
2
\u2014
2
\u2014
\u2014
\u2014
Total impairment loss
22
\u2014
22
23
212
235
Discontinued operations
\u2014
\u2014
\u2014
\u2014
190
190
Continuing operations
22
\u2014
22
23
22
45
b) Sensitivity
For all impairments recognised, management is satisfied that there are no reasonably possible changes in assumptions that would lead to the recognition of
a materially different impairment charge.
17.3 Goodwill
Following the disposal of AFS cards (refer to note 11 for more details), goodwill of \u00a324 million was reallocated from the Home Retail Group CGU and subsequently
derecognised on disposal. The remaining \u00a395 million of goodwill continues to be attributed to the Home Retail Group that comprises operations related to the
Argos brand. There was no impairment of the remaining goodwill associated with Home Retail Group.
a) Impairment charges
The following impairment charges are included within the intangible assets impairment presented in note 17.2.
2025
2024
\u00a3m
\u00a3m
Sainsbury\u2019s Bank plc
\u2014
38
Value-in-use calculations used to derive the recoverable amount of the CGU to which the respective goodwill has been allocated are measured as outlined
above with discount rate and cash flow projections representing the key measurement assumptions.
b) Sensitivities
Sensitivity analysis on the impairment tests for each group of CGUs to which goodwill has been allocated has been performed.
Headroom
Discount rate
Cash flows
Headroom
-2pts
+2pts
-25%
+25%
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Home Retail Group
a)
22
132
(51)
(57)
100
Nectar UK
a)
1,534
2,203
1,160
1,109
1,959
Jacksons Stores Limited
b)
79
98
66
51
107
Bells Stores Limited
b)
29
33
27
18
39
Other
49
79
32
25
74
a) Cash flows derived from Board-approved projections for four years and then extrapolated into perpetuity with an assumed growth rate of up to 2.0% as a corporate level CGU.
b) Goodwill balances are allocated to individual store CGUs to which they relate.
", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:213800VGZAAJIKJ9Y484", "period": "2024-03-03T00:00:00/2025-03-02T00:00:00" } }, "fact-471": { "value": "
18 Other financial assets
2025
2024
Non-current Current Total Non-current Current Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At fair value through other comprehensive income
Equity: other financial assets
\u2014
\u2014
\u2014
17
\u2014
17
Debt: other financial assets
757
612
1,369
744
17
761
At fair value through profit and loss
Debt: other financial assets
12
\u2014
12
\u2014
\u2014
\u2014
769
612
1,381
761
17
778
29 Financial instruments
2025
2024
\u00a3m
\u00a3m
Held at amortised cost
Financial assets
Cash and cash equivalents
2,777
1,987
Trade and other receivables
377
444
Amounts due from Financial Services customers and other banks
\u2014
4,517
Financial liabilities
Trade and other payables
(4,945)
(4,768)
Borrowings
(1,114)
(1,195)
Amounts due to Financial Services customers and banks
(1,968)
(5,721)
Lease liabilities
(5,494)
(5,354)
Held at fair value through other comprehensive income (OCI)
Investment securities
1,369
778
Held at fair value through profit or loss
Other financial assets
12
\u2014
Derivative financial instruments
24
(11)
(8,962)
(9,323)
The table excludes assets and liabilities of the Core Banking disposal group classified as held for sale. At the balance sheet date, the underlying financial
assets of the disposal group were measured at FVPL as outlined in note 11 following a change in business model.
29.1 Fair value estimation of amounts held at amortised cost
The fair values of financial assets and liabilities are based on prices available from the market on which the instruments are traded. Where market values
are not available, the fair values of financial assets and liabilities have been calculated by discounting expected future cash flows at prevailing interest rates.
The fair values of short-term deposits, trade receivables, other receivables, overdrafts and payables and lease liabilities are assumed to approximate to their
book values.
2025
2024
Carrying Carrying
amount
Fair value
amount
Fair value
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Financial assets
Amounts due from Financial Services customers
a), b)
\u2014
\u2014
4,517
4,381
Financial liabilities
Loans due 2031
(447)
(440)
(496)
(494)
Term loan
\u2014
\u2014
(581)
(575)
Unsecured bond
(550)
(552)
\u2014
\u2014
Tier 2 Capital due 2028
(124)
(142)
(122)
(136)
Amounts due to Financial Services customers and other banks
c)
(1,968)
(1,990)
(5,721)
(5,733)
a) Included within a portfolio fair value hedging relationship with \u00a3nil (2024: \u00a32,312 million) of interest rate swaps.
b) Amounts due from Financial Services customers have been reclassified to assets of the disposal group in the current financial year. See note 22 for further details.
c) Retail customer deposits within amounts due to Financial Services customers have been reclassified to liabilities of the disposal group in the current financial year as described in note 22.
The remaining balance comprises deposits obtained via aggregators and wholesale counterparties. Refer to note 24 for further details.
The fair value of financial assets and liabilities are within Level 2 of the fair value hierarchy, with the exception of the Tier 2 Capital, where the fair value is
calculated using prevailing market prices and is therefore Level 1.
29.2 Fair value measurements recognised in the balance sheet
The following table provides an analysis of financial instruments that are recognised at fair value, grouped into Levels 1 to 3 based on the degree to which the
fair value is observable:
\u2022 Level 1 fair value measurements are derived from quoted market prices (unadjusted) in active markets for identical assets or liabilities at the balance sheet
date. This level includes listed equity securities and debt instrument on public exchanges
\u2022 Level 2 fair value measurements are derived from 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). The fair value of financial instruments is determined by discounting expected cash flows at
prevailing interest rates
\u2022 Level 3 fair value measurements are derived from valuation techniques that include inputs for the asset or liability that are not based on observable market
data (unobservable inputs)
2025
2024
Level 1
Level 2
Level 3
Total
Level 1
Level 2
Level 3
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Financial instruments at fair value
through other comprehensive income
Other financial assets
\u2014
\u2014
\u2014
\u2014
\u2014
17
\u2014
17
Investment securities
1,189
180
\u2014
1,369
761
\u2014
\u2014
761
Financial instruments at fair value
through profit and loss
Other financial assets
12
\u2014
\u2014
12
\u2014
\u2014
\u2014
\u2014
Derivative financial assets
\u2014
21
29
50
\u2014
67
9
76
Derivative financial liabilities
\u2014
(26)
\u2014
(26)
\u2014
(87)
\u2014
(87)
29.3 Level 3 financial assets
a) Power Purchase agreements
The Group has entered into several long-term fixed and CPI-linked price Power Purchase agreements with independent producers, and values its Power
Purchase agreements as the net present value of the estimated future usage at the contracted fixed price less the market implied forward energy price
discounted at the prevailing swap rate.
All Power Purchase agreements are physical arrangements. Arrangements designated in hedging relationships are classified as hedging instruments,
whereas those not designated in hedging relationships are not classified as hedging instruments. The credit risk exposure associated with the Power
Purchase agreements is considered immaterial.
Commodity derivative values
2025
2024
\u00a3m
\u00a3m
At beginning of financial year
9
131
Charged to income statement \u2013 cost of sales
2
(46)
Charged to other comprehensive income
18
(76)
At end of financial year
29
9
b) Sensitivity of Power Purchase agreement derivatives
The Group makes an assumption regarding expected energy output based on the historical performance and the producer\u2019s estimate of expected electricity
output. The sensitivity of this is shown below:
2025
Change in Change in
output forward
volume pricing
+/-20.0% +/-20.0%
\u00a3m
\u00a3m
Not in a hedge relationship
2/(2)
7/(7)
Designated in a cash flow hedge relationship
4/(4)
31/(31)
c) Offsetting financial instruments
Financial assets and liabilities are offset, and the net amount reported in the balance sheet when there is a legally enforceable right to offset the recognised
amounts and there is an intention to settle on a net basis or realise the asset and settle the liability simultaneously. The legally enforceable right must not be
contingent on future events and must be enforceable in the normal course of business and in the event of default, insolvency or bankruptcy of the Company
or the counterparty.
The following table sets out the Group\u2019s financial assets and financial liabilities that are subject to counterparty offsetting or a master netting agreement.
The master netting agreements regulate settlement amounts in the event a party defaults on their obligations.
Financial assets and financial liabilities subject to counterparty offsetting or a master netting agreement
2025
Cash
Gross collateral
amounts Amounts Net amounts pledged Net
recognised offset recognised (not offset) amounts
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Assets
Derivative financial assets
50
\u2014
50
\u2014
50
Trade and other receivables
403
(26)
377
\u2014
377
Cash and cash equivalents
2,777
\u2014
2,777
\u2014
2,777
3,230
(26)
3,204
\u2014
3,204
Liabilities
Derivative financial liabilities
(26)
\u2014
(26)
18
(8)
Trade and other payables
(4,971)
26
(4,945)
\u2014
(4,945)
(4,997)
26
(4,971)
18
(4,953)
2024
Cash
Gross collateral
amounts Amounts Net amounts pledged Net
recognised offset recognised (not offset) amounts
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Assets
Derivative financial assets
76
\u2014
76
(10)
66
Trade and other receivables
470
(26)
444
\u2014
444
Cash and cash equivalents
1,987
\u2014
1,987
\u2014
1,987
2,533
(26)
2,507
(10)
2,497
Liabilities
Derivative financial liabilities
(87)
\u2014
(87)
56
(31)
Trade and other payables
(4,794)
26
(4,768)
\u2014
(4,768)
(4,881)
26
(4,855)
56
(4,799)
The Group holds certain financial derivatives which are subject to credit support agreements. Under these agreements cash collateral is posted by one party
to the other party should the fair value of the financial derivative exceed a pre-agreed level. The Group held no collateral against these financial derivative
assets (2024: \u00a3nil).
The Financial Services segment has derivatives that are governed by the International Swaps and Derivatives Association (ISDA) and their associated credit
support annex bilateral agreements where if the fair value exceeds a pre-agreed level, cash collateral is posted. Collateral of \u00a318 million has been pledged/provided
(2024: \u00a356 million) against the derivatives and collateral has been received of \u00a3nil (2024: \u00a310 million).
The Group also operates a cash pooling arrangement and collective net overdraft facility with its main clearing bank. The Group had a net overdraft of \u00a31 million
(2024: \u00a3nil) under this facility.
30 Derivative financial instruments and hedge accounting 30.1 Effects of hedge accounting on the Group\u2019s financial position and performance
2025
2024
Asset
Liability
Asset
Liability
Fair value
Notional
Fair value
Notional
Fair value
Notional
Fair value
Notional
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Fair value hedges
Interest rate swaps
1
120
\u2014
\u2014
62
1,249
(56)
1,063
Cash flow hedges
Inflation rate swaps
\u2014
\u2014
\u2014
281
\u2014
\u2014
\u2014
155
Interest rate swaps
\u2014
\u2014
\u2014
\u2014
\u2014
150
\u2014
\u2014
Foreign exchange forward contracts
13
590
(13)
616
4
296
(30)
1,062
Commodity contracts
3
26
(5)
45
1
22
(1)
24
Power Purchase contracts
20
14
\u2014
\u2014
3
14
\u2014
\u2014
Derivatives not in a formal
hedging relationship
Interest rate swaps
4
510
(8)
780
\u2014
\u2014
\u2014
\u2014
Cross-currency swaps
\u2014
14
\u2014
6
\u2014
23
\u2014
20
Foreign exchange forward contracts
\u2014
\u2014
\u2014
2
\u2014
\u2014
\u2014
2
Power Purchase contracts
9
11
\u2014
\u2014
6
11
\u2014
\u2014
Total
50
1,285
(26)
1,730
76
1,765
(87)
2,326
a) Cash flow hedges There is an economic relationship between the hedged items and the hedging instruments as the terms of the interest rate swaps, foreign exchange and commodity forward contracts match the terms of the expected highly probable forecast transactions (i.e., notional amount and expected payment date). The Group has established a hedge ratio of 1:1 for the hedging relationships as the underlying risk of the foreign exchange and commodity forward contracts are identical to the hedged risk components. To test the hedge effectiveness, the Group uses the hypothetical derivative method and compares the changes in the fair value of the hedging instruments against the changes in fair value of the hedged items attributable to the hedged risks. Hedge ineffectiveness can arise from: \u2022 Differences in the timing of the cash flows of the hedged items and the hedging instruments \u2022 Different indexes (and accordingly different curves) linked to the hedged risk of the hedged items and hedging instruments \u2022 The counterparties\u2019 credit risk differently impacting the fair value movements of the hedging instrument compared to the hedged items \u2022 Changes to the forecasted cash flows of hedged items The maturity profile and average price/rate of the hedging instruments used in the Group\u2019s non-dynamic hedging strategies of interest rate risk were as follows: Maturity profile of instruments used in non-dynamic hedging strategies of interest rate risk:
2025
2024
Average Average
Notional interest Notional interest
amount received amount received
\u00a3m
%
\u00a3m
%
Less than 1 month
\u2014
\u2014
\u2014
\u2014
1 \u2013 3 months
\u2014
\u2014
\u2014
\u2014
3 months \u2013 1 year
\u2014
\u2014
\u2014
\u2014
1 \u2013 5 years
281
4.91%
305
4.94%
More than 5 years
\u2014
\u2014
\u2014
\u2014
Impact of change in value of hedged items on cash flow hedge reserve
2025
2024
Cumulative Cumulative
impact on impact on
cash flow cash flow
Hedged Hedging hedge Hedged Hedging hedge
item instrument reserve item instrument reserve
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cash flow hedges
Foreign exchange forward contracts
(1)
1
\u2014
67
(67)
(19)
Commodity contracts
5
(5)
(2)
6
(6)
\u2014
Power Purchase Agreements
(18)
18
20
76
(76)
3
There are no amounts remaining in the hedging reserve for which hedge accounting is no longer applied.
Analysis of fair value movements in cash flow hedge reserve by risk category
2025
Movements Reallocation
recognised Amounts within
Opening in OCI reclassified reserves Closing
Reclassification recognised in \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Foreign exchange forward contracts
Inventory
(19)
1
18
\u2014
\u2014
Commodity contracts
Cost of sales
\u2014
(5)
3
\u2014
(2)
Power purchase agreements
Cost of Sales
3
18
(1)
\u2014
20
Tax
(12)
(4)
\u2014
\u2014
(16)
(28)
10
20
\u2014
2
2024
Movements Reallocation
recognised Amounts within
Opening in OCI reclassified reserves Closing
Reclassification recognised in \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Foreign exchange forward contracts
Inventory
9
(67)
32
7
(19)
Commodity contracts
Cost of sales
2
(6)
4
\u2014
\u2014
Power purchase agreements
Cost of sales
79
(76)
\u2014
\u2014
3
Tax
(22)
17
\u2014
(7)
(12)
68
(132)
36
\u2014
(28)
b) Fair value hedges
Within the Financial Services business, interest rate swaps are executed to hedge interest rate risk arising from fixed rate exposures in its retail personal loan
and retail mortgage books, and certain fixed rate treasury investment securities, which are predominantly funded by variable rate linked liabilities.
The cash flows under the hedging instruments (interest rate swap derivatives) substantially match the cash flow profile of the hedged items, being
borrowings in relation to Tier 2 capital for the year ended 1 March 2025 and also personal loans for the year ended 2 March 2024. The changes in fair value of
the derivatives offset changes in the fair value of the hedged items through the income statement, with any ineffective portion also being recognised in the
income statement.
The main source of ineffectiveness within the micro hedge relationships relates to the floating leg valuation changes inherent within the hedging instrument
that do not exist within the hedged item. Ineffectiveness on portfolio hedges can also arise as a result of mismatch in cash flow maturities between the
hedged item and hedging instrument and basis risk between cash flows discounted using different benchmark rates.
Following the announced exit of Core Banking activities in June 2024, interest rate swap derivatives previously classified in a hedge relationship with these
portfolios were deemed ineffective with changes in fair value recognised immediately in the income statement from this date. Refer to note 30c for further details.
Maturity profile of instruments used in non-dynamic hedging strategies of interest rate risk
2025
2024
Average Average
Notional fixed interest Notional fixed interest
amount rate amount rate
\u00a3m
%
\u00a3m
%
Less than 1 month
\u2014
\u2014
\u2014
\u2014
1 \u2013 3 months
\u2014
\u2014
17
0.60%
3 months \u2013 1 year
\u2014
\u2014
231
0.70%
1 \u2013 5 years
120
10.5%
956
3.90%
More than 5 years
\u2014
\u2014
1,109
2.19%
32 Analysis of net debt
The Group\u2019s definition of net debt includes the following:
\u2022 Cash
\u2022 Borrowings and overdrafts
\u2022 Lease liabilities
\u2022 Debt-related financial assets at fair value through other comprehensive income
\u2022 Derivatives used in hedging borrowings
Derivatives exclude those not used to hedge borrowings, and borrowings exclude bank overdrafts as they are disclosed separately.
32.1 Reconciliation of opening to closing net debt
Cash Movements
Non-Cash Movements
Cash flows Net interest Other
3 March excluding (received)/ Accrued non-cash 1 March
2024 interest paid interest movements 2025
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Retail
Net derivative financial instruments
\u2014
\u2014
(1)
\u2014
\u2014
(1)
Borrowings (excluding overdrafts)
(1,077)
79
76
(67)
\u2014
(989)
Lease liabilities
(5,354)
487
272
(272)
(627)
(5,494)
Purchase of own shares \u2013 share buyback
\u2014
200
\u2014
\u2014
(200)
\u2014
Arising from financing activities
(6,431)
766
347
(339)
(827)
(6,484)
Cash and cash equivalents
877
(150)
\u2014
\u2014
\u2014
727
Bank overdrafts
\u2014
(1)
\u2014
\u2014
\u2014
(1)
Less: Purchase of own shares \u2013 share buyback
\u2014
(200)
\u2014
\u2014
200
\u2014
Retail net debt
(5,554)
415
347
(339)
(627)
(5,758)
Financial Services
Net derivative financial instruments
\u2014
\u2014
\u2014
\u2014
(2)
(2)
Borrowings (excluding overdrafts)
(122)
\u2014
12
(12)
(2)
(124)
Lease liabilities
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Arising from financing activities
(122)
\u2014
12
(12)
(4)
(126)
Financial assets at fair value through other comprehensive income
761
609
\u2014
\u2014
(1)
1,369
Cash and cash equivalents
1,110
940
\u2014
\u2014
\u2014
2,050
Financial Services net debt
1,749
1,549
12
(12)
(5)
3,293
Group
Net derivative financial instruments
\u2014
\u2014
(1)
\u2014
(2)
(3)
Borrowings (excluding overdrafts)
(1,199)
79
88
(79)
(2)
(1,113)
Lease liabilities
(5,354)
487
272
(272)
(627)
(5,494)
Purchase of own shares - share buyback
\u2014
200
\u2014
\u2014
(200)
\u2014
Arising from financing activities
(6,553)
766
359
(351)
(831)
(6,610)
Financial assets at fair value through other comprehensive income
761
609
\u2014
\u2014
(1)
1,369
Cash and cash equivalents
1,987
790
\u2014
\u2014
\u2014
2,777
Bank overdrafts
\u2014
(1)
\u2014
\u2014
\u2014
(1)
Less: Purchase of own shares - share buyback
\u2014
(200)
\u2014
\u2014
200
\u2014
Group net debt
(3,805)
1,964
359
(351)
(632)
(2,465)
Other non-cash movements relate to new leases and foreign exchange.
Cash Movements
Non-Cash Movements
Cash flows Net interest Other
5 March excluding (received)/ Accrued non-cash 2 March
2023 interest paid interest movements 2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Retail
Net derivative financial instruments
\u2014
\u2014
(1)
1
\u2014
\u2014
Borrowings (excluding overdrafts)
(539)
(534)
60
(64)
\u2014
(1,077)
Lease liabilities
(6,488)
505
264
(264)
629
(5,354)
Arising from financing activities
(7,027)
(29)
323
(327)
629
(6,431)
Cash and cash equivalents
683
194
\u2014
\u2014
\u2014
877
Retail net debt
(6,344)
165
323
(327)
629
(5,554)
Financial Services
Borrowings (excluding overdrafts)
(122)
\u2014
13
(13)
\u2014
(122)
Lease liabilities
(1)
2
\u2014
\u2014
(1)
\u2014
Arising from financing activities
(123)
2
13
(13)
(1)
(122)
Financial assets at fair value through other comprehensive income
626
135
\u2014
\u2014
\u2014
761
Cash and cash equivalents
636
474
\u2014
\u2014
\u2014
1,110
Financial services net debt
1,139
611
13
(13)
(1)
1,749
Group
Net derivative financial instruments
\u2014
\u2014
(1)
1
\u2014
\u2014
Borrowings (excluding overdrafts)
(661)
(534)
73
(77)
\u2014
(1,199)
Lease liabilities
(6,489)
507
264
(264)
628
(5,354)
Arising from financing activities
(7,150)
(27)
336
(340)
628
(6,553)
Financial assets at fair value through other comprehensive income
626
135
\u2014
\u2014
\u2014
761
Cash and cash equivalents
1,319
668
\u2014
\u2014
\u2014
1,987
Group net debt
(5,205)
776
336
(340)
628
(3,805)
33 Borrowings
2025
2024
Current
Non-current
Total
Current
Non-current
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Loan due 2031
64
383
447
54
442
496
Term loan due 2026
\u2014
\u2014
\u2014
6
575
581
Unsecured bond
3
547
550
\u2014
\u2014
\u2014
Sainsbury\u2019s Bank Tier 2 Capital
6
118
124
6
116
122
Bank overdrafts
1
\u2014
1
\u2014
\u2014
\u2014
74
1,048
1,122
66
1,133
1,199
Transaction costs
(2)
(6)
(8)
(1)
(3)
(4)
72
1,042
1,114
65
1,130
1,195
33.1 Loan due 2031
The loan is secured against 48 (2024: 48) supermarket properties (note 14.1). This is an inflation-linked amortising loan from the finance company Longstone
Finance plc with an outstanding principal value of \u00a3438 million (2024: \u00a3486 million) fixed at a real rate of 2.36 per cent where the principal and interest rate
are uplifted annually by RPI subject to a cap at 5 per cent and a floor at 0 per cent. The loan has a final repayment date of April 2031. The principal activity
of Longstone Finance plc is the issuance of commercial mortgage-backed securities and applying the proceeds towards the secured loans due 2031.
The Group has entered into forward starting inflation swaps to convert \u00a3126 million (2024: \u00a3155 million) from RPI-linked interest to fixed rate interest.
These transactions have been designated as cash flow hedges.
Intertrust Corporate Services Limited holds all the issued share capital of Longstone Finance Holdings Limited on trust for charitable purposes. Longstone
Finance Holdings Limited beneficially owns all the issued share capital of Longstone Finance plc. As the Group has no interest, power or bears any risk over
these entities they are not included in the Group consolidation.
33.2 Term loan due 2026
The Group entered into a \u00a3575 million unsecured term loan in December 2022, with maturity of March 2026. The term loan was repaid in full in January 2025
(2 March 2024: fully drawn) and all associated interest rate swaps terminated.
33.3 Undrawn facilities
The Revolving Credit Facility of \u00a31,000 million comprises two \u00a3500 million facilities which were both extended by a further 12 months during the year. This is
the second extension resulting in revised maturity dates of December 2029 for Facility A and December 2028 for Facility B. As at 1 March 2025, the Revolving
Credit Facility was undrawn.
33.4 Unsecured bond In January 2025 the Group issued \u00a3550 million of bonds split in two tranches, a \u00a3250 million five-year tranche maturing June 2030 and a \u00a3300 million ten-year tranche maturing January 2035. The bonds pay interest on the principal amount at a rate of 5.125 per cent per annum on the 5-year tranche and 5.625 per cent per annum on the ten-year tranche. Interest is payable in equal instalments semi-annually in arrears. 33.5 Sainsbury\u2019s Bank Tier 2 Capital The Group has \u00a3120 million of fixed rate reset callable subordinated Tier 2 notes in issuance (2024: \u00a3120 million), which were issued in September 2022. These notes pay interest on the principal amount at a rate of 10.5 per cent per annum, payable in equal instalments semi-annually in arrears, until March 2028 at which time the interest rate will reset. The Bank has the option to redeem these notes within a six-month window from 12 September 2027 to 12 March 2028. 33.6 Bank overdrafts Bank overdrafts are repayable on demand and bear interest at a spread above Bank of England base rate.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800VGZAAJIKJ9Y484", "period": "2024-03-03T00:00:00/2025-03-02T00:00:00" } }, "fact-579": { "value": "18 Other financial assets
2025
2024
Non-current Current Total Non-current Current Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At fair value through other comprehensive income
Equity: other financial assets
\u2014
\u2014
\u2014
17
\u2014
17
Debt: other financial assets
757
612
1,369
744
17
761
At fair value through profit and loss
Debt: other financial assets
12
\u2014
12
\u2014
\u2014
\u2014
769
612
1,381
761
17
778
29.1 Fair value estimation of amounts held at amortised cost The fair values of financial assets and liabilities are based on prices available from the market on which the instruments are traded. Where market values are not available, the fair values of financial assets and liabilities have been calculated by discounting expected future cash flows at prevailing interest rates. The fair values of short-term deposits, trade receivables, other receivables, overdrafts and payables and lease liabilities are assumed to approximate to their book values.
2025
2024
Carrying Carrying
amount
Fair value
amount
Fair value
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Financial assets
Amounts due from Financial Services customers
a), b)
\u2014
\u2014
4,517
4,381
Financial liabilities
Loans due 2031
(447)
(440)
(496)
(494)
Term loan
\u2014
\u2014
(581)
(575)
Unsecured bond
(550)
(552)
\u2014
\u2014
Tier 2 Capital due 2028
(124)
(142)
(122)
(136)
Amounts due to Financial Services customers and other banks
c)
(1,968)
(1,990)
(5,721)
(5,733)
a) Included within a portfolio fair value hedging relationship with \u00a3nil (2024: \u00a32,312 million) of interest rate swaps. b) Amounts due from Financial Services customers have been reclassified to assets of the disposal group in the current financial year. See note 22 for further details. c) Retail customer deposits within amounts due to Financial Services customers have been reclassified to liabilities of the disposal group in the current financial year as described in note 22. The remaining balance comprises deposits obtained via aggregators and wholesale counterparties. Refer to note 24 for further details. The fair value of financial assets and liabilities are within Level 2 of the fair value hierarchy, with the exception of the Tier 2 Capital, where the fair value is calculated using prevailing market prices and is therefore Level 1. 29.2 Fair value measurements recognised in the balance sheet The following table provides an analysis of financial instruments that are recognised at fair value, grouped into Levels 1 to 3 based on the degree to which the fair value is observable: \u2022 Level 1 fair value measurements are derived from quoted market prices (unadjusted) in active markets for identical assets or liabilities at the balance sheet date. This level includes listed equity securities and debt instrument on public exchanges \u2022 Level 2 fair value measurements are derived from 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). The fair value of financial instruments is determined by discounting expected cash flows at prevailing interest rates \u2022 Level 3 fair value measurements are derived from valuation techniques that include inputs for the asset or liability that are not based on observable market data (unobservable inputs)
2025
2024
Level 1
Level 2
Level 3
Total
Level 1
Level 2
Level 3
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Financial instruments at fair value
through other comprehensive income
Other financial assets
\u2014
\u2014
\u2014
\u2014
\u2014
17
\u2014
17
Investment securities
1,189
180
\u2014
1,369
761
\u2014
\u2014
761
Financial instruments at fair value
through profit and loss
Other financial assets
12
\u2014
\u2014
12
\u2014
\u2014
\u2014
\u2014
Derivative financial assets
\u2014
21
29
50
\u2014
67
9
76
Derivative financial liabilities
\u2014
(26)
\u2014
(26)
\u2014
(87)
\u2014
(87)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:213800VGZAAJIKJ9Y484", "period": "2024-03-03T00:00:00/2025-03-02T00:00:00" } }, "fact-558": { "value": "18 Other financial assets
2025
2024
Non-current Current Total Non-current Current Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At fair value through other comprehensive income
Equity: other financial assets
\u2014
\u2014
\u2014
17
\u2014
17
Debt: other financial assets
757
612
1,369
744
17
761
At fair value through profit and loss
Debt: other financial assets
12
\u2014
12
\u2014
\u2014
\u2014
769
612
1,381
761
17
778
29.1 Fair value estimation of amounts held at amortised cost The fair values of financial assets and liabilities are based on prices available from the market on which the instruments are traded. Where market values are not available, the fair values of financial assets and liabilities have been calculated by discounting expected future cash flows at prevailing interest rates. The fair values of short-term deposits, trade receivables, other receivables, overdrafts and payables and lease liabilities are assumed to approximate to their book values.
2025
2024
Carrying Carrying
amount
Fair value
amount
Fair value
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Financial assets
Amounts due from Financial Services customers
a), b)
\u2014
\u2014
4,517
4,381
Financial liabilities
Loans due 2031
(447)
(440)
(496)
(494)
Term loan
\u2014
\u2014
(581)
(575)
Unsecured bond
(550)
(552)
\u2014
\u2014
Tier 2 Capital due 2028
(124)
(142)
(122)
(136)
Amounts due to Financial Services customers and other banks
c)
(1,968)
(1,990)
(5,721)
(5,733)
a) Included within a portfolio fair value hedging relationship with \u00a3nil (2024: \u00a32,312 million) of interest rate swaps. b) Amounts due from Financial Services customers have been reclassified to assets of the disposal group in the current financial year. See note 22 for further details. c) Retail customer deposits within amounts due to Financial Services customers have been reclassified to liabilities of the disposal group in the current financial year as described in note 22. The remaining balance comprises deposits obtained via aggregators and wholesale counterparties. Refer to note 24 for further details. The fair value of financial assets and liabilities are within Level 2 of the fair value hierarchy, with the exception of the Tier 2 Capital, where the fair value is calculated using prevailing market prices and is therefore Level 1. 29.2 Fair value measurements recognised in the balance sheet The following table provides an analysis of financial instruments that are recognised at fair value, grouped into Levels 1 to 3 based on the degree to which the fair value is observable: \u2022 Level 1 fair value measurements are derived from quoted market prices (unadjusted) in active markets for identical assets or liabilities at the balance sheet date. This level includes listed equity securities and debt instrument on public exchanges \u2022 Level 2 fair value measurements are derived from 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). The fair value of financial instruments is determined by discounting expected cash flows at prevailing interest rates \u2022 Level 3 fair value measurements are derived from valuation techniques that include inputs for the asset or liability that are not based on observable market data (unobservable inputs)
2025
2024
Level 1
Level 2
Level 3
Total
Level 1
Level 2
Level 3
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Financial instruments at fair value
through other comprehensive income
Other financial assets
\u2014
\u2014
\u2014
\u2014
\u2014
17
\u2014
17
Investment securities
1,189
180
\u2014
1,369
761
\u2014
\u2014
761
Financial instruments at fair value
through profit and loss
Other financial assets
12
\u2014
\u2014
12
\u2014
\u2014
\u2014
\u2014
Derivative financial assets
\u2014
21
29
50
\u2014
67
9
76
Derivative financial liabilities
\u2014
(26)
\u2014
(26)
\u2014
(87)
\u2014
(87)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800VGZAAJIKJ9Y484", "period": "2024-03-03T00:00:00/2025-03-02T00:00:00" } }, "fact-523": { "value": "18 Other financial assets
2025
2024
Non-current Current Total Non-current Current Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At fair value through other comprehensive income
Equity: other financial assets
\u2014
\u2014
\u2014
17
\u2014
17
Debt: other financial assets
757
612
1,369
744
17
761
At fair value through profit and loss
Debt: other financial assets
12
\u2014
12
\u2014
\u2014
\u2014
769
612
1,381
761
17
778
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800VGZAAJIKJ9Y484", "period": "2024-03-03T00:00:00/2025-03-02T00:00:00" } }, "fact-472": { "value": "
19 Inventories
2025
2024
\u00a3m
\u00a3m
Gross finished goods
2,039
2,039
Inventory provision
(93)
(112)
1,946
1,927
", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:213800VGZAAJIKJ9Y484", "period": "2024-03-03T00:00:00/2025-03-02T00:00:00" } }, "fact-473": { "value": "
20 Trade and other receivables
20.1 Trade and other receivables
2025
2024
Non-current
Current
Total
Non-current
Current
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Trade receivables
\u2014
158
158
\u2014
126
126
Other receivables
27
192
219
65
253
318
Accrued income
\u2014
29
29
\u2014
13
13
Prepayments
15
193
208
43
190
233
42
572
614
108
582
690
Trade and other receivables include \u00a3119 million (2024: \u00a395 million) relating to supplier arrangements where there is no right of offset. In addition, current
other receivables include \u00a385 million (2024: \u00a3160 million) of bank funds in the course of settlement.
20.2 Allowance for expected credit losses
The Group\u2019s exposure to credit risk arising from its retail operations is minimal owing to the customer base being large and unrelated, with the overwhelming
majority of transactions settled through cash or secure electronic means. New parties wishing to obtain credit terms with the Group are credit checked prior
to invoices being raised and credit limits are determined on an individual basis.
2025
Not 0 to 6 months 6 to 12 months Over 1 year
past due past due past due
past due
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Gross amounts
Trade receivables
133
27
\u2014
1
161
Other receivables
224
1
2
9
236
Gross carrying amount \u2013 Trade and other receivables
357
28
2
10
397
Allowance for expected credit losses
(7)
(2)
(2)
(9)
(20)
Net carrying amount
350
26
\u2014
1
377
2024
Not 0 to 6 months 6 to 12 months Over 1 year
past due past due past due
past due
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Gross amounts
Trade receivables
114
13
1
4
132
Other receivables
319
4
1
11
335
Gross carrying amount \u2013 Trade and other receivables
433
17
2
15
467
Allowance for expected credit losses
(4)
(4)
(1)
(14)
(23)
Net carrying amount
429
13
1
1
444
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800VGZAAJIKJ9Y484", "period": "2024-03-03T00:00:00/2025-03-02T00:00:00" } }, "fact-580": { "value": "20.1 Trade and other receivables
2025
2024
Non-current
Current
Total
Non-current
Current
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Trade receivables
\u2014
158
158
\u2014
126
126
Other receivables
27
192
219
65
253
318
Accrued income
\u2014
29
29
\u2014
13
13
Prepayments
15
193
208
43
190
233
42
572
614
108
582
690
Trade and other receivables include \u00a3119 million (2024: \u00a395 million) relating to supplier arrangements where there is no right of offset. In addition, current other receivables include \u00a385 million (2024: \u00a3160 million) of bank funds in the course of settlement. ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory", "language": "en", "entity": "scheme:213800VGZAAJIKJ9Y484", "period": "2024-03-03T00:00:00/2025-03-02T00:00:00" } }, "fact-559": { "value": "20.1 Trade and other receivables
2025
2024
Non-current
Current
Total
Non-current
Current
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Trade receivables
\u2014
158
158
\u2014
126
126
Other receivables
27
192
219
65
253
318
Accrued income
\u2014
29
29
\u2014
13
13
Prepayments
15
193
208
43
190
233
42
572
614
108
582
690
Trade and other receivables include \u00a3119 million (2024: \u00a395 million) relating to supplier arrangements where there is no right of offset. In addition, current other receivables include \u00a385 million (2024: \u00a3160 million) of bank funds in the course of settlement. ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory", "language": "en", "entity": "scheme:213800VGZAAJIKJ9Y484", "period": "2024-03-03T00:00:00/2025-03-02T00:00:00" } }, "fact-524": { "value": "20.1 Trade and other receivables
2025
2024
Non-current
Current
Total
Non-current
Current
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Trade receivables
\u2014
158
158
\u2014
126
126
Other receivables
27
192
219
65
253
318
Accrued income
\u2014
29
29
\u2014
13
13
Prepayments
15
193
208
43
190
233
42
572
614
108
582
690
Trade and other receivables include \u00a3119 million (2024: \u00a395 million) relating to supplier arrangements where there is no right of offset. In addition, current other receivables include \u00a385 million (2024: \u00a3160 million) of bank funds in the course of settlement. ", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:213800VGZAAJIKJ9Y484", "period": "2024-03-03T00:00:00/2025-03-02T00:00:00" } }, "fact-525": { "value": "20.2 Allowance for expected credit losses The Group\u2019s exposure to credit risk arising from its retail operations is minimal owing to the customer base being large and unrelated, with the overwhelming majority of transactions settled through cash or secure electronic means. New parties wishing to obtain credit terms with the Group are credit checked prior to invoices being raised and credit limits are determined on an individual basis.
2025
Not 0 to 6 months 6 to 12 months Over 1 year
past due past due past due
past due
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Gross amounts
Trade receivables
133
27
\u2014
1
161
Other receivables
224
1
2
9
236
Gross carrying amount \u2013 Trade and other receivables
357
28
2
10
397
Allowance for expected credit losses
(7)
(2)
(2)
(9)
(20)
Net carrying amount
350
26
\u2014
1
377
2024
Not 0 to 6 months 6 to 12 months Over 1 year
past due past due past due
past due
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Gross amounts
Trade receivables
114
13
1
4
132
Other receivables
319
4
1
11
335
Gross carrying amount \u2013 Trade and other receivables
433
17
2
15
467
Allowance for expected credit losses
(4)
(4)
(1)
(14)
(23)
Net carrying amount
429
13
1
1
444
", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:213800VGZAAJIKJ9Y484", "period": "2024-03-03T00:00:00/2025-03-02T00:00:00" } }, "fact-474": { "value": "
21 Amounts due from Financial Services customers and other banks
2025
2024
Non-current
Current
Total
Non-current
Current
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Loans and advances to customers
\u2014
\u2014
\u2014
1,525
3,227
4,752
Allowance for expected credit losses
\u2014
\u2014
\u2014
(58)
(177)
(235)
\u2014
\u2014
\u2014
1,467
3,050
4,517
Following the announced withdrawal from Financial Services, amounts in relation to AFS cards have been derecognised following its sale and amounts
related to the Core Banking portfolios have been transferred to assets held for sale. Please refer to note 11 for further details.
", "dimensions": { "concept": "ifrs-full:DisclosureOfLoansAndAdvancesToCustomersExplanatory", "language": "en", "entity": "scheme:213800VGZAAJIKJ9Y484", "period": "2024-03-03T00:00:00/2025-03-02T00:00:00" } }, "fact-526": { "value": "21 Amounts due from Financial Services customers and other banks
2025
2024
Non-current
Current
Total
Non-current
Current
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Loans and advances to customers
\u2014
\u2014
\u2014
1,525
3,227
4,752
Allowance for expected credit losses
\u2014
\u2014
\u2014
(58)
(177)
(235)
\u2014
\u2014
\u2014
1,467
3,050
4,517
Following the announced withdrawal from Financial Services, amounts in relation to AFS cards have been derecognised following its sale and amounts related to the Core Banking portfolios have been transferred to assets held for sale. Please refer to note 11 for further details. ", "dimensions": { "concept": "ifrs-full:DisclosureOfLoansAndAdvancesToBanksExplanatory", "language": "en", "entity": "scheme:213800VGZAAJIKJ9Y484", "period": "2024-03-03T00:00:00/2025-03-02T00:00:00" } }, "fact-475": { "value": "
22 Assets and liabilities of disposal group and non-current assets held for sale
As described in note 11, in the period the Group announced the sale of its Core Banking Business and ATM estate, which are due to complete in the first half
of the calendar year 2025. Consequently, assets and liabilities of \u00a32,512 million and \u00a33,136 million, of the core banking disposal group are classified as held
for sale and measured at fair value through profit and loss by reference to the pricing mechanism within sale agreement and reflects the market conditions
prevailing at the balance sheet date. As such, amounts classified as held for sale for the core banking disposal group during the period are reported net of
any portfolio unwind and fair value movements between the point of initial classification and the reporting date.
Non-current assets of \u00a315 million comprise \u00a31 million of ATM assets and \u00a314 million of retail related assets. Proceeds from disposals of non-current assets
held for sale for continuing operations have been presented within proceeds from disposal of property, plant and equipment in the Group cash flow statement.
22.1 Assets of disposal group and non-current assets held for sale
2025
2024
\u00a3m
\u00a3m
Opening balance
10
8
Acquisitions
\u2014
63
Classified as held for sale in the year
2,521
15
No longer classified as held for sale
\u2014
(10)
Sold in the year
(4)
(66)
Closing balance
2,527
10
Of which
Assets of disposal group held for sale
2,512
\u2014
Non-current assets classified as held for sale
15
10
2,527
10
22.2 Liabilities of disposal group held for sale
2025
2024
\u00a3m
\u00a3m
Opening balance
\u2014
\u2014
Classified as held for sale in the period
(3,136)
\u2014
Closing balance
(3,136)
\u2014
As disclosed in note 3.12, assets held for sale are stated at the lower of the carrying amount and fair value less costs to dispose. The fair value of non-current
assets held for sale are based on independent market valuations of the assets and the fair value of assets of disposal group held for sale are based on
contractually committed pricing mechanisms.
Acquisitions in the prior year relate to the asset acquisition of four properties, which were sold to a third party for \u00a361 million. The fifth and final property
acquired as part of the asset acquisition was sold to a third party in the 52 weeks ended 1 March 2025.
Amounts no longer classified as held for sale relate to circumstances where it is no longer considered highly probable that a sale will occur within the next
12 months. Amounts reclassified are adjusted for any depreciation or amortisation that would have been recognised had the asset not been classified as held
for sale.
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:213800VGZAAJIKJ9Y484", "period": "2024-03-03T00:00:00/2025-03-02T00:00:00" } }, "fact-476": { "value": "
23 Trade and other payables
2025
2024
Non-current
Current
Total
Non-current
Current
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Trade payables
\u2014
3,903
3,903
2
3,764
3,766
Other payables
\u2014
533
533
2
538
540
Accruals
8
501
509
6
456
462
Deferred income
16
341
357
1
333
334
24
5,278
5,302
11
5,091
5,102
2025
2024
Analysis of deferred income
\u00a3m
\u00a3m
Opening balance
334
342
Revenue deferred
323
289
Revenue recognised which has previously been deferred
(300)
(297)
Closing balance
357
334
\u00a3299 million (2024: \u00a3303 million) of deferred income relates to deferred Nectar points.
23.1 Sensitivity of deferred income in respect of Nectar points to breakage estimates
(Increase)/decrease in
deferred points liability
Key assumption Sensitivity \u00a3m
Breakage estimate
1pts
53
(1)pts
(53)
23.2 Foreign currency risk
The Group has net euro-denominated trade payables of \u00a393 million (2024: \u00a398 million) and US dollar-denominated trade payables of \u00a3140 million
(2024: \u00a3136 million).
23.3 Supplier financing arrangements
The Group has supply chain finance programmes in place for a total of \u00a31,135 million (2024: \u00a31,053 million). The programmes are funded by seven of the
Group\u2019s relationship banking partners.
The programmes act as an alternative source of financing for the suppliers who have the option to trade their invoices with funding providers in order to
receive cash earlier than the invoice due dates. The payment terms offered to suppliers who are party to the supply chain finance programmes are within
standard supplier payment terms and agreed directly between the Group and the supplier.
Balances outstanding under the supplier financing arrangements are classified as trade payables, and cash flows are included in operating cash flows,
since the financing arrangements are agreed between the supplier, the funding providers and the third-party platform providers.
a) Carrying amount of liabilities
2025
2024
\u00a3m
\u00a3m
Presented within trade and other payables
1,230
1,168
\u2013 of which is drawn under the supply chain finance programmes
693
547
b) Range of payment due dates
2025
2024
Liabilities that are part of the arrangement
7-90 days after invoice date
7-90 days after invoice date
Comparable trade payables that are not part of an arrangement
0-120 days after invoice date
0-120 days after invoice date
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800VGZAAJIKJ9Y484", "period": "2024-03-03T00:00:00/2025-03-02T00:00:00" } }, "fact-527": { "value": "
2025
2024
Non-current
Current
Total
Non-current
Current
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Trade payables
\u2014
3,903
3,903
2
3,764
3,766
Other payables
\u2014
533
533
2
538
540
Accruals
8
501
509
6
456
462
Deferred income
16
341
357
1
333
334
24
5,278
5,302
11
5,091
5,102
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800VGZAAJIKJ9Y484", "period": "2024-03-03T00:00:00/2025-03-02T00:00:00" } }, "fact-560": { "value": "
2025
2024
Non-current
Current
Total
Non-current
Current
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Trade payables
\u2014
3,903
3,903
2
3,764
3,766
Other payables
\u2014
533
533
2
538
540
Accruals
8
501
509
6
456
462
Deferred income
16
341
357
1
333
334
24
5,278
5,302
11
5,091
5,102
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800VGZAAJIKJ9Y484", "period": "2024-03-03T00:00:00/2025-03-02T00:00:00" } }, "fact-581": { "value": "
2025
2024
Non-current
Current
Total
Non-current
Current
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Trade payables
\u2014
3,903
3,903
2
3,764
3,766
Other payables
\u2014
533
533
2
538
540
Accruals
8
501
509
6
456
462
Deferred income
16
341
357
1
333
334
24
5,278
5,302
11
5,091
5,102
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800VGZAAJIKJ9Y484", "period": "2024-03-03T00:00:00/2025-03-02T00:00:00" } }, "fact-528": { "value": "
2025
2024
Analysis of deferred income
\u00a3m
\u00a3m
Opening balance
334
342
Revenue deferred
323
289
Revenue recognised which has previously been deferred
(300)
(297)
Closing balance
357
334
\u00a3299 million (2024: \u00a3303 million) of deferred income relates to deferred Nectar points. 23.1 Sensitivity of deferred income in respect of Nectar points to breakage estimates
(Increase)/decrease in
deferred points liability
Key assumption Sensitivity \u00a3m
Breakage estimate
1pts
53
(1)pts
(53)
23.2 Foreign currency risk The Group has net euro-denominated trade payables of \u00a393 million (2024: \u00a398 million) and US dollar-denominated trade payables of \u00a3140 million (2024: \u00a3136 million). 23.3 Supplier financing arrangements The Group has supply chain finance programmes in place for a total of \u00a31,135 million (2024: \u00a31,053 million). The programmes are funded by seven of the Group\u2019s relationship banking partners. The programmes act as an alternative source of financing for the suppliers who have the option to trade their invoices with funding providers in order to receive cash earlier than the invoice due dates. The payment terms offered to suppliers who are party to the supply chain finance programmes are within standard supplier payment terms and agreed directly between the Group and the supplier. Balances outstanding under the supplier financing arrangements are classified as trade payables, and cash flows are included in operating cash flows, since the financing arrangements are agreed between the supplier, the funding providers and the third-party platform providers. a) Carrying amount of liabilities
2025
2024
\u00a3m
\u00a3m
Presented within trade and other payables
1,230
1,168
\u2013 of which is drawn under the supply chain finance programmes
693
547
b) Range of payment due dates
2025
2024
Liabilities that are part of the arrangement
7-90 days after invoice date
7-90 days after invoice date
Comparable trade payables that are not part of an arrangement
0-120 days after invoice date
0-120 days after invoice date
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory", "language": "en", "entity": "scheme:213800VGZAAJIKJ9Y484", "period": "2024-03-03T00:00:00/2025-03-02T00:00:00" } }, "fact-477": { "value": "
24 Amounts due to Financial Services customers and banks
2025
2024
Non-current
Current
Total
Non-current
Current
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Customer accounts
\u2014
\u2014
\u2014
183
3,981
4,164
Other deposits
13
1,955
1,968
23
1,534
1,557
13
1,955
1,968
206
5,515
5,721
Included within the balance are \u00a31,066 million (2024: \u00a3518 million) of deposits obtained via deposit aggregators where the ultimate depositors are retail
customers. The remaining \u00a3902 million (2024: \u00a31,039 million) relates to deposits from wholesale counterparties of which \u00a3nil (2024: \u00a3610 million) are from
the Bank of England\u2019s TFSME and ILTR schemes which were repaid in the year.
Following the announced withdrawal from financial services, amounts related to customer accounts have been transferred to liabilities held for sale.
Refer to note 11 for further details.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepositsFromCustomersExplanatory", "language": "en", "entity": "scheme:213800VGZAAJIKJ9Y484", "period": "2024-03-03T00:00:00/2025-03-02T00:00:00" } }, "fact-529": { "value": "24 Amounts due to Financial Services customers and banks
2025
2024
Non-current
Current
Total
Non-current
Current
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Customer accounts
\u2014
\u2014
\u2014
183
3,981
4,164
Other deposits
13
1,955
1,968
23
1,534
1,557
13
1,955
1,968
206
5,515
5,721
Included within the balance are \u00a31,066 million (2024: \u00a3518 million) of deposits obtained via deposit aggregators where the ultimate depositors are retail customers. The remaining \u00a3902 million (2024: \u00a31,039 million) relates to deposits from wholesale counterparties of which \u00a3nil (2024: \u00a3610 million) are from the Bank of England\u2019s TFSME and ILTR schemes which were repaid in the year. Following the announced withdrawal from financial services, amounts related to customer accounts have been transferred to liabilities held for sale. Refer to note 11 for further details.", "dimensions": { "concept": "ifrs-full:DisclosureOfDepositsFromBanksExplanatory", "language": "en", "entity": "scheme:213800VGZAAJIKJ9Y484", "period": "2024-03-03T00:00:00/2025-03-02T00:00:00" } }, "fact-478": { "value": "
25 Provisions
Retail
Financial Services
Property Insurance Restructuring Other Onerous Restructuring Other
provisions
a)
provisions
b)
programmes
c)
provisions
contracts
d)
programmes
c)
provisions
e)
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At 3 March 2024
120
59
51
11
17
\u2014
22
280
Additional provisions
18
28
50
9
84
36
12
237
Unused amounts released
(20)
\u2014
(7)
(1)
(3)
\u2014
(11)
(42)
Utilisation of provision
(14)
(24)
(31)
(9)
(3)
(4)
(1)
(86)
Amortisation of discount
1
\u2014
1
\u2014
\u2014
\u2014
\u2014
2
Transfer to assets held for sale
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
(4)
(4)
At 1 March 2025
105
63
64
10
95
32
18
387
Current
30
12
40
5
95
30
18
230
Non-current
75
51
24
5
\u2014
2
\u2014
157
At 5 March 2023
114
59
58
13
\u2014
\u2014
28
272
Additional provisions
77
22
42
\u2014
18
\u2014
\u2014
159
Unused amounts released
(19)
\u2014
(8)
(2)
\u2014
\u2014
(6)
(35)
Utilisation of provision
(52)
(22)
(42)
\u2014
(1)
\u2014
\u2014
(117)
Amortisation of discount
\u2014
\u2014
1
\u2014
\u2014
\u2014
\u2014
1
At 2 March 2024
120
59
51
11
17
\u2014
22
280
Current
45
13
28
5
\u2014
\u2014
22
113
Non-current
75
46
23
6
17
\u2014
\u2014
167
a) Property provisions comprise onerous property contract provisions for the least net cost of exiting from the contract and provisions for dilapidations.
b) Insurance provisions comprise liabilities in respect of outstanding insurance claims in relation to public liability, employer\u2019s liability and third-party motor.
c) Restructuring programme provisions comprise mainly redundancies as described in note 5.1, and for Financial Services, note 11.3.
d) Onerous contract provisions comprise onerous contracts recognised as a result of the phased withdrawal from Financial Services as described in notes 5.1 and 11.3.
e) Financial services other provisions comprise contractually committed costs related to the disposal of AFS cards and potential customer redress payable arising from the historic sale
of Payment Protection Insurance. Amounts released in the current year primarily relate to off balance sheet expected credit loss provisions following the disposal of AFS cards.
25.1 Climate change considerations
The Group takes into account the potential impact of climate change on its legal and constructive obligations, such as regulations related to carbon
emissions, environmental liabilities and natural disasters. The Group has reviewed its provisions and concluded that no adjustments need to be made for
climate change risks, nor that any new provisions need to be recognised for climate-related matters.
", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:213800VGZAAJIKJ9Y484", "period": "2024-03-03T00:00:00/2025-03-02T00:00:00" } }, "fact-582": { "value": "25 Provisions
Retail
Financial Services
Property Insurance Restructuring Other Onerous Restructuring Other
provisions
a)
provisions
b)
programmes
c)
provisions
contracts
d)
programmes
c)
provisions
e)
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At 3 March 2024
120
59
51
11
17
\u2014
22
280
Additional provisions
18
28
50
9
84
36
12
237
Unused amounts released
(20)
\u2014
(7)
(1)
(3)
\u2014
(11)
(42)
Utilisation of provision
(14)
(24)
(31)
(9)
(3)
(4)
(1)
(86)
Amortisation of discount
1
\u2014
1
\u2014
\u2014
\u2014
\u2014
2
Transfer to assets held for sale
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
(4)
(4)
At 1 March 2025
105
63
64
10
95
32
18
387
Current
30
12
40
5
95
30
18
230
Non-current
75
51
24
5
\u2014
2
\u2014
157
At 5 March 2023
114
59
58
13
\u2014
\u2014
28
272
Additional provisions
77
22
42
\u2014
18
\u2014
\u2014
159
Unused amounts released
(19)
\u2014
(8)
(2)
\u2014
\u2014
(6)
(35)
Utilisation of provision
(52)
(22)
(42)
\u2014
(1)
\u2014
\u2014
(117)
Amortisation of discount
\u2014
\u2014
1
\u2014
\u2014
\u2014
\u2014
1
At 2 March 2024
120
59
51
11
17
\u2014
22
280
Current
45
13
28
5
\u2014
\u2014
22
113
Non-current
75
46
23
6
17
\u2014
\u2014
167
a) Property provisions comprise onerous property contract provisions for the least net cost of exiting from the contract and provisions for dilapidations. b) Insurance provisions comprise liabilities in respect of outstanding insurance claims in relation to public liability, employer\u2019s liability and third-party motor. c) Restructuring programme provisions comprise mainly redundancies as described in note 5.1, and for Financial Services, note 11.3. d) Onerous contract provisions comprise onerous contracts recognised as a result of the phased withdrawal from Financial Services as described in notes 5.1 and 11.3. e) Financial services other provisions comprise contractually committed costs related to the disposal of AFS cards and potential customer redress payable arising from the historic sale of Payment Protection Insurance. Amounts released in the current year primarily relate to off balance sheet expected credit loss provisions following the disposal of AFS cards. 25.1 Climate change considerations The Group takes into account the potential impact of climate change on its legal and constructive obligations, such as regulations related to carbon emissions, environmental liabilities and natural disasters. The Group has reviewed its provisions and concluded that no adjustments need to be made for climate change risks, nor that any new provisions need to be recognised for climate-related matters. 37 Contingent liabilities The Group has a number of contingent liabilities in respect of disposed or exited businesses and guarantees in relation to disposed assets, which may expose the Group to a material liability. For disposed property assets, this could be if the current tenant and their ultimate parents become insolvent. No historical guarantees are expected to materialise. Along with other retailers, the Group is currently subject to claims from current and ex-employees in the Employment Tribunal for equal pay under the Equality Act 2010 and/or the Equal Pay Act 1970. There are currently circa 17,700 equal pay claims from circa 12,100 claimants, in which the claimants are alleging that their work within Sainsbury\u2019s stores is or was, of equal value to that of colleagues working in Sainsbury\u2019s distribution centres, and that differences in terms and conditions relating to pay are not objectively justifiable. The claimants are seeking the differential back pay based on the higher wages in distribution centres, and the equalisation of wages and terms and conditions on an ongoing basis. The Group believes further claims will be served. There are three stages in the tribunal procedure for equal pay claims of this nature and the claimants will need to succeed in all three. The first stage is whether store claimants have the legal right to make the comparison with depot workers. Following European and Supreme Court decisions in other similar litigation, Sainsbury\u2019s has conceded this point. The second stage is the lengthy process to determine whether any of the claimants\u2019 roles are of equal value to their chosen comparators. Whilst there is at present no definitive timetable for the litigation the Group anticipates judgement from the Tribunal in respect of the second stage will be given in the course of 2027. This judgement is very likely to be subject to appeal proceedings. In the event that any of the claimants succeed at the second stage, there will be a third stage comprising further hearings, in the following years, to consider material factor defences relating to non-discriminatory reasons for any pay differential. Both outstanding stages will involve contested hearings and appeals. It is not possible to predict a final date with any certainty. If the group is unsuccessful at the end of the litigation the liability could be material but due to the complexity and multitudinous factual and legal uncertainties, we are not in a position to predict an outcome, quantum or impact at this stage. Given that the outcome of the second and third stages in the litigation remains highly uncertain at this stage, the Group cannot make any assessment of the likelihood nor quantum of any outcome. No provision has therefore been recognised on the Group\u2019s balance sheet. There are substantial factual and legal defences to these claims and the Group intends to continue to defend them vigorously.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:213800VGZAAJIKJ9Y484", "period": "2024-03-03T00:00:00/2025-03-02T00:00:00" } }, "fact-479": { "value": "
26 Called up share capital and merger reserve
2025
2024
2025
2024
million
million
\u00a3m
\u00a3m
Called up share capital
Allotted and fully paid ordinary shares 28 4/7p
2,339
2,371
669
678
2025
2024
Number of Ordinary Share Merger Number of Ordinary Share Merger
shares shares premium reserve shares shares premium reserve
million
\u00a3m
\u00a3m
\u00a3m
million
\u00a3m
\u00a3m
\u00a3m
At the beginning of the financial year
2,371
678
1,430
568
2,352
672
1,418
568
Allotted in respect of share option schemes
42
12
18
\u2014
19
6
12
\u2014
Cancellation of own shares
(74)
(21)
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Transfer to retained earnings
\u2014
\u2014
\u2014
(395)
\u2014
\u2014
\u2014
\u2014
At the end of the financial year
2,339
669
1,448
173
2,371
678
1,430
568
During the period, 73.6 million of the Company\u2019s own shares, representing 3.14% of the called up share capital as at 1 March 2025, were purchased, and subsequently
cancelled, for total consideration of \u00a3200 million inclusive of \u00a36 million directly attributable costs. \u00a3200 million has been transferred from the investment in
own shares reserve to retained earnings and \u00a321 million of share capital has been transferred to the capital redemption reserve owing to the cancellation.
The merger reserve as at 3 March 2024 amounted to \u00a3568 million and was created following the issuance of 261 million shares in 2016 as part consideration for
the acquisition of Home Retail Group plc. During the year, \u00a3395 million has been transferred to retained earnings and classified as available for distribution to
shareholders in accordance with ICAEW Technical Release 02/17BL section 3.9 following an impairment being recognised in J Sainsbury\u2019s plc over its
subsidiary\u2019s investment in the acquisition holding company. The related impairment has no impact on Group results.
27 Capital redemption and other reserves
Currency Capital
translation Investment in Financial Cash flow Total other redemption
reserve own shares asset reserve hedge reserves reserve
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At 3 March 2024
\u2014
(73)
376
(28)
275
680
Transfer to retained earnings
\u2014
\u2014
(355)
\u2014
(355)
(680)
Financial assets at fair value through other comprehensive income
\u2014
\u2014
1
\u2014
1
\u2014
Transferred to carrying value of inventory
\u2014
\u2014
\u2014
18
18
\u2014
Cash flow hedges effective portion of fair value movements
\u2014
\u2014
\u2014
14
14
\u2014
Items reclassified from cash flow hedge reserve
\u2014
\u2014
\u2014
2
2
\u2014
Purchase of own shares for share schemes
\u2014
(63)
\u2014
\u2014
(63)
\u2014
Allotted in respect of share schemes
\u2014
37
\u2014
\u2014
37
\u2014
Purchase of own shares for cancellation
\u2014
(200)
\u2014
\u2014
(200)
\u2014
Cancellation of own shares
\u2014
200
\u2014
\u2014
200
21
Deferred tax
\u2014
\u2014
\u2014
(4)
(4)
\u2014
At 1 March 2025
\u2014
(99)
22
2
(75)
21
Currency Capital
translation Investment in Financial asset Cash flow Total other redemption
reserve own shares reserve hedge reserves reserve
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At 5 March 2023
3
(90)
293
68
274
680
Currency translation differences
(3)
\u2014
\u2014
\u2014
(3)
\u2014
Financial assets at fair value through other comprehensive income
\u2014
\u2014
1
\u2014
1
\u2014
Transferred to carrying value of inventory
\u2014
\u2014
\u2014
32
32
\u2014
Cash flow hedges effective portion of fair value movements
\u2014
\u2014
\u2014
(149)
(149)
\u2014
Items reclassified from cash flow hedge reserve
\u2014
\u2014
\u2014
4
4
\u2014
Purchase of own shares
\u2014
(18)
\u2014
\u2014
(18)
\u2014
Allotted in respect of share schemes
\u2014
35
\u2014
\u2014
35
\u2014
Deferred tax
\u2014
\u2014
80
17
97
\u2014
Current tax
\u2014
\u2014
2
\u2014
2
\u2014
At 2 March 2024
\u2014
(73)
376
(28)
275
680
27.1 Currency translation reserve
The currency translation reserve accumulates foreign exchange differences arising on the translation of net assets in foreign operations which are recognised
in Other Comprehensive Income. The cumulative amount is reclassified to retained earnings when the related investment is disposed.
27.2 Investment in own shares
Represents the cost of shares in the Company held by the Employee Share Ownership Trust (ESOT) net of directly attributable costs for the purchase of issued,
or issuance of new shares. This cost is transferred to retained earnings when shares are issued by the ESOT to employees to satisfy employee share awards.
Shares held by the ESOT
2025
2024
Market Value
Nominal Value
Number
Market Value
Nominal Value
Number
\u00a3m
\u00a3m
m
\u00a3m
\u00a3m
m
Investment in own shares
102
11.2
39.3
75
8.6
30.1
Maximum number of shares held during the period
103
11.3
39.7
105
11.8
41.3
During the period, the ESOT acquired 23.9 million of the Company\u2019s ordinary shares via market purchase for cash consideration of \u00a363 million (2024: 6.8 million
shares via market purchase for cash of \u00a318 million). The disposal of 14.8 million (2024: 14.0 million) ordinary shares was by way of distribution to settle
outstanding employee share awards. The ESOT has waived its right to receive dividends and has agreed to abstain from exercising its right to vote.
27.3 Financial asset reserve
Represents the fair value gains and losses on financial assets at fair value through other comprehensive income.
In the prior period, the Group derecognised its financial asset relating to its beneficial interest in a commercial property investment pool. On derecognition,
the cumulative gain or loss previously recognised in the financial asset reserve did not result in a profit or loss in the income statement, as gains or losses on
equity instruments are never recycled to the income statement. Following this, during the current period, \u00a3355 million was transferred from financial asset
reserves to retained earnings. This amount represented the cumulative gains and losses on this financial asset, and therefore as it has been derecognised,
there is no longer a legally separable reserve for these fair value gains and losses and as such the amount has been transferred to retained earnings.
27.4 Cash flow hedge reserve
Represents the effective portion of gains or losses on derivatives designated and that qualify as cash flow hedges. Amounts are transferred to the balance
sheet and included within the initial cost of the asset which is being hedged, or to the income statement, as appropriate.
27.5 Capital redemption reserve
The capital redemption reserve as at 3 March 2024 amounted to \u00a3680 million. This balance arose through a return of share capital resulting in the return and
cancellation of shares, by way of a B share scheme, approved at an Extraordinary General Meeting on 12 July 2004. The final redemption date for B shares was
18 July 2007 with all transactions completed in 2007. Following approval by the High Court registered on 31 July 2024, this \u00a3680 million was reclassified as available for
distribution to shareholders in accordance with ICAEW Technical Release 02/17BL section 2.8A and as a result was transferred to retained earnings.
Separately, as part of the share buyback completed during the period (as detailed in note 27.2), \u00a321 million of share capital has been transferred to the capital
redemption reserve.
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800VGZAAJIKJ9Y484", "period": "2024-03-03T00:00:00/2025-03-02T00:00:00" } }, "fact-530": { "value": "26 Called up share capital and merger reserve
2025
2024
2025
2024
million
million
\u00a3m
\u00a3m
Called up share capital
Allotted and fully paid ordinary shares 28 4/7p
2,339
2,371
669
678
2025
2024
Number of Ordinary Share Merger Number of Ordinary Share Merger
shares shares premium reserve shares shares premium reserve
million
\u00a3m
\u00a3m
\u00a3m
million
\u00a3m
\u00a3m
\u00a3m
At the beginning of the financial year
2,371
678
1,430
568
2,352
672
1,418
568
Allotted in respect of share option schemes
42
12
18
\u2014
19
6
12
\u2014
Cancellation of own shares
(74)
(21)
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Transfer to retained earnings
\u2014
\u2014
\u2014
(395)
\u2014
\u2014
\u2014
\u2014
At the end of the financial year
2,339
669
1,448
173
2,371
678
1,430
568
During the period, 73.6 million of the Company\u2019s own shares, representing 3.14% of the called up share capital as at 1 March 2025, were purchased, and subsequently cancelled, for total consideration of \u00a3200 million inclusive of \u00a36 million directly attributable costs. \u00a3200 million has been transferred from the investment in own shares reserve to retained earnings and \u00a321 million of share capital has been transferred to the capital redemption reserve owing to the cancellation. The merger reserve as at 3 March 2024 amounted to \u00a3568 million and was created following the issuance of 261 million shares in 2016 as part consideration for the acquisition of Home Retail Group plc. During the year, \u00a3395 million has been transferred to retained earnings and classified as available for distribution to shareholders in accordance with ICAEW Technical Release 02/17BL section 3.9 following an impairment being recognised in J Sainsbury\u2019s plc over its subsidiary\u2019s investment in the acquisition holding company. The related impairment has no impact on Group results. ", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800VGZAAJIKJ9Y484", "period": "2024-03-03T00:00:00/2025-03-02T00:00:00" } }, "fact-531": { "value": "27 Capital redemption and other reserves
Currency Capital
translation Investment in Financial Cash flow Total other redemption
reserve own shares asset reserve hedge reserves reserve
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At 3 March 2024
\u2014
(73)
376
(28)
275
680
Transfer to retained earnings
\u2014
\u2014
(355)
\u2014
(355)
(680)
Financial assets at fair value through other comprehensive income
\u2014
\u2014
1
\u2014
1
\u2014
Transferred to carrying value of inventory
\u2014
\u2014
\u2014
18
18
\u2014
Cash flow hedges effective portion of fair value movements
\u2014
\u2014
\u2014
14
14
\u2014
Items reclassified from cash flow hedge reserve
\u2014
\u2014
\u2014
2
2
\u2014
Purchase of own shares for share schemes
\u2014
(63)
\u2014
\u2014
(63)
\u2014
Allotted in respect of share schemes
\u2014
37
\u2014
\u2014
37
\u2014
Purchase of own shares for cancellation
\u2014
(200)
\u2014
\u2014
(200)
\u2014
Cancellation of own shares
\u2014
200
\u2014
\u2014
200
21
Deferred tax
\u2014
\u2014
\u2014
(4)
(4)
\u2014
At 1 March 2025
\u2014
(99)
22
2
(75)
21
Currency Capital
translation Investment in Financial asset Cash flow Total other redemption
reserve own shares reserve hedge reserves reserve
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At 5 March 2023
3
(90)
293
68
274
680
Currency translation differences
(3)
\u2014
\u2014
\u2014
(3)
\u2014
Financial assets at fair value through other comprehensive income
\u2014
\u2014
1
\u2014
1
\u2014
Transferred to carrying value of inventory
\u2014
\u2014
\u2014
32
32
\u2014
Cash flow hedges effective portion of fair value movements
\u2014
\u2014
\u2014
(149)
(149)
\u2014
Items reclassified from cash flow hedge reserve
\u2014
\u2014
\u2014
4
4
\u2014
Purchase of own shares
\u2014
(18)
\u2014
\u2014
(18)
\u2014
Allotted in respect of share schemes
\u2014
35
\u2014
\u2014
35
\u2014
Deferred tax
\u2014
\u2014
80
17
97
\u2014
Current tax
\u2014
\u2014
2
\u2014
2
\u2014
At 2 March 2024
\u2014
(73)
376
(28)
275
680
27.1 Currency translation reserve The currency translation reserve accumulates foreign exchange differences arising on the translation of net assets in foreign operations which are recognised in Other Comprehensive Income. The cumulative amount is reclassified to retained earnings when the related investment is disposed. 27.2 Investment in own shares Represents the cost of shares in the Company held by the Employee Share Ownership Trust (ESOT) net of directly attributable costs for the purchase of issued, or issuance of new shares. This cost is transferred to retained earnings when shares are issued by the ESOT to employees to satisfy employee share awards. Shares held by the ESOT
2025
2024
Market Value
Nominal Value
Number
Market Value
Nominal Value
Number
\u00a3m
\u00a3m
m
\u00a3m
\u00a3m
m
Investment in own shares
102
11.2
39.3
75
8.6
30.1
Maximum number of shares held during the period
103
11.3
39.7
105
11.8
41.3
During the period, the ESOT acquired 23.9 million of the Company\u2019s ordinary shares via market purchase for cash consideration of \u00a363 million (2024: 6.8 million shares via market purchase for cash of \u00a318 million). The disposal of 14.8 million (2024: 14.0 million) ordinary shares was by way of distribution to settle outstanding employee share awards. The ESOT has waived its right to receive dividends and has agreed to abstain from exercising its right to vote. 27.3 Financial asset reserve Represents the fair value gains and losses on financial assets at fair value through other comprehensive income. In the prior period, the Group derecognised its financial asset relating to its beneficial interest in a commercial property investment pool. On derecognition, the cumulative gain or loss previously recognised in the financial asset reserve did not result in a profit or loss in the income statement, as gains or losses on equity instruments are never recycled to the income statement. Following this, during the current period, \u00a3355 million was transferred from financial asset reserves to retained earnings. This amount represented the cumulative gains and losses on this financial asset, and therefore as it has been derecognised, there is no longer a legally separable reserve for these fair value gains and losses and as such the amount has been transferred to retained earnings. 27.4 Cash flow hedge reserve Represents the effective portion of gains or losses on derivatives designated and that qualify as cash flow hedges. Amounts are transferred to the balance sheet and included within the initial cost of the asset which is being hedged, or to the income statement, as appropriate. 27.5 Capital redemption reserve The capital redemption reserve as at 3 March 2024 amounted to \u00a3680 million. This balance arose through a return of share capital resulting in the return and cancellation of shares, by way of a B share scheme, approved at an Extraordinary General Meeting on 12 July 2004. The final redemption date for B shares was 18 July 2007 with all transactions completed in 2007. Following approval by the High Court registered on 31 July 2024, this \u00a3680 million was reclassified as available for distribution to shareholders in accordance with ICAEW Technical Release 02/17BL section 2.8A and as a result was transferred to retained earnings. Separately, as part of the share buyback completed during the period (as detailed in note 27.2), \u00a321 million of share capital has been transferred to the capital redemption reserve. ", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800VGZAAJIKJ9Y484", "period": "2024-03-03T00:00:00/2025-03-02T00:00:00" } }, "fact-561": { "value": "27.2 Investment in own shares Represents the cost of shares in the Company held by the Employee Share Ownership Trust (ESOT) net of directly attributable costs for the purchase of issued, or issuance of new shares. This cost is transferred to retained earnings when shares are issued by the ESOT to employees to satisfy employee share awards. Shares held by the ESOT
2025
2024
Market Value
Nominal Value
Number
Market Value
Nominal Value
Number
\u00a3m
\u00a3m
m
\u00a3m
\u00a3m
m
Investment in own shares
102
11.2
39.3
75
8.6
30.1
Maximum number of shares held during the period
103
11.3
39.7
105
11.8
41.3
During the period, the ESOT acquired 23.9 million of the Company\u2019s ordinary shares via market purchase for cash consideration of \u00a363 million (2024: 6.8 million shares via market purchase for cash of \u00a318 million). The disposal of 14.8 million (2024: 14.0 million) ordinary shares was by way of distribution to settle outstanding employee share awards. The ESOT has waived its right to receive dividends and has agreed to abstain from exercising its right to vote. ", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:213800VGZAAJIKJ9Y484", "period": "2024-03-03T00:00:00/2025-03-02T00:00:00" } }, "fact-480": { "value": "
28 Financial risk management
The principal financial risks faced by the Group relate to liquidity risk, credit risk, market risk (foreign currency risk, interest rate risk and commodity risk)
and capital risk.
Financial risk management is managed by a central treasury department in accordance with policies and guidelines which are reviewed and approved by
the Board of Directors. The risk management policies are designed to minimise potential adverse effects on the Group\u2019s financial performance by identifying
financial exposures and setting appropriate risk limits and controls. The risk management policies also ensure sufficient liquidity is available to the Group to
meet foreseeable financial obligations and that cash assets are invested safely.
Financial risk management with respect to Financial Services is separately managed within the Financial Services\u2019 own governance structure whereby a
holistic, end-to-end view of risk is adopted which ensures that the key risks arising from Financial Services activities are effectively identified, assessed and
controlled. The objective is to support the strategy of Financial Services by assessing and managing risks in an appropriate manner relative to the size and
complexity of the business. In respect of the decision for Financial Services products to be offered in the future by dedicated Financial Services providers
through a distributed model with a phased withdrawal from the Core Banking business over time, financial risks were considered and assessed and this will
continue to be monitored and assessed as this restructuring progresses.
28.1 Liquidity risk
Liquidity risk is the risk that the Group may be unable to meet its financial obligations as they fall due.
The principal operational cash flow of the Group is largely stable and predictable reflecting the low business risk profile of the food retail sector and the
cyclical profile of the non-food retail sector. Cash flow forecasts are produced to assist management in identifying future liquidity requirements. The Group\u2019s
liquidity policy sets a minimum funding headroom of \u00a3500 million in excess of forecast funding requirements over a rolling 12-month time horizon. The Group
manages its liquidity risk by maintaining a core of long-dated borrowings, pre-funding future cash flow commitments and holding contingent committed
credit facilities.
Within Financial Services, Sainsbury\u2019s Bank undertakes an annual Internal Liquidity Adequacy Assessment Process (ILAAP) which enables it to:
\u2022 Identify and assess its most relevant liquidity risk drivers which include its Liquidity Coverage Ratio (LCR) and Net Stable Funding Ratio (NSFR) as well as
cash flow and funding ratios
\u2022 Quantify its liquidity needs under various stress scenarios
\u2022 Put in place appropriate limits and controls to mitigate liquidity risks
Through its Asset-Liability Committee (ALCO), the Bank\u2019s asset encumbrance ratios and risk indicators for wholesale funding are also regularly monitored.
The main sources of encumbrance in the Group relate to margin requirements for derivative transactions and collateral relating to secured funding transactions.
Cash collateral is advanced and received as variation margin on derivatives transactions, whilst eligible treasury assets are pledged as collateral for initial
margin requirements on derivatives which are centrally cleared.
Encumbered assets
2025
2024
\u00a3m
\u00a3m
Loans and advances to customers
\u2014
1,444
Assets of the disposal group
a)
485
\u2014
Debt securities
\u2014
25
Cash and balances with central banks
\u2014
14
Other assets
18
76
a) Assets of the disposal group comprise Sainsbury\u2019s Bank plc\u2019s personal loans which were classified as loans and advances to customers in the prior year. As described in note 11 and 22,
in June 2024 the Group announced the sale of its Core Banking Business and subsequently classified the assets as held for sale.
The Group has an unsecured committed facility which consists of a \u00a31,000 million Revolving Credit Facility as set out in note 33.3.
As detailed in note 23.3, some suppliers have access to supply chain finance facilities, which allows these suppliers to benefit from the Group\u2019s credit profile.
The total size of the facility is \u00a31,135 million (2024: \u00a31,053 million) across a number of banks and platforms with an amount utilised of \u00a3693 million
(2024: \u00a3547 million). The level of utilisation is dependent on the individual supplier requirements and varies significantly over time.
Maturities below are based on the contractual undiscounted cash flows or an estimate of cash flows in respect of floating interest rate liabilities.
Maturity of financial liabilities \u2013 undiscounted
2025
Less than One to Two to More than
one year two years five years
five years
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Non-derivative financial liabilities
a)
Secured loan: Loan due 2031
b)
(87)
(91)
(292)
(65)
(535)
Bank overdraft
(1)
\u2014
\u2014
\u2014
(1)
Trade and other payables
(4,937)
(6)
(2)
\u2014
(4,945)
Liabilities of the disposal group
g)
(3,158)
(47)
(66)
\u2014
(3,271)
Amounts due to Financial Services customers and banks
c)
(1,994)
(5)
(9)
\u2014
(2,008)
Tier 2 subordinated debt
(13)
(13)
(133)
\u2014
(159)
Unsecured bond
(29)
(30)
(89)
(641)
(789)
Derivative contracts \u2013 net settled
Commodity contracts
\u2014
\u2014
\u2014
\u2014
\u2014
Interest rate swaps in hedging relationships
b), d)
\u2014
\u2014
\u2014
\u2014
\u2014
Other interest rate swaps \u2013 Sainsbury\u2019s Bank
f)
(1)
(2)
(4)
\u2014
(7)
Derivative contracts \u2013 gross settled
Foreign exchange forwards \u2013 outflow
e)
(1,045)
(174)
\u2014
\u2014
(1,219)
Foreign exchange forwards \u2013 inflow
e)
1,041
174
\u2014
\u2014
1,215
Commodity contracts \u2013 outflow
(23)
(19)
(45)
(132)
(219)
Commodity contracts \u2013 inflow
33
27
55
138
253
2024
Less than One to Two to More than
one year two years five years
five years
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Non-derivative financial liabilities
a)
Secured loans: Loan due 2031
b)
(84)
(88)
(293)
(178)
(643)
Trade and other payables
(4,758)
(5)
(5)
\u2014
(4,768)
Amounts due to Financial Services customers and banks
c)
(5,798)
(138)
(100)
\u2014
(6,036)
Tier 2 subordinated debt
(12)
(12)
(152)
\u2014
(176)
Term loan
(37)
(35)
(581)
\u2014
(653)
Derivative contracts \u2013 net settled
Commodity contracts
1
\u2014
\u2014
\u2014
1
Interest rate swaps in hedging relationships
b), d)
\u2014
\u2014
(7)
(49)
(56)
Derivative contracts \u2013 gross settled
Foreign exchange forwards \u2013 outflow
e)
(1,194)
(190)
\u2014
\u2014
(1,384)
Foreign exchange forwards \u2013 inflow
e)
1,168
188
\u2014
\u2014
1,356
Commodity contracts \u2013 outflow
(26)
(22)
(53)
(138)
(239)
Commodity contracts \u2013 inflow
27
26
64
129
246
a) Maturity of non-derivative financial liabilities in respect of lease liabilities is set out in note 15.1.
b) Cash flows relating to debt and swaps linked to inflation rates have been calculated using an RPI of 4.9 per cent for the year ended 1 March 2025, 3.6 per cent for the year ending
1 March 2026 and 3.6 per cent for future years (2024: RPI of 5.0 per cent for the year ended 2 March 2024, 4.9 per cent for the year ending 1 March 2025 and 3.9 per cent for future years).
c) Cash flows relating to amounts due to Sainsbury\u2019s Bank customers and banks are calculated using contractual terms and interest rates for fixed rate instruments. Where balances
are contractually repayable on demand, behavioural assumptions are applied to estimate the interest payable on those balances. These are shown as due within one year. For the year
ended 1 March 2025, retail deposits have been classified as held for sale. Amounts reported comprise deposits obtained via deposit aggregators where the ultimate depositors are retail
customers.
d) The swap rate that matches the remaining term of the interest rate swap as at the period end date has been used to calculate the floating rate cash flows over the life of the interest rate
swaps shown above.
e) Cash flows in foreign currencies have been translated using year-end spot rates.
f) Under IAS 39 rules for macro portfolio hedging, some of the Bank\u2019s hedging derivatives do not qualify, or prove too onerous, to be designated into an effective hedged relationship. In those
instances, the interest rate swaps are viewed as trading derivatives under IFRS 9 with any movements in fair value recognised in the income statement, without offset.
g) Liabilities of the disposal group comprise retail deposit portfolios previously classified within amounts due to Financial Services customers and banks. Following the agreement to sell
related liabilities to NatWest, as outlined further in note 11, financial liabilities have been reclassified as held for sale.
28.2 Credit risk
a) Retail credit risk management
Counterparty credit risk is the risk of a financial loss arising from counterparty default or non-performance in respect of the Group\u2019s holdings of cash and cash
equivalents, derivative financial assets, deposits with banks, investments in marketable securities, trade and other receivables and loans and advances to customers.
b) Financial Services retail credit risk management
Within Financial Services, retail credit risk is the possibility of losses arising from a retail customer failing to meet their agreed repayment terms as they fall
due. The Financial Services division utilises automated scorecards to assess the creditworthiness and affordability criteria of new applicants and ongoing
behavioural characteristics of existing customers. The outcome from all scorecard models is monitored utilising a set of credit quality metrics to ensure
actual performance is in line with agreed expectations. Additional expert underwriting of credit applications is undertaken by a specialist operational team
where further consideration is appropriate.
The Retail Credit Risk Committee of Sainsbury\u2019s Bank provides portfolio oversight control over credit strategy to maintain lending in line with the Bank
Board\u2019s approved risk appetite, with additional oversight and control provided by the Bank\u2019s Executive and Board Risk Committees. Internal Audit provide
additional assurance by undertaking regular reviews on the adequacy of credit risk policies and procedures.
c) Wholesale and derivative credit risk management
The Group (excluding Financial Services) sets counterparty limits for each of its banking and investment counterparties based on their credit ratings and
credit default swap pricing. The minimum long-term credit rating accepted by the Group is BBB- (Standard & Poor\u2019s and Fitch) or Baa3 (Moody\u2019s) or, in the
case of pound sterling liquidity funds, AAA or Aaa/MR1+ from Moody\u2019s. In the event of a split credit rating, the lower rating applies.
Analysis of Group (including Financial Services) credit exposure
2025 2024
Counterparty
Long-term rating
\u00a3m
\u00a3m
Cash and cash equivalents
Financial institutions \u2013 Money market funds
a)
AAA/Aa3
1,154
263
Financial institutions \u2013 Money market deposits
AA+/Aa1 to A/A2
141
232
Deposits at central banks
AA+/Aa3
1,043
886
Derivative financial assets
Interest rate swaps
AA+/Aa1 to A/A2
5
62
Foreign exchange forward contracts
AA+/Aa1 to A/A2
13
4
Commodity forward contracts
AA+/Aa1 to A/A2
3
1
a) Excludes bank balances, store cash, cash in transit and cash at ATMs.
The Bank\u2019s treasury portfolio is held primarily for liquidity management purposes and in the case of derivatives, for the purpose of managing market risk.
Limits are established for all counterparty and asset class exposures based on their respective credit quality and market liquidity. Consideration is also given
to geographical region and the strength of relevant sovereign credit ratings. Derivatives are subject to the same credit risk control procedures as are applied
to other wholesale market instruments and the credit risk arising from mark to market derivative valuations is mitigated by daily margin calls, posting cash
collateral to cover exposures.
d) Maximum exposure to credit risk
2025
2024
Credit exposure
\u00a3m
\u00a3m
On balance sheet items
Loans and advances to customers and other banks
\u2014
4,517
Assets of the disposal group
2,512
\u2014
Cash and balances with central banks
2,777
1,987
Derivative financial instruments (excludes level 3 instruments)
21
67
Investment securities
1,381
761
Other assets
377
444
Off balance sheet items
Loan commitments
\u2014
6
7,068
7,782
The exposures are shown gross, before the effect of mitigation through the use of collateral agreements.
Assets of the disposal group comprise Sainsbury\u2019s Bank plc\u2019s personal loans and credit card portfolios, AFS monthly payment plan portfolio and a small
residual AFS card portfolio which fell out of perimeter of the sale to NewDay Group. These assets were classified as loans and advances to customers in the
prior year. As described in note 11 and 22, in June 2024 the Group announced the sale of its Core Banking Business and subsequently classified the assets as
held for sale.
Sainsbury\u2019s Bank has no off-balance sheet commitments to extend credit to customers (2024: \u00a36 million). These commitments do not include undrawn limits
on credit cards of \u00a34,089 million (2024: \u00a35,072 million) and AFS cards of \u00a3nil (2024: \u00a32,619 million). These are not considered contractual commitments but, in
practice Financial Services does not expect to withdraw these credit limits from customers.
For the comparative period, loans and advances to customers and other banks include AFS cards which have been disposed of during the period.
e) Impairment of financial assets
IFRS 9 requires the Company to record an allowance for ECL for all loans and other debt financial assets not held at fair value through the profit and loss (FVPL).
The ECL 3 stage model is applied as follows:
\u2022 Stage 1 \u2013 Impairment allowance is calculated on financial assets that have not significantly increased in credit risk since origination, nor are credit
impaired, using the probability that a borrower will default within 12 months from the balance sheet date. Interest income is recognised on the gross
carrying value of the financial asset
\u2022 Stage 2 \u2013 Where a financial asset exhibits a significant increase in credit risk (SICR) but is not yet considered to be credit impaired, the probability of
default considered in the impairment allowance is based upon the lifetime probability of the borrower defaulting. Interest income continues to be
recognised on the gross carrying value of the financial asset
\u2022 Stage 3 \u2013 Assets considered to be credit impaired resulting from one or more events that have occurred that has resulted in a detrimental impact on the
estimated future cash flows of the asset. Stage 3 assets will continue to recognise lifetime expected impairment losses (with a 100% probability of default)
and interest income will be recognised on the net carrying amount (i.e. gross amount less impairment)
Significant increases in credit risk
The Group determines whether there has been a significant increase in credit risk by reference to quantitative thresholds, qualitative indicators and the
backstop presumption that credit risk has significantly increased if contractual payments are more than 30 days past due.
Quantitative thresholds have been determined that when the lifetime PD of an instrument as at the reporting date has increased to greater than a specified
multiple of the origination lifetime PD, a significant increase in credit risk is deemed to have occurred.
Qualitative tests are based around the Group\u2019s credit origination policy rules for Financial Services customers. These rules are in place at account origination
in order to decline accounts that may demonstrate risk factors outside of risk appetite that are not yet reflected in PD measures. At the reporting date, if an
account satisfies any policy decline rules that it had not at the point of origination, it will be considered to have significantly increased in credit risk.
There is no probationary period applied in respect of accounts that cure from stage 2 to stage 1. Transfer criteria have been subject to extensive analysis to
ensure that they appropriately reflect the flow of accounts from origination to default so as to maximise the number of accounts that flow through the stages
and minimise accounts that jump from stage 1 to stage 3, or that fail to enter stage 3 from stage 2.
The Group has applied the low credit risk exemption in respect of its high quality treasury portfolio held for liquidity purposes. This exemption permits low
credit risk debt securities (i.e. those considered investment grade) to remain in stage 1 without an assessment of significant increase in credit risk.
Definition of default
The Group\u2019s definition of default is used in determining those accounts classified as stage 3 (i.e. credit impaired). The Group has chosen not to rebut the
backstop presumption prescribed by IFRS 9 that where an account is 90 days or more past its due date then default has occurred.
The Group has also defined a number of unlikely-to-pay criteria that result in an account being deemed to have defaulted. These include:
\u2022 Where operational collections activities have been exhausted on accounts that are less than 90 days past due and the account is subject to recoveries processes
\u2022 If any forbearance has been granted on the account (see forbearance definition below)
\u2022 Where the customer is subject to insolvency proceedings
\u2022 Where the customer is deceased
Where an account no longer meets any of the default criteria, such as by bringing payments back up to date, the Group will continue to consider the account as
being in default for the probation period (24 months for Loans and Cards, and 12 months for AFS cards) from the date when it last met the definition of default.
Write-off
Loans and advances to customers are written off (either partially or in full) when there is no realistic prospect of recovery. This is generally the case when the
Group determines that the borrower does not have assets or sources of income that could generate sufficient cash flows to repay the amounts subject to write-off.
Subsequent recoveries of amounts previously written off result in impairment gains recorded in the income statement.
Modified financial assets
When the contractual cash flows of a financial asset have been renegotiated or modified and the financial asset was not derecognised, its gross carrying
amount is recalculated as the present value of the modified contractual cash flows, discounted at the original effective interest rate with a gain or loss
recognised in the income statement.
Loans and advances to customers per ECL stage
2025
2024
Stage 1
Stage 2
Stage 3
Total
Stage 1
Stage 2
Stage 3
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Unsecured lending
3
\u2014
27
30
4,154
398
207
4,759
Allowance for expected credit losses
Expected credit loss on gross balance
\u2014
\u2014
(22)
(22)
(46)
(50)
(139)
(235)
Undrawn commitments impairment
\u2014
\u2014
\u2014
\u2014
(10)
(4)
(1)
(15)
\u2014
\u2014
(22)
(22)
(56)
(54)
(140)
(250)
Coverage
0.0%
0.0%
81.5%
73.3%
1.3%
13.6%
67.6%
5.3%
Unsecured lending represents Sainsbury\u2019s Bank credit cards and personal loan lending in addition to AFS cards and monthly payment plan. The Group has no
secured lending (2024: no secured lending).
Loans and advances to customers per ECL stage \u2013 split by exposure and ECL movement
2025
2024
Stage 1
Stage 2
Stage 3
Total
Stage 1
Stage 2
Stage 3
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Gross exposure
Provided
\u2014
\u2014
27
27
\u2014
\u2014
207
207
Past due but not impaired
\u2014
\u2014
\u2014
\u2014
8
47
\u2014
55
Neither past due nor impaired
3
\u2014
\u2014
3
4,146
351
\u2014
4,497
3
\u2014
27
30
4,154
398
207
4,759
Allowance for expected credit loss
Opening loss allowance
(56)
(54)
(140)
(250)
(57)
(58)
(144)
(259)
Transfers between stages
(16)
23
(7)
\u2014
(12)
24
(12)
\u2014
Additional allowance less
amounts recovered
3
1
7
11
(4)
1
(2)
(5)
Write-offs
1
5
30
36
1
6
69
76
Changes in credit risk during the year
20
(16)
(38)
(34)
16
(27)
(51)
(62)
Remeasurement on move to FVPL
25
21
108
154
\u2014
\u2014
\u2014
\u2014
Derecognition on sale
23
20
18
61
\u2014
\u2014
\u2014
\u2014
Closing loss allowance before undrawn
commitments impairment
\u2014
\u2014
(22)
(22)
(56)
(54)
(140)
(250)
Undrawn commitments impairment
\u2014
\u2014
\u2014
\u2014
10
4
1
15
Closing loss allowance
\u2014
\u2014
(22)
(22)
(46)
(50)
(139)
(235)
Net exposure
3
\u2014
5
8
4,108
348
68
4,524
Hedging fair value adjustment
\u2014
(7)
8
4,517
As described in note 11, the agreement to sell the personal loan and credit card portfolios within Sainsbury\u2019s Bank triggered a change in business model in
accordance with IFRS 9 \u2018Financial Instruments\u2019 as the objective is to sell financial assets and no longer to hold for the collection of contractual cash flows.
As a result, the portfolios have been reclassified from being measured at amortised cost to be measured at fair value through profit and loss and fall outside
the scope of impairment provisioning. The previously recognised ECL against these portfolios has subsequently been released and recognised as within the
loss on disposal. Amounts in the previous year also related to AFS cards disposed in the period resulting in the derecognition of related provisions.
Unsecured lending and expected credit loss balances for the year ended 1 March 2025 relate to lending balances classified as held for sale in the second half
of the year. As such, the underlying portfolios within the disposal group continue to be measured at amortised cost in accordance with IFRS 9 \u2018Financial
Instruments\u2019 whilst the disposal group is measured at fair value in accordance with IFRS 5 \u2018Non-current assets held for sale and discontinued operations\u2019
as outlined in note 11.5 and 22.
Credit quality per class of loans and advances
12-month probability of default
Probability %
High Quality
<=3.02%
Satisfactory Quality
>=3.03% \u2013 11.10%
Low Quality
>=11.11%
Credit Impaired
100%
Credit quality \u2013 unsecured lending
2025
2024
Stage 1
Stage 2
Stage 3
Total
Stage 1
Stage 2
Stage 3
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
High quality
2
\u2014
\u2014
2
3,387
81
\u2014
3,468
Satisfactory quality
1
\u2014
\u2014
1
704
186
\u2014
890
Low quality
\u2014
\u2014
\u2014
\u2014
63
131
\u2014
194
Credit impaired
\u2014
\u2014
27
27
\u2014
\u2014
207
207
Total
3
\u2014
27
30
4,154
398
207
4,759
f) Sensitivity of ECL to changes in macro-economic scenarios
The ECL models utilise four scenarios including a \u2018base case\u2019 scenario considered to be the most likely outcome together with an upside, downside scenario
and severe downside. The base case has been assigned a probability weighting of 40% with the upside, downside and severe downside scenarios weighted
30%, 25% and, 5% respectively (2024: base scenario 40%; upside, downside and severe downside scenarios weighted 30%, 25%, and 5% respectively).
Key macro-economic assumptions (five-year forecast averages)
2025
Severe
Base
Upside
Downside
downside
%
%
%
%
Unemployment rate
4.2
3.8
5.1
6.3
Consumer price growth
2.2
1.4
3.2
4.1
GDP
1.6
2.2
0.9
0.2
Mortgage debt as a percentage of household income
90.2
87. 5
95.5
100.1
Real household disposable income
1.3
2.1
0.6
(0.2)
Probability weighting (%)
40
30
25
5
g) Management overlays and post-model adjustments (PMAs)
Overlays and PMAs are adjustments to ECL at either a customer or portfolio level to account for known data or model limitations and are defined consistently
with the most recent recommendations of the Taskforce on Disclosures about Expected Credit Losses (DECL). Internal governance is in place to regularly
monitor and reduce reliance such overlays through model recalibration or redevelopment.
Management overlays and PMAs include those arising from modelling specific economic uncertainties or operational adjustments due to model or data
limitations which require a permanent remodelling solution. The effects of overlays and PMAs is not significant.
h) Forbearance
The Group provides support to customers who are experiencing financial difficulties. Forbearance is defined as relief granted by a lender to assist customers
in financial difficulty, through arrangements which temporarily allow the customer to pay an amount other than the contractual amounts due. These
temporary arrangements may be initiated by the customer or the Group where financial difficulty would prevent repayment within the original terms and
conditions of the contract.
The main aim of forbearance is to support customers in returning to a position where they are able to meet their contractual obligations.
The Group has well defined forbearance policies and processes. A number of forbearance options are made available to customers. These include
arrangements to repay arrears over a period of time by making payments above the contractual amount, that ensure the loan is repaid within the original
repayment term and short-term concessions, where the borrower is allowed to make reduced repayments (or in exceptional circumstances, no repayments)
on a temporary basis to assist with short-term financial hardship.
Loans and advances subject to forbearance programmes
2025
2024
Forbearance
Forbearance
Proportion Proportion
Gross As proportion covered by Gross As proportion covered by
amounts of total provision amounts of total provision
\u00a3m
%
%
\u00a3m
%
%
Unsecured
50
1.9
68.5
53
1.1
6 7.2
Unsecured gross amounts subject to forbearance programmes comprise loans and advances classified as held for sale. In the current year \u00a348 million of gross
amounts relate to the Core Banking portfolios measured at FVPL, as such no ECL is recognised on these balances.
28.3 Market risk
The Group uses forward contracts to hedge foreign exchange and commodity exposures, and interest rate swap contracts to hedge interest rate exposures.
The use of financial derivatives is governed by Board-approved policies which prohibit the use of derivative financial instruments for speculative purposes.
a) Foreign currency risk
Currency risk is the risk of increased costs arising from unexpected movements in exchange rates impacting the Group\u2019s foreign currency-denominated
supply contracts.
The Group\u2019s currency risk policy seeks to limit the impact of fluctuating exchange rates on the Group\u2019s income statement by requiring highly probable foreign
currency cash flows to be hedged. Highly probable foreign currency cash flows, which may be either contracted or uncontracted, are hedged on a layered
basis largely using foreign currency forward contracts.
The Group has exposure to currency risk on balances held in foreign currency-denominated bank accounts, which may arise due to short-term timing
differences on maturing hedges and underlying supplier payments.
A 10 per cent movement in exchange rates against pound sterling is considered a reasonable measure of volatility.
Impact of change in exchange rate (all other variables held constant)
2025
2024
Impact on Impact on Impact on cash
post tax cash flow Impact on post flow hedge
profits hedge reserve tax profits reserve
+/- 10%
+/- 10%
+/- 10%
+/- 10%
Group
\u00a3m
\u00a3m
\u00a3m
\u00a3m
USD/GBP
1/(1)
(78)/96
7/(8)
(88)/108
EUR/GBP
\u2014 / \u2014
(31)/38
2/(3)
(33)/40
Financial Services
The Bank is exposed to foreign exchange risk through its holding of cash denominated in foreign currencies, primarily Euro and US Dollar, within its travel
money bureaux in Sainsbury\u2019s stores and its currency dispensing ATM machines. The foreign exchange positions are hedged on a regular basis.
b) Interest rate risk
Interest rate risk is the risk of increased costs or lower income arising from unexpected movements in interest rates and inflation rates impacting the Group\u2019s
borrowing and investment portfolios. The Group\u2019s interest rate policy seeks to limit the impact of fluctuating interest and inflation rates by maintaining a
diversified mix of fixed rate, floating rate and variable capped rate liabilities.
Interest on financial instruments is classified as fixed rate if interest re-sets on the borrowings are less frequent than once every 12 months. Interest on
financial instruments is classified as floating rate if interest re-sets on the borrowings occur every 12 months or more frequently. Floating rate instruments
are considered variable capped rate if the nominal interest rate is subject to a cap.
Mix of financial assets and liabilities
2025
Variable
Fixed
Floating
capped
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Other financial assets at fair value through other comprehensive income
738
631
\u2014
1,369
Other financial assets at fair value through profit and loss
\u2014
12
\u2014
12
Assets of the disposal group
1,506
1,006
\u2014
2,512
Cash and cash equivalents
1,262
1,515
\u2014
2,777
Bank overdraft
\u2014
(1)
\u2014
(1)
Borrowings
(674)
\u2014
(447)
(1,121)
Liabilities of the disposal group
(715)
(2,393)
\u2014
(3,108)
Amounts due to Financial Services customers and banks
(1,968)
\u2014
\u2014
(1,968)
Derivative effect:
Interest rate swaps
(703)
703
\u2014
\u2014
Inflation-linked swaps
(281)
\u2014
281
\u2014
(835)
1,473
(166)
472
2024
Variable
Fixed
Floating
capped
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Interest-bearing financial assets at fair value through other comprehensive income
\u2014
761
\u2014
761
Amounts due from Financial Services customers
2,167
2,350
\u2014
4,517
Cash and cash equivalents
620
1,367
\u2014
1,987
Borrowings
(122)
(581)
(496)
(1,199)
Amounts due to Financial Services customers and banks
(1,959)
(3,762)
\u2014
(5,721)
Derivative effect:
Interest rate swaps
(1,120)
1,120
\u2014
\u2014
Inflation-linked swaps
(155)
\u2014
155
\u2014
(569)
1,255
(341)
345
Cash flow sensitivity for floating rate instruments
The Group considers that a 100 basis point movement in interest rates is a reasonable measure of volatility; however, the sensitivity to such a change is not significant.
Cash flow sensitivity for variable capped rate liabilities
The Group holds \u00a3447 million of capped inflation-linked borrowings (2024: \u00a3496 million) of which \u00a3126 million (2024: \u00a3155 million) have been swapped into
fixed rate borrowings using inflation rate swaps maturing in April 2026.
The Group considers that a 100 basis point movement in the RPI rate is a reasonable measure of volatility, however, the sensitivity to such a change is not significant.
Financial Services
Interest Rate Risk in the Banking Book (IRRBB) arises from interest rate movements which impact the present value and timing of future cash flows resulting
in changes in the underlying value of a bank\u2019s assets and liabilities and hence its economic value. Interest rates movements also affect a bank\u2019s earnings by
altering interest-sensitive income and expenses, affecting its net interest income.
The main types of interest rate risk faced by the Bank are:
\u2022 Repricing gap risk: the risk arising from timing differences in the interest rate changes of bank assets and liabilities (for example, fixed rate personal loans
and instant access savings accounts)
\u2022 Yield curve risk: the risk arising from changes in the slope and shape of the yield curve
\u2022 Basis risk: risk arising from imperfect correlation between different interest rate indices (for example, administered rate on savings products and treasury
assets linked to SONIA)
\u2022 Prepayment risk: the risk arising from the timing of customer prepayments which differ from planning and hedging assumptions
\u2022 Pipeline risk: the risk of a customer drawing down, or not, a product at a rate which is unfavourable for the Bank
\u2022 Credit Spread Risk: the risk of adverse effects resulting from a change in credit spreads, arising via the Bank\u2019s Treasury portfolio
Interest risk exposure is actively managed within limits that are aligned with the Bank\u2019s risk appetite by using financial instruments such as interest rate
swaps and by taking into account natural hedges between assets and liabilities with similar repricing characteristics. Hedging strategies are implemented
and reviewed to ensure the Bank remains within its limits.
c) Commodity risk
Commodity risk is the risk of increased costs arising from unexpected movements in commodity prices impacting the Group\u2019s own use consumption of
electricity, gas and diesel. The Group hedges own use consumption of electricity and gas with forward purchases under flexible purchasing arrangements
with its suppliers as well as power purchase agreements for electricity. The Group uses a combination of purchasing agreements and financial derivatives
to hedge fuel exposures on a layered basis using contracts for difference. See note 30 for derivative disclosures.
28.4 Capital risk management
The Group defines capital as total equity plus net debt.
The Board\u2019s capital objective is to maintain a strong and efficient capital base to support the Group\u2019s strategic objectives, provide optimal returns for
shareholders and safeguard the Group\u2019s status as a going concern. There has been no change to capital risk management policies during the year.
The Board monitors a broad range of financial metrics including return on capital employed, balance sheet gearing and fixed charge cover.
The Board can manage the Group\u2019s capital structure by diversifying the debt portfolio, adjusting the size and timing of dividends paid to shareholders,
recycling capital through sale and leaseback transactions, issuing new shares or repurchasing shares in the open market and flexing capital expenditure.
From time to time, the ESOT may purchase shares in the Company from the open market for the purpose of satisfying awards under the Group\u2019s employee
share plans.
The Revolving Credit Facility and Term Loan have a single repeating financial covenant. Part of the Group\u2019s capital risk management is to ensure compliance
with both the financial and general covenants included within the Group\u2019s borrowing facilities. Examples of general covenants include restrictions on the
permitted value of asset disposals and incremental indebtedness. In addition to there being no breaches in the year of financial and general covenants,
there is healthy headroom within all covenants as at 1 March 2025.
a) Financial Services capital resources (unaudited)
Regulatory capital is calculated under the Capital Requirements Regulations and Capital Requirements Directive (collectively known as CRD IV). The Bank
has obtained an individual consolidation waiver from the PRA, which allows the Bank to monitor its capital position on a consolidated basis only. As a result,
the capital position set out below is on a regulatory consolidated basis.
Regulatory capital resources under CRD IV
2025
2024
Transitional
Full impact
Transitional
Full impact
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Common Equity Tier 1 (CET 1) capital:
Ordinary share capital
701
701
701
701
Allowable reserves
(51)
(51)
48
48
Regulatory adjustments
(9)
(9)
\u2014
(1)
Tier 1 capital
641
641
749
748
Tier 2 capital (loan notes \u2013 listed)
64
64
100
100
Total capital
705
705
849
848
b) Leverage ratio (unaudited)
The leverage ratio is defined as the ratio of Tier 1 capital to adjusted assets, which is measured below on a regulatory consolidated basis. The denominator
represents the total non-risk weighted assets of the regulatory group (Bank and Home Retail Group Card Services Limited) adjusted for certain off balance
sheet exposures assets and regulatory deductions and provides a non-risk-weighted \u2018backstop\u2019 capital measure. The leverage ratio is calculated below on the
UK basis which allows central bank assets to be excluded from the leverage exposures. The Bank\u2019s leverage ratio of 11.5% exceeds the minimum Basel
leverage ratio of 3.0%.
2024
2025 (restated*)
Transitional
Full impact
Transitional
Full impact
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Components of the leverage ratio
Total assets as per published financial statements (Sainsbury\u2019s Bank plc)
6,400
6,400
6,746
6,746
Movement on consolidation of the subsidiary undertaking
(209)
(209)
64
64
Exposure value for derivatives and securities financing transactions
7
7
30
30
Off balance sheet exposures: unconditionally cancellable (10%)
411
411
769
769
Off balance sheet: other (100%)
\u2014
\u2014
1
1
Other adjustments
(13)
(13)
(77)
(78)
Central Bank claims
(1,043)
(1,043)
(886)
(886)
5,553
5,553
6,647
6,646
Tier 1 capital
641
641
749
748
Leverage ratio
11.5%
11.5%
11.3%
11.3%
* The prior year has been re-presented on the basis of Sainsbury\u2019s Bank plc producing solo financial statements in the current year. The movement on consolidation of subsidiary
undertakings represents the consolidation of Home Retail Group Cards Services Limited into the regulatory consolidated group.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:213800VGZAAJIKJ9Y484", "period": "2024-03-03T00:00:00/2025-03-02T00:00:00" } }, "fact-532": { "value": "28.1 Liquidity risk Liquidity risk is the risk that the Group may be unable to meet its financial obligations as they fall due. The principal operational cash flow of the Group is largely stable and predictable reflecting the low business risk profile of the food retail sector and the cyclical profile of the non-food retail sector. Cash flow forecasts are produced to assist management in identifying future liquidity requirements. The Group\u2019s liquidity policy sets a minimum funding headroom of \u00a3500 million in excess of forecast funding requirements over a rolling 12-month time horizon. The Group manages its liquidity risk by maintaining a core of long-dated borrowings, pre-funding future cash flow commitments and holding contingent committed credit facilities. Within Financial Services, Sainsbury\u2019s Bank undertakes an annual Internal Liquidity Adequacy Assessment Process (ILAAP) which enables it to: \u2022 Identify and assess its most relevant liquidity risk drivers which include its Liquidity Coverage Ratio (LCR) and Net Stable Funding Ratio (NSFR) as well as cash flow and funding ratios \u2022 Quantify its liquidity needs under various stress scenarios \u2022 Put in place appropriate limits and controls to mitigate liquidity risks Through its Asset-Liability Committee (ALCO), the Bank\u2019s asset encumbrance ratios and risk indicators for wholesale funding are also regularly monitored. The main sources of encumbrance in the Group relate to margin requirements for derivative transactions and collateral relating to secured funding transactions. Cash collateral is advanced and received as variation margin on derivatives transactions, whilst eligible treasury assets are pledged as collateral for initial margin requirements on derivatives which are centrally cleared. Encumbered assets
2025
2024
\u00a3m
\u00a3m
Loans and advances to customers
\u2014
1,444
Assets of the disposal group
a)
485
\u2014
Debt securities
\u2014
25
Cash and balances with central banks
\u2014
14
Other assets
18
76
a) Assets of the disposal group comprise Sainsbury\u2019s Bank plc\u2019s personal loans which were classified as loans and advances to customers in the prior year. As described in note 11 and 22, in June 2024 the Group announced the sale of its Core Banking Business and subsequently classified the assets as held for sale. The Group has an unsecured committed facility which consists of a \u00a31,000 million Revolving Credit Facility as set out in note 33.3. As detailed in note 23.3, some suppliers have access to supply chain finance facilities, which allows these suppliers to benefit from the Group\u2019s credit profile. The total size of the facility is \u00a31,135 million (2024: \u00a31,053 million) across a number of banks and platforms with an amount utilised of \u00a3693 million (2024: \u00a3547 million). The level of utilisation is dependent on the individual supplier requirements and varies significantly over time. Maturities below are based on the contractual undiscounted cash flows or an estimate of cash flows in respect of floating interest rate liabilities. Maturity of financial liabilities \u2013 undiscounted
2025
Less than One to Two to More than
one year two years five years
five years
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Non-derivative financial liabilities
a)
Secured loan: Loan due 2031
b)
(87)
(91)
(292)
(65)
(535)
Bank overdraft
(1)
\u2014
\u2014
\u2014
(1)
Trade and other payables
(4,937)
(6)
(2)
\u2014
(4,945)
Liabilities of the disposal group
g)
(3,158)
(47)
(66)
\u2014
(3,271)
Amounts due to Financial Services customers and banks
c)
(1,994)
(5)
(9)
\u2014
(2,008)
Tier 2 subordinated debt
(13)
(13)
(133)
\u2014
(159)
Unsecured bond
(29)
(30)
(89)
(641)
(789)
Derivative contracts \u2013 net settled
Commodity contracts
\u2014
\u2014
\u2014
\u2014
\u2014
Interest rate swaps in hedging relationships
b), d)
\u2014
\u2014
\u2014
\u2014
\u2014
Other interest rate swaps \u2013 Sainsbury\u2019s Bank
f)
(1)
(2)
(4)
\u2014
(7)
Derivative contracts \u2013 gross settled
Foreign exchange forwards \u2013 outflow
e)
(1,045)
(174)
\u2014
\u2014
(1,219)
Foreign exchange forwards \u2013 inflow
e)
1,041
174
\u2014
\u2014
1,215
Commodity contracts \u2013 outflow
(23)
(19)
(45)
(132)
(219)
Commodity contracts \u2013 inflow
33
27
55
138
253
2024
Less than One to Two to More than
one year two years five years
five years
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Non-derivative financial liabilities
a)
Secured loans: Loan due 2031
b)
(84)
(88)
(293)
(178)
(643)
Trade and other payables
(4,758)
(5)
(5)
\u2014
(4,768)
Amounts due to Financial Services customers and banks
c)
(5,798)
(138)
(100)
\u2014
(6,036)
Tier 2 subordinated debt
(12)
(12)
(152)
\u2014
(176)
Term loan
(37)
(35)
(581)
\u2014
(653)
Derivative contracts \u2013 net settled
Commodity contracts
1
\u2014
\u2014
\u2014
1
Interest rate swaps in hedging relationships
b), d)
\u2014
\u2014
(7)
(49)
(56)
Derivative contracts \u2013 gross settled
Foreign exchange forwards \u2013 outflow
e)
(1,194)
(190)
\u2014
\u2014
(1,384)
Foreign exchange forwards \u2013 inflow
e)
1,168
188
\u2014
\u2014
1,356
Commodity contracts \u2013 outflow
(26)
(22)
(53)
(138)
(239)
Commodity contracts \u2013 inflow
27
26
64
129
246
a) Maturity of non-derivative financial liabilities in respect of lease liabilities is set out in note 15.1. b) Cash flows relating to debt and swaps linked to inflation rates have been calculated using an RPI of 4.9 per cent for the year ended 1 March 2025, 3.6 per cent for the year ending 1 March 2026 and 3.6 per cent for future years (2024: RPI of 5.0 per cent for the year ended 2 March 2024, 4.9 per cent for the year ending 1 March 2025 and 3.9 per cent for future years). c) Cash flows relating to amounts due to Sainsbury\u2019s Bank customers and banks are calculated using contractual terms and interest rates for fixed rate instruments. Where balances are contractually repayable on demand, behavioural assumptions are applied to estimate the interest payable on those balances. These are shown as due within one year. For the year ended 1 March 2025, retail deposits have been classified as held for sale. Amounts reported comprise deposits obtained via deposit aggregators where the ultimate depositors are retail customers. d) The swap rate that matches the remaining term of the interest rate swap as at the period end date has been used to calculate the floating rate cash flows over the life of the interest rate swaps shown above. e) Cash flows in foreign currencies have been translated using year-end spot rates. f) Under IAS 39 rules for macro portfolio hedging, some of the Bank\u2019s hedging derivatives do not qualify, or prove too onerous, to be designated into an effective hedged relationship. In those instances, the interest rate swaps are viewed as trading derivatives under IFRS 9 with any movements in fair value recognised in the income statement, without offset. g) Liabilities of the disposal group comprise retail deposit portfolios previously classified within amounts due to Financial Services customers and banks. Following the agreement to sell related liabilities to NatWest, as outlined further in note 11, financial liabilities have been reclassified as held for sale. ", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:213800VGZAAJIKJ9Y484", "period": "2024-03-03T00:00:00/2025-03-02T00:00:00" } }, "fact-583": { "value": "Maturity of financial liabilities \u2013 undiscounted
2025
Less than One to Two to More than
one year two years five years
five years
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Non-derivative financial liabilities
a)
Secured loan: Loan due 2031
b)
(87)
(91)
(292)
(65)
(535)
Bank overdraft
(1)
\u2014
\u2014
\u2014
(1)
Trade and other payables
(4,937)
(6)
(2)
\u2014
(4,945)
Liabilities of the disposal group
g)
(3,158)
(47)
(66)
\u2014
(3,271)
Amounts due to Financial Services customers and banks
c)
(1,994)
(5)
(9)
\u2014
(2,008)
Tier 2 subordinated debt
(13)
(13)
(133)
\u2014
(159)
Unsecured bond
(29)
(30)
(89)
(641)
(789)
Derivative contracts \u2013 net settled
Commodity contracts
\u2014
\u2014
\u2014
\u2014
\u2014
Interest rate swaps in hedging relationships
b), d)
\u2014
\u2014
\u2014
\u2014
\u2014
Other interest rate swaps \u2013 Sainsbury\u2019s Bank
f)
(1)
(2)
(4)
\u2014
(7)
Derivative contracts \u2013 gross settled
Foreign exchange forwards \u2013 outflow
e)
(1,045)
(174)
\u2014
\u2014
(1,219)
Foreign exchange forwards \u2013 inflow
e)
1,041
174
\u2014
\u2014
1,215
Commodity contracts \u2013 outflow
(23)
(19)
(45)
(132)
(219)
Commodity contracts \u2013 inflow
33
27
55
138
253
2024
Less than One to Two to More than
one year two years five years
five years
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Non-derivative financial liabilities
a)
Secured loans: Loan due 2031
b)
(84)
(88)
(293)
(178)
(643)
Trade and other payables
(4,758)
(5)
(5)
\u2014
(4,768)
Amounts due to Financial Services customers and banks
c)
(5,798)
(138)
(100)
\u2014
(6,036)
Tier 2 subordinated debt
(12)
(12)
(152)
\u2014
(176)
Term loan
(37)
(35)
(581)
\u2014
(653)
Derivative contracts \u2013 net settled
Commodity contracts
1
\u2014
\u2014
\u2014
1
Interest rate swaps in hedging relationships
b), d)
\u2014
\u2014
(7)
(49)
(56)
Derivative contracts \u2013 gross settled
Foreign exchange forwards \u2013 outflow
e)
(1,194)
(190)
\u2014
\u2014
(1,384)
Foreign exchange forwards \u2013 inflow
e)
1,168
188
\u2014
\u2014
1,356
Commodity contracts \u2013 outflow
(26)
(22)
(53)
(138)
(239)
Commodity contracts \u2013 inflow
27
26
64
129
246
a) Maturity of non-derivative financial liabilities in respect of lease liabilities is set out in note 15.1. b) Cash flows relating to debt and swaps linked to inflation rates have been calculated using an RPI of 4.9 per cent for the year ended 1 March 2025, 3.6 per cent for the year ending 1 March 2026 and 3.6 per cent for future years (2024: RPI of 5.0 per cent for the year ended 2 March 2024, 4.9 per cent for the year ending 1 March 2025 and 3.9 per cent for future years). c) Cash flows relating to amounts due to Sainsbury\u2019s Bank customers and banks are calculated using contractual terms and interest rates for fixed rate instruments. Where balances are contractually repayable on demand, behavioural assumptions are applied to estimate the interest payable on those balances. These are shown as due within one year. For the year ended 1 March 2025, retail deposits have been classified as held for sale. Amounts reported comprise deposits obtained via deposit aggregators where the ultimate depositors are retail customers. d) The swap rate that matches the remaining term of the interest rate swap as at the period end date has been used to calculate the floating rate cash flows over the life of the interest rate swaps shown above. e) Cash flows in foreign currencies have been translated using year-end spot rates. f) Under IAS 39 rules for macro portfolio hedging, some of the Bank\u2019s hedging derivatives do not qualify, or prove too onerous, to be designated into an effective hedged relationship. In those instances, the interest rate swaps are viewed as trading derivatives under IFRS 9 with any movements in fair value recognised in the income statement, without offset. g) Liabilities of the disposal group comprise retail deposit portfolios previously classified within amounts due to Financial Services customers and banks. Following the agreement to sell related liabilities to NatWest, as outlined further in note 11, financial liabilities have been reclassified as held for sale. ", "dimensions": { "concept": "ifrs-full:MaturityAnalysisForDerivativeFinancialLiabilities", "language": "en", "entity": "scheme:213800VGZAAJIKJ9Y484", "period": "2024-03-03T00:00:00/2025-03-02T00:00:00" } }, "fact-562": { "value": "Maturity of financial liabilities \u2013 undiscounted
2025
Less than One to Two to More than
one year two years five years
five years
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Non-derivative financial liabilities
a)
Secured loan: Loan due 2031
b)
(87)
(91)
(292)
(65)
(535)
Bank overdraft
(1)
\u2014
\u2014
\u2014
(1)
Trade and other payables
(4,937)
(6)
(2)
\u2014
(4,945)
Liabilities of the disposal group
g)
(3,158)
(47)
(66)
\u2014
(3,271)
Amounts due to Financial Services customers and banks
c)
(1,994)
(5)
(9)
\u2014
(2,008)
Tier 2 subordinated debt
(13)
(13)
(133)
\u2014
(159)
Unsecured bond
(29)
(30)
(89)
(641)
(789)
Derivative contracts \u2013 net settled
Commodity contracts
\u2014
\u2014
\u2014
\u2014
\u2014
Interest rate swaps in hedging relationships
b), d)
\u2014
\u2014
\u2014
\u2014
\u2014
Other interest rate swaps \u2013 Sainsbury\u2019s Bank
f)
(1)
(2)
(4)
\u2014
(7)
Derivative contracts \u2013 gross settled
Foreign exchange forwards \u2013 outflow
e)
(1,045)
(174)
\u2014
\u2014
(1,219)
Foreign exchange forwards \u2013 inflow
e)
1,041
174
\u2014
\u2014
1,215
Commodity contracts \u2013 outflow
(23)
(19)
(45)
(132)
(219)
Commodity contracts \u2013 inflow
33
27
55
138
253
2024
Less than One to Two to More than
one year two years five years
five years
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Non-derivative financial liabilities
a)
Secured loans: Loan due 2031
b)
(84)
(88)
(293)
(178)
(643)
Trade and other payables
(4,758)
(5)
(5)
\u2014
(4,768)
Amounts due to Financial Services customers and banks
c)
(5,798)
(138)
(100)
\u2014
(6,036)
Tier 2 subordinated debt
(12)
(12)
(152)
\u2014
(176)
Term loan
(37)
(35)
(581)
\u2014
(653)
Derivative contracts \u2013 net settled
Commodity contracts
1
\u2014
\u2014
\u2014
1
Interest rate swaps in hedging relationships
b), d)
\u2014
\u2014
(7)
(49)
(56)
Derivative contracts \u2013 gross settled
Foreign exchange forwards \u2013 outflow
e)
(1,194)
(190)
\u2014
\u2014
(1,384)
Foreign exchange forwards \u2013 inflow
e)
1,168
188
\u2014
\u2014
1,356
Commodity contracts \u2013 outflow
(26)
(22)
(53)
(138)
(239)
Commodity contracts \u2013 inflow
27
26
64
129
246
a) Maturity of non-derivative financial liabilities in respect of lease liabilities is set out in note 15.1. b) Cash flows relating to debt and swaps linked to inflation rates have been calculated using an RPI of 4.9 per cent for the year ended 1 March 2025, 3.6 per cent for the year ending 1 March 2026 and 3.6 per cent for future years (2024: RPI of 5.0 per cent for the year ended 2 March 2024, 4.9 per cent for the year ending 1 March 2025 and 3.9 per cent for future years). c) Cash flows relating to amounts due to Sainsbury\u2019s Bank customers and banks are calculated using contractual terms and interest rates for fixed rate instruments. Where balances are contractually repayable on demand, behavioural assumptions are applied to estimate the interest payable on those balances. These are shown as due within one year. For the year ended 1 March 2025, retail deposits have been classified as held for sale. Amounts reported comprise deposits obtained via deposit aggregators where the ultimate depositors are retail customers. d) The swap rate that matches the remaining term of the interest rate swap as at the period end date has been used to calculate the floating rate cash flows over the life of the interest rate swaps shown above. e) Cash flows in foreign currencies have been translated using year-end spot rates. f) Under IAS 39 rules for macro portfolio hedging, some of the Bank\u2019s hedging derivatives do not qualify, or prove too onerous, to be designated into an effective hedged relationship. In those instances, the interest rate swaps are viewed as trading derivatives under IFRS 9 with any movements in fair value recognised in the income statement, without offset. g) Liabilities of the disposal group comprise retail deposit portfolios previously classified within amounts due to Financial Services customers and banks. Following the agreement to sell related liabilities to NatWest, as outlined further in note 11, financial liabilities have been reclassified as held for sale. ", "dimensions": { "concept": "ifrs-full:MaturityAnalysisForNonderivativeFinancialLiabilities", "language": "en", "entity": "scheme:213800VGZAAJIKJ9Y484", "period": "2024-03-03T00:00:00/2025-03-02T00:00:00" } }, "fact-533": { "value": "28.2 Credit risk a) Retail credit risk management Counterparty credit risk is the risk of a financial loss arising from counterparty default or non-performance in respect of the Group\u2019s holdings of cash and cash equivalents, derivative financial assets, deposits with banks, investments in marketable securities, trade and other receivables and loans and advances to customers. b) Financial Services retail credit risk management Within Financial Services, retail credit risk is the possibility of losses arising from a retail customer failing to meet their agreed repayment terms as they fall due. The Financial Services division utilises automated scorecards to assess the creditworthiness and affordability criteria of new applicants and ongoing behavioural characteristics of existing customers. The outcome from all scorecard models is monitored utilising a set of credit quality metrics to ensure actual performance is in line with agreed expectations. Additional expert underwriting of credit applications is undertaken by a specialist operational team where further consideration is appropriate. The Retail Credit Risk Committee of Sainsbury\u2019s Bank provides portfolio oversight control over credit strategy to maintain lending in line with the Bank Board\u2019s approved risk appetite, with additional oversight and control provided by the Bank\u2019s Executive and Board Risk Committees. Internal Audit provide additional assurance by undertaking regular reviews on the adequacy of credit risk policies and procedures. c) Wholesale and derivative credit risk management The Group (excluding Financial Services) sets counterparty limits for each of its banking and investment counterparties based on their credit ratings and credit default swap pricing. The minimum long-term credit rating accepted by the Group is BBB- (Standard & Poor\u2019s and Fitch) or Baa3 (Moody\u2019s) or, in the case of pound sterling liquidity funds, AAA or Aaa/MR1+ from Moody\u2019s. In the event of a split credit rating, the lower rating applies. Analysis of Group (including Financial Services) credit exposure 2025 2024
Counterparty
Long-term rating
\u00a3m
\u00a3m
Cash and cash equivalents
Financial institutions \u2013 Money market funds
a)
AAA/Aa3
1,154
263
Financial institutions \u2013 Money market deposits
AA+/Aa1 to A/A2
141
232
Deposits at central banks
AA+/Aa3
1,043
886
Derivative financial assets
Interest rate swaps
AA+/Aa1 to A/A2
5
62
Foreign exchange forward contracts
AA+/Aa1 to A/A2
13
4
Commodity forward contracts
AA+/Aa1 to A/A2
3
1
a) Excludes bank balances, store cash, cash in transit and cash at ATMs. The Bank\u2019s treasury portfolio is held primarily for liquidity management purposes and in the case of derivatives, for the purpose of managing market risk. Limits are established for all counterparty and asset class exposures based on their respective credit quality and market liquidity. Consideration is also given to geographical region and the strength of relevant sovereign credit ratings. Derivatives are subject to the same credit risk control procedures as are applied to other wholesale market instruments and the credit risk arising from mark to market derivative valuations is mitigated by daily margin calls, posting cash collateral to cover exposures. d) Maximum exposure to credit risk
2025
2024
Credit exposure
\u00a3m
\u00a3m
On balance sheet items
Loans and advances to customers and other banks
\u2014
4,517
Assets of the disposal group
2,512
\u2014
Cash and balances with central banks
2,777
1,987
Derivative financial instruments (excludes level 3 instruments)
21
67
Investment securities
1,381
761
Other assets
377
444
Off balance sheet items
Loan commitments
\u2014
6
7,068
7,782
The exposures are shown gross, before the effect of mitigation through the use of collateral agreements. Assets of the disposal group comprise Sainsbury\u2019s Bank plc\u2019s personal loans and credit card portfolios, AFS monthly payment plan portfolio and a small residual AFS card portfolio which fell out of perimeter of the sale to NewDay Group. These assets were classified as loans and advances to customers in the prior year. As described in note 11 and 22, in June 2024 the Group announced the sale of its Core Banking Business and subsequently classified the assets as held for sale. Sainsbury\u2019s Bank has no off-balance sheet commitments to extend credit to customers (2024: \u00a36 million). These commitments do not include undrawn limits on credit cards of \u00a34,089 million (2024: \u00a35,072 million) and AFS cards of \u00a3nil (2024: \u00a32,619 million). These are not considered contractual commitments but, in practice Financial Services does not expect to withdraw these credit limits from customers. For the comparative period, loans and advances to customers and other banks include AFS cards which have been disposed of during the period. e) Impairment of financial assets IFRS 9 requires the Company to record an allowance for ECL for all loans and other debt financial assets not held at fair value through the profit and loss (FVPL). The ECL 3 stage model is applied as follows: \u2022 Stage 1 \u2013 Impairment allowance is calculated on financial assets that have not significantly increased in credit risk since origination, nor are credit impaired, using the probability that a borrower will default within 12 months from the balance sheet date. Interest income is recognised on the gross carrying value of the financial asset \u2022 Stage 2 \u2013 Where a financial asset exhibits a significant increase in credit risk (SICR) but is not yet considered to be credit impaired, the probability of default considered in the impairment allowance is based upon the lifetime probability of the borrower defaulting. Interest income continues to be recognised on the gross carrying value of the financial asset \u2022 Stage 3 \u2013 Assets considered to be credit impaired resulting from one or more events that have occurred that has resulted in a detrimental impact on the estimated future cash flows of the asset. Stage 3 assets will continue to recognise lifetime expected impairment losses (with a 100% probability of default) and interest income will be recognised on the net carrying amount (i.e. gross amount less impairment) Significant increases in credit risk The Group determines whether there has been a significant increase in credit risk by reference to quantitative thresholds, qualitative indicators and the backstop presumption that credit risk has significantly increased if contractual payments are more than 30 days past due. Quantitative thresholds have been determined that when the lifetime PD of an instrument as at the reporting date has increased to greater than a specified multiple of the origination lifetime PD, a significant increase in credit risk is deemed to have occurred. Qualitative tests are based around the Group\u2019s credit origination policy rules for Financial Services customers. These rules are in place at account origination in order to decline accounts that may demonstrate risk factors outside of risk appetite that are not yet reflected in PD measures. At the reporting date, if an account satisfies any policy decline rules that it had not at the point of origination, it will be considered to have significantly increased in credit risk. There is no probationary period applied in respect of accounts that cure from stage 2 to stage 1. Transfer criteria have been subject to extensive analysis to ensure that they appropriately reflect the flow of accounts from origination to default so as to maximise the number of accounts that flow through the stages and minimise accounts that jump from stage 1 to stage 3, or that fail to enter stage 3 from stage 2. The Group has applied the low credit risk exemption in respect of its high quality treasury portfolio held for liquidity purposes. This exemption permits low credit risk debt securities (i.e. those considered investment grade) to remain in stage 1 without an assessment of significant increase in credit risk. Definition of default The Group\u2019s definition of default is used in determining those accounts classified as stage 3 (i.e. credit impaired). The Group has chosen not to rebut the backstop presumption prescribed by IFRS 9 that where an account is 90 days or more past its due date then default has occurred. The Group has also defined a number of unlikely-to-pay criteria that result in an account being deemed to have defaulted. These include: \u2022 Where operational collections activities have been exhausted on accounts that are less than 90 days past due and the account is subject to recoveries processes \u2022 If any forbearance has been granted on the account (see forbearance definition below) \u2022 Where the customer is subject to insolvency proceedings \u2022 Where the customer is deceased Where an account no longer meets any of the default criteria, such as by bringing payments back up to date, the Group will continue to consider the account as being in default for the probation period (24 months for Loans and Cards, and 12 months for AFS cards) from the date when it last met the definition of default. Write-off Loans and advances to customers are written off (either partially or in full) when there is no realistic prospect of recovery. This is generally the case when the Group determines that the borrower does not have assets or sources of income that could generate sufficient cash flows to repay the amounts subject to write-off. Subsequent recoveries of amounts previously written off result in impairment gains recorded in the income statement. Modified financial assets When the contractual cash flows of a financial asset have been renegotiated or modified and the financial asset was not derecognised, its gross carrying amount is recalculated as the present value of the modified contractual cash flows, discounted at the original effective interest rate with a gain or loss recognised in the income statement. Loans and advances to customers per ECL stage
2025
2024
Stage 1
Stage 2
Stage 3
Total
Stage 1
Stage 2
Stage 3
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Unsecured lending
3
\u2014
27
30
4,154
398
207
4,759
Allowance for expected credit losses
Expected credit loss on gross balance
\u2014
\u2014
(22)
(22)
(46)
(50)
(139)
(235)
Undrawn commitments impairment
\u2014
\u2014
\u2014
\u2014
(10)
(4)
(1)
(15)
\u2014
\u2014
(22)
(22)
(56)
(54)
(140)
(250)
Coverage
0.0%
0.0%
81.5%
73.3%
1.3%
13.6%
67.6%
5.3%
Unsecured lending represents Sainsbury\u2019s Bank credit cards and personal loan lending in addition to AFS cards and monthly payment plan. The Group has no secured lending (2024: no secured lending). Loans and advances to customers per ECL stage \u2013 split by exposure and ECL movement
2025
2024
Stage 1
Stage 2
Stage 3
Total
Stage 1
Stage 2
Stage 3
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Gross exposure
Provided
\u2014
\u2014
27
27
\u2014
\u2014
207
207
Past due but not impaired
\u2014
\u2014
\u2014
\u2014
8
47
\u2014
55
Neither past due nor impaired
3
\u2014
\u2014
3
4,146
351
\u2014
4,497
3
\u2014
27
30
4,154
398
207
4,759
Allowance for expected credit loss
Opening loss allowance
(56)
(54)
(140)
(250)
(57)
(58)
(144)
(259)
Transfers between stages
(16)
23
(7)
\u2014
(12)
24
(12)
\u2014
Additional allowance less
amounts recovered
3
1
7
11
(4)
1
(2)
(5)
Write-offs
1
5
30
36
1
6
69
76
Changes in credit risk during the year
20
(16)
(38)
(34)
16
(27)
(51)
(62)
Remeasurement on move to FVPL
25
21
108
154
\u2014
\u2014
\u2014
\u2014
Derecognition on sale
23
20
18
61
\u2014
\u2014
\u2014
\u2014
Closing loss allowance before undrawn
commitments impairment
\u2014
\u2014
(22)
(22)
(56)
(54)
(140)
(250)
Undrawn commitments impairment
\u2014
\u2014
\u2014
\u2014
10
4
1
15
Closing loss allowance
\u2014
\u2014
(22)
(22)
(46)
(50)
(139)
(235)
Net exposure
3
\u2014
5
8
4,108
348
68
4,524
Hedging fair value adjustment
\u2014
(7)
8
4,517
As described in note 11, the agreement to sell the personal loan and credit card portfolios within Sainsbury\u2019s Bank triggered a change in business model in accordance with IFRS 9 \u2018Financial Instruments\u2019 as the objective is to sell financial assets and no longer to hold for the collection of contractual cash flows. As a result, the portfolios have been reclassified from being measured at amortised cost to be measured at fair value through profit and loss and fall outside the scope of impairment provisioning. The previously recognised ECL against these portfolios has subsequently been released and recognised as within the loss on disposal. Amounts in the previous year also related to AFS cards disposed in the period resulting in the derecognition of related provisions. Unsecured lending and expected credit loss balances for the year ended 1 March 2025 relate to lending balances classified as held for sale in the second half of the year. As such, the underlying portfolios within the disposal group continue to be measured at amortised cost in accordance with IFRS 9 \u2018Financial Instruments\u2019 whilst the disposal group is measured at fair value in accordance with IFRS 5 \u2018Non-current assets held for sale and discontinued operations\u2019 as outlined in note 11.5 and 22. Credit quality per class of loans and advances
12-month probability of default
Probability %
High Quality
<=3.02%
Satisfactory Quality
>=3.03% \u2013 11.10%
Low Quality
>=11.11%
Credit Impaired
100%
Credit quality \u2013 unsecured lending
2025
2024
Stage 1
Stage 2
Stage 3
Total
Stage 1
Stage 2
Stage 3
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
High quality
2
\u2014
\u2014
2
3,387
81
\u2014
3,468
Satisfactory quality
1
\u2014
\u2014
1
704
186
\u2014
890
Low quality
\u2014
\u2014
\u2014
\u2014
63
131
\u2014
194
Credit impaired
\u2014
\u2014
27
27
\u2014
\u2014
207
207
Total
3
\u2014
27
30
4,154
398
207
4,759
f) Sensitivity of ECL to changes in macro-economic scenarios The ECL models utilise four scenarios including a \u2018base case\u2019 scenario considered to be the most likely outcome together with an upside, downside scenario and severe downside. The base case has been assigned a probability weighting of 40% with the upside, downside and severe downside scenarios weighted 30%, 25% and, 5% respectively (2024: base scenario 40%; upside, downside and severe downside scenarios weighted 30%, 25%, and 5% respectively). Key macro-economic assumptions (five-year forecast averages)
2025
Severe
Base
Upside
Downside
downside
%
%
%
%
Unemployment rate
4.2
3.8
5.1
6.3
Consumer price growth
2.2
1.4
3.2
4.1
GDP
1.6
2.2
0.9
0.2
Mortgage debt as a percentage of household income
90.2
87. 5
95.5
100.1
Real household disposable income
1.3
2.1
0.6
(0.2)
Probability weighting (%)
40
30
25
5
g) Management overlays and post-model adjustments (PMAs) Overlays and PMAs are adjustments to ECL at either a customer or portfolio level to account for known data or model limitations and are defined consistently with the most recent recommendations of the Taskforce on Disclosures about Expected Credit Losses (DECL). Internal governance is in place to regularly monitor and reduce reliance such overlays through model recalibration or redevelopment. Management overlays and PMAs include those arising from modelling specific economic uncertainties or operational adjustments due to model or data limitations which require a permanent remodelling solution. The effects of overlays and PMAs is not significant. h) Forbearance The Group provides support to customers who are experiencing financial difficulties. Forbearance is defined as relief granted by a lender to assist customers in financial difficulty, through arrangements which temporarily allow the customer to pay an amount other than the contractual amounts due. These temporary arrangements may be initiated by the customer or the Group where financial difficulty would prevent repayment within the original terms and conditions of the contract. The main aim of forbearance is to support customers in returning to a position where they are able to meet their contractual obligations. The Group has well defined forbearance policies and processes. A number of forbearance options are made available to customers. These include arrangements to repay arrears over a period of time by making payments above the contractual amount, that ensure the loan is repaid within the original repayment term and short-term concessions, where the borrower is allowed to make reduced repayments (or in exceptional circumstances, no repayments) on a temporary basis to assist with short-term financial hardship. Loans and advances subject to forbearance programmes
2025
2024
Forbearance
Forbearance
Proportion Proportion
Gross As proportion covered by Gross As proportion covered by
amounts of total provision amounts of total provision
\u00a3m
%
%
\u00a3m
%
%
Unsecured
50
1.9
68.5
53
1.1
6 7.2
Unsecured gross amounts subject to forbearance programmes comprise loans and advances classified as held for sale. In the current year \u00a348 million of gross amounts relate to the Core Banking portfolios measured at FVPL, as such no ECL is recognised on these balances. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:213800VGZAAJIKJ9Y484", "period": "2024-03-03T00:00:00/2025-03-02T00:00:00" } }, "fact-534": { "value": "28.3 Market risk The Group uses forward contracts to hedge foreign exchange and commodity exposures, and interest rate swap contracts to hedge interest rate exposures. The use of financial derivatives is governed by Board-approved policies which prohibit the use of derivative financial instruments for speculative purposes. a) Foreign currency risk Currency risk is the risk of increased costs arising from unexpected movements in exchange rates impacting the Group\u2019s foreign currency-denominated supply contracts. The Group\u2019s currency risk policy seeks to limit the impact of fluctuating exchange rates on the Group\u2019s income statement by requiring highly probable foreign currency cash flows to be hedged. Highly probable foreign currency cash flows, which may be either contracted or uncontracted, are hedged on a layered basis largely using foreign currency forward contracts. The Group has exposure to currency risk on balances held in foreign currency-denominated bank accounts, which may arise due to short-term timing differences on maturing hedges and underlying supplier payments. A 10 per cent movement in exchange rates against pound sterling is considered a reasonable measure of volatility. Impact of change in exchange rate (all other variables held constant)
2025
2024
Impact on Impact on Impact on cash
post tax cash flow Impact on post flow hedge
profits hedge reserve tax profits reserve
+/- 10%
+/- 10%
+/- 10%
+/- 10%
Group
\u00a3m
\u00a3m
\u00a3m
\u00a3m
USD/GBP
1/(1)
(78)/96
7/(8)
(88)/108
EUR/GBP
\u2014 / \u2014
(31)/38
2/(3)
(33)/40
Financial Services The Bank is exposed to foreign exchange risk through its holding of cash denominated in foreign currencies, primarily Euro and US Dollar, within its travel money bureaux in Sainsbury\u2019s stores and its currency dispensing ATM machines. The foreign exchange positions are hedged on a regular basis. b) Interest rate risk Interest rate risk is the risk of increased costs or lower income arising from unexpected movements in interest rates and inflation rates impacting the Group\u2019s borrowing and investment portfolios. The Group\u2019s interest rate policy seeks to limit the impact of fluctuating interest and inflation rates by maintaining a diversified mix of fixed rate, floating rate and variable capped rate liabilities. Interest on financial instruments is classified as fixed rate if interest re-sets on the borrowings are less frequent than once every 12 months. Interest on financial instruments is classified as floating rate if interest re-sets on the borrowings occur every 12 months or more frequently. Floating rate instruments are considered variable capped rate if the nominal interest rate is subject to a cap. Mix of financial assets and liabilities
2025
Variable
Fixed
Floating
capped
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Other financial assets at fair value through other comprehensive income
738
631
\u2014
1,369
Other financial assets at fair value through profit and loss
\u2014
12
\u2014
12
Assets of the disposal group
1,506
1,006
\u2014
2,512
Cash and cash equivalents
1,262
1,515
\u2014
2,777
Bank overdraft
\u2014
(1)
\u2014
(1)
Borrowings
(674)
\u2014
(447)
(1,121)
Liabilities of the disposal group
(715)
(2,393)
\u2014
(3,108)
Amounts due to Financial Services customers and banks
(1,968)
\u2014
\u2014
(1,968)
Derivative effect:
Interest rate swaps
(703)
703
\u2014
\u2014
Inflation-linked swaps
(281)
\u2014
281
\u2014
(835)
1,473
(166)
472
2024
Variable
Fixed
Floating
capped
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Interest-bearing financial assets at fair value through other comprehensive income
\u2014
761
\u2014
761
Amounts due from Financial Services customers
2,167
2,350
\u2014
4,517
Cash and cash equivalents
620
1,367
\u2014
1,987
Borrowings
(122)
(581)
(496)
(1,199)
Amounts due to Financial Services customers and banks
(1,959)
(3,762)
\u2014
(5,721)
Derivative effect:
Interest rate swaps
(1,120)
1,120
\u2014
\u2014
Inflation-linked swaps
(155)
\u2014
155
\u2014
(569)
1,255
(341)
345
Cash flow sensitivity for floating rate instruments The Group considers that a 100 basis point movement in interest rates is a reasonable measure of volatility; however, the sensitivity to such a change is not significant. Cash flow sensitivity for variable capped rate liabilities The Group holds \u00a3447 million of capped inflation-linked borrowings (2024: \u00a3496 million) of which \u00a3126 million (2024: \u00a3155 million) have been swapped into fixed rate borrowings using inflation rate swaps maturing in April 2026. The Group considers that a 100 basis point movement in the RPI rate is a reasonable measure of volatility, however, the sensitivity to such a change is not significant. Financial Services Interest Rate Risk in the Banking Book (IRRBB) arises from interest rate movements which impact the present value and timing of future cash flows resulting in changes in the underlying value of a bank\u2019s assets and liabilities and hence its economic value. Interest rates movements also affect a bank\u2019s earnings by altering interest-sensitive income and expenses, affecting its net interest income. The main types of interest rate risk faced by the Bank are: \u2022 Repricing gap risk: the risk arising from timing differences in the interest rate changes of bank assets and liabilities (for example, fixed rate personal loans and instant access savings accounts) \u2022 Yield curve risk: the risk arising from changes in the slope and shape of the yield curve \u2022 Basis risk: risk arising from imperfect correlation between different interest rate indices (for example, administered rate on savings products and treasury assets linked to SONIA) \u2022 Prepayment risk: the risk arising from the timing of customer prepayments which differ from planning and hedging assumptions \u2022 Pipeline risk: the risk of a customer drawing down, or not, a product at a rate which is unfavourable for the Bank \u2022 Credit Spread Risk: the risk of adverse effects resulting from a change in credit spreads, arising via the Bank\u2019s Treasury portfolio Interest risk exposure is actively managed within limits that are aligned with the Bank\u2019s risk appetite by using financial instruments such as interest rate swaps and by taking into account natural hedges between assets and liabilities with similar repricing characteristics. Hedging strategies are implemented and reviewed to ensure the Bank remains within its limits. c) Commodity risk Commodity risk is the risk of increased costs arising from unexpected movements in commodity prices impacting the Group\u2019s own use consumption of electricity, gas and diesel. The Group hedges own use consumption of electricity and gas with forward purchases under flexible purchasing arrangements with its suppliers as well as power purchase agreements for electricity. The Group uses a combination of purchasing agreements and financial derivatives to hedge fuel exposures on a layered basis using contracts for difference. See note 30 for derivative disclosures. ", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:213800VGZAAJIKJ9Y484", "period": "2024-03-03T00:00:00/2025-03-02T00:00:00" } }, "fact-563": { "value": "Impact of change in exchange rate (all other variables held constant)
2025
2024
Impact on Impact on Impact on cash
post tax cash flow Impact on post flow hedge
profits hedge reserve tax profits reserve
+/- 10%
+/- 10%
+/- 10%
+/- 10%
Group
\u00a3m
\u00a3m
\u00a3m
\u00a3m
USD/GBP
1/(1)
(78)/96
7/(8)
(88)/108
EUR/GBP
\u2014 / \u2014
(31)/38
2/(3)
(33)/40
", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:213800VGZAAJIKJ9Y484", "period": "2024-03-03T00:00:00/2025-03-02T00:00:00" } }, "fact-564": { "value": "Cash flow sensitivity for floating rate instruments The Group considers that a 100 basis point movement in interest rates is a reasonable measure of volatility; however, the sensitivity to such a change is not significant. Cash flow sensitivity for variable capped rate liabilities The Group holds \u00a3447 million of capped inflation-linked borrowings (2024: \u00a3496 million) of which \u00a3126 million (2024: \u00a3155 million) have been swapped into fixed rate borrowings using inflation rate swaps maturing in April 2026. The Group considers that a 100 basis point movement in the RPI rate is a reasonable measure of volatility, however, the sensitivity to such a change is not significant. ", "dimensions": { "concept": "ifrs-full:SensitivityAnalysisForEachTypeOfMarketRisk", "language": "en", "entity": "scheme:213800VGZAAJIKJ9Y484", "period": "2024-03-03T00:00:00/2025-03-02T00:00:00" } }, "fact-535": { "value": "28.4 Capital risk management The Group defines capital as total equity plus net debt. The Board\u2019s capital objective is to maintain a strong and efficient capital base to support the Group\u2019s strategic objectives, provide optimal returns for shareholders and safeguard the Group\u2019s status as a going concern. There has been no change to capital risk management policies during the year. The Board monitors a broad range of financial metrics including return on capital employed, balance sheet gearing and fixed charge cover. The Board can manage the Group\u2019s capital structure by diversifying the debt portfolio, adjusting the size and timing of dividends paid to shareholders, recycling capital through sale and leaseback transactions, issuing new shares or repurchasing shares in the open market and flexing capital expenditure. From time to time, the ESOT may purchase shares in the Company from the open market for the purpose of satisfying awards under the Group\u2019s employee share plans. The Revolving Credit Facility and Term Loan have a single repeating financial covenant. Part of the Group\u2019s capital risk management is to ensure compliance with both the financial and general covenants included within the Group\u2019s borrowing facilities. Examples of general covenants include restrictions on the permitted value of asset disposals and incremental indebtedness. In addition to there being no breaches in the year of financial and general covenants, there is healthy headroom within all covenants as at 1 March 2025. a) Financial Services capital resources (unaudited) Regulatory capital is calculated under the Capital Requirements Regulations and Capital Requirements Directive (collectively known as CRD IV). The Bank has obtained an individual consolidation waiver from the PRA, which allows the Bank to monitor its capital position on a consolidated basis only. As a result, the capital position set out below is on a regulatory consolidated basis. Regulatory capital resources under CRD IV
2025
2024
Transitional
Full impact
Transitional
Full impact
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Common Equity Tier 1 (CET 1) capital:
Ordinary share capital
701
701
701
701
Allowable reserves
(51)
(51)
48
48
Regulatory adjustments
(9)
(9)
\u2014
(1)
Tier 1 capital
641
641
749
748
Tier 2 capital (loan notes \u2013 listed)
64
64
100
100
Total capital
705
705
849
848
b) Leverage ratio (unaudited) The leverage ratio is defined as the ratio of Tier 1 capital to adjusted assets, which is measured below on a regulatory consolidated basis. The denominator represents the total non-risk weighted assets of the regulatory group (Bank and Home Retail Group Card Services Limited) adjusted for certain off balance sheet exposures assets and regulatory deductions and provides a non-risk-weighted \u2018backstop\u2019 capital measure. The leverage ratio is calculated below on the UK basis which allows central bank assets to be excluded from the leverage exposures. The Bank\u2019s leverage ratio of 11.5% exceeds the minimum Basel leverage ratio of 3.0%.
2024
2025 (restated*)
Transitional
Full impact
Transitional
Full impact
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Components of the leverage ratio
Total assets as per published financial statements (Sainsbury\u2019s Bank plc)
6,400
6,400
6,746
6,746
Movement on consolidation of the subsidiary undertaking
(209)
(209)
64
64
Exposure value for derivatives and securities financing transactions
7
7
30
30
Off balance sheet exposures: unconditionally cancellable (10%)
411
411
769
769
Off balance sheet: other (100%)
\u2014
\u2014
1
1
Other adjustments
(13)
(13)
(77)
(78)
Central Bank claims
(1,043)
(1,043)
(886)
(886)
5,553
5,553
6,647
6,646
Tier 1 capital
641
641
749
748
Leverage ratio
11.5%
11.5%
11.3%
11.3%
* The prior year has been re-presented on the basis of Sainsbury\u2019s Bank plc producing solo financial statements in the current year. The movement on consolidation of subsidiary undertakings represents the consolidation of Home Retail Group Cards Services Limited into the regulatory consolidated group. ", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:213800VGZAAJIKJ9Y484", "period": "2024-03-03T00:00:00/2025-03-02T00:00:00" } }, "fact-595": { "value": "c) Offsetting financial instruments Financial assets and liabilities are offset, and the net amount reported in the balance sheet when there is a legally enforceable right to offset the recognised amounts and there is an intention to settle on a net basis or realise the asset and settle the liability simultaneously. The legally enforceable right must not be contingent on future events and must be enforceable in the normal course of business and in the event of default, insolvency or bankruptcy of the Company or the counterparty. The following table sets out the Group\u2019s financial assets and financial liabilities that are subject to counterparty offsetting or a master netting agreement. The master netting agreements regulate settlement amounts in the event a party defaults on their obligations. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForOffsettingOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800VGZAAJIKJ9Y484", "period": "2024-03-03T00:00:00/2025-03-02T00:00:00" } }, "fact-594": { "value": "c) Offsetting financial instruments Financial assets and liabilities are offset, and the net amount reported in the balance sheet when there is a legally enforceable right to offset the recognised amounts and there is an intention to settle on a net basis or realise the asset and settle the liability simultaneously. The legally enforceable right must not be contingent on future events and must be enforceable in the normal course of business and in the event of default, insolvency or bankruptcy of the Company or the counterparty. The following table sets out the Group\u2019s financial assets and financial liabilities that are subject to counterparty offsetting or a master netting agreement. The master netting agreements regulate settlement amounts in the event a party defaults on their obligations. Financial assets and financial liabilities subject to counterparty offsetting or a master netting agreement
2025
Cash
Gross collateral
amounts Amounts Net amounts pledged Net
recognised offset recognised (not offset) amounts
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Assets
Derivative financial assets
50
\u2014
50
\u2014
50
Trade and other receivables
403
(26)
377
\u2014
377
Cash and cash equivalents
2,777
\u2014
2,777
\u2014
2,777
3,230
(26)
3,204
\u2014
3,204
Liabilities
Derivative financial liabilities
(26)
\u2014
(26)
18
(8)
Trade and other payables
(4,971)
26
(4,945)
\u2014
(4,945)
(4,997)
26
(4,971)
18
(4,953)
2024
Cash
Gross collateral
amounts Amounts Net amounts pledged Net
recognised offset recognised (not offset) amounts
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Assets
Derivative financial assets
76
\u2014
76
(10)
66
Trade and other receivables
470
(26)
444
\u2014
444
Cash and cash equivalents
1,987
\u2014
1,987
\u2014
1,987
2,533
(26)
2,507
(10)
2,497
Liabilities
Derivative financial liabilities
(87)
\u2014
(87)
56
(31)
Trade and other payables
(4,794)
26
(4,768)
\u2014
(4,768)
(4,881)
26
(4,855)
56
(4,799)
The Group holds certain financial derivatives which are subject to credit support agreements. Under these agreements cash collateral is posted by one party to the other party should the fair value of the financial derivative exceed a pre-agreed level. The Group held no collateral against these financial derivative assets (2024: \u00a3nil). The Financial Services segment has derivatives that are governed by the International Swaps and Derivatives Association (ISDA) and their associated credit support annex bilateral agreements where if the fair value exceeds a pre-agreed level, cash collateral is posted. Collateral of \u00a318 million has been pledged/provided (2024: \u00a356 million) against the derivatives and collateral has been received of \u00a3nil (2024: \u00a310 million). The Group also operates a cash pooling arrangement and collective net overdraft facility with its main clearing bank. The Group had a net overdraft of \u00a31 million (2024: \u00a3nil) under this facility.
2025
2024
Asset
Liability
Asset
Liability
Fair value
Notional
Fair value
Notional
Fair value
Notional
Fair value
Notional
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Fair value hedges
Interest rate swaps
1
120
\u2014
\u2014
62
1,249
(56)
1,063
Cash flow hedges
Inflation rate swaps
\u2014
\u2014
\u2014
281
\u2014
\u2014
\u2014
155
Interest rate swaps
\u2014
\u2014
\u2014
\u2014
\u2014
150
\u2014
\u2014
Foreign exchange forward contracts
13
590
(13)
616
4
296
(30)
1,062
Commodity contracts
3
26
(5)
45
1
22
(1)
24
Power Purchase contracts
20
14
\u2014
\u2014
3
14
\u2014
\u2014
Derivatives not in a formal
hedging relationship
Interest rate swaps
4
510
(8)
780
\u2014
\u2014
\u2014
\u2014
Cross-currency swaps
\u2014
14
\u2014
6
\u2014
23
\u2014
20
Foreign exchange forward contracts
\u2014
\u2014
\u2014
2
\u2014
\u2014
\u2014
2
Power Purchase contracts
9
11
\u2014
\u2014
6
11
\u2014
\u2014
Total
50
1,285
(26)
1,730
76
1,765
(87)
2,326
", "dimensions": { "concept": "ifrs-full:DisclosureOfReconciliationOfFinancialLiabilitiesSubjectToOffsettingEnforceableMasterNettingArrangementsOrSimilarAgreementsToIndividualLineItemsInStatementOfFinancialPositionExplanatory", "language": "en", "entity": "scheme:213800VGZAAJIKJ9Y484", "period": "2024-03-03T00:00:00/2025-03-02T00:00:00" } }, "fact-589": { "value": "c) Offsetting financial instruments Financial assets and liabilities are offset, and the net amount reported in the balance sheet when there is a legally enforceable right to offset the recognised amounts and there is an intention to settle on a net basis or realise the asset and settle the liability simultaneously. The legally enforceable right must not be contingent on future events and must be enforceable in the normal course of business and in the event of default, insolvency or bankruptcy of the Company or the counterparty. The following table sets out the Group\u2019s financial assets and financial liabilities that are subject to counterparty offsetting or a master netting agreement. The master netting agreements regulate settlement amounts in the event a party defaults on their obligations. Financial assets and financial liabilities subject to counterparty offsetting or a master netting agreement
2025
Cash
Gross collateral
amounts Amounts Net amounts pledged Net
recognised offset recognised (not offset) amounts
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Assets
Derivative financial assets
50
\u2014
50
\u2014
50
Trade and other receivables
403
(26)
377
\u2014
377
Cash and cash equivalents
2,777
\u2014
2,777
\u2014
2,777
3,230
(26)
3,204
\u2014
3,204
Liabilities
Derivative financial liabilities
(26)
\u2014
(26)
18
(8)
Trade and other payables
(4,971)
26
(4,945)
\u2014
(4,945)
(4,997)
26
(4,971)
18
(4,953)
2024
Cash
Gross collateral
amounts Amounts Net amounts pledged Net
recognised offset recognised (not offset) amounts
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Assets
Derivative financial assets
76
\u2014
76
(10)
66
Trade and other receivables
470
(26)
444
\u2014
444
Cash and cash equivalents
1,987
\u2014
1,987
\u2014
1,987
2,533
(26)
2,507
(10)
2,497
Liabilities
Derivative financial liabilities
(87)
\u2014
(87)
56
(31)
Trade and other payables
(4,794)
26
(4,768)
\u2014
(4,768)
(4,881)
26
(4,855)
56
(4,799)
The Group holds certain financial derivatives which are subject to credit support agreements. Under these agreements cash collateral is posted by one party to the other party should the fair value of the financial derivative exceed a pre-agreed level. The Group held no collateral against these financial derivative assets (2024: \u00a3nil). The Financial Services segment has derivatives that are governed by the International Swaps and Derivatives Association (ISDA) and their associated credit support annex bilateral agreements where if the fair value exceeds a pre-agreed level, cash collateral is posted. Collateral of \u00a318 million has been pledged/provided (2024: \u00a356 million) against the derivatives and collateral has been received of \u00a3nil (2024: \u00a310 million). The Group also operates a cash pooling arrangement and collective net overdraft facility with its main clearing bank. The Group had a net overdraft of \u00a31 million (2024: \u00a3nil) under this facility.
2025
2024
Asset
Liability
Asset
Liability
Fair value
Notional
Fair value
Notional
Fair value
Notional
Fair value
Notional
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Fair value hedges
Interest rate swaps
1
120
\u2014
\u2014
62
1,249
(56)
1,063
Cash flow hedges
Inflation rate swaps
\u2014
\u2014
\u2014
281
\u2014
\u2014
\u2014
155
Interest rate swaps
\u2014
\u2014
\u2014
\u2014
\u2014
150
\u2014
\u2014
Foreign exchange forward contracts
13
590
(13)
616
4
296
(30)
1,062
Commodity contracts
3
26
(5)
45
1
22
(1)
24
Power Purchase contracts
20
14
\u2014
\u2014
3
14
\u2014
\u2014
Derivatives not in a formal
hedging relationship
Interest rate swaps
4
510
(8)
780
\u2014
\u2014
\u2014
\u2014
Cross-currency swaps
\u2014
14
\u2014
6
\u2014
23
\u2014
20
Foreign exchange forward contracts
\u2014
\u2014
\u2014
2
\u2014
\u2014
\u2014
2
Power Purchase contracts
9
11
\u2014
\u2014
6
11
\u2014
\u2014
Total
50
1,285
(26)
1,730
76
1,765
(87)
2,326
", "dimensions": { "concept": "ifrs-full:DisclosureOfOffsettingOfFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800VGZAAJIKJ9Y484", "period": "2024-03-03T00:00:00/2025-03-02T00:00:00" } }, "fact-584": { "value": "c) Offsetting financial instruments Financial assets and liabilities are offset, and the net amount reported in the balance sheet when there is a legally enforceable right to offset the recognised amounts and there is an intention to settle on a net basis or realise the asset and settle the liability simultaneously. The legally enforceable right must not be contingent on future events and must be enforceable in the normal course of business and in the event of default, insolvency or bankruptcy of the Company or the counterparty. The following table sets out the Group\u2019s financial assets and financial liabilities that are subject to counterparty offsetting or a master netting agreement. The master netting agreements regulate settlement amounts in the event a party defaults on their obligations. Financial assets and financial liabilities subject to counterparty offsetting or a master netting agreement
2025
Cash
Gross collateral
amounts Amounts Net amounts pledged Net
recognised offset recognised (not offset) amounts
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Assets
Derivative financial assets
50
\u2014
50
\u2014
50
Trade and other receivables
403
(26)
377
\u2014
377
Cash and cash equivalents
2,777
\u2014
2,777
\u2014
2,777
3,230
(26)
3,204
\u2014
3,204
Liabilities
Derivative financial liabilities
(26)
\u2014
(26)
18
(8)
Trade and other payables
(4,971)
26
(4,945)
\u2014
(4,945)
(4,997)
26
(4,971)
18
(4,953)
2024
Cash
Gross collateral
amounts Amounts Net amounts pledged Net
recognised offset recognised (not offset) amounts
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Assets
Derivative financial assets
76
\u2014
76
(10)
66
Trade and other receivables
470
(26)
444
\u2014
444
Cash and cash equivalents
1,987
\u2014
1,987
\u2014
1,987
2,533
(26)
2,507
(10)
2,497
Liabilities
Derivative financial liabilities
(87)
\u2014
(87)
56
(31)
Trade and other payables
(4,794)
26
(4,768)
\u2014
(4,768)
(4,881)
26
(4,855)
56
(4,799)
The Group holds certain financial derivatives which are subject to credit support agreements. Under these agreements cash collateral is posted by one party to the other party should the fair value of the financial derivative exceed a pre-agreed level. The Group held no collateral against these financial derivative assets (2024: \u00a3nil). The Financial Services segment has derivatives that are governed by the International Swaps and Derivatives Association (ISDA) and their associated credit support annex bilateral agreements where if the fair value exceeds a pre-agreed level, cash collateral is posted. Collateral of \u00a318 million has been pledged/provided (2024: \u00a356 million) against the derivatives and collateral has been received of \u00a3nil (2024: \u00a310 million). The Group also operates a cash pooling arrangement and collective net overdraft facility with its main clearing bank. The Group had a net overdraft of \u00a31 million (2024: \u00a3nil) under this facility.
2025
2024
Asset
Liability
Asset
Liability
Fair value
Notional
Fair value
Notional
Fair value
Notional
Fair value
Notional
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Fair value hedges
Interest rate swaps
1
120
\u2014
\u2014
62
1,249
(56)
1,063
Cash flow hedges
Inflation rate swaps
\u2014
\u2014
\u2014
281
\u2014
\u2014
\u2014
155
Interest rate swaps
\u2014
\u2014
\u2014
\u2014
\u2014
150
\u2014
\u2014
Foreign exchange forward contracts
13
590
(13)
616
4
296
(30)
1,062
Commodity contracts
3
26
(5)
45
1
22
(1)
24
Power Purchase contracts
20
14
\u2014
\u2014
3
14
\u2014
\u2014
Derivatives not in a formal
hedging relationship
Interest rate swaps
4
510
(8)
780
\u2014
\u2014
\u2014
\u2014
Cross-currency swaps
\u2014
14
\u2014
6
\u2014
23
\u2014
20
Foreign exchange forward contracts
\u2014
\u2014
\u2014
2
\u2014
\u2014
\u2014
2
Power Purchase contracts
9
11
\u2014
\u2014
6
11
\u2014
\u2014
Total
50
1,285
(26)
1,730
76
1,765
(87)
2,326
", "dimensions": { "concept": "ifrs-full:DisclosureOfReconciliationOfFinancialAssetsSubjectToOffsettingEnforceableMasterNettingArrangementsOrSimilarAgreementsToIndividualLineItemsInStatementOfFinancialPositionExplanatory", "language": "en", "entity": "scheme:213800VGZAAJIKJ9Y484", "period": "2024-03-03T00:00:00/2025-03-02T00:00:00" } }, "fact-565": { "value": "c) Offsetting financial instruments Financial assets and liabilities are offset, and the net amount reported in the balance sheet when there is a legally enforceable right to offset the recognised amounts and there is an intention to settle on a net basis or realise the asset and settle the liability simultaneously. The legally enforceable right must not be contingent on future events and must be enforceable in the normal course of business and in the event of default, insolvency or bankruptcy of the Company or the counterparty. The following table sets out the Group\u2019s financial assets and financial liabilities that are subject to counterparty offsetting or a master netting agreement. The master netting agreements regulate settlement amounts in the event a party defaults on their obligations. Financial assets and financial liabilities subject to counterparty offsetting or a master netting agreement
2025
Cash
Gross collateral
amounts Amounts Net amounts pledged Net
recognised offset recognised (not offset) amounts
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Assets
Derivative financial assets
50
\u2014
50
\u2014
50
Trade and other receivables
403
(26)
377
\u2014
377
Cash and cash equivalents
2,777
\u2014
2,777
\u2014
2,777
3,230
(26)
3,204
\u2014
3,204
Liabilities
Derivative financial liabilities
(26)
\u2014
(26)
18
(8)
Trade and other payables
(4,971)
26
(4,945)
\u2014
(4,945)
(4,997)
26
(4,971)
18
(4,953)
2024
Cash
Gross collateral
amounts Amounts Net amounts pledged Net
recognised offset recognised (not offset) amounts
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Assets
Derivative financial assets
76
\u2014
76
(10)
66
Trade and other receivables
470
(26)
444
\u2014
444
Cash and cash equivalents
1,987
\u2014
1,987
\u2014
1,987
2,533
(26)
2,507
(10)
2,497
Liabilities
Derivative financial liabilities
(87)
\u2014
(87)
56
(31)
Trade and other payables
(4,794)
26
(4,768)
\u2014
(4,768)
(4,881)
26
(4,855)
56
(4,799)
The Group holds certain financial derivatives which are subject to credit support agreements. Under these agreements cash collateral is posted by one party to the other party should the fair value of the financial derivative exceed a pre-agreed level. The Group held no collateral against these financial derivative assets (2024: \u00a3nil). The Financial Services segment has derivatives that are governed by the International Swaps and Derivatives Association (ISDA) and their associated credit support annex bilateral agreements where if the fair value exceeds a pre-agreed level, cash collateral is posted. Collateral of \u00a318 million has been pledged/provided (2024: \u00a356 million) against the derivatives and collateral has been received of \u00a3nil (2024: \u00a310 million). The Group also operates a cash pooling arrangement and collective net overdraft facility with its main clearing bank. The Group had a net overdraft of \u00a31 million (2024: \u00a3nil) under this facility.
2025
2024
Asset
Liability
Asset
Liability
Fair value
Notional
Fair value
Notional
Fair value
Notional
Fair value
Notional
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Fair value hedges
Interest rate swaps
1
120
\u2014
\u2014
62
1,249
(56)
1,063
Cash flow hedges
Inflation rate swaps
\u2014
\u2014
\u2014
281
\u2014
\u2014
\u2014
155
Interest rate swaps
\u2014
\u2014
\u2014
\u2014
\u2014
150
\u2014
\u2014
Foreign exchange forward contracts
13
590
(13)
616
4
296
(30)
1,062
Commodity contracts
3
26
(5)
45
1
22
(1)
24
Power Purchase contracts
20
14
\u2014
\u2014
3
14
\u2014
\u2014
Derivatives not in a formal
hedging relationship
Interest rate swaps
4
510
(8)
780
\u2014
\u2014
\u2014
\u2014
Cross-currency swaps
\u2014
14
\u2014
6
\u2014
23
\u2014
20
Foreign exchange forward contracts
\u2014
\u2014
\u2014
2
\u2014
\u2014
\u2014
2
Power Purchase contracts
9
11
\u2014
\u2014
6
11
\u2014
\u2014
Total
50
1,285
(26)
1,730
76
1,765
(87)
2,326
", "dimensions": { "concept": "ifrs-full:DisclosureOfOffsettingOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800VGZAAJIKJ9Y484", "period": "2024-03-03T00:00:00/2025-03-02T00:00:00" } }, "fact-536": { "value": "c) Offsetting financial instruments Financial assets and liabilities are offset, and the net amount reported in the balance sheet when there is a legally enforceable right to offset the recognised amounts and there is an intention to settle on a net basis or realise the asset and settle the liability simultaneously. The legally enforceable right must not be contingent on future events and must be enforceable in the normal course of business and in the event of default, insolvency or bankruptcy of the Company or the counterparty. The following table sets out the Group\u2019s financial assets and financial liabilities that are subject to counterparty offsetting or a master netting agreement. The master netting agreements regulate settlement amounts in the event a party defaults on their obligations. Financial assets and financial liabilities subject to counterparty offsetting or a master netting agreement
2025
Cash
Gross collateral
amounts Amounts Net amounts pledged Net
recognised offset recognised (not offset) amounts
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Assets
Derivative financial assets
50
\u2014
50
\u2014
50
Trade and other receivables
403
(26)
377
\u2014
377
Cash and cash equivalents
2,777
\u2014
2,777
\u2014
2,777
3,230
(26)
3,204
\u2014
3,204
Liabilities
Derivative financial liabilities
(26)
\u2014
(26)
18
(8)
Trade and other payables
(4,971)
26
(4,945)
\u2014
(4,945)
(4,997)
26
(4,971)
18
(4,953)
2024
Cash
Gross collateral
amounts Amounts Net amounts pledged Net
recognised offset recognised (not offset) amounts
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Assets
Derivative financial assets
76
\u2014
76
(10)
66
Trade and other receivables
470
(26)
444
\u2014
444
Cash and cash equivalents
1,987
\u2014
1,987
\u2014
1,987
2,533
(26)
2,507
(10)
2,497
Liabilities
Derivative financial liabilities
(87)
\u2014
(87)
56
(31)
Trade and other payables
(4,794)
26
(4,768)
\u2014
(4,768)
(4,881)
26
(4,855)
56
(4,799)
The Group holds certain financial derivatives which are subject to credit support agreements. Under these agreements cash collateral is posted by one party to the other party should the fair value of the financial derivative exceed a pre-agreed level. The Group held no collateral against these financial derivative assets (2024: \u00a3nil). The Financial Services segment has derivatives that are governed by the International Swaps and Derivatives Association (ISDA) and their associated credit support annex bilateral agreements where if the fair value exceeds a pre-agreed level, cash collateral is posted. Collateral of \u00a318 million has been pledged/provided (2024: \u00a356 million) against the derivatives and collateral has been received of \u00a3nil (2024: \u00a310 million). The Group also operates a cash pooling arrangement and collective net overdraft facility with its main clearing bank. The Group had a net overdraft of \u00a31 million (2024: \u00a3nil) under this facility.
2025
2024
Asset
Liability
Asset
Liability
Fair value
Notional
Fair value
Notional
Fair value
Notional
Fair value
Notional
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Fair value hedges
Interest rate swaps
1
120
\u2014
\u2014
62
1,249
(56)
1,063
Cash flow hedges
Inflation rate swaps
\u2014
\u2014
\u2014
281
\u2014
\u2014
\u2014
155
Interest rate swaps
\u2014
\u2014
\u2014
\u2014
\u2014
150
\u2014
\u2014
Foreign exchange forward contracts
13
590
(13)
616
4
296
(30)
1,062
Commodity contracts
3
26
(5)
45
1
22
(1)
24
Power Purchase contracts
20
14
\u2014
\u2014
3
14
\u2014
\u2014
Derivatives not in a formal
hedging relationship
Interest rate swaps
4
510
(8)
780
\u2014
\u2014
\u2014
\u2014
Cross-currency swaps
\u2014
14
\u2014
6
\u2014
23
\u2014
20
Foreign exchange forward contracts
\u2014
\u2014
\u2014
2
\u2014
\u2014
\u2014
2
Power Purchase contracts
9
11
\u2014
\u2014
6
11
\u2014
\u2014
Total
50
1,285
(26)
1,730
76
1,765
(87)
2,326
", "dimensions": { "concept": "ifrs-full:DisclosureOfOffsettingOfFinancialAssetsAndFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800VGZAAJIKJ9Y484", "period": "2024-03-03T00:00:00/2025-03-02T00:00:00" } }, "fact-537": { "value": "
a) Cash flow hedges
There is an economic relationship between the hedged items and the hedging instruments as the terms of the interest rate swaps, foreign exchange and
commodity forward contracts match the terms of the expected highly probable forecast transactions (i.e., notional amount and expected payment date).
The Group has established a hedge ratio of 1:1 for the hedging relationships as the underlying risk of the foreign exchange and commodity forward contracts
are identical to the hedged risk components. To test the hedge effectiveness, the Group uses the hypothetical derivative method and compares the changes
in the fair value of the hedging instruments against the changes in fair value of the hedged items attributable to the hedged risks.
Hedge ineffectiveness can arise from:
\u2022 Differences in the timing of the cash flows of the hedged items and the hedging instruments
\u2022 Different indexes (and accordingly different curves) linked to the hedged risk of the hedged items and hedging instruments
\u2022 The counterparties\u2019 credit risk differently impacting the fair value movements of the hedging instrument compared to the hedged items
\u2022 Changes to the forecasted cash flows of hedged items
The maturity profile and average price/rate of the hedging instruments used in the Group\u2019s non-dynamic hedging strategies of interest rate risk were
as follows:
Maturity profile of instruments used in non-dynamic hedging strategies of interest rate risk:
2025
2024
Average Average
Notional interest Notional interest
amount received amount received
\u00a3m
%
\u00a3m
%
Less than 1 month
\u2014
\u2014
\u2014
\u2014
1 \u2013 3 months
\u2014
\u2014
\u2014
\u2014
3 months \u2013 1 year
\u2014
\u2014
\u2014
\u2014
1 \u2013 5 years
281
4.91%
305
4.94%
More than 5 years
\u2014
\u2014
\u2014
\u2014
Impact of change in value of hedged items on cash flow hedge reserve
2025
2024
Cumulative Cumulative
impact on impact on
cash flow cash flow
Hedged Hedging hedge Hedged Hedging hedge
item instrument reserve item instrument reserve
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cash flow hedges
Foreign exchange forward contracts
(1)
1
\u2014
67
(67)
(19)
Commodity contracts
5
(5)
(2)
6
(6)
\u2014
Power Purchase Agreements
(18)
18
20
76
(76)
3
There are no amounts remaining in the hedging reserve for which hedge accounting is no longer applied.
Analysis of fair value movements in cash flow hedge reserve by risk category
2025
Movements Reallocation
recognised Amounts within
Opening in OCI reclassified reserves Closing
Reclassification recognised in \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Foreign exchange forward contracts
Inventory
(19)
1
18
\u2014
\u2014
Commodity contracts
Cost of sales
\u2014
(5)
3
\u2014
(2)
Power purchase agreements
Cost of Sales
3
18
(1)
\u2014
20
Tax
(12)
(4)
\u2014
\u2014
(16)
(28)
10
20
\u2014
2
2024
Movements Reallocation
recognised Amounts within
Opening in OCI reclassified reserves Closing
Reclassification recognised in \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Foreign exchange forward contracts
Inventory
9
(67)
32
7
(19)
Commodity contracts
Cost of sales
2
(6)
4
\u2014
\u2014
Power purchase agreements
Cost of sales
79
(76)
\u2014
\u2014
3
Tax
(22)
17
\u2014
(7)
(12)
68
(132)
36
\u2014
(28)
b) Fair value hedges Within the Financial Services business, interest rate swaps are executed to hedge interest rate risk arising from fixed rate exposures in its retail personal loan and retail mortgage books, and certain fixed rate treasury investment securities, which are predominantly funded by variable rate linked liabilities. The cash flows under the hedging instruments (interest rate swap derivatives) substantially match the cash flow profile of the hedged items, being borrowings in relation to Tier 2 capital for the year ended 1 March 2025 and also personal loans for the year ended 2 March 2024. The changes in fair value of the derivatives offset changes in the fair value of the hedged items through the income statement, with any ineffective portion also being recognised in the income statement. The main source of ineffectiveness within the micro hedge relationships relates to the floating leg valuation changes inherent within the hedging instrument that do not exist within the hedged item. Ineffectiveness on portfolio hedges can also arise as a result of mismatch in cash flow maturities between the hedged item and hedging instrument and basis risk between cash flows discounted using different benchmark rates. Following the announced exit of Core Banking activities in June 2024, interest rate swap derivatives previously classified in a hedge relationship with these portfolios were deemed ineffective with changes in fair value recognised immediately in the income statement from this date. Refer to note 30c for further details. Maturity profile of instruments used in non-dynamic hedging strategies of interest rate risk
2025
2024
Average Average
Notional fixed interest Notional fixed interest
amount rate amount rate
\u00a3m
%
\u00a3m
%
Less than 1 month
\u2014
\u2014
\u2014
\u2014
1 \u2013 3 months
\u2014
\u2014
17
0.60%
3 months \u2013 1 year
\u2014
\u2014
231
0.70%
1 \u2013 5 years
120
10.5%
956
3.90%
More than 5 years
\u2014
\u2014
1,109
2.19%
Impact of hedged items (all via interest rate swaps) on financial statements
2025
Change in
fair value used Cumulative fair value
for measuring hedge adjustments included
Carrying amount ineffectiveness in carrying amount
Assets
Liabilities
Assets
Liabilities
Line item in financial statements
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Borrowings
\u2014
(124)
(2)
\u2014
1
2024
Change in
fair value used Cumulative fair value
for measuring hedge adjustments included
Carrying amount ineffectiveness in carrying amount
Assets
Liabilities
Assets
Liabilities
Line item in financial statements
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Amounts due from Financial Services customers
2,155
\u2014
36
(7)
\u2014
Borrowings
\u2014
(122)
\u2014
\u2014
3
2,155
(122)
36
(7)
3
Impact of the hedging instruments (all via interest rate swaps) on financial statements:
2025
Carrying amount Change in
fair value
Notional for measuring
amount Asset Liability ineffectiveness
Line item in financial statements
Hedged Item
\u00a3m \u00a3m \u00a3m \u00a3m
Derivative financial liabilities
Tier 2 capital
120
1
\u2014
1
2024
Carrying amount Change in
fair value
Notional for measuring
amount Asset Liability ineffectiveness
Line item in financial statements
Hedged Item
\u00a3m \u00a3m \u00a3m \u00a3m
Derivative financial assets/liabilities
Loans
2,192
62
(56)
(41)
Derivative financial liabilities
Tier 2 capital
120
\u2014
\u2014
\u2014
2,312
62
(56)
(41)
Hedge ineffectiveness recognised in cost of sales
2025
2024
Change in value for calculating hedge ineffectiveness
\u00a3m
\u00a3m
Hedged items
(2)
36
Hedging instruments
1
(41)
(1)
(5)
c) Derivatives not in a hedge relationship
Some of the Group\u2019s derivative contracts do not qualify for hedge accounting and are therefore not designated in a hedging relationship. In addition, where
gains or losses on a derivative contract economically offset the gains or losses on an underlying transaction, the derivative is not designated as being in
a hedging relationship.
The Group has entered into several long-term fixed and CPI linked price Power Purchase agreements with independent producers and certain contracts do
apply a CPI uplift to the fixed price, as detailed in note 29, of which \u00a39 million (2024: \u00a36 million) is not within a hedging relationship with fair value gains of
\u00a32 million (2024: loss of \u00a346 million) having been recognised in the income statement for these arrangements.
As a result of the strategic change and agreement to sell Core Banking portfolios to NatWest announced June 2024, personal loan hedging derivatives
recognised within the Bank no longer qualify into an effective hedging relationship. The interest rate swaps are viewed as trading derivatives under IFRS 9:
\u2018Financial Instruments\u2019 with movements in fair value recognised immediately within in the income statement, without offset.
Maturity profile of instruments used in non-dynamic hedging strategies of interest rate risk
2025
2024
Average Average
Notional interest Notional interest
amount received amount received
\u00a3m
%
\u00a3m
%
Less than 1 month
\u2014
\u2014
\u2014
\u2014
1 \u2013 3 months
67
3.64%
\u2014
\u2014
3 months \u2013 1 year
532
3.71%
\u2014
\u2014
1 \u2013 5 years
686
4.22%
\u2014
\u2014
More than 5 years
5
3.58%
\u2014
\u2014
Impact of the interest rate risk derivatives not in hedging relationships
2025
Carrying amount
Fair value loss
Notional recognised in the
amount Asset Liability income statement
Line item in financial statements
Hedged Item
\u00a3m \u00a3m \u00a3m \u00a3m
Derivative financial assets/liabilities
Loans
1,056
4
(8)
(6)
Derivative financial liabilities
Deposits/ capital
234
\u2014
\u2014
\u2014
1,290
4
(8)
(6)
", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800VGZAAJIKJ9Y484", "period": "2024-03-03T00:00:00/2025-03-02T00:00:00" } }, "fact-566": { "value": "a) Cash flow hedges There is an economic relationship between the hedged items and the hedging instruments as the terms of the interest rate swaps, foreign exchange and commodity forward contracts match the terms of the expected highly probable forecast transactions (i.e., notional amount and expected payment date). The Group has established a hedge ratio of 1:1 for the hedging relationships as the underlying risk of the foreign exchange and commodity forward contracts are identical to the hedged risk components. To test the hedge effectiveness, the Group uses the hypothetical derivative method and compares the changes in the fair value of the hedging instruments against the changes in fair value of the hedged items attributable to the hedged risks. Hedge ineffectiveness can arise from: \u2022 Differences in the timing of the cash flows of the hedged items and the hedging instruments \u2022 Different indexes (and accordingly different curves) linked to the hedged risk of the hedged items and hedging instruments \u2022 The counterparties\u2019 credit risk differently impacting the fair value movements of the hedging instrument compared to the hedged items \u2022 Changes to the forecasted cash flows of hedged items The maturity profile and average price/rate of the hedging instruments used in the Group\u2019s non-dynamic hedging strategies of interest rate risk were as follows: Maturity profile of instruments used in non-dynamic hedging strategies of interest rate risk:
2025
2024
Average Average
Notional interest Notional interest
amount received amount received
\u00a3m
%
\u00a3m
%
Less than 1 month
\u2014
\u2014
\u2014
\u2014
1 \u2013 3 months
\u2014
\u2014
\u2014
\u2014
3 months \u2013 1 year
\u2014
\u2014
\u2014
\u2014
1 \u2013 5 years
281
4.91%
305
4.94%
More than 5 years
\u2014
\u2014
\u2014
\u2014
Impact of change in value of hedged items on cash flow hedge reserve
2025
2024
Cumulative Cumulative
impact on impact on
cash flow cash flow
Hedged Hedging hedge Hedged Hedging hedge
item instrument reserve item instrument reserve
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cash flow hedges
Foreign exchange forward contracts
(1)
1
\u2014
67
(67)
(19)
Commodity contracts
5
(5)
(2)
6
(6)
\u2014
Power Purchase Agreements
(18)
18
20
76
(76)
3
There are no amounts remaining in the hedging reserve for which hedge accounting is no longer applied. Analysis of fair value movements in cash flow hedge reserve by risk category
2025
Movements Reallocation
recognised Amounts within
Opening in OCI reclassified reserves Closing
Reclassification recognised in \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Foreign exchange forward contracts
Inventory
(19)
1
18
\u2014
\u2014
Commodity contracts
Cost of sales
\u2014
(5)
3
\u2014
(2)
Power purchase agreements
Cost of Sales
3
18
(1)
\u2014
20
Tax
(12)
(4)
\u2014
\u2014
(16)
(28)
10
20
\u2014
2
2024
Movements Reallocation
recognised Amounts within
Opening in OCI reclassified reserves Closing
Reclassification recognised in \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Foreign exchange forward contracts
Inventory
9
(67)
32
7
(19)
Commodity contracts
Cost of sales
2
(6)
4
\u2014
\u2014
Power purchase agreements
Cost of sales
79
(76)
\u2014
\u2014
3
Tax
(22)
17
\u2014
(7)
(12)
68
(132)
36
\u2014
(28)
b) Fair value hedges Within the Financial Services business, interest rate swaps are executed to hedge interest rate risk arising from fixed rate exposures in its retail personal loan and retail mortgage books, and certain fixed rate treasury investment securities, which are predominantly funded by variable rate linked liabilities. The cash flows under the hedging instruments (interest rate swap derivatives) substantially match the cash flow profile of the hedged items, being borrowings in relation to Tier 2 capital for the year ended 1 March 2025 and also personal loans for the year ended 2 March 2024. The changes in fair value of the derivatives offset changes in the fair value of the hedged items through the income statement, with any ineffective portion also being recognised in the income statement. The main source of ineffectiveness within the micro hedge relationships relates to the floating leg valuation changes inherent within the hedging instrument that do not exist within the hedged item. Ineffectiveness on portfolio hedges can also arise as a result of mismatch in cash flow maturities between the hedged item and hedging instrument and basis risk between cash flows discounted using different benchmark rates. Following the announced exit of Core Banking activities in June 2024, interest rate swap derivatives previously classified in a hedge relationship with these portfolios were deemed ineffective with changes in fair value recognised immediately in the income statement from this date. Refer to note 30c for further details. Maturity profile of instruments used in non-dynamic hedging strategies of interest rate risk
2025
2024
Average Average
Notional fixed interest Notional fixed interest
amount rate amount rate
\u00a3m
%
\u00a3m
%
Less than 1 month
\u2014
\u2014
\u2014
\u2014
1 \u2013 3 months
\u2014
\u2014
17
0.60%
3 months \u2013 1 year
\u2014
\u2014
231
0.70%
1 \u2013 5 years
120
10.5%
956
3.90%
More than 5 years
\u2014
\u2014
1,109
2.19%
Impact of hedged items (all via interest rate swaps) on financial statements
2025
Change in
fair value used Cumulative fair value
for measuring hedge adjustments included
Carrying amount ineffectiveness in carrying amount
Assets
Liabilities
Assets
Liabilities
Line item in financial statements
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Borrowings
\u2014
(124)
(2)
\u2014
1
2024
Change in
fair value used Cumulative fair value
for measuring hedge adjustments included
Carrying amount ineffectiveness in carrying amount
Assets
Liabilities
Assets
Liabilities
Line item in financial statements
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Amounts due from Financial Services customers
2,155
\u2014
36
(7)
\u2014
Borrowings
\u2014
(122)
\u2014
\u2014
3
2,155
(122)
36
(7)
3
Impact of the hedging instruments (all via interest rate swaps) on financial statements:
2025
Carrying amount Change in
fair value
Notional for measuring
amount Asset Liability ineffectiveness
Line item in financial statements
Hedged Item
\u00a3m \u00a3m \u00a3m \u00a3m
Derivative financial liabilities
Tier 2 capital
120
1
\u2014
1
2024
Carrying amount Change in
fair value
Notional for measuring
amount Asset Liability ineffectiveness
Line item in financial statements
Hedged Item
\u00a3m \u00a3m \u00a3m \u00a3m
Derivative financial assets/liabilities
Loans
2,192
62
(56)
(41)
Derivative financial liabilities
Tier 2 capital
120
\u2014
\u2014
\u2014
2,312
62
(56)
(41)
Hedge ineffectiveness recognised in cost of sales
2025
2024
Change in value for calculating hedge ineffectiveness
\u00a3m
\u00a3m
Hedged items
(2)
36
Hedging instruments
1
(41)
(1)
(5)
c) Derivatives not in a hedge relationship Some of the Group\u2019s derivative contracts do not qualify for hedge accounting and are therefore not designated in a hedging relationship. In addition, where gains or losses on a derivative contract economically offset the gains or losses on an underlying transaction, the derivative is not designated as being in a hedging relationship. The Group has entered into several long-term fixed and CPI linked price Power Purchase agreements with independent producers and certain contracts do apply a CPI uplift to the fixed price, as detailed in note 29, of which \u00a39 million (2024: \u00a36 million) is not within a hedging relationship with fair value gains of \u00a32 million (2024: loss of \u00a346 million) having been recognised in the income statement for these arrangements. As a result of the strategic change and agreement to sell Core Banking portfolios to NatWest announced June 2024, personal loan hedging derivatives recognised within the Bank no longer qualify into an effective hedging relationship. The interest rate swaps are viewed as trading derivatives under IFRS 9: \u2018Financial Instruments\u2019 with movements in fair value recognised immediately within in the income statement, without offset. Maturity profile of instruments used in non-dynamic hedging strategies of interest rate risk
2025
2024
Average Average
Notional interest Notional interest
amount received amount received
\u00a3m
%
\u00a3m
%
Less than 1 month
\u2014
\u2014
\u2014
\u2014
1 \u2013 3 months
67
3.64%
\u2014
\u2014
3 months \u2013 1 year
532
3.71%
\u2014
\u2014
1 \u2013 5 years
686
4.22%
\u2014
\u2014
More than 5 years
5
3.58%
\u2014
\u2014
Impact of the interest rate risk derivatives not in hedging relationships
2025
Carrying amount
Fair value loss
Notional recognised in the
amount Asset Liability income statement
Line item in financial statements
Hedged Item
\u00a3m \u00a3m \u00a3m \u00a3m
Derivative financial assets/liabilities
Loans
1,056
4
(8)
(6)
Derivative financial liabilities
Deposits/ capital
234
\u2014
\u2014
\u2014
1,290
4
(8)
(6)
", "dimensions": { "concept": "ifrs-full:DisclosureOfHedgeAccountingExplanatory", "language": "en", "entity": "scheme:213800VGZAAJIKJ9Y484", "period": "2024-03-03T00:00:00/2025-03-02T00:00:00" } }, "fact-481": { "value": "
31 Cash and cash equivalents
31.1 Reconciliation of operating profit to net cash generated from operations
2024
2025 (restated*)
Note
\u00a3m
\u00a3m
Operating profit
904
744
Depreciation
14, 15
1,033
988
Amortisation
16
182
172
Net impairment loss on non-financial assets
14, 15, 16
22
45
Profit on sale of non-current assets and early termination of leases
(53)
(16)
Non-underlying fair value movements
5
(2)
46
Share-based payments expense
35
75
85
Defined benefit scheme expense
34.4
8
7
Cash contributions to defined benefit scheme
34.4
(45)
(44)
Operating cash flows before changes in working capital
2,124
2,027
Changes in working capital
Decrease in inventories
\u2014
5
Increase in financial assets at fair value through other comprehensive income
(603)
(135)
Decrease in trade and other receivables
15
3
Decrease in amounts due from Financial Services customers and other deposits
\u2014
103
Increase in trade and other payables
247
163
Increase in amounts due to Financial Services customers and other deposits
\u2014
345
Decrease in provisions
(7)
(1)
Cash generated from operating activities \u2013 continuing operations
1,776
2,510
* Comparative periods have been re-presented to separately disclose discontinued operations. Refer to note 11 for further details.
31.2 Balance sheet
2025
2024
\u00a3m
\u00a3m
Cash in hand and bank balances
439
606
Money market funds
1,154
263
Money market deposits
141
232
Deposits at central banks
1,043
886
Cash and cash equivalents
2,777
1,987
Bank overdrafts
(1)
\u2014
Net cash and cash equivalents
2,776
1,987
Restricted amounts included above
Held as a reserve deposit with the Bank of England
\u2014
14
For insurance purposes
3
7
3
21
31.3 Cash flow statement
2025
\u2022 Amounts due from Financial Service customers and other banks: \u00a34,517 million balance sheet movement explained by \u00a32,512 million transferred to assets
held for sale on the balance sheet (Note 11.5) and \u00a32,005 million cash inflows presented within discontinued operations in the cash flow statement
(Note 11.6).
\u2022 Amounts due to Financial Service customers and other deposits: \u00a33,573 million balance sheet movement explained by \u00a33,109 million transferred to
liabilities held for sale on the balance sheet (Note 11.5) and \u00a3644 million cash outflows presented within discontinued operations in the cash flow
statement (Note 11.6).
\u2022 Trade and other receivables: \u00a376 million balance sheet movement mainly explained by cash inflows presented within discontinued operations in the cash
flow statement (Note 11.6).
\u2022 Provisions: \u00a3107 million balance sheet movement mainly explained by cash outflows presented within discontinued operations in the cash flow statement
(Note 11.6).
2024
\u2022 Amounts due from Financial Service customers and other banks: \u00a3875 million balance sheet movement explained mainly by \u00a3775 million cash inflows
presented within discontinued operations in the cash flow statement (Note 11.6) and \u00a3103 million cash inflows presented within continuing operations
(Note 31.1).
\u2022 Amounts due to Financial Service customers and other deposits: \u00a3225 million balance sheet movement explained mainly by \u00a3570 million cash outflows
presented within discontinued operations in the cash flow statement (Note 11.6) offset by \u00a3345 million cash inflows presented within continuing operations
(Note 31.1).
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:213800VGZAAJIKJ9Y484", "period": "2024-03-03T00:00:00/2025-03-02T00:00:00" } }, "fact-538": { "value": "31 Cash and cash equivalents 31.1 Reconciliation of operating profit to net cash generated from operations
2024
2025 (restated*)
Note
\u00a3m
\u00a3m
Operating profit
904
744
Depreciation
14, 15
1,033
988
Amortisation
16
182
172
Net impairment loss on non-financial assets
14, 15, 16
22
45
Profit on sale of non-current assets and early termination of leases
(53)
(16)
Non-underlying fair value movements
5
(2)
46
Share-based payments expense
35
75
85
Defined benefit scheme expense
34.4
8
7
Cash contributions to defined benefit scheme
34.4
(45)
(44)
Operating cash flows before changes in working capital
2,124
2,027
Changes in working capital
Decrease in inventories
\u2014
5
Increase in financial assets at fair value through other comprehensive income
(603)
(135)
Decrease in trade and other receivables
15
3
Decrease in amounts due from Financial Services customers and other deposits
\u2014
103
Increase in trade and other payables
247
163
Increase in amounts due to Financial Services customers and other deposits
\u2014
345
Decrease in provisions
(7)
(1)
Cash generated from operating activities \u2013 continuing operations
1,776
2,510
* Comparative periods have been re-presented to separately disclose discontinued operations. Refer to note 11 for further details. 31.2 Balance sheet
2025
2024
\u00a3m
\u00a3m
Cash in hand and bank balances
439
606
Money market funds
1,154
263
Money market deposits
141
232
Deposits at central banks
1,043
886
Cash and cash equivalents
2,777
1,987
Bank overdrafts
(1)
\u2014
Net cash and cash equivalents
2,776
1,987
Restricted amounts included above
Held as a reserve deposit with the Bank of England
\u2014
14
For insurance purposes
3
7
3
21
31.3 Cash flow statement 2025 \u2022 Amounts due from Financial Service customers and other banks: \u00a34,517 million balance sheet movement explained by \u00a32,512 million transferred to assets held for sale on the balance sheet (Note 11.5) and \u00a32,005 million cash inflows presented within discontinued operations in the cash flow statement (Note 11.6). \u2022 Amounts due to Financial Service customers and other deposits: \u00a33,573 million balance sheet movement explained by \u00a33,109 million transferred to liabilities held for sale on the balance sheet (Note 11.5) and \u00a3644 million cash outflows presented within discontinued operations in the cash flow statement (Note 11.6). \u2022 Trade and other receivables: \u00a376 million balance sheet movement mainly explained by cash inflows presented within discontinued operations in the cash flow statement (Note 11.6). \u2022 Provisions: \u00a3107 million balance sheet movement mainly explained by cash outflows presented within discontinued operations in the cash flow statement (Note 11.6). 2024 \u2022 Amounts due from Financial Service customers and other banks: \u00a3875 million balance sheet movement explained mainly by \u00a3775 million cash inflows presented within discontinued operations in the cash flow statement (Note 11.6) and \u00a3103 million cash inflows presented within continuing operations (Note 31.1). \u2022 Amounts due to Financial Service customers and other deposits: \u00a3225 million balance sheet movement explained mainly by \u00a3570 million cash outflows presented within discontinued operations in the cash flow statement (Note 11.6) offset by \u00a3345 million cash inflows presented within continuing operations (Note 31.1).", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndBankBalancesAtCentralBanksExplanatory", "language": "en", "entity": "scheme:213800VGZAAJIKJ9Y484", "period": "2024-03-03T00:00:00/2025-03-02T00:00:00" } }, "fact-568": { "value": "31.2 Balance sheet
2025
2024
\u00a3m
\u00a3m
Cash in hand and bank balances
439
606
Money market funds
1,154
263
Money market deposits
141
232
Deposits at central banks
1,043
886
Cash and cash equivalents
2,777
1,987
Bank overdrafts
(1)
\u2014
Net cash and cash equivalents
2,776
1,987
Restricted amounts included above
Held as a reserve deposit with the Bank of England
\u2014
14
For insurance purposes
3
7
3
21
", "dimensions": { "concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:213800VGZAAJIKJ9Y484", "period": "2024-03-03T00:00:00/2025-03-02T00:00:00" } }, "fact-569": { "value": "31.3 Cash flow statement 2025 \u2022 Amounts due from Financial Service customers and other banks: \u00a34,517 million balance sheet movement explained by \u00a32,512 million transferred to assets held for sale on the balance sheet (Note 11.5) and \u00a32,005 million cash inflows presented within discontinued operations in the cash flow statement (Note 11.6). \u2022 Amounts due to Financial Service customers and other deposits: \u00a33,573 million balance sheet movement explained by \u00a33,109 million transferred to liabilities held for sale on the balance sheet (Note 11.5) and \u00a3644 million cash outflows presented within discontinued operations in the cash flow statement (Note 11.6). \u2022 Trade and other receivables: \u00a376 million balance sheet movement mainly explained by cash inflows presented within discontinued operations in the cash flow statement (Note 11.6). \u2022 Provisions: \u00a3107 million balance sheet movement mainly explained by cash outflows presented within discontinued operations in the cash flow statement (Note 11.6). 2024 \u2022 Amounts due from Financial Service customers and other banks: \u00a3875 million balance sheet movement explained mainly by \u00a3775 million cash inflows presented within discontinued operations in the cash flow statement (Note 11.6) and \u00a3103 million cash inflows presented within continuing operations (Note 31.1). \u2022 Amounts due to Financial Service customers and other deposits: \u00a3225 million balance sheet movement explained mainly by \u00a3570 million cash outflows presented within discontinued operations in the cash flow statement (Note 11.6) offset by \u00a3345 million cash inflows presented within continuing operations (Note 31.1).", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:213800VGZAAJIKJ9Y484", "period": "2024-03-03T00:00:00/2025-03-02T00:00:00" } }, "fact-567": { "value": "32 Analysis of net debt The Group\u2019s definition of net debt includes the following: \u2022 Cash \u2022 Borrowings and overdrafts \u2022 Lease liabilities \u2022 Debt-related financial assets at fair value through other comprehensive income \u2022 Derivatives used in hedging borrowings Derivatives exclude those not used to hedge borrowings, and borrowings exclude bank overdrafts as they are disclosed separately. 32.1 Reconciliation of opening to closing net debt
Cash Movements
Non-Cash Movements
Cash flows Net interest Other
3 March excluding (received)/ Accrued non-cash 1 March
2024 interest paid interest movements 2025
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Retail
Net derivative financial instruments
\u2014
\u2014
(1)
\u2014
\u2014
(1)
Borrowings (excluding overdrafts)
(1,077)
79
76
(67)
\u2014
(989)
Lease liabilities
(5,354)
487
272
(272)
(627)
(5,494)
Purchase of own shares \u2013 share buyback
\u2014
200
\u2014
\u2014
(200)
\u2014
Arising from financing activities
(6,431)
766
347
(339)
(827)
(6,484)
Cash and cash equivalents
877
(150)
\u2014
\u2014
\u2014
727
Bank overdrafts
\u2014
(1)
\u2014
\u2014
\u2014
(1)
Less: Purchase of own shares \u2013 share buyback
\u2014
(200)
\u2014
\u2014
200
\u2014
Retail net debt
(5,554)
415
347
(339)
(627)
(5,758)
Financial Services
Net derivative financial instruments
\u2014
\u2014
\u2014
\u2014
(2)
(2)
Borrowings (excluding overdrafts)
(122)
\u2014
12
(12)
(2)
(124)
Lease liabilities
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Arising from financing activities
(122)
\u2014
12
(12)
(4)
(126)
Financial assets at fair value through other comprehensive income
761
609
\u2014
\u2014
(1)
1,369
Cash and cash equivalents
1,110
940
\u2014
\u2014
\u2014
2,050
Financial Services net debt
1,749
1,549
12
(12)
(5)
3,293
Group
Net derivative financial instruments
\u2014
\u2014
(1)
\u2014
(2)
(3)
Borrowings (excluding overdrafts)
(1,199)
79
88
(79)
(2)
(1,113)
Lease liabilities
(5,354)
487
272
(272)
(627)
(5,494)
Purchase of own shares - share buyback
\u2014
200
\u2014
\u2014
(200)
\u2014
Arising from financing activities
(6,553)
766
359
(351)
(831)
(6,610)
Financial assets at fair value through other comprehensive income
761
609
\u2014
\u2014
(1)
1,369
Cash and cash equivalents
1,987
790
\u2014
\u2014
\u2014
2,777
Bank overdrafts
\u2014
(1)
\u2014
\u2014
\u2014
(1)
Less: Purchase of own shares - share buyback
\u2014
(200)
\u2014
\u2014
200
\u2014
Group net debt
(3,805)
1,964
359
(351)
(632)
(2,465)
Other non-cash movements relate to new leases and foreign exchange.
Cash Movements
Non-Cash Movements
Cash flows Net interest Other
5 March excluding (received)/ Accrued non-cash 2 March
2023 interest paid interest movements 2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Retail
Net derivative financial instruments
\u2014
\u2014
(1)
1
\u2014
\u2014
Borrowings (excluding overdrafts)
(539)
(534)
60
(64)
\u2014
(1,077)
Lease liabilities
(6,488)
505
264
(264)
629
(5,354)
Arising from financing activities
(7,027)
(29)
323
(327)
629
(6,431)
Cash and cash equivalents
683
194
\u2014
\u2014
\u2014
877
Retail net debt
(6,344)
165
323
(327)
629
(5,554)
Financial Services
Borrowings (excluding overdrafts)
(122)
\u2014
13
(13)
\u2014
(122)
Lease liabilities
(1)
2
\u2014
\u2014
(1)
\u2014
Arising from financing activities
(123)
2
13
(13)
(1)
(122)
Financial assets at fair value through other comprehensive income
626
135
\u2014
\u2014
\u2014
761
Cash and cash equivalents
636
474
\u2014
\u2014
\u2014
1,110
Financial services net debt
1,139
611
13
(13)
(1)
1,749
Group
Net derivative financial instruments
\u2014
\u2014
(1)
1
\u2014
\u2014
Borrowings (excluding overdrafts)
(661)
(534)
73
(77)
\u2014
(1,199)
Lease liabilities
(6,489)
507
264
(264)
628
(5,354)
Arising from financing activities
(7,150)
(27)
336
(340)
628
(6,553)
Financial assets at fair value through other comprehensive income
626
135
\u2014
\u2014
\u2014
761
Cash and cash equivalents
1,319
668
\u2014
\u2014
\u2014
1,987
Group net debt
(5,205)
776
336
(340)
628
(3,805)
", "dimensions": { "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory", "language": "en", "entity": "scheme:213800VGZAAJIKJ9Y484", "period": "2024-03-03T00:00:00/2025-03-02T00:00:00" } }, "fact-539": { "value": "32 Analysis of net debt The Group\u2019s definition of net debt includes the following: \u2022 Cash \u2022 Borrowings and overdrafts \u2022 Lease liabilities \u2022 Debt-related financial assets at fair value through other comprehensive income \u2022 Derivatives used in hedging borrowings Derivatives exclude those not used to hedge borrowings, and borrowings exclude bank overdrafts as they are disclosed separately. 32.1 Reconciliation of opening to closing net debt Cash Movements Non-Cash Movements Cash flows Net interest Other 3 March excluding (received)/ Accrued non-cash 1 March 2024 interest paid interest movements 2025 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m Retail Net derivative financial instruments \u2014 \u2014 (1) \u2014 \u2014 (1) Borrowings (excluding overdrafts) (1,077) 79 76 (67) \u2014 (989) Lease liabilities (5,354) 487 272 (272) (627) (5,494) Purchase of own shares \u2013 share buyback \u2014 200 \u2014 \u2014 (200) \u2014 Arising from financing activities (6,431) 766 347 (339) (827) (6,484) Cash and cash equivalents 877 (150) \u2014 \u2014 \u2014 727 Bank overdrafts \u2014 (1) \u2014 \u2014 \u2014 (1) Less: Purchase of own shares \u2013 share buyback \u2014 (200) \u2014 \u2014 200 \u2014 Retail net debt (5,554) 415 347 (339) (627) (5,758) Financial Services Net derivative financial instruments \u2014 \u2014 \u2014 \u2014 (2) (2) Borrowings (excluding overdrafts) (122) \u2014 12 (12) (2) (124) Lease liabilities \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 Arising from financing activities (122) \u2014 12 (12) (4) (126) Financial assets at fair value through other comprehensive income 761 609 \u2014 \u2014 (1) 1,369 Cash and cash equivalents 1,110 940 \u2014 \u2014 \u2014 2,050 Financial Services net debt 1,749 1,549 12 (12) (5) 3,293 Group Net derivative financial instruments \u2014 \u2014 (1) \u2014 (2) (3) Borrowings (excluding overdrafts) (1,199) 79 88 (79) (2) (1,113) Lease liabilities (5,354) 487 272 (272) (627) (5,494) Purchase of own shares - share buyback \u2014 200 \u2014 \u2014 (200) \u2014 Arising from financing activities (6,553) 766 359 (351) (831) (6,610) Financial assets at fair value through other comprehensive income 761 609 \u2014 \u2014 (1) 1,369 Cash and cash equivalents 1,987 790 \u2014 \u2014 \u2014 2,777 Bank overdrafts \u2014 (1) \u2014 \u2014 \u2014 (1) Less: Purchase of own shares - share buyback \u2014 (200) \u2014 \u2014 200 \u2014 Group net debt (3,805) 1,964 359 (351) (632) (2,465) Other non-cash movements relate to new leases and foreign exchange. Cash Movements Non-Cash Movements Cash flows Net interest Other 5 March excluding (received)/ Accrued non-cash 2 March 2023 interest paid interest movements 2024 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m Retail Net derivative financial instruments \u2014 \u2014 (1) 1 \u2014 \u2014 Borrowings (excluding overdrafts) (539) (534) 60 (64) \u2014 (1,077) Lease liabilities (6,488) 505 264 (264) 629 (5,354) Arising from financing activities (7,027) (29) 323 (327) 629 (6,431) Cash and cash equivalents 683 194 \u2014 \u2014 \u2014 877 Retail net debt (6,344) 165 323 (327) 629 (5,554) Financial Services Borrowings (excluding overdrafts) (122) \u2014 13 (13) \u2014 (122) Lease liabilities (1) 2 \u2014 \u2014 (1) \u2014 Arising from financing activities (123) 2 13 (13) (1) (122) Financial assets at fair value through other comprehensive income 626 135 \u2014 \u2014 \u2014 761 Cash and cash equivalents 636 474 \u2014 \u2014 \u2014 1,110 Financial services net debt 1,139 611 13 (13) (1) 1,749 Group Net derivative financial instruments \u2014 \u2014 (1) 1 \u2014 \u2014 Borrowings (excluding overdrafts) (661) (534) 73 (77) \u2014 (1,199) Lease liabilities (6,489) 507 264 (264) 628 (5,354) Arising from financing activities (7,150) (27) 336 (340) 628 (6,553) Financial assets at fair value through other comprehensive income 626 135 \u2014 \u2014 \u2014 761 Cash and cash equivalents 1,319 668 \u2014 \u2014 \u2014 1,987 Group net debt (5,205) 776 336 (340) 628 (3,805) ", "dimensions": { "concept": "jsainsburyplc:DisclosureOfAnalysisOfNetDebt", "language": "en", "entity": "scheme:213800VGZAAJIKJ9Y484", "period": "2024-03-03T00:00:00/2025-03-02T00:00:00" } }, "fact-540": { "value": "33 Borrowings
2025
2024
Current
Non-current
Total
Current
Non-current
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Loan due 2031
64
383
447
54
442
496
Term loan due 2026
\u2014
\u2014
\u2014
6
575
581
Unsecured bond
3
547
550
\u2014
\u2014
\u2014
Sainsbury\u2019s Bank Tier 2 Capital
6
118
124
6
116
122
Bank overdrafts
1
\u2014
1
\u2014
\u2014
\u2014
74
1,048
1,122
66
1,133
1,199
Transaction costs
(2)
(6)
(8)
(1)
(3)
(4)
72
1,042
1,114
65
1,130
1,195
33.1 Loan due 2031 The loan is secured against 48 (2024: 48) supermarket properties (note 14.1). This is an inflation-linked amortising loan from the finance company Longstone Finance plc with an outstanding principal value of \u00a3438 million (2024: \u00a3486 million) fixed at a real rate of 2.36 per cent where the principal and interest rate are uplifted annually by RPI subject to a cap at 5 per cent and a floor at 0 per cent. The loan has a final repayment date of April 2031. The principal activity of Longstone Finance plc is the issuance of commercial mortgage-backed securities and applying the proceeds towards the secured loans due 2031. The Group has entered into forward starting inflation swaps to convert \u00a3126 million (2024: \u00a3155 million) from RPI-linked interest to fixed rate interest. These transactions have been designated as cash flow hedges. Intertrust Corporate Services Limited holds all the issued share capital of Longstone Finance Holdings Limited on trust for charitable purposes. Longstone Finance Holdings Limited beneficially owns all the issued share capital of Longstone Finance plc. As the Group has no interest, power or bears any risk over these entities they are not included in the Group consolidation. 33.2 Term loan due 2026 The Group entered into a \u00a3575 million unsecured term loan in December 2022, with maturity of March 2026. The term loan was repaid in full in January 2025 (2 March 2024: fully drawn) and all associated interest rate swaps terminated. 33.3 Undrawn facilities The Revolving Credit Facility of \u00a31,000 million comprises two \u00a3500 million facilities which were both extended by a further 12 months during the year. This is the second extension resulting in revised maturity dates of December 2029 for Facility A and December 2028 for Facility B. As at 1 March 2025, the Revolving Credit Facility was undrawn.
33.4 Unsecured bond
In January 2025 the Group issued \u00a3550 million of bonds split in two tranches, a \u00a3250 million five-year tranche maturing June 2030 and a \u00a3300 million ten-year
tranche maturing January 2035. The bonds pay interest on the principal amount at a rate of 5.125 per cent per annum on the 5-year tranche and 5.625 per cent
per annum on the ten-year tranche. Interest is payable in equal instalments semi-annually in arrears.
33.5 Sainsbury\u2019s Bank Tier 2 Capital
The Group has \u00a3120 million of fixed rate reset callable subordinated Tier 2 notes in issuance (2024: \u00a3120 million), which were issued in September 2022. These notes
pay interest on the principal amount at a rate of 10.5 per cent per annum, payable in equal instalments semi-annually in arrears, until March 2028 at which time
the interest rate will reset. The Bank has the option to redeem these notes within a six-month window from 12 September 2027 to 12 March 2028.
33.6 Bank overdrafts
Bank overdrafts are repayable on demand and bear interest at a spread above Bank of England base rate.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:213800VGZAAJIKJ9Y484", "period": "2024-03-03T00:00:00/2025-03-02T00:00:00" } }, "fact-482": { "value": "
34 Retirement benefit obligations
34.1 Background
Retirement benefit obligations relate to the Sainsbury\u2019s Pension Scheme plus three unfunded pension liabilities for former senior employees of Sainsbury\u2019s
and Home Retail Group.
The Sainsbury\u2019s Pension Scheme has two sections, the Sainsbury\u2019s Section, which holds the assets and liabilities of the original Sainsbury\u2019s Pension Scheme,
and the Argos Section, which holds the assets and liabilities of the former Home Retail Group Pension Scheme. Each section\u2019s assets are segregated by deed
and ring-fenced for the benefit of the members of that section. The Scheme is run by a corporate trustee with nine directors.
The Scheme is also used to pay life assurance benefits to current (including new) colleagues.
Sainsbury\u2019s section
The section was closed to new employees on 31 January 2002 and closed to future accrual on 28 September 2013. There are three benefit categories: final
salary, career average and cash balance. Final salary and career average benefits are determined by service and salary. Cash balance benefits are determined
by the accrued retirement account credits.
Argos section
The section was closed to new employees in 2009 and to future accrual in January 2013. Pension benefits are based on service and final salary when leaving
the Scheme.
Triennial valuation
The Trustee\u2019s triennial valuation is used to determine the contributions required for the Scheme to pay all the benefits due, now and in the future. The Trustee
must allow for a level of prudence resulting in these assumptions placing a relatively high value on the Scheme\u2019s liabilities. By contrast, IAS 19 \u2018Employee
Benefits\u2019 requires companies to value the liabilities on a \u2018best estimate\u2019 basis which places a lower value on the liabilities and therefore a more favourable
financial position. As such, the accounting value is different to the result obtained using the Trustee\u2019s triennial valuation basis.
The most recent triennial valuation was as at 30 September 2021, resulting in an actuarial surplus of \u00a3130 million (comprising a surplus of \u00a3231 million in the
Sainsbury\u2019s section and a \u00a3101 million deficit in the Argos section) on a technical provisions basis. An updated triennial funding valuation of the Scheme is
currently being carried out with an effective date of 30 September 2024.
The asset-backed contributions structure (ABC) established by Sainsbury\u2019s in July 2019 continues to deliver as planned. Under the ABC structure, properties
with a valuation of \u00a31,350 million were transferred into a newly formed property holding company \u2013 Sainsbury\u2019s Property Holdings Limited (Propco) from the
Sainsbury\u2019s Property Scottish Partnership and other Sainsbury\u2019s Group Companies. The Propco is a wholly owned subsidiary of the Group and leases the
transferred properties to other Group companies. Rental receipts facilitate payments of interest and capital on loan notes issued to the Partnership, in which
the Scheme holds an interest.
The Partnership is controlled by Sainsbury\u2019s and its results are consolidated by the Group. The Scheme\u2019s investment in the Partnership does not qualify as
a plan asset for the purposes of the Group\u2019s consolidated financial statements and is therefore not included within the fair value of plan assets.
The value of the properties transferred to the Propco remains in the Group\u2019s property, plant and equipment on the balance sheet, and the Group retains full
operational flexibility to extend, develop and substitute them.
The Scheme\u2019s interest in the Partnership entitled it to annual distributions over up to 20 years initially through three payment streams:
1) Payments to the Sainsbury\u2019s section (\u00a315 million per year) which stopped from December 2021
2) Payments to the Argos section (\u00a320 million per year) which stopped from December 2024
3) Switching payment stream, paid to either the Sainsbury\u2019s section or Argos section (initially \u00a323 million per year, increasing to \u00a333 million by 2038)
The payments to the Sainsbury\u2019s and Argos sections (streams 1 and 2) would stop in 2030, or when the relevant section reached its funding target, if earlier.
The Sainsbury\u2019s section reached its funding target on 31 December 2021 and so the first payment stream was permanently switched off, even though the
subsequent updating of assumptions under the 2021 triennial valuation resulted in a small deficit on this funding basis.
The Argos section (stream 2) reached its funding target on 31 December 2024 and so the second payment stream has been permanently switched off.
The switching stream (stream 3) was initially paid to the Sainsbury\u2019s section until it reached the funding target on 31 December 2021, when it switched to the
Argos section. Now that the Argos section has reached the funding target, this stream will switch back to the Sainsbury\u2019s section. Payments continue until
2038 or until both sections have reached their funding targets, if earlier.
The level of security in the Propco reduces as the Scheme reaches the funding targets. The level of security was designed to reduce as the Scheme\u2019s funding
level improves, as the risk of a Group insolvency to the Scheme reduces. Once a section reaches a specific funding target for three consecutive quarters, the
level of security that the Scheme can access reduces at the following 31 March in line with the Residual Security Amount (RSA) caps set out in the ABC framework.
The security is currently provided by properties in the ABC which are valued annually. If the value of the security is outside a corridor either side of the RSA,
the Company must top up if the value is less, or can chose to remove property from the Propco if the value is higher; however, if a default event were to occur,
the Scheme would only have rights over the security to the value of the RSA \u2013 any excess value would remain in the Propco and revert to the Company.
Unfunded pension liabilities
The unfunded pension liabilities are unwound when each employee either retires and draws their pension or the pension is taken as a lump sum on
retirement or upon leaving.
34.2 Income statement
2025
2024
\u00a3m
\u00a3m
Excluded from underlying profit before tax:
Interest cost on pension liabilities
a)
(293)
(290)
Interest income on plan assets
329
341
Total included in finance income
36
51
Defined benefit pension scheme expenses
(8)
(7)
Total (excluded from underlying profit before tax)
28
44
a) Includes interest of \u00a31 million for the unfunded pension scheme (2024: \u00a31 million).
34.3 Remeasurements included in other comprehensive income
2025
2024
\u00a3m
\u00a3m
Return on plan assets, excluding amounts included in interest
(448)
(335)
Actuarial gains/(losses) arising from changes in
Finance assumptions
402
(34)
Demographic assumptions
3
116
Experience
10
(136)
Total actuarial gains/(losses)
a)
415
(54)
Total remeasurements
(33)
(389)
a) Includes \u00a31 million remeasurement gain for the unfunded pension scheme (2024: \u00a3nil).
34.4 Balance sheet
The retirement benefit surplus and the associated deferred income tax balance are shown within different line items on the face of the balance sheet.
2025
2024
Sainsbury\u2019s
Argos
Group
Sainsbury\u2019s
Argos
Group
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Present value of funded obligations
(4,820)
(755)
(5,575)
(5,172)
(816)
(5,988)
Fair value of plan assets
5,418
911
6,329
5,777
925
6,702
Retirement benefit surplus
598
156
754
605
109
714
Present value of unfunded obligations
(13)
(10)
(23)
(14)
(10)
(24)
Retirement benefit surplus
585
146
731
591
99
690
Movements in net defined benefit surplus
2025
2024
Assets
Obligations
Net
Assets
Obligations
Net
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
As at the beginning of the financial year
6,702
(6,012)
690
6,934
(5,945)
989
Interest income/(cost)
329
(293)
36
341
(290)
51
Remeasurement (losses)/gains
(448)
415
(33)
(335)
(54)
(389)
Pension scheme expenses
(8)
\u2014
(8)
\u2014
(7)
(7)
Employer contributions
45
\u2014
45
44
\u2014
44
Benefits (paid)/received
(291)
292
1
(282)
284
2
As at the end of the financial year
6,329
(5,598)
731
6,702
(6,012)
690
34.5 Investment strategy and risks associated with defined benefit pension scheme
The investment strategy of the Scheme is determined by the Trustee. The Trustee considers that its primary responsibility in respect of investments is to
ensure, for the duration of the Scheme, that funds will be available to meet the benefit payment obligations as they fall due. The Trustee continues to target
being funded on a gilts +0.5% p.a. basis for the Sainsbury\u2019s Section and gilts +0.25% p.a. basis for the Argos Section, while limiting the downside risk associated
with investment policy wherever possible. The investment objectives target a 50% or better chance of being fully funded on this basis by the end of 2029 for
the Sainsbury\u2019s section and the Argos section.
On 25 July 2024, the Court of Appeal upheld the High Court\u2019s decision in Virgin Media v NTL Pension Trustees. This case found that changes made between 1997
and 2016 to pension benefits from a contracted-out salary related scheme could be void where trustees do not have written Section 37 confirmation from the
scheme actuary. The case also confirmed that retrospective confirmation would not be permissible. This judgement is relevant for the Sainsbury\u2019s Pension
Scheme as it was contracted out of the State Second Pension (formerly SERPS) and there were changes to the Scheme during the relevant period. Based on a
review of the changes made to the Scheme during this period and associated documentation, the Group does not consider any adjustments to the financial
statements are required in respect of this matter. Both the Trustee and the Company have taken legal advice and are following any developments closely.
Risks associated with achieving the strategy
Risk
Description
Mitigation
Investment strategy Misalignment of the investment strategy relative to Using an FCA-regulated market-leading investment adviser, a
and implementation changes in liabilities reduces the future resources available liability-driven investment (LDI) framework has been adopted
to meet pension obligations. to generate excess asset returns aligned to liabilities by largely
removing interest and inflation uncertainties.
The strategy also includes addressing sustainability and
ESG related risks for the Scheme. ESG and related risks are incorporated into the Statement of
Poor execution, attention to regulation or Investment Principles (SIP), and an annual TCFD report and
underperformance in applying the strategy could lead Implementation Statement are published covering relevant risk
management and goals.
to lower funding levels.
Investment managers have signed up to international ESG principles
and are requested to confirm that they operate in line with the
Trustee\u2019s policies on ESG.
Investment mandates are monitored closely against portfolio
benchmarks set out in investment guidelines. The Investment
Committee will terminate consistently underperforming mandates
and reallocate capital.
Investment liquidity
Insufficient liquidity to meet cash flow requirements to
The Scheme adopts a collateral sufficiency framework to ensure
make collateral top up requests to manage the Scheme\u2019s tha sufficient liquid assets are maintained and imposes limits on
derivative positions and member benefit payments. short-term maturing repurchase contracts.
The Investment Adviser liaises with the Scheme Actuary and Pensions
Department to determine current and future cash flow requirements.
Investment Financial losses may be incurred due to failure of Asset Managers manage credit limits for all their derivative
counterparty counterparties or inability to roll-over derivative positions. counterparty exposures and monitor positions over derivative roll dates.
Inflation
Scheme obligations are linked to inflation, so a
The Scheme\u2019s LDI portfolio and inflation-linked investments reduce
higher-than-expected long-term inflation rate leads inflation risk by aligning assets movements to changes in inflation
to higher liabilities. expectations. Inflation increases are subject to maximum caps.
Interest rate
Scheme liabilities are determined using discount rates
The Scheme\u2019s LDI portfolio reduces this risk on a funding basis.
linked to corporate bond for accounting and gilt yields for Whilst the accounting basis may differ because of divergence
funding purposes. A decrease in yields increases liabilities. between corporate bond and gilt yields, other assets held in the
portfolio help to provide an additional hedge.
Sustainability, Investment managers do not have appropriate policies and ESG, stewardship and other related risks are incorporated into the
including ESG procedures in place to identify ESG risks and opportunities. Statement of Investment Principles. The Trustee publishes an annual
and climate A broad range of these risks exists across the activities of TCFD report and an Implementation Statement which details how
the entities in which the Scheme ultimately invests which climate risks are managed. Day-to-day management of ESG risks is
include exposure to climate transition, a lack of diversity, delegated to investment managers who are requested to confirm
alignment with the Trustee\u2019s policies.
equity and inclusion, or poor corporate governance.
A net zero carbon emission goal by 2050 has been adopted by the
Trustee and follows new climate governance and reporting standards.
The Scheme\u2019s investment managers have signed up to the UN
Principles of Responsible Investment and have net zero targets.
Longevity
The Scheme pays benefits longer than expected due to
Longevity risk is monitored with the aim of achieving sufficient funding
members living longer than assumed. levels which take account of the potential for increased life expectancy.
Cyber risk
The increasing threat of cyber-attack leads to data
Robust cybersecurity measures have been implemented by the
breaches and financial losses. Trustee\u2019s custodian and administrators, including regular security
assessments, employee training, and advanced IT systems. These
measures aim to protect sensitive data and ensure the integrity and
confidentiality of member information.
Since 2024, cyber risk has been separately reported for presentational purposes.
34.6 Analysis of plan assets
2025
2024
Quoted
Unquoted
Quoted
Unquoted
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Liability matching assets
3,432
1,617
3,620
1,374
Growth assets
Equity
a)
\u2013 Private
\u2014
272
\u2014
332
Alternatives
\u2013 Real estate
\u2014
107
\u2014
255
\u2013 Private debt
\u2014
442
\u2014
602
\u2013 Diversified growth
\u2014
288
\u2014
313
Cash and Cash equivalents
171
\u2014
206
\u2014
3,603
2,726
3,826
2,876
a) Certain unquoted fixed interest securities, private equity and debt investments and property investments are stated at fair value. These fair values may differ from their realisable values
due to the absence of liquid markets in these investments.
Included within liability matching assets are Government Bonds totalling \u00a35,282 million (2024: \u00a35,192 million), Corporate Bonds totalling \u00a32,237 million
(2024: \u00a32,052 million), and Fixed income derivatives totalling \u00a3328 million (2024: \u00a3342 million), offset by repurchase agreements totalling \u00a32,799 million
(2024: \u00a32,592 million). Circa 98% of the Scheme\u2019s Corporate Bonds are invested in investment grade credit. The remainder are either unrated or below
investment grade.
The Sainsbury\u2019s Pension Scheme adopts a liability-driven investment (LDI) framework to manage its funding risk and reduce volatility by largely removing
the interest rate and inflation rate impacts of its liabilities. As a result, the value of the Scheme\u2019s assets changes in a similar way to its liabilities, which helps
maintain its ability to pay benefits and therefore member security over the long term.
Of the above assets, \u00a36,144 million are denominated in pound sterling and \u00a3185 million are denominated in overseas currencies.
The valuation of many private market assets is based on valuations provided at 30 September 2024. A roll-forward of these valuations to 1 March 2025,
adjusting for cash received or paid and applying the changes seen in relevant liquid indices, increased the valuation of illiquid assets by \u00a313 million.
Index return from 30 September 2024 to 1 March 2025
Asset class
Returns
Global equity USD return
2.6%
Global high yield Debt USD return
2.2%
US loans USD return
3.1%
UK REITS GBP return
-14.2%
An increase/decrease of 1 per cent in the indices used would have caused a \u00a39 million increase/decrease in the adjustment.
34.7 Actuarial assumptions for measuring liabilities
Principal actuarial assumptions
2025
2024
%
%
Discount rate
5.45
5.00
Inflation rate \u2013 RPI
3.15
3.20
Inflation rate \u2013 CPI
2.55
2.55
Future pension increases
1.95\u20132.95
1.95\u20133.00
a) Discount rate
The discount rate for the Scheme is derived from the expected yields on high quality Corporate Bonds over the duration of the Group\u2019s pension scheme and
extrapolated in line with gilts with no theoretical growth assumptions. High quality Corporate Bonds are those for which at least one of the main ratings
agencies considers to be at least AA (or equivalent).
b) Inflation
The Government\u2019s intention to amend the RPI calculation methodology to be aligned to that already in use for the calculation of the CPI (including housing)
takes effect from 2030. As a result, the Group has assumed that RPI will be aligned with CPI post 2030, resulting in a single weighted average RPI-CPI gap of
0.60% p.a. up to 2030 (2024: 1.00% p.a.).
c) Mortality
The base mortality assumptions use the SAPS S2 and SAPS S3 tables for the Sainsbury\u2019s and Argos sections, respectively, with adjustments to reflect the
Scheme\u2019s population.
Following the completion of the 2021 triennial valuation and consideration of the previous three years of mortality experience both in the Scheme and the UK
as a whole, the Company updated the actuarial mortality base tables that determine the life expectancy assumptions to reflect a best-estimate adjustment
derived from analysis carried out for the valuation. Future mortality improvements for the 2025 year-end are CMI 2023 projections with a long-term rate of
improvement of 1 per cent p.a. Future mortality improvements for the 2024 year-end were CMI 2022 projections with a long-term rate of improvement of 1 per
cent p.a.
All IAS 19 calculations use the CMI model which measures potential changes to future mortality trends. The Group\u2019s policy is to use the available version as
at the year-end which is CMI 2023 which was released in April 2024. The calibration process for CMI 2023 differs from previous years as the CMI have moved
to a single calibration parameter which applies weighting to only the most recent years of post-pandemic mortality experience.
As such, zero per cent weighting is applied to 2020 and 2021 data and 100% weighting applied to 2023 data, to reflect the view that the sustained and less
volatile mortality experience provides greater evidence of a change to future mortality trends.
The CMI has proposed significant and complex changes to CMI 2024 on which it is currently consulting. Our advisers have reviewed the consultation working
paper and confirmed that the same mortality improvement assumption is retained for FY25 as it remains within a reasonable range for \u2018best estimate\u2019
purposes.
Life expectancy at age 65
2025
2024
Sainsbury\u2019s Sainsbury\u2019s
Sainsbury\u2019s section Sainsbury\u2019s section
section Main Executive Argos section Main Executive Argos
Scheme Scheme section Scheme Scheme section
Years
Years
Years
Years
Years
Years
Members aged 65 at balance sheet date
Male pensioner
18.9
22.2
19.8
18.9
22.2
19.7
Female pensioner
22.8
23.5
22.9
22.8
23.4
22.8
Members aged 45 at balance sheet date
Male pensioner
19.9
23.1
20.7
19.8
23.1
20.7
Female pensioner
24.0
24.6
24.0
23.9
24.6
24.0
d) Sensitivities
The present value of the Scheme\u2019s liabilities and the net financing charge are dependent on the discount rate. Other key assumptions are based on market
conditions or estimates of future events, including mortality rates. The carrying value of the retirement benefit obligations is impacted by changes to any of
the assumptions used.
The sensitivities are calculated using the same methodology used to calculate the retirement benefit obligation, by considering the impact for a given
change in an assumption while holding all others constant, thus meaning that interdependencies between the assumptions have not been taken into account
in the analysis. The sensitivities reflect the upper ends of a range of reasonably possible changes in principal assumptions.
Change in present value of funded obligations \u2013 Increase / (decrease) effect
Sainsbury\u2019s
Argos
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Financial
Discount rate
+/- 0.1%
(67)
68
(12)
12
(79)
80
Discount rate
+/- 1.0%
(609)
746
(107)
134
(716)
880
Inflation rate
+/- 0.1%
42
(35)
7
(11)
49
(46)
Inflation rate
+/- 1.0%
368
(359)
90
(84)
458
(443)
Inflation rate for future pension increases
+/- 0.1%
24
(17)
3
(7)
27
(24)
Inflation rate for future pension increases
+/- 1.0%
173
(194)
45
(47)
218
(241)
Demographic sensitivities
Life expectancy
+/- 1 year
(149)
147
(21)
23
(170)
170
e) Future benefit payments
Details of future committed payments are included in the Background section at the beginning of this note. Expected cash contributions for the next
financial year are approximately \u00a326 million.
The duration of the Scheme\u2019s liabilities is around 15 years for the Sainsbury\u2019s section and 17 years for the Argos section.
Timing of benefit payments (undiscounted)
2025
2024
\u00a3m
\u00a3m
Within the next 12 months (next annual reporting period)
262
254
Between 2 and 5 years
1,209
1,172
Between 6 and 15 years
3,897
3,910
Between 16 and 25 years
3,784
3,966
Beyond 25 years
4,598
5,106
13,750
14,408
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800VGZAAJIKJ9Y484", "period": "2024-03-03T00:00:00/2025-03-02T00:00:00" } }, "fact-570": { "value": "34 Retirement benefit obligations 34.1 Background Retirement benefit obligations relate to the Sainsbury\u2019s Pension Scheme plus three unfunded pension liabilities for former senior employees of Sainsbury\u2019s and Home Retail Group. The Sainsbury\u2019s Pension Scheme has two sections, the Sainsbury\u2019s Section, which holds the assets and liabilities of the original Sainsbury\u2019s Pension Scheme, and the Argos Section, which holds the assets and liabilities of the former Home Retail Group Pension Scheme. Each section\u2019s assets are segregated by deed and ring-fenced for the benefit of the members of that section. The Scheme is run by a corporate trustee with nine directors. The Scheme is also used to pay life assurance benefits to current (including new) colleagues. Sainsbury\u2019s section The section was closed to new employees on 31 January 2002 and closed to future accrual on 28 September 2013. There are three benefit categories: final salary, career average and cash balance. Final salary and career average benefits are determined by service and salary. Cash balance benefits are determined by the accrued retirement account credits. Argos section The section was closed to new employees in 2009 and to future accrual in January 2013. Pension benefits are based on service and final salary when leaving the Scheme. Triennial valuation The Trustee\u2019s triennial valuation is used to determine the contributions required for the Scheme to pay all the benefits due, now and in the future. The Trustee must allow for a level of prudence resulting in these assumptions placing a relatively high value on the Scheme\u2019s liabilities. By contrast, IAS 19 \u2018Employee Benefits\u2019 requires companies to value the liabilities on a \u2018best estimate\u2019 basis which places a lower value on the liabilities and therefore a more favourable financial position. As such, the accounting value is different to the result obtained using the Trustee\u2019s triennial valuation basis. The most recent triennial valuation was as at 30 September 2021, resulting in an actuarial surplus of \u00a3130 million (comprising a surplus of \u00a3231 million in the Sainsbury\u2019s section and a \u00a3101 million deficit in the Argos section) on a technical provisions basis. An updated triennial funding valuation of the Scheme is currently being carried out with an effective date of 30 September 2024. The asset-backed contributions structure (ABC) established by Sainsbury\u2019s in July 2019 continues to deliver as planned. Under the ABC structure, properties with a valuation of \u00a31,350 million were transferred into a newly formed property holding company \u2013 Sainsbury\u2019s Property Holdings Limited (Propco) from the Sainsbury\u2019s Property Scottish Partnership and other Sainsbury\u2019s Group Companies. The Propco is a wholly owned subsidiary of the Group and leases the transferred properties to other Group companies. Rental receipts facilitate payments of interest and capital on loan notes issued to the Partnership, in which the Scheme holds an interest. The Partnership is controlled by Sainsbury\u2019s and its results are consolidated by the Group. The Scheme\u2019s investment in the Partnership does not qualify as a plan asset for the purposes of the Group\u2019s consolidated financial statements and is therefore not included within the fair value of plan assets. The value of the properties transferred to the Propco remains in the Group\u2019s property, plant and equipment on the balance sheet, and the Group retains full operational flexibility to extend, develop and substitute them. The Scheme\u2019s interest in the Partnership entitled it to annual distributions over up to 20 years initially through three payment streams: 1) Payments to the Sainsbury\u2019s section (\u00a315 million per year) which stopped from December 2021 2) Payments to the Argos section (\u00a320 million per year) which stopped from December 2024 3) Switching payment stream, paid to either the Sainsbury\u2019s section or Argos section (initially \u00a323 million per year, increasing to \u00a333 million by 2038) The payments to the Sainsbury\u2019s and Argos sections (streams 1 and 2) would stop in 2030, or when the relevant section reached its funding target, if earlier. The Sainsbury\u2019s section reached its funding target on 31 December 2021 and so the first payment stream was permanently switched off, even though the subsequent updating of assumptions under the 2021 triennial valuation resulted in a small deficit on this funding basis. The Argos section (stream 2) reached its funding target on 31 December 2024 and so the second payment stream has been permanently switched off. The switching stream (stream 3) was initially paid to the Sainsbury\u2019s section until it reached the funding target on 31 December 2021, when it switched to the Argos section. Now that the Argos section has reached the funding target, this stream will switch back to the Sainsbury\u2019s section. Payments continue until 2038 or until both sections have reached their funding targets, if earlier. The level of security in the Propco reduces as the Scheme reaches the funding targets. The level of security was designed to reduce as the Scheme\u2019s funding level improves, as the risk of a Group insolvency to the Scheme reduces. Once a section reaches a specific funding target for three consecutive quarters, the level of security that the Scheme can access reduces at the following 31 March in line with the Residual Security Amount (RSA) caps set out in the ABC framework. The security is currently provided by properties in the ABC which are valued annually. If the value of the security is outside a corridor either side of the RSA, the Company must top up if the value is less, or can chose to remove property from the Propco if the value is higher; however, if a default event were to occur, the Scheme would only have rights over the security to the value of the RSA \u2013 any excess value would remain in the Propco and revert to the Company. Unfunded pension liabilities The unfunded pension liabilities are unwound when each employee either retires and draws their pension or the pension is taken as a lump sum on retirement or upon leaving. 34.2 Income statement
2025
2024
\u00a3m
\u00a3m
Excluded from underlying profit before tax:
Interest cost on pension liabilities
a)
(293)
(290)
Interest income on plan assets
329
341
Total included in finance income
36
51
Defined benefit pension scheme expenses
(8)
(7)
Total (excluded from underlying profit before tax)
28
44
a) Includes interest of \u00a31 million for the unfunded pension scheme (2024: \u00a31 million). 34.3 Remeasurements included in other comprehensive income
2025
2024
\u00a3m
\u00a3m
Return on plan assets, excluding amounts included in interest
(448)
(335)
Actuarial gains/(losses) arising from changes in
Finance assumptions
402
(34)
Demographic assumptions
3
116
Experience
10
(136)
Total actuarial gains/(losses)
a)
415
(54)
Total remeasurements
(33)
(389)
a) Includes \u00a31 million remeasurement gain for the unfunded pension scheme (2024: \u00a3nil). 34.4 Balance sheet The retirement benefit surplus and the associated deferred income tax balance are shown within different line items on the face of the balance sheet.
2025
2024
Sainsbury\u2019s
Argos
Group
Sainsbury\u2019s
Argos
Group
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Present value of funded obligations
(4,820)
(755)
(5,575)
(5,172)
(816)
(5,988)
Fair value of plan assets
5,418
911
6,329
5,777
925
6,702
Retirement benefit surplus
598
156
754
605
109
714
Present value of unfunded obligations
(13)
(10)
(23)
(14)
(10)
(24)
Retirement benefit surplus
585
146
731
591
99
690
Movements in net defined benefit surplus
2025
2024
Assets
Obligations
Net
Assets
Obligations
Net
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
As at the beginning of the financial year
6,702
(6,012)
690
6,934
(5,945)
989
Interest income/(cost)
329
(293)
36
341
(290)
51
Remeasurement (losses)/gains
(448)
415
(33)
(335)
(54)
(389)
Pension scheme expenses
(8)
\u2014
(8)
\u2014
(7)
(7)
Employer contributions
45
\u2014
45
44
\u2014
44
Benefits (paid)/received
(291)
292
1
(282)
284
2
As at the end of the financial year
6,329
(5,598)
731
6,702
(6,012)
690
34.5 Investment strategy and risks associated with defined benefit pension scheme The investment strategy of the Scheme is determined by the Trustee. The Trustee considers that its primary responsibility in respect of investments is to ensure, for the duration of the Scheme, that funds will be available to meet the benefit payment obligations as they fall due. The Trustee continues to target being funded on a gilts +0.5% p.a. basis for the Sainsbury\u2019s Section and gilts +0.25% p.a. basis for the Argos Section, while limiting the downside risk associated with investment policy wherever possible. The investment objectives target a 50% or better chance of being fully funded on this basis by the end of 2029 for the Sainsbury\u2019s section and the Argos section. On 25 July 2024, the Court of Appeal upheld the High Court\u2019s decision in Virgin Media v NTL Pension Trustees. This case found that changes made between 1997 and 2016 to pension benefits from a contracted-out salary related scheme could be void where trustees do not have written Section 37 confirmation from the scheme actuary. The case also confirmed that retrospective confirmation would not be permissible. This judgement is relevant for the Sainsbury\u2019s Pension Scheme as it was contracted out of the State Second Pension (formerly SERPS) and there were changes to the Scheme during the relevant period. Based on a review of the changes made to the Scheme during this period and associated documentation, the Group does not consider any adjustments to the financial statements are required in respect of this matter. Both the Trustee and the Company have taken legal advice and are following any developments closely. Risks associated with achieving the strategy
Risk
Description
Mitigation
Investment strategy Misalignment of the investment strategy relative to Using an FCA-regulated market-leading investment adviser, a
and implementation changes in liabilities reduces the future resources available liability-driven investment (LDI) framework has been adopted
to meet pension obligations. to generate excess asset returns aligned to liabilities by largely
removing interest and inflation uncertainties.
The strategy also includes addressing sustainability and
ESG related risks for the Scheme. ESG and related risks are incorporated into the Statement of
Poor execution, attention to regulation or Investment Principles (SIP), and an annual TCFD report and
underperformance in applying the strategy could lead Implementation Statement are published covering relevant risk
management and goals.
to lower funding levels.
Investment managers have signed up to international ESG principles
and are requested to confirm that they operate in line with the
Trustee\u2019s policies on ESG.
Investment mandates are monitored closely against portfolio
benchmarks set out in investment guidelines. The Investment
Committee will terminate consistently underperforming mandates
and reallocate capital.
Investment liquidity
Insufficient liquidity to meet cash flow requirements to
The Scheme adopts a collateral sufficiency framework to ensure
make collateral top up requests to manage the Scheme\u2019s tha sufficient liquid assets are maintained and imposes limits on
derivative positions and member benefit payments. short-term maturing repurchase contracts.
The Investment Adviser liaises with the Scheme Actuary and Pensions
Department to determine current and future cash flow requirements.
Investment Financial losses may be incurred due to failure of Asset Managers manage credit limits for all their derivative
counterparty counterparties or inability to roll-over derivative positions. counterparty exposures and monitor positions over derivative roll dates.
Inflation
Scheme obligations are linked to inflation, so a
The Scheme\u2019s LDI portfolio and inflation-linked investments reduce
higher-than-expected long-term inflation rate leads inflation risk by aligning assets movements to changes in inflation
to higher liabilities. expectations. Inflation increases are subject to maximum caps.
Interest rate
Scheme liabilities are determined using discount rates
The Scheme\u2019s LDI portfolio reduces this risk on a funding basis.
linked to corporate bond for accounting and gilt yields for Whilst the accounting basis may differ because of divergence
funding purposes. A decrease in yields increases liabilities. between corporate bond and gilt yields, other assets held in the
portfolio help to provide an additional hedge.
Sustainability, Investment managers do not have appropriate policies and ESG, stewardship and other related risks are incorporated into the
including ESG procedures in place to identify ESG risks and opportunities. Statement of Investment Principles. The Trustee publishes an annual
and climate A broad range of these risks exists across the activities of TCFD report and an Implementation Statement which details how
the entities in which the Scheme ultimately invests which climate risks are managed. Day-to-day management of ESG risks is
include exposure to climate transition, a lack of diversity, delegated to investment managers who are requested to confirm
alignment with the Trustee\u2019s policies.
equity and inclusion, or poor corporate governance.
A net zero carbon emission goal by 2050 has been adopted by the
Trustee and follows new climate governance and reporting standards.
The Scheme\u2019s investment managers have signed up to the UN
Principles of Responsible Investment and have net zero targets.
Longevity
The Scheme pays benefits longer than expected due to
Longevity risk is monitored with the aim of achieving sufficient funding
members living longer than assumed. levels which take account of the potential for increased life expectancy.
Cyber risk
The increasing threat of cyber-attack leads to data
Robust cybersecurity measures have been implemented by the
breaches and financial losses. Trustee\u2019s custodian and administrators, including regular security
assessments, employee training, and advanced IT systems. These
measures aim to protect sensitive data and ensure the integrity and
confidentiality of member information.
Since 2024, cyber risk has been separately reported for presentational purposes. 34.6 Analysis of plan assets
2025
2024
Quoted
Unquoted
Quoted
Unquoted
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Liability matching assets
3,432
1,617
3,620
1,374
Growth assets
Equity
a)
\u2013 Private
\u2014
272
\u2014
332
Alternatives
\u2013 Real estate
\u2014
107
\u2014
255
\u2013 Private debt
\u2014
442
\u2014
602
\u2013 Diversified growth
\u2014
288
\u2014
313
Cash and Cash equivalents
171
\u2014
206
\u2014
3,603
2,726
3,826
2,876
a) Certain unquoted fixed interest securities, private equity and debt investments and property investments are stated at fair value. These fair values may differ from their realisable values due to the absence of liquid markets in these investments. Included within liability matching assets are Government Bonds totalling \u00a35,282 million (2024: \u00a35,192 million), Corporate Bonds totalling \u00a32,237 million (2024: \u00a32,052 million), and Fixed income derivatives totalling \u00a3328 million (2024: \u00a3342 million), offset by repurchase agreements totalling \u00a32,799 million (2024: \u00a32,592 million). Circa 98% of the Scheme\u2019s Corporate Bonds are invested in investment grade credit. The remainder are either unrated or below investment grade. The Sainsbury\u2019s Pension Scheme adopts a liability-driven investment (LDI) framework to manage its funding risk and reduce volatility by largely removing the interest rate and inflation rate impacts of its liabilities. As a result, the value of the Scheme\u2019s assets changes in a similar way to its liabilities, which helps maintain its ability to pay benefits and therefore member security over the long term. Of the above assets, \u00a36,144 million are denominated in pound sterling and \u00a3185 million are denominated in overseas currencies. The valuation of many private market assets is based on valuations provided at 30 September 2024. A roll-forward of these valuations to 1 March 2025, adjusting for cash received or paid and applying the changes seen in relevant liquid indices, increased the valuation of illiquid assets by \u00a313 million. Index return from 30 September 2024 to 1 March 2025
Asset class
Returns
Global equity USD return
2.6%
Global high yield Debt USD return
2.2%
US loans USD return
3.1%
UK REITS GBP return
-14.2%
An increase/decrease of 1 per cent in the indices used would have caused a \u00a39 million increase/decrease in the adjustment. 34.7 Actuarial assumptions for measuring liabilities Principal actuarial assumptions
2025
2024
%
%
Discount rate
5.45
5.00
Inflation rate \u2013 RPI
3.15
3.20
Inflation rate \u2013 CPI
2.55
2.55
Future pension increases
1.95\u20132.95
1.95\u20133.00
a) Discount rate The discount rate for the Scheme is derived from the expected yields on high quality Corporate Bonds over the duration of the Group\u2019s pension scheme and extrapolated in line with gilts with no theoretical growth assumptions. High quality Corporate Bonds are those for which at least one of the main ratings agencies considers to be at least AA (or equivalent). b) Inflation The Government\u2019s intention to amend the RPI calculation methodology to be aligned to that already in use for the calculation of the CPI (including housing) takes effect from 2030. As a result, the Group has assumed that RPI will be aligned with CPI post 2030, resulting in a single weighted average RPI-CPI gap of 0.60% p.a. up to 2030 (2024: 1.00% p.a.). c) Mortality The base mortality assumptions use the SAPS S2 and SAPS S3 tables for the Sainsbury\u2019s and Argos sections, respectively, with adjustments to reflect the Scheme\u2019s population. Following the completion of the 2021 triennial valuation and consideration of the previous three years of mortality experience both in the Scheme and the UK as a whole, the Company updated the actuarial mortality base tables that determine the life expectancy assumptions to reflect a best-estimate adjustment derived from analysis carried out for the valuation. Future mortality improvements for the 2025 year-end are CMI 2023 projections with a long-term rate of improvement of 1 per cent p.a. Future mortality improvements for the 2024 year-end were CMI 2022 projections with a long-term rate of improvement of 1 per cent p.a. All IAS 19 calculations use the CMI model which measures potential changes to future mortality trends. The Group\u2019s policy is to use the available version as at the year-end which is CMI 2023 which was released in April 2024. The calibration process for CMI 2023 differs from previous years as the CMI have moved to a single calibration parameter which applies weighting to only the most recent years of post-pandemic mortality experience. As such, zero per cent weighting is applied to 2020 and 2021 data and 100% weighting applied to 2023 data, to reflect the view that the sustained and less volatile mortality experience provides greater evidence of a change to future mortality trends. The CMI has proposed significant and complex changes to CMI 2024 on which it is currently consulting. Our advisers have reviewed the consultation working paper and confirmed that the same mortality improvement assumption is retained for FY25 as it remains within a reasonable range for \u2018best estimate\u2019 purposes. Life expectancy at age 65
2025
2024
Sainsbury\u2019s Sainsbury\u2019s
Sainsbury\u2019s section Sainsbury\u2019s section
section Main Executive Argos section Main Executive Argos
Scheme Scheme section Scheme Scheme section
Years
Years
Years
Years
Years
Years
Members aged 65 at balance sheet date
Male pensioner
18.9
22.2
19.8
18.9
22.2
19.7
Female pensioner
22.8
23.5
22.9
22.8
23.4
22.8
Members aged 45 at balance sheet date
Male pensioner
19.9
23.1
20.7
19.8
23.1
20.7
Female pensioner
24.0
24.6
24.0
23.9
24.6
24.0
d) Sensitivities The present value of the Scheme\u2019s liabilities and the net financing charge are dependent on the discount rate. Other key assumptions are based on market conditions or estimates of future events, including mortality rates. The carrying value of the retirement benefit obligations is impacted by changes to any of the assumptions used. The sensitivities are calculated using the same methodology used to calculate the retirement benefit obligation, by considering the impact for a given change in an assumption while holding all others constant, thus meaning that interdependencies between the assumptions have not been taken into account in the analysis. The sensitivities reflect the upper ends of a range of reasonably possible changes in principal assumptions. Change in present value of funded obligations \u2013 Increase / (decrease) effect
Sainsbury\u2019s
Argos
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Financial
Discount rate
+/- 0.1%
(67)
68
(12)
12
(79)
80
Discount rate
+/- 1.0%
(609)
746
(107)
134
(716)
880
Inflation rate
+/- 0.1%
42
(35)
7
(11)
49
(46)
Inflation rate
+/- 1.0%
368
(359)
90
(84)
458
(443)
Inflation rate for future pension increases
+/- 0.1%
24
(17)
3
(7)
27
(24)
Inflation rate for future pension increases
+/- 1.0%
173
(194)
45
(47)
218
(241)
Demographic sensitivities
Life expectancy
+/- 1 year
(149)
147
(21)
23
(170)
170
e) Future benefit payments Details of future committed payments are included in the Background section at the beginning of this note. Expected cash contributions for the next financial year are approximately \u00a326 million. The duration of the Scheme\u2019s liabilities is around 15 years for the Sainsbury\u2019s section and 17 years for the Argos section. Timing of benefit payments (undiscounted)
2025
2024
\u00a3m
\u00a3m
Within the next 12 months (next annual reporting period)
262
254
Between 2 and 5 years
1,209
1,172
Between 6 and 15 years
3,897
3,910
Between 16 and 25 years
3,784
3,966
Beyond 25 years
4,598
5,106
13,750
14,408
", "dimensions": { "concept": "ifrs-full:DisclosureOfDefinedBenefitPlansExplanatory", "language": "en", "entity": "scheme:213800VGZAAJIKJ9Y484", "period": "2024-03-03T00:00:00/2025-03-02T00:00:00" } }, "fact-541": { "value": "Movements in net defined benefit surplus
2025
2024
Assets
Obligations
Net
Assets
Obligations
Net
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
As at the beginning of the financial year
6,702
(6,012)
690
6,934
(5,945)
989
Interest income/(cost)
329
(293)
36
341
(290)
51
Remeasurement (losses)/gains
(448)
415
(33)
(335)
(54)
(389)
Pension scheme expenses
(8)
\u2014
(8)
\u2014
(7)
(7)
Employer contributions
45
\u2014
45
44
\u2014
44
Benefits (paid)/received
(291)
292
1
(282)
284
2
As at the end of the financial year
6,329
(5,598)
731
6,702
(6,012)
690
", "dimensions": { "concept": "ifrs-full:DisclosureOfNetDefinedBenefitLiabilityAssetExplanatory", "language": "en", "entity": "scheme:213800VGZAAJIKJ9Y484", "period": "2024-03-03T00:00:00/2025-03-02T00:00:00" } }, "fact-542": { "value": "d) Sensitivities The present value of the Scheme\u2019s liabilities and the net financing charge are dependent on the discount rate. Other key assumptions are based on market conditions or estimates of future events, including mortality rates. The carrying value of the retirement benefit obligations is impacted by changes to any of the assumptions used. The sensitivities are calculated using the same methodology used to calculate the retirement benefit obligation, by considering the impact for a given change in an assumption while holding all others constant, thus meaning that interdependencies between the assumptions have not been taken into account in the analysis. The sensitivities reflect the upper ends of a range of reasonably possible changes in principal assumptions. Change in present value of funded obligations \u2013 Increase / (decrease) effect
Sainsbury\u2019s
Argos
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Financial
Discount rate
+/- 0.1%
(67)
68
(12)
12
(79)
80
Discount rate
+/- 1.0%
(609)
746
(107)
134
(716)
880
Inflation rate
+/- 0.1%
42
(35)
7
(11)
49
(46)
Inflation rate
+/- 1.0%
368
(359)
90
(84)
458
(443)
Inflation rate for future pension increases
+/- 0.1%
24
(17)
3
(7)
27
(24)
Inflation rate for future pension increases
+/- 1.0%
173
(194)
45
(47)
218
(241)
Demographic sensitivities
Life expectancy
+/- 1 year
(149)
147
(21)
23
(170)
170
", "dimensions": { "concept": "ifrs-full:DisclosureOfSensitivityAnalysisForActuarialAssumptionsExplanatory", "language": "en", "entity": "scheme:213800VGZAAJIKJ9Y484", "period": "2024-03-03T00:00:00/2025-03-02T00:00:00" } }, "fact-483": { "value": "
35 Share-based payments
2025
2024
\u00a3m
\u00a3m
Share-based payment expense
80
89
Discontinued operations
5
4
Continuing operations
75
85
The Group operates the following share schemes:
35.1 Savings-Related Share Option Scheme (Sharesave)
The Group operates a Savings-Related Share Option Scheme, which is open to all UK employees with more than three months\u2019 continuous service. This is
an approved HMRC scheme and was established in 1980. Under Sharesave, participants remaining in the Group\u2019s employment at the end of the three-year
(and historically also five-year) savings period are entitled to use their savings to purchase shares in the Company at a pre-stated exercise price.
Employees leaving for certain reasons can use their savings to purchase shares within six months of their leaving.
2025
2024
Weighted Weighted
Number of average Number of average
options exercise price options exercise price
million
pence
million
pence
Outstanding at beginning of year
59.1
188
59.4
177
Granted
17.1
200
16.1
213
Lapsed / forfeited
(8.2)
197
(7.6)
179
Exercised
(12.6)
168
(8.8)
165
Outstanding at end of year
55.4
195
59.1
188
Exercisable at end of financial year
9.6
210
13.2
170
Exercisable Range
161
to 228
161
to 260
Weighted average share price at date of exercise
263
266
Weighted average remaining contractual life
2.2 years
2.1 years
Options granted during the year were valued using the Black-Scholes option pricing model. No performance conditions were included in the fair value calculations.
2025
2024
Share price at grant date
275p
300p
Exercise price
200p
213p
Expected volatility
24.1%
25.2%
Option life
3.2 years
3.2 years
Expected dividend yield
4.8%
4.9%
Risk-free interest rate
4.9%
5.3%
Fair value per option
57p
66p
The expected volatility is based on the standard deviation of the Group\u2019s share price for the period immediately prior to the date of grant of award, over the
period identical to the vesting period of the award, adjusted for management\u2019s view of future volatility of the share price.
35.2 Long-Term Incentive Plan
Under the Long-Term Incentive Plan, shares are conditionally awarded to senior leaders of the Company. Awards are calculated as a percentage of the
participants\u2019 salaries and scaled according to grades.
Performance is measured at the end of the three-year performance period. If the required performance conditions, which are financial and non-financial
non-market conditions, have been met, the awards vest and the participants are able to exercise 100% of the awards received. For 2020 awards and prior,
recipients were only able to receive 50% of their awards after three years and 50% of their awards after four years. From 2021 onwards, schemes vest and
participants are able to exercise after three years. Awards will expire five years from the grant date.
For Executive Directors, awards will normally be subject to a two-year holding period following the end of the three-year performance period. Awards will
expire six years from the date of grant.
For awards granted in and before the year ended 4 March 2023, a core share award was granted which could grow by up to four times, dependent on the level
of performance. For awards granted in the years ended 2 March 2024 and 1 March 2025, the maximum share award is allocated, and the award will vest
between 0 per cent and 100 per cent based on performance against targets. Awards are structured as nil-cost.
Dividends will accrue on the shares that vest in the form of additional shares, except for certain colleagues who are unable to receive dividend equivalents
due to Financial Services regulations.
2025
2024
million
million
Outstanding at beginning of year
29.3
19.0
Conditionally allocated
65.8
21.4
Released to participants
(29.7)
(9.4)
Lapsed
(4.6)
(1.7)
Outstanding at end of financial year
60.8
29.3
Weighted average remaining contractual life
3.8 years
3.1 years
Weighted average share price at date of exercise (release to participants)
268p
281p
No performance conditions were included in the fair value calculations.
Options granted in the year 2025
2024
Share price at grant date
278p
273p
Option life
3 years
3 years
Fair value per option
278p
273p
35.3 Nil-Cost Share Award
The nil-cost share schemes include Bonus Share Awards and other Conditional Awards.
Senior leaders receive a percentage of their bonus award in shares. Before 2021, bonus awards had a three-year deferral period. However, awards granted from
2021 now have a deferral period of two years, except for certain colleagues who are subject to a longer deferral period due to Financial Services regulations.
Other conditional awards relate to the retention and recruitment of senior leaders as part of the wider reward strategy. Awards vest, typically between one
and three years, subject to participants remaining in employment at the vesting date.
Dividends accrue on these shares and vest in the form of additional shares released at the end of the deferral period except for certain colleagues who are
unable to receive dividend equivalents due to financial services regulations.
2025
2024
million
million
Outstanding at beginning of year
27.1
28.1
Awarded
15.6
14.0
Released to participants in financial year
(14.8)
(14.0)
Lapsed
(0.7)
(1.0)
Outstanding at end of financial year
2 7.2
27.1
Weighted average remaining contractual life
1.8 years
1.8 years
Weighted average share price at date of exercise (release to participants)
254p
262p
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:213800VGZAAJIKJ9Y484", "period": "2024-03-03T00:00:00/2025-03-02T00:00:00" } }, "fact-484": { "value": "
36 Commitments
2025
2024
\u00a3m
\u00a3m
Capital commitments contracted, but not provided for
179
140
Leases that have been signed but not yet commenced
32
73
37 Contingent liabilities
The Group has a number of contingent liabilities in respect of disposed or exited businesses and guarantees in relation to disposed assets, which may expose
the Group to a material liability. For disposed property assets, this could be if the current tenant and their ultimate parents become insolvent. No historical
guarantees are expected to materialise.
Along with other retailers, the Group is currently subject to claims from current and ex-employees in the Employment Tribunal for equal pay under the
Equality Act 2010 and/or the Equal Pay Act 1970. There are currently circa 17,700 equal pay claims from circa 12,100 claimants, in which the claimants are
alleging that their work within Sainsbury\u2019s stores is or was, of equal value to that of colleagues working in Sainsbury\u2019s distribution centres, and that
differences in terms and conditions relating to pay are not objectively justifiable. The claimants are seeking the differential back pay based on the higher
wages in distribution centres, and the equalisation of wages and terms and conditions on an ongoing basis. The Group believes further claims will be served.
There are three stages in the tribunal procedure for equal pay claims of this nature and the claimants will need to succeed in all three. The first stage is
whether store claimants have the legal right to make the comparison with depot workers. Following European and Supreme Court decisions in other similar
litigation, Sainsbury\u2019s has conceded this point. The second stage is the lengthy process to determine whether any of the claimants\u2019 roles are of equal value to
their chosen comparators. Whilst there is at present no definitive timetable for the litigation the Group anticipates judgement from the Tribunal in respect of
the second stage will be given in the course of 2027. This judgement is very likely to be subject to appeal proceedings.
In the event that any of the claimants succeed at the second stage, there will be a third stage comprising further hearings, in the following years, to consider
material factor defences relating to non-discriminatory reasons for any pay differential. Both outstanding stages will involve contested hearings and appeals.
It is not possible to predict a final date with any certainty.
If the group is unsuccessful at the end of the litigation the liability could be material but due to the complexity and multitudinous factual and legal
uncertainties, we are not in a position to predict an outcome, quantum or impact at this stage.
Given that the outcome of the second and third stages in the litigation remains highly uncertain at this stage, the Group cannot make any assessment of the
likelihood nor quantum of any outcome. No provision has therefore been recognised on the Group\u2019s balance sheet. There are substantial factual and legal
defences to these claims and the Group intends to continue to defend them vigorously.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800VGZAAJIKJ9Y484", "period": "2024-03-03T00:00:00/2025-03-02T00:00:00" } }, "fact-543": { "value": "36 Commitments
2025
2024
\u00a3m
\u00a3m
Capital commitments contracted, but not provided for
179
140
Leases that have been signed but not yet commenced
32
73
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:213800VGZAAJIKJ9Y484", "period": "2024-03-03T00:00:00/2025-03-02T00:00:00" } }, "fact-545": { "value": "37 Contingent liabilities The Group has a number of contingent liabilities in respect of disposed or exited businesses and guarantees in relation to disposed assets, which may expose the Group to a material liability. For disposed property assets, this could be if the current tenant and their ultimate parents become insolvent. No historical guarantees are expected to materialise. Along with other retailers, the Group is currently subject to claims from current and ex-employees in the Employment Tribunal for equal pay under the Equality Act 2010 and/or the Equal Pay Act 1970. There are currently circa 17,700 equal pay claims from circa 12,100 claimants, in which the claimants are alleging that their work within Sainsbury\u2019s stores is or was, of equal value to that of colleagues working in Sainsbury\u2019s distribution centres, and that differences in terms and conditions relating to pay are not objectively justifiable. The claimants are seeking the differential back pay based on the higher wages in distribution centres, and the equalisation of wages and terms and conditions on an ongoing basis. The Group believes further claims will be served. There are three stages in the tribunal procedure for equal pay claims of this nature and the claimants will need to succeed in all three. The first stage is whether store claimants have the legal right to make the comparison with depot workers. Following European and Supreme Court decisions in other similar litigation, Sainsbury\u2019s has conceded this point. The second stage is the lengthy process to determine whether any of the claimants\u2019 roles are of equal value to their chosen comparators. Whilst there is at present no definitive timetable for the litigation the Group anticipates judgement from the Tribunal in respect of the second stage will be given in the course of 2027. This judgement is very likely to be subject to appeal proceedings. In the event that any of the claimants succeed at the second stage, there will be a third stage comprising further hearings, in the following years, to consider material factor defences relating to non-discriminatory reasons for any pay differential. Both outstanding stages will involve contested hearings and appeals. It is not possible to predict a final date with any certainty. If the group is unsuccessful at the end of the litigation the liability could be material but due to the complexity and multitudinous factual and legal uncertainties, we are not in a position to predict an outcome, quantum or impact at this stage. Given that the outcome of the second and third stages in the litigation remains highly uncertain at this stage, the Group cannot make any assessment of the likelihood nor quantum of any outcome. No provision has therefore been recognised on the Group\u2019s balance sheet. There are substantial factual and legal defences to these claims and the Group intends to continue to defend them vigorously.", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800VGZAAJIKJ9Y484", "period": "2024-03-03T00:00:00/2025-03-02T00:00:00" } }, "fact-485": { "value": "
38 Related party transactions
38.1 Key management personnel
The key management personnel of the Group comprise members of the J Sainsbury plc Board of Directors and the Operating Board. The key management
personnel compensation is as follows:
2025
2024
\u00a3m
\u00a3m
Short-term employee benefits
16
15
Post-employment employee benefits
1
1
Share-based payments
8
8
25
24
Five key management personnel had credit card balances with Financial Services (2024: three). These arose in the normal course of business and were
immaterial to the Group and the individuals. Two key management personnel held saving deposit accounts with Financial Services (2024: one). These
balances arose in the normal course of business and were immaterial to the Group and the individuals.
38.2 Joint ventures and associates
Transactions between the Group\u2019s subsidiary undertakings, which are related parties, have been eliminated on consolidation and are accordingly not
disclosed. Related party transactions, which are at arm\u2019s length, and balances which the Group had with its joint ventures and associates, are as follows:
2025
2024
\u00a3m
\u00a3m
Rental expenses paid
(8)
(8)
Year-end balances arising from transactions with joint ventures and associates are as follows:
2025
2024
\u00a3m
\u00a3m
Other payables
(2)
(1)
38.3 Retirement benefit obligations
The Group has entered into an arrangement with the Pension Scheme Trustee as part of the funding plan for the actuarial deficit in the Scheme. Full details of
this arrangement are set out in note 34 to these financial statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory", "language": "en", "entity": "scheme:213800VGZAAJIKJ9Y484", "period": "2024-03-03T00:00:00/2025-03-02T00:00:00" } }, "fact-571": { "value": "38 Related party transactions 38.1 Key management personnel The key management personnel of the Group comprise members of the J Sainsbury plc Board of Directors and the Operating Board. The key management personnel compensation is as follows:
2025
2024
\u00a3m
\u00a3m
Short-term employee benefits
16
15
Post-employment employee benefits
1
1
Share-based payments
8
8
25
24
Five key management personnel had credit card balances with Financial Services (2024: three). These arose in the normal course of business and were immaterial to the Group and the individuals. Two key management personnel held saving deposit accounts with Financial Services (2024: one). These balances arose in the normal course of business and were immaterial to the Group and the individuals. 38.2 Joint ventures and associates Transactions between the Group\u2019s subsidiary undertakings, which are related parties, have been eliminated on consolidation and are accordingly not disclosed. Related party transactions, which are at arm\u2019s length, and balances which the Group had with its joint ventures and associates, are as follows:
2025
2024
\u00a3m
\u00a3m
Rental expenses paid
(8)
(8)
Year-end balances arising from transactions with joint ventures and associates are as follows:
2025
2024
\u00a3m
\u00a3m
Other payables
(2)
(1)
38.3 Retirement benefit obligations The Group has entered into an arrangement with the Pension Scheme Trustee as part of the funding plan for the actuarial deficit in the Scheme. Full details of this arrangement are set out in note 34 to these financial statements. 40 Related undertakings All companies listed below are owned by the Group and all interests are in ordinary share capital, except where otherwise indicated. All subsidiaries have been consolidated. 40.1 Wholly owned subsidiary undertakings The Group holds a majority of the voting rights of the following undertakings:
Entity
Country of incorporation
Interest
Holding
Registered office address
a)
Argos Business Solutions Limited
UK
100%
Indirect
33 Holborn
Argos Card Transactions Limited
UK
100%
Indirect
33 Holborn
Argos Distributors (Ireland) Limited
Ireland
100%
Indirect
6th Floor, South Bank House
Argos Holdings Limited
UK
100%
Indirect
33 Holborn
Argos Limited
UK
100%
Indirect
33 Holborn
Argos (N.I.) Ltd
UK
100%
Indirect
Forestside Shopping Centre
Argos Surbs Investments Limited
UK
100%
Indirect
33 Holborn
Avenell Property Limited
UK
100%
Indirect
33 Holborn
Barleygold Limited
UK
100%
Indirect
50 Bedford Street
Bells Stores Limited
UK
100%
Direct
33 Holborn
BLSSP (PHC 7) Limited
UK
100%
Indirect
33 Holborn
Cliffrange Limited
UK
100%
Indirect
33 Holborn
Coolidge Investments Limited
UK
100%
Indirect
33 Holborn
Cornerford Limited
UK
100%
Indirect
33 Holborn
Financial Recovery Services Limited
UK
100%
Indirect
33 Holborn
First Stop Stores Limited
UK
100%
Indirect
33 Holborn
Global (Guernsey) Limited
Guernsey
100%
Indirect
PO Box 33, Dorey Court
Habitat Retail Limited
UK
100%
Indirect
33 Holborn
Hobart Property Limited
UK
100%
Indirect
33 Holborn
Holborn UK Investments Limited
UK
100%
Direct
33 Holborn
Home Retail Group Limited
UK
100%
Indirect
33 Holborn
Home Retail Group (Finance) LLP
UK
100%
Indirect
33 Holborn
Home Retail Group (Guernsey) LP
Guernsey
100%
Indirect
PO Box 33, Dorey Court
Home Retail Group (Jersey) Limited
Jersey
100%
Indirect
44 Esplanade
Home Retail Group (UK) Limited
UK
100%
Indirect
33 Holborn
Home Retail Group Card Services Limited
UK
100%
Indirect
33 Holborn
Home Retail Group Holdings (Overseas) Limited
UK
100%
Indirect
33 Holborn
Home Retail Group Insurance Services Limited
UK
100%
Indirect
33 Holborn
Home Retail Group Nominees Limited
UK
100%
Indirect
33 Holborn
Home Retail Group UK Service Company Limited
UK
100%
Indirect
33 Holborn
Horndrift Limited
UK
100%
Indirect
33 Holborn
J Sainsbury Common Investment Fund Limited
UK
100%
Indirect
33 Holborn
J Sainsbury Distribution Limited
UK
100%
Direct
33 Holborn
J Sainsbury Pension Scheme Trustees Limited
UK
100%
Direct
33 Holborn
J Sainsbury Trustees Limited
UK
100%
Indirect
33 Holborn
Jacksons Stores Limited
UK
100%
Direct
33 Holborn
Jacksons Stores 2002 Limited
UK
100%
Indirect
33 Holborn
JS Information Systems Limited
UK
100%
Direct
33 Holborn
JS Insurance Limited
Isle of Man
100%
Direct
Third Floor, St George\u2019s Court
JSD (London) Limited
UK
100%
Indirect
33 Holborn
Jungle Online
UK
100%
Indirect
33 Holborn
Jungle.com Limited
UK
100%
Indirect
33 Holborn
Jungle.com Holdings Limited
UK
100%
Indirect
33 Holborn
a) See full addresses on page 204.
Entity
Country of incorporation
Interest
Holding
Registered office address
a)
Nash Court (Kenton) Limited
UK
100%
Indirect
33 Holborn
Nectar 360 Limited
UK
100%
Indirect
33 Holborn
Nectar 360 Services LLP
UK
100%
Indirect
33 Holborn
Nectar EMEA Limited
UK
100%
Indirect
33 Holborn
Nectar Loyalty Holding Limited
UK
100%
Direct
33 Holborn
Ramheath Properties Limited
UK
100%
Direct
33 Holborn
Sainsbury Bridgeco Holdco Limited
UK
100%
Direct
33 Holborn
Sainsbury Holdco A Limited
UK
100%
Direct
33 Holborn
Sainsbury Holdco B Limited
UK
100%
Direct
33 Holborn
Sainsbury Propco A Limited
UK
100%
Indirect
33 Holborn
Sainsbury Propco B Limited
UK
100%
Indirect
33 Holborn
Sainsbury Propco C Limited
UK
100%
Direct
33 Holborn
Sainsbury Propco D Limited
UK
100%
Direct
33 Holborn
Sainsbury Property Investments Limited
UK
100%
Direct
33 Holborn
Sainsbury\u2019s Argos Asia Limited
Hong Kong
100%
Indirect
Unit 904, 9/F, Tower 2
Sainsbury\u2019s Argos Asia Commercial Limited
Hong Kong
100%
Indirect
Unit 904, 9/F, Tower 2
Sainsbury\u2019s Argos Asia Sourcing Limited
b)
Hong Kong
100%
Indirect
Unit 904, 9/F, Tower 2
Sainsbury\u2019s Argos Asia Technical Limited
b)
Hong Kong
100%
Indirect
Unit 904, 9/F, Tower 2
Sainsbury\u2019s Argos Commercial Consulting (Shanghai) Limited
China
100%
Indirect
26/F, Tower 1
Sainsbury\u2019s Bank plc
UK
100%
Direct
33 Holborn
Sainsburys Corporate Director Limited
UK
100%
Direct
33 Holborn
Sainsbury\u2019s Corporate Healthcare Trustee Limited
UK
100%
Indirect
33 Holborn
Sainsbury\u2019s Corporate Secretary Limited
UK
100%
Direct
33 Holborn
Sainsbury\u2019s Group Holdings Limited
UK
100%
Direct
33 Holborn
Sainsbury\u2019s Heather GP Limited
UK
100%
Indirect
4th Floor, 1 New Park Square
Sainsbury\u2019s Intermediate Holdings Limited
UK
100%
Direct
33 Holborn
Sainsbury\u2019s Manor GP Limited
UK
100%
Direct
4th Floor, 1 New Park Square
Sainsbury\u2019s Manor Property Limited
UK
100%
Direct
4th Floor, 1 New Park Square
Sainsburys (NI) Ltd
UK
100%
Indirect
Forestside Shopping Centre
Sainsbury\u2019s Rose LP Limited
UK
100%
Indirect
33 Holborn
Sainsbury\u2019s SL Limited
UK
100%
Indirect
33 Holborn
Sainsbury\u2019s Supermarkets Ltd
UK
100%
Direct
33 Holborn
Sainsbury\u2019s Thistle Scottish Limited Partnership
UK
100%
Indirect
3 Lochside Avenue
Sainsbury\u2019s Tyne Property Holdings Limited
UK
100%
Indirect
33 Holborn
Smartcharge Limited
UK
100%
Direct
33 Holborn
Software Warehouse Holdings Limited
UK
100%
Indirect
33 Holborn
Stamford House Investments Limited
UK
100%
Direct
33 Holborn
Stamford Properties One Limited
UK
100%
Direct
33 Holborn
Stamford Properties Three Limited
UK
100%
Direct
33 Holborn
Stamford Properties Two Limited
UK
100%
Direct
33 Holborn
Stanhope Finance Limited
UK
100%
Indirect
33 Holborn
Town Centre Retail (Bicester) Limited
UK
100%
Indirect
33 Holborn
a) See full addresses on page 204. b) An application has been made to deregister this company. 40.2 Associated undertakings The Group has an interest (as shown), direct or indirect, in the ordinary share capital of the following joint ventures and associates.
Entity
Country of incorporation
Interest
Holding
Registered office address
a)
BL Sainsbury Superstores Limited
b)
UK
50%
Indirect
45 Gresham Street
Harvest 2 GP Limited
UK
50%
Indirect
100
Victoria Street
Harvest 2 Limited Partnership
UK
50%
Indirect
100
Victoria Street
Harvest 2 Selly Oak Limited
UK
50%
Indirect
100
Victoria Street
Harvest Development Management Limited
UK
50%
Indirect
100
Victoria Street
Harvest GP Limited
UK
50%
Indirect
100
Victoria Street
Hedge End Park Limited
UK
50%
Direct
33 Holborn
a) See full addresses on page 204. b) An application has been made to deregister this company. 40.3 Overseas branches The Group has the following branches overseas:
Entity
Country of incorporation
Holding
Registered office address
a)
Sainsbury\u2019s Argos Asia Limited \u2013 Bangladesh Liaison Office
Bangladesh
Indirect
Level 10, Simpletree Anarkali
Sainsbury\u2019s Argos Asia Limited \u2013 India Branch Office
India
Indirect
Ambience Corporate Tower-II, 1st Floor
a) Full addresses in note 40.5 below. 40.4 Subsidiary undertakings exempt from audit The following subsidiaries are exempt from the requirements of the Companies Act 2006 relating to the audit of individual accounts by virtue of section 479A of the Act:
Entity
Company registered number
Entity
Company registered number
Argos (N.I.) Ltd
NI674996
Nash Court (Kenton) Limited
3447714
Argos Card Transactions Limited
04229056
Nectar EMEA Limited
05821446
Argos Holdings Limited
5860214
Nectar Loyalty Holding Limited
06436907
Argos Surbs Investments Limited
5716474
Ramheath Properties Limited
01762921
Avenell Property Limited
03817411
Sainsbury\u2019s Bridgeco HoldCo Limited
5644629
Barleygold Limited
NI032407
Sainsbury Holdco A Limited
05644636
Bells Stores Limited
01476345
Sainsbury Holdco B Limited
05644633
BLSSP (PCH 7) Limited
04104076
Sainsbury Propco A Limited
05644620
Cliffrange Limited
1967242
Sainsbury Propco C Limited
05676364
Coolidge Investments Limited
07697101
Sainsbury Propco D Limited
05676370
Cornerford Limited
03871316
Sainsbury Property Investments Limited
02184043
Financial Recovery Services Limited
01279774
Sainsbury\u2019s Corporate Healthcare Trustee Limited
02256123
First Stop Stores Limited
03061483
Sainsbury\u2019s Corporate Secretary Limited
13368643
Habitat Retail Limited
7445750
Sainsbury\u2019s Group Holdings Limited
11833110
Hobart Property Limited
03978071
Sainsbury\u2019s Intermediate Holdings Limited
10125892
Holborn UK Investments Limited
06482903
Sainsbury\u2019s Manor GP Limited
SC453278
Home Retail Group (Finance) Limited
OC361082
Sainsbury\u2019s Manor Property Limited
SC453263
Home Retail Group (UK) Limited
5844516
Sainsbury\u2019s Rose LP Limited
11837174
Home Retail Group Holdings (Overseas) Limited
0872776
Sainsbury\u2019s SL Limited
13361881
Home Retail Group Limited
5863533
Sainsburys (NI) Ltd
NI674962
Home Retail Group Nominees Limited
05733108
Sainsburys Corporate Director Limited
06246904
Home Retail Group UK Service Company Limited
05844489
Sainsbury\u2019s Heather GP Limited
SC621875
Horndrift Limited
03871243
Sainsbury\u2019s Thistle Scottish Limited Partnership
SL033628
J Sainsbury Common Investment Fund Limited
02789936
Sainsbury\u2019s Tyne Property Holdings Limited
11733455
J Sainsbury Distribution Limited
02653788
Smartcharge Limited
15004383
J Sainsbury Pension Scheme Trustees Limited
02721178
Software Warehouse Holdings Limited
03776853
J Sainsbury Trustees Limited
00974484
Stamford House Investments Limited
01970437
Jacksons Stores 2002 Limited
04455255
Stamford Properties One Limited
03896034
Jacksons Stores Limited
03974443
Stamford Properties Three Limited
03896030
JSD (London) Limited
03780122
Stamford Properties Two Limited
03896032
Jungle Online
03782113
Stanhope Finance Limited
4288193
Jungle.com Holdings Limited
03929744
Town Centre Retail (Bicester) Limited
5564905
Jungle.com Limited
00301793
40.5 Full registered office addresses
Address
Full address
4th Floor, 1 New Park Square
4th Floor, 1 New Park Square, 1 Airborne Place, Edinburgh, EH12 9GR, United Kingdom
Unit 904, 9/F, Tower 2
Unit 904, 9/F, Tower 2, The Quayside, 77 Hoi Bun Road, Kwun Tong, Kowloon, Hong Kong
26/F, Tower 1
26/F, Tower 1, Kerry Everbright City Phase III-Enterprise Centre, No.128, West Tian Mu Road, Shanghai
20
0070,
People\u2019s Republic of China
33 Holborn
33 Holborn, London, EC1N 2HT, United Kingdom
a)
44 Esplanade
44 Esplanade, St Helier, Jersey, JE4 9WG, Channel Islands
50 Bedford Street
50 Bedford Street, Belfast, BT2 7FN, United Kingdom
100
Victoria Street
100
Victoria Street, London, SW1E 5JL, United Kingdom
Forestside Shopping Centre
Forestside Shopping Centre, Upper Galwally, Belfast, BT8 6FX, United Kingdom
Level 10, Simpletree Anarkali
Level 10, Simpletree Anarkali, 89 Gulshan Avenue Plot-03, Block \u2013 CWS(A), Dhaka \u2013 1212 Bangladesh
PO Box 33, Dorey Court
PO Box 33, Dorey Court, Admiral Park, St Peter Port, Guernsey, GY1 4AT
Third Floor, St George\u2019s Court
Third Floor, St George\u2019s Court, Upper Church Street, Douglas, IM1 1EE, Isle of Man
6th Floor, South Bank House
6th Floor, South Bank House, Barrow Street, Dublin 4, D04 TR29, Ireland
Unit No. 1, 1st Floor, Ambience Corporate Tower II
Ambience Corporate Tower-II, 1st Floor, Plot No. 3, Ambience Island, NH-8, Gurgaon, Haryana \u2013 122001, India
45 Gresham Street
45 Gresham Street, Gresham Street, London, EC2V 7BG
a) It is expected that, within the next financial year all Companies associated with this address will move registered office to 33 Charterhouse Street, London, EC1M 6HA, United Kingdom.", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:213800VGZAAJIKJ9Y484", "period": "2024-03-03T00:00:00/2025-03-02T00:00:00" } }, "fact-544": { "value": "38.1 Key management personnel The key management personnel of the Group comprise members of the J Sainsbury plc Board of Directors and the Operating Board. The key management personnel compensation is as follows:
2025
2024
\u00a3m
\u00a3m
Short-term employee benefits
16
15
Post-employment employee benefits
1
1
Share-based payments
8
8
25
24
Five key management personnel had credit card balances with Financial Services (2024: three). These arose in the normal course of business and were immaterial to the Group and the individuals. Two key management personnel held saving deposit accounts with Financial Services (2024: one). These balances arose in the normal course of business and were immaterial to the Group and the individuals. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:213800VGZAAJIKJ9Y484", "period": "2024-03-03T00:00:00/2025-03-02T00:00:00" } }, "fact-486": { "value": "
39 Post-balance sheet events
On 16 April 2025, the High Court approved the transfer of the personal loans, credit cards and retail deposit portfolios to NatWest Group concluding the Part
VII process. Following this approval, the transaction is expected to complete in May 2025 at which point legal title of these portfolios will transfer from
Sainsbury\u2019s Bank to NatWest Group.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:213800VGZAAJIKJ9Y484", "period": "2024-03-03T00:00:00/2025-03-02T00:00:00" } }, "fact-487": { "value": "
40 Related undertakings
All companies listed below are owned by the Group and all interests are in ordinary share capital, except where otherwise indicated. All subsidiaries have
been consolidated.
40.1 Wholly owned subsidiary undertakings
The Group holds a majority of the voting rights of the following undertakings:
Entity
Country of incorporation
Interest
Holding
Registered office address
a)
Argos Business Solutions Limited
UK
100%
Indirect
33 Holborn
Argos Card Transactions Limited
UK
100%
Indirect
33 Holborn
Argos Distributors (Ireland) Limited
Ireland
100%
Indirect
6th Floor, South Bank House
Argos Holdings Limited
UK
100%
Indirect
33 Holborn
Argos Limited
UK
100%
Indirect
33 Holborn
Argos (N.I.) Ltd
UK
100%
Indirect
Forestside Shopping Centre
Argos Surbs Investments Limited
UK
100%
Indirect
33 Holborn
Avenell Property Limited
UK
100%
Indirect
33 Holborn
Barleygold Limited
UK
100%
Indirect
50 Bedford Street
Bells Stores Limited
UK
100%
Direct
33 Holborn
BLSSP (PHC 7) Limited
UK
100%
Indirect
33 Holborn
Cliffrange Limited
UK
100%
Indirect
33 Holborn
Coolidge Investments Limited
UK
100%
Indirect
33 Holborn
Cornerford Limited
UK
100%
Indirect
33 Holborn
Financial Recovery Services Limited
UK
100%
Indirect
33 Holborn
First Stop Stores Limited
UK
100%
Indirect
33 Holborn
Global (Guernsey) Limited
Guernsey
100%
Indirect
PO Box 33, Dorey Court
Habitat Retail Limited
UK
100%
Indirect
33 Holborn
Hobart Property Limited
UK
100%
Indirect
33 Holborn
Holborn UK Investments Limited
UK
100%
Direct
33 Holborn
Home Retail Group Limited
UK
100%
Indirect
33 Holborn
Home Retail Group (Finance) LLP
UK
100%
Indirect
33 Holborn
Home Retail Group (Guernsey) LP
Guernsey
100%
Indirect
PO Box 33, Dorey Court
Home Retail Group (Jersey) Limited
Jersey
100%
Indirect
44 Esplanade
Home Retail Group (UK) Limited
UK
100%
Indirect
33 Holborn
Home Retail Group Card Services Limited
UK
100%
Indirect
33 Holborn
Home Retail Group Holdings (Overseas) Limited
UK
100%
Indirect
33 Holborn
Home Retail Group Insurance Services Limited
UK
100%
Indirect
33 Holborn
Home Retail Group Nominees Limited
UK
100%
Indirect
33 Holborn
Home Retail Group UK Service Company Limited
UK
100%
Indirect
33 Holborn
Horndrift Limited
UK
100%
Indirect
33 Holborn
J Sainsbury Common Investment Fund Limited
UK
100%
Indirect
33 Holborn
J Sainsbury Distribution Limited
UK
100%
Direct
33 Holborn
J Sainsbury Pension Scheme Trustees Limited
UK
100%
Direct
33 Holborn
J Sainsbury Trustees Limited
UK
100%
Indirect
33 Holborn
Jacksons Stores Limited
UK
100%
Direct
33 Holborn
Jacksons Stores 2002 Limited
UK
100%
Indirect
33 Holborn
JS Information Systems Limited
UK
100%
Direct
33 Holborn
JS Insurance Limited
Isle of Man
100%
Direct
Third Floor, St George\u2019s Court
JSD (London) Limited
UK
100%
Indirect
33 Holborn
Jungle Online
UK
100%
Indirect
33 Holborn
Jungle.com Limited
UK
100%
Indirect
33 Holborn
Jungle.com Holdings Limited
UK
100%
Indirect
33 Holborn
a) See full addresses on page 204.
Entity
Country of incorporation
Interest
Holding
Registered office address
a)
Nash Court (Kenton) Limited
UK
100%
Indirect
33 Holborn
Nectar 360 Limited
UK
100%
Indirect
33 Holborn
Nectar 360 Services LLP
UK
100%
Indirect
33 Holborn
Nectar EMEA Limited
UK
100%
Indirect
33 Holborn
Nectar Loyalty Holding Limited
UK
100%
Direct
33 Holborn
Ramheath Properties Limited
UK
100%
Direct
33 Holborn
Sainsbury Bridgeco Holdco Limited
UK
100%
Direct
33 Holborn
Sainsbury Holdco A Limited
UK
100%
Direct
33 Holborn
Sainsbury Holdco B Limited
UK
100%
Direct
33 Holborn
Sainsbury Propco A Limited
UK
100%
Indirect
33 Holborn
Sainsbury Propco B Limited
UK
100%
Indirect
33 Holborn
Sainsbury Propco C Limited
UK
100%
Direct
33 Holborn
Sainsbury Propco D Limited
UK
100%
Direct
33 Holborn
Sainsbury Property Investments Limited
UK
100%
Direct
33 Holborn
Sainsbury\u2019s Argos Asia Limited
Hong Kong
100%
Indirect
Unit 904, 9/F, Tower 2
Sainsbury\u2019s Argos Asia Commercial Limited
Hong Kong
100%
Indirect
Unit 904, 9/F, Tower 2
Sainsbury\u2019s Argos Asia Sourcing Limited
b)
Hong Kong
100%
Indirect
Unit 904, 9/F, Tower 2
Sainsbury\u2019s Argos Asia Technical Limited
b)
Hong Kong
100%
Indirect
Unit 904, 9/F, Tower 2
Sainsbury\u2019s Argos Commercial Consulting (Shanghai) Limited
China
100%
Indirect
26/F, Tower 1
Sainsbury\u2019s Bank plc
UK
100%
Direct
33 Holborn
Sainsburys Corporate Director Limited
UK
100%
Direct
33 Holborn
Sainsbury\u2019s Corporate Healthcare Trustee Limited
UK
100%
Indirect
33 Holborn
Sainsbury\u2019s Corporate Secretary Limited
UK
100%
Direct
33 Holborn
Sainsbury\u2019s Group Holdings Limited
UK
100%
Direct
33 Holborn
Sainsbury\u2019s Heather GP Limited
UK
100%
Indirect
4th Floor, 1 New Park Square
Sainsbury\u2019s Intermediate Holdings Limited
UK
100%
Direct
33 Holborn
Sainsbury\u2019s Manor GP Limited
UK
100%
Direct
4th Floor, 1 New Park Square
Sainsbury\u2019s Manor Property Limited
UK
100%
Direct
4th Floor, 1 New Park Square
Sainsburys (NI) Ltd
UK
100%
Indirect
Forestside Shopping Centre
Sainsbury\u2019s Rose LP Limited
UK
100%
Indirect
33 Holborn
Sainsbury\u2019s SL Limited
UK
100%
Indirect
33 Holborn
Sainsbury\u2019s Supermarkets Ltd
UK
100%
Direct
33 Holborn
Sainsbury\u2019s Thistle Scottish Limited Partnership
UK
100%
Indirect
3 Lochside Avenue
Sainsbury\u2019s Tyne Property Holdings Limited
UK
100%
Indirect
33 Holborn
Smartcharge Limited
UK
100%
Direct
33 Holborn
Software Warehouse Holdings Limited
UK
100%
Indirect
33 Holborn
Stamford House Investments Limited
UK
100%
Direct
33 Holborn
Stamford Properties One Limited
UK
100%
Direct
33 Holborn
Stamford Properties Three Limited
UK
100%
Direct
33 Holborn
Stamford Properties Two Limited
UK
100%
Direct
33 Holborn
Stanhope Finance Limited
UK
100%
Indirect
33 Holborn
Town Centre Retail (Bicester) Limited
UK
100%
Indirect
33 Holborn
a) See full addresses on page 204.
b) An application has been made to deregister this company.
40.2 Associated undertakings
The Group has an interest (as shown), direct or indirect, in the ordinary share capital of the following joint ventures and associates.
Entity
Country of incorporation
Interest
Holding
Registered office address
a)
BL Sainsbury Superstores Limited
b)
UK
50%
Indirect
45 Gresham Street
Harvest 2 GP Limited
UK
50%
Indirect
100
Victoria Street
Harvest 2 Limited Partnership
UK
50%
Indirect
100
Victoria Street
Harvest 2 Selly Oak Limited
UK
50%
Indirect
100
Victoria Street
Harvest Development Management Limited
UK
50%
Indirect
100
Victoria Street
Harvest GP Limited
UK
50%
Indirect
100
Victoria Street
Hedge End Park Limited
UK
50%
Direct
33 Holborn
a) See full addresses on page 204.
b) An application has been made to deregister this company.
40.3 Overseas branches
The Group has the following branches overseas:
Entity
Country of incorporation
Holding
Registered office address
a)
Sainsbury\u2019s Argos Asia Limited \u2013 Bangladesh Liaison Office
Bangladesh
Indirect
Level 10, Simpletree Anarkali
Sainsbury\u2019s Argos Asia Limited \u2013 India Branch Office
India
Indirect
Ambience Corporate Tower-II, 1st Floor
a) Full addresses in note 40.5 below.
40.4 Subsidiary undertakings exempt from audit
The following subsidiaries are exempt from the requirements of the Companies Act 2006 relating to the audit of individual accounts by virtue of section 479A
of the Act:
Entity
Company registered number
Entity
Company registered number
Argos (N.I.) Ltd
NI674996
Nash Court (Kenton) Limited
3447714
Argos Card Transactions Limited
04229056
Nectar EMEA Limited
05821446
Argos Holdings Limited
5860214
Nectar Loyalty Holding Limited
06436907
Argos Surbs Investments Limited
5716474
Ramheath Properties Limited
01762921
Avenell Property Limited
03817411
Sainsbury\u2019s Bridgeco HoldCo Limited
5644629
Barleygold Limited
NI032407
Sainsbury Holdco A Limited
05644636
Bells Stores Limited
01476345
Sainsbury Holdco B Limited
05644633
BLSSP (PCH 7) Limited
04104076
Sainsbury Propco A Limited
05644620
Cliffrange Limited
1967242
Sainsbury Propco C Limited
05676364
Coolidge Investments Limited
07697101
Sainsbury Propco D Limited
05676370
Cornerford Limited
03871316
Sainsbury Property Investments Limited
02184043
Financial Recovery Services Limited
01279774
Sainsbury\u2019s Corporate Healthcare Trustee Limited
02256123
First Stop Stores Limited
03061483
Sainsbury\u2019s Corporate Secretary Limited
13368643
Habitat Retail Limited
7445750
Sainsbury\u2019s Group Holdings Limited
11833110
Hobart Property Limited
03978071
Sainsbury\u2019s Intermediate Holdings Limited
10125892
Holborn UK Investments Limited
06482903
Sainsbury\u2019s Manor GP Limited
SC453278
Home Retail Group (Finance) Limited
OC361082
Sainsbury\u2019s Manor Property Limited
SC453263
Home Retail Group (UK) Limited
5844516
Sainsbury\u2019s Rose LP Limited
11837174
Home Retail Group Holdings (Overseas) Limited
0872776
Sainsbury\u2019s SL Limited
13361881
Home Retail Group Limited
5863533
Sainsburys (NI) Ltd
NI674962
Home Retail Group Nominees Limited
05733108
Sainsburys Corporate Director Limited
06246904
Home Retail Group UK Service Company Limited
05844489
Sainsbury\u2019s Heather GP Limited
SC621875
Horndrift Limited
03871243
Sainsbury\u2019s Thistle Scottish Limited Partnership
SL033628
J Sainsbury Common Investment Fund Limited
02789936
Sainsbury\u2019s Tyne Property Holdings Limited
11733455
J Sainsbury Distribution Limited
02653788
Smartcharge Limited
15004383
J Sainsbury Pension Scheme Trustees Limited
02721178
Software Warehouse Holdings Limited
03776853
J Sainsbury Trustees Limited
00974484
Stamford House Investments Limited
01970437
Jacksons Stores 2002 Limited
04455255
Stamford Properties One Limited
03896034
Jacksons Stores Limited
03974443
Stamford Properties Three Limited
03896030
JSD (London) Limited
03780122
Stamford Properties Two Limited
03896032
Jungle Online
03782113
Stanhope Finance Limited
4288193
Jungle.com Holdings Limited
03929744
Town Centre Retail (Bicester) Limited
5564905
Jungle.com Limited
00301793
40.5 Full registered office addresses
Address
Full address
4th Floor, 1 New Park Square
4th Floor, 1 New Park Square, 1 Airborne Place, Edinburgh, EH12 9GR, United Kingdom
Unit 904, 9/F, Tower 2
Unit 904, 9/F, Tower 2, The Quayside, 77 Hoi Bun Road, Kwun Tong, Kowloon, Hong Kong
26/F, Tower 1
26/F, Tower 1, Kerry Everbright City Phase III-Enterprise Centre, No.128, West Tian Mu Road, Shanghai
20
0070,
People\u2019s Republic of China
33 Holborn
33 Holborn, London, EC1N 2HT, United Kingdom
a)
44 Esplanade
44 Esplanade, St Helier, Jersey, JE4 9WG, Channel Islands
50 Bedford Street
50 Bedford Street, Belfast, BT2 7FN, United Kingdom
100
Victoria Street
100
Victoria Street, London, SW1E 5JL, United Kingdom
Forestside Shopping Centre
Forestside Shopping Centre, Upper Galwally, Belfast, BT8 6FX, United Kingdom
Level 10, Simpletree Anarkali
Level 10, Simpletree Anarkali, 89 Gulshan Avenue Plot-03, Block \u2013 CWS(A), Dhaka \u2013 1212 Bangladesh
PO Box 33, Dorey Court
PO Box 33, Dorey Court, Admiral Park, St Peter Port, Guernsey, GY1 4AT
Third Floor, St George\u2019s Court
Third Floor, St George\u2019s Court, Upper Church Street, Douglas, IM1 1EE, Isle of Man
6th Floor, South Bank House
6th Floor, South Bank House, Barrow Street, Dublin 4, D04 TR29, Ireland
Unit No. 1, 1st Floor, Ambience Corporate Tower II
Ambience Corporate Tower-II, 1st Floor, Plot No. 3, Ambience Island, NH-8, Gurgaon, Haryana \u2013 122001, India
45 Gresham Street
45 Gresham Street, Gresham Street, London, EC2V 7BG
a) It is expected that, within the next financial year all Companies associated with this address will move registered office to 33 Charterhouse Street, London, EC1M 6HA, United Kingdom.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCompositionOfGroupExplanatory", "language": "en", "entity": "scheme:213800VGZAAJIKJ9Y484", "period": "2024-03-03T00:00:00/2025-03-02T00:00:00" } }, "fact-590": { "value": "40 Related undertakings All companies listed below are owned by the Group and all interests are in ordinary share capital, except where otherwise indicated. All subsidiaries have been consolidated. 40.1 Wholly owned subsidiary undertakings The Group holds a majority of the voting rights of the following undertakings:
Entity
Country of incorporation
Interest
Holding
Registered office address
a)
Argos Business Solutions Limited
UK
100%
Indirect
33 Holborn
Argos Card Transactions Limited
UK
100%
Indirect
33 Holborn
Argos Distributors (Ireland) Limited
Ireland
100%
Indirect
6th Floor, South Bank House
Argos Holdings Limited
UK
100%
Indirect
33 Holborn
Argos Limited
UK
100%
Indirect
33 Holborn
Argos (N.I.) Ltd
UK
100%
Indirect
Forestside Shopping Centre
Argos Surbs Investments Limited
UK
100%
Indirect
33 Holborn
Avenell Property Limited
UK
100%
Indirect
33 Holborn
Barleygold Limited
UK
100%
Indirect
50 Bedford Street
Bells Stores Limited
UK
100%
Direct
33 Holborn
BLSSP (PHC 7) Limited
UK
100%
Indirect
33 Holborn
Cliffrange Limited
UK
100%
Indirect
33 Holborn
Coolidge Investments Limited
UK
100%
Indirect
33 Holborn
Cornerford Limited
UK
100%
Indirect
33 Holborn
Financial Recovery Services Limited
UK
100%
Indirect
33 Holborn
First Stop Stores Limited
UK
100%
Indirect
33 Holborn
Global (Guernsey) Limited
Guernsey
100%
Indirect
PO Box 33, Dorey Court
Habitat Retail Limited
UK
100%
Indirect
33 Holborn
Hobart Property Limited
UK
100%
Indirect
33 Holborn
Holborn UK Investments Limited
UK
100%
Direct
33 Holborn
Home Retail Group Limited
UK
100%
Indirect
33 Holborn
Home Retail Group (Finance) LLP
UK
100%
Indirect
33 Holborn
Home Retail Group (Guernsey) LP
Guernsey
100%
Indirect
PO Box 33, Dorey Court
Home Retail Group (Jersey) Limited
Jersey
100%
Indirect
44 Esplanade
Home Retail Group (UK) Limited
UK
100%
Indirect
33 Holborn
Home Retail Group Card Services Limited
UK
100%
Indirect
33 Holborn
Home Retail Group Holdings (Overseas) Limited
UK
100%
Indirect
33 Holborn
Home Retail Group Insurance Services Limited
UK
100%
Indirect
33 Holborn
Home Retail Group Nominees Limited
UK
100%
Indirect
33 Holborn
Home Retail Group UK Service Company Limited
UK
100%
Indirect
33 Holborn
Horndrift Limited
UK
100%
Indirect
33 Holborn
J Sainsbury Common Investment Fund Limited
UK
100%
Indirect
33 Holborn
J Sainsbury Distribution Limited
UK
100%
Direct
33 Holborn
J Sainsbury Pension Scheme Trustees Limited
UK
100%
Direct
33 Holborn
J Sainsbury Trustees Limited
UK
100%
Indirect
33 Holborn
Jacksons Stores Limited
UK
100%
Direct
33 Holborn
Jacksons Stores 2002 Limited
UK
100%
Indirect
33 Holborn
JS Information Systems Limited
UK
100%
Direct
33 Holborn
JS Insurance Limited
Isle of Man
100%
Direct
Third Floor, St George\u2019s Court
JSD (London) Limited
UK
100%
Indirect
33 Holborn
Jungle Online
UK
100%
Indirect
33 Holborn
Jungle.com Limited
UK
100%
Indirect
33 Holborn
Jungle.com Holdings Limited
UK
100%
Indirect
33 Holborn
a) See full addresses on page 204.
Entity
Country of incorporation
Interest
Holding
Registered office address
a)
Nash Court (Kenton) Limited
UK
100%
Indirect
33 Holborn
Nectar 360 Limited
UK
100%
Indirect
33 Holborn
Nectar 360 Services LLP
UK
100%
Indirect
33 Holborn
Nectar EMEA Limited
UK
100%
Indirect
33 Holborn
Nectar Loyalty Holding Limited
UK
100%
Direct
33 Holborn
Ramheath Properties Limited
UK
100%
Direct
33 Holborn
Sainsbury Bridgeco Holdco Limited
UK
100%
Direct
33 Holborn
Sainsbury Holdco A Limited
UK
100%
Direct
33 Holborn
Sainsbury Holdco B Limited
UK
100%
Direct
33 Holborn
Sainsbury Propco A Limited
UK
100%
Indirect
33 Holborn
Sainsbury Propco B Limited
UK
100%
Indirect
33 Holborn
Sainsbury Propco C Limited
UK
100%
Direct
33 Holborn
Sainsbury Propco D Limited
UK
100%
Direct
33 Holborn
Sainsbury Property Investments Limited
UK
100%
Direct
33 Holborn
Sainsbury\u2019s Argos Asia Limited
Hong Kong
100%
Indirect
Unit 904, 9/F, Tower 2
Sainsbury\u2019s Argos Asia Commercial Limited
Hong Kong
100%
Indirect
Unit 904, 9/F, Tower 2
Sainsbury\u2019s Argos Asia Sourcing Limited
b)
Hong Kong
100%
Indirect
Unit 904, 9/F, Tower 2
Sainsbury\u2019s Argos Asia Technical Limited
b)
Hong Kong
100%
Indirect
Unit 904, 9/F, Tower 2
Sainsbury\u2019s Argos Commercial Consulting (Shanghai) Limited
China
100%
Indirect
26/F, Tower 1
Sainsbury\u2019s Bank plc
UK
100%
Direct
33 Holborn
Sainsburys Corporate Director Limited
UK
100%
Direct
33 Holborn
Sainsbury\u2019s Corporate Healthcare Trustee Limited
UK
100%
Indirect
33 Holborn
Sainsbury\u2019s Corporate Secretary Limited
UK
100%
Direct
33 Holborn
Sainsbury\u2019s Group Holdings Limited
UK
100%
Direct
33 Holborn
Sainsbury\u2019s Heather GP Limited
UK
100%
Indirect
4th Floor, 1 New Park Square
Sainsbury\u2019s Intermediate Holdings Limited
UK
100%
Direct
33 Holborn
Sainsbury\u2019s Manor GP Limited
UK
100%
Direct
4th Floor, 1 New Park Square
Sainsbury\u2019s Manor Property Limited
UK
100%
Direct
4th Floor, 1 New Park Square
Sainsburys (NI) Ltd
UK
100%
Indirect
Forestside Shopping Centre
Sainsbury\u2019s Rose LP Limited
UK
100%
Indirect
33 Holborn
Sainsbury\u2019s SL Limited
UK
100%
Indirect
33 Holborn
Sainsbury\u2019s Supermarkets Ltd
UK
100%
Direct
33 Holborn
Sainsbury\u2019s Thistle Scottish Limited Partnership
UK
100%
Indirect
3 Lochside Avenue
Sainsbury\u2019s Tyne Property Holdings Limited
UK
100%
Indirect
33 Holborn
Smartcharge Limited
UK
100%
Direct
33 Holborn
Software Warehouse Holdings Limited
UK
100%
Indirect
33 Holborn
Stamford House Investments Limited
UK
100%
Direct
33 Holborn
Stamford Properties One Limited
UK
100%
Direct
33 Holborn
Stamford Properties Three Limited
UK
100%
Direct
33 Holborn
Stamford Properties Two Limited
UK
100%
Direct
33 Holborn
Stanhope Finance Limited
UK
100%
Indirect
33 Holborn
Town Centre Retail (Bicester) Limited
UK
100%
Indirect
33 Holborn
a) See full addresses on page 204. b) An application has been made to deregister this company. 40.2 Associated undertakings The Group has an interest (as shown), direct or indirect, in the ordinary share capital of the following joint ventures and associates.
Entity
Country of incorporation
Interest
Holding
Registered office address
a)
BL Sainsbury Superstores Limited
b)
UK
50%
Indirect
45 Gresham Street
Harvest 2 GP Limited
UK
50%
Indirect
100
Victoria Street
Harvest 2 Limited Partnership
UK
50%
Indirect
100
Victoria Street
Harvest 2 Selly Oak Limited
UK
50%
Indirect
100
Victoria Street
Harvest Development Management Limited
UK
50%
Indirect
100
Victoria Street
Harvest GP Limited
UK
50%
Indirect
100
Victoria Street
Hedge End Park Limited
UK
50%
Direct
33 Holborn
a) See full addresses on page 204. b) An application has been made to deregister this company. 40.3 Overseas branches The Group has the following branches overseas:
Entity
Country of incorporation
Holding
Registered office address
a)
Sainsbury\u2019s Argos Asia Limited \u2013 Bangladesh Liaison Office
Bangladesh
Indirect
Level 10, Simpletree Anarkali
Sainsbury\u2019s Argos Asia Limited \u2013 India Branch Office
India
Indirect
Ambience Corporate Tower-II, 1st Floor
a) Full addresses in note 40.5 below. 40.4 Subsidiary undertakings exempt from audit The following subsidiaries are exempt from the requirements of the Companies Act 2006 relating to the audit of individual accounts by virtue of section 479A of the Act:
Entity
Company registered number
Entity
Company registered number
Argos (N.I.) Ltd
NI674996
Nash Court (Kenton) Limited
3447714
Argos Card Transactions Limited
04229056
Nectar EMEA Limited
05821446
Argos Holdings Limited
5860214
Nectar Loyalty Holding Limited
06436907
Argos Surbs Investments Limited
5716474
Ramheath Properties Limited
01762921
Avenell Property Limited
03817411
Sainsbury\u2019s Bridgeco HoldCo Limited
5644629
Barleygold Limited
NI032407
Sainsbury Holdco A Limited
05644636
Bells Stores Limited
01476345
Sainsbury Holdco B Limited
05644633
BLSSP (PCH 7) Limited
04104076
Sainsbury Propco A Limited
05644620
Cliffrange Limited
1967242
Sainsbury Propco C Limited
05676364
Coolidge Investments Limited
07697101
Sainsbury Propco D Limited
05676370
Cornerford Limited
03871316
Sainsbury Property Investments Limited
02184043
Financial Recovery Services Limited
01279774
Sainsbury\u2019s Corporate Healthcare Trustee Limited
02256123
First Stop Stores Limited
03061483
Sainsbury\u2019s Corporate Secretary Limited
13368643
Habitat Retail Limited
7445750
Sainsbury\u2019s Group Holdings Limited
11833110
Hobart Property Limited
03978071
Sainsbury\u2019s Intermediate Holdings Limited
10125892
Holborn UK Investments Limited
06482903
Sainsbury\u2019s Manor GP Limited
SC453278
Home Retail Group (Finance) Limited
OC361082
Sainsbury\u2019s Manor Property Limited
SC453263
Home Retail Group (UK) Limited
5844516
Sainsbury\u2019s Rose LP Limited
11837174
Home Retail Group Holdings (Overseas) Limited
0872776
Sainsbury\u2019s SL Limited
13361881
Home Retail Group Limited
5863533
Sainsburys (NI) Ltd
NI674962
Home Retail Group Nominees Limited
05733108
Sainsburys Corporate Director Limited
06246904
Home Retail Group UK Service Company Limited
05844489
Sainsbury\u2019s Heather GP Limited
SC621875
Horndrift Limited
03871243
Sainsbury\u2019s Thistle Scottish Limited Partnership
SL033628
J Sainsbury Common Investment Fund Limited
02789936
Sainsbury\u2019s Tyne Property Holdings Limited
11733455
J Sainsbury Distribution Limited
02653788
Smartcharge Limited
15004383
J Sainsbury Pension Scheme Trustees Limited
02721178
Software Warehouse Holdings Limited
03776853
J Sainsbury Trustees Limited
00974484
Stamford House Investments Limited
01970437
Jacksons Stores 2002 Limited
04455255
Stamford Properties One Limited
03896034
Jacksons Stores Limited
03974443
Stamford Properties Three Limited
03896030
JSD (London) Limited
03780122
Stamford Properties Two Limited
03896032
Jungle Online
03782113
Stanhope Finance Limited
4288193
Jungle.com Holdings Limited
03929744
Town Centre Retail (Bicester) Limited
5564905
Jungle.com Limited
00301793
40.5 Full registered office addresses
Address
Full address
4th Floor, 1 New Park Square
4th Floor, 1 New Park Square, 1 Airborne Place, Edinburgh, EH12 9GR, United Kingdom
Unit 904, 9/F, Tower 2
Unit 904, 9/F, Tower 2, The Quayside, 77 Hoi Bun Road, Kwun Tong, Kowloon, Hong Kong
26/F, Tower 1
26/F, Tower 1, Kerry Everbright City Phase III-Enterprise Centre, No.128, West Tian Mu Road, Shanghai
20
0070,
People\u2019s Republic of China
33 Holborn
33 Holborn, London, EC1N 2HT, United Kingdom
a)
44 Esplanade
44 Esplanade, St Helier, Jersey, JE4 9WG, Channel Islands
50 Bedford Street
50 Bedford Street, Belfast, BT2 7FN, United Kingdom
100
Victoria Street
100
Victoria Street, London, SW1E 5JL, United Kingdom
Forestside Shopping Centre
Forestside Shopping Centre, Upper Galwally, Belfast, BT8 6FX, United Kingdom
Level 10, Simpletree Anarkali
Level 10, Simpletree Anarkali, 89 Gulshan Avenue Plot-03, Block \u2013 CWS(A), Dhaka \u2013 1212 Bangladesh
PO Box 33, Dorey Court
PO Box 33, Dorey Court, Admiral Park, St Peter Port, Guernsey, GY1 4AT
Third Floor, St George\u2019s Court
Third Floor, St George\u2019s Court, Upper Church Street, Douglas, IM1 1EE, Isle of Man
6th Floor, South Bank House
6th Floor, South Bank House, Barrow Street, Dublin 4, D04 TR29, Ireland
Unit No. 1, 1st Floor, Ambience Corporate Tower II
Ambience Corporate Tower-II, 1st Floor, Plot No. 3, Ambience Island, NH-8, Gurgaon, Haryana \u2013 122001, India
45 Gresham Street
45 Gresham Street, Gresham Street, London, EC2V 7BG
a) It is expected that, within the next financial year all Companies associated with this address will move registered office to 33 Charterhouse Street, London, EC1M 6HA, United Kingdom.", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:213800VGZAAJIKJ9Y484", "period": "2024-03-03T00:00:00/2025-03-02T00:00:00" } }, "fact-585": { "value": "40 Related undertakings All companies listed below are owned by the Group and all interests are in ordinary share capital, except where otherwise indicated. All subsidiaries have been consolidated. 40.1 Wholly owned subsidiary undertakings The Group holds a majority of the voting rights of the following undertakings:
Entity
Country of incorporation
Interest
Holding
Registered office address
a)
Argos Business Solutions Limited
UK
100%
Indirect
33 Holborn
Argos Card Transactions Limited
UK
100%
Indirect
33 Holborn
Argos Distributors (Ireland) Limited
Ireland
100%
Indirect
6th Floor, South Bank House
Argos Holdings Limited
UK
100%
Indirect
33 Holborn
Argos Limited
UK
100%
Indirect
33 Holborn
Argos (N.I.) Ltd
UK
100%
Indirect
Forestside Shopping Centre
Argos Surbs Investments Limited
UK
100%
Indirect
33 Holborn
Avenell Property Limited
UK
100%
Indirect
33 Holborn
Barleygold Limited
UK
100%
Indirect
50 Bedford Street
Bells Stores Limited
UK
100%
Direct
33 Holborn
BLSSP (PHC 7) Limited
UK
100%
Indirect
33 Holborn
Cliffrange Limited
UK
100%
Indirect
33 Holborn
Coolidge Investments Limited
UK
100%
Indirect
33 Holborn
Cornerford Limited
UK
100%
Indirect
33 Holborn
Financial Recovery Services Limited
UK
100%
Indirect
33 Holborn
First Stop Stores Limited
UK
100%
Indirect
33 Holborn
Global (Guernsey) Limited
Guernsey
100%
Indirect
PO Box 33, Dorey Court
Habitat Retail Limited
UK
100%
Indirect
33 Holborn
Hobart Property Limited
UK
100%
Indirect
33 Holborn
Holborn UK Investments Limited
UK
100%
Direct
33 Holborn
Home Retail Group Limited
UK
100%
Indirect
33 Holborn
Home Retail Group (Finance) LLP
UK
100%
Indirect
33 Holborn
Home Retail Group (Guernsey) LP
Guernsey
100%
Indirect
PO Box 33, Dorey Court
Home Retail Group (Jersey) Limited
Jersey
100%
Indirect
44 Esplanade
Home Retail Group (UK) Limited
UK
100%
Indirect
33 Holborn
Home Retail Group Card Services Limited
UK
100%
Indirect
33 Holborn
Home Retail Group Holdings (Overseas) Limited
UK
100%
Indirect
33 Holborn
Home Retail Group Insurance Services Limited
UK
100%
Indirect
33 Holborn
Home Retail Group Nominees Limited
UK
100%
Indirect
33 Holborn
Home Retail Group UK Service Company Limited
UK
100%
Indirect
33 Holborn
Horndrift Limited
UK
100%
Indirect
33 Holborn
J Sainsbury Common Investment Fund Limited
UK
100%
Indirect
33 Holborn
J Sainsbury Distribution Limited
UK
100%
Direct
33 Holborn
J Sainsbury Pension Scheme Trustees Limited
UK
100%
Direct
33 Holborn
J Sainsbury Trustees Limited
UK
100%
Indirect
33 Holborn
Jacksons Stores Limited
UK
100%
Direct
33 Holborn
Jacksons Stores 2002 Limited
UK
100%
Indirect
33 Holborn
JS Information Systems Limited
UK
100%
Direct
33 Holborn
JS Insurance Limited
Isle of Man
100%
Direct
Third Floor, St George\u2019s Court
JSD (London) Limited
UK
100%
Indirect
33 Holborn
Jungle Online
UK
100%
Indirect
33 Holborn
Jungle.com Limited
UK
100%
Indirect
33 Holborn
Jungle.com Holdings Limited
UK
100%
Indirect
33 Holborn
a) See full addresses on page 204.
Entity
Country of incorporation
Interest
Holding
Registered office address
a)
Nash Court (Kenton) Limited
UK
100%
Indirect
33 Holborn
Nectar 360 Limited
UK
100%
Indirect
33 Holborn
Nectar 360 Services LLP
UK
100%
Indirect
33 Holborn
Nectar EMEA Limited
UK
100%
Indirect
33 Holborn
Nectar Loyalty Holding Limited
UK
100%
Direct
33 Holborn
Ramheath Properties Limited
UK
100%
Direct
33 Holborn
Sainsbury Bridgeco Holdco Limited
UK
100%
Direct
33 Holborn
Sainsbury Holdco A Limited
UK
100%
Direct
33 Holborn
Sainsbury Holdco B Limited
UK
100%
Direct
33 Holborn
Sainsbury Propco A Limited
UK
100%
Indirect
33 Holborn
Sainsbury Propco B Limited
UK
100%
Indirect
33 Holborn
Sainsbury Propco C Limited
UK
100%
Direct
33 Holborn
Sainsbury Propco D Limited
UK
100%
Direct
33 Holborn
Sainsbury Property Investments Limited
UK
100%
Direct
33 Holborn
Sainsbury\u2019s Argos Asia Limited
Hong Kong
100%
Indirect
Unit 904, 9/F, Tower 2
Sainsbury\u2019s Argos Asia Commercial Limited
Hong Kong
100%
Indirect
Unit 904, 9/F, Tower 2
Sainsbury\u2019s Argos Asia Sourcing Limited
b)
Hong Kong
100%
Indirect
Unit 904, 9/F, Tower 2
Sainsbury\u2019s Argos Asia Technical Limited
b)
Hong Kong
100%
Indirect
Unit 904, 9/F, Tower 2
Sainsbury\u2019s Argos Commercial Consulting (Shanghai) Limited
China
100%
Indirect
26/F, Tower 1
Sainsbury\u2019s Bank plc
UK
100%
Direct
33 Holborn
Sainsburys Corporate Director Limited
UK
100%
Direct
33 Holborn
Sainsbury\u2019s Corporate Healthcare Trustee Limited
UK
100%
Indirect
33 Holborn
Sainsbury\u2019s Corporate Secretary Limited
UK
100%
Direct
33 Holborn
Sainsbury\u2019s Group Holdings Limited
UK
100%
Direct
33 Holborn
Sainsbury\u2019s Heather GP Limited
UK
100%
Indirect
4th Floor, 1 New Park Square
Sainsbury\u2019s Intermediate Holdings Limited
UK
100%
Direct
33 Holborn
Sainsbury\u2019s Manor GP Limited
UK
100%
Direct
4th Floor, 1 New Park Square
Sainsbury\u2019s Manor Property Limited
UK
100%
Direct
4th Floor, 1 New Park Square
Sainsburys (NI) Ltd
UK
100%
Indirect
Forestside Shopping Centre
Sainsbury\u2019s Rose LP Limited
UK
100%
Indirect
33 Holborn
Sainsbury\u2019s SL Limited
UK
100%
Indirect
33 Holborn
Sainsbury\u2019s Supermarkets Ltd
UK
100%
Direct
33 Holborn
Sainsbury\u2019s Thistle Scottish Limited Partnership
UK
100%
Indirect
3 Lochside Avenue
Sainsbury\u2019s Tyne Property Holdings Limited
UK
100%
Indirect
33 Holborn
Smartcharge Limited
UK
100%
Direct
33 Holborn
Software Warehouse Holdings Limited
UK
100%
Indirect
33 Holborn
Stamford House Investments Limited
UK
100%
Direct
33 Holborn
Stamford Properties One Limited
UK
100%
Direct
33 Holborn
Stamford Properties Three Limited
UK
100%
Direct
33 Holborn
Stamford Properties Two Limited
UK
100%
Direct
33 Holborn
Stanhope Finance Limited
UK
100%
Indirect
33 Holborn
Town Centre Retail (Bicester) Limited
UK
100%
Indirect
33 Holborn
a) See full addresses on page 204. b) An application has been made to deregister this company. 40.2 Associated undertakings The Group has an interest (as shown), direct or indirect, in the ordinary share capital of the following joint ventures and associates.
Entity
Country of incorporation
Interest
Holding
Registered office address
a)
BL Sainsbury Superstores Limited
b)
UK
50%
Indirect
45 Gresham Street
Harvest 2 GP Limited
UK
50%
Indirect
100
Victoria Street
Harvest 2 Limited Partnership
UK
50%
Indirect
100
Victoria Street
Harvest 2 Selly Oak Limited
UK
50%
Indirect
100
Victoria Street
Harvest Development Management Limited
UK
50%
Indirect
100
Victoria Street
Harvest GP Limited
UK
50%
Indirect
100
Victoria Street
Hedge End Park Limited
UK
50%
Direct
33 Holborn
a) See full addresses on page 204. b) An application has been made to deregister this company. 40.3 Overseas branches The Group has the following branches overseas:
Entity
Country of incorporation
Holding
Registered office address
a)
Sainsbury\u2019s Argos Asia Limited \u2013 Bangladesh Liaison Office
Bangladesh
Indirect
Level 10, Simpletree Anarkali
Sainsbury\u2019s Argos Asia Limited \u2013 India Branch Office
India
Indirect
Ambience Corporate Tower-II, 1st Floor
a) Full addresses in note 40.5 below. 40.4 Subsidiary undertakings exempt from audit The following subsidiaries are exempt from the requirements of the Companies Act 2006 relating to the audit of individual accounts by virtue of section 479A of the Act:
Entity
Company registered number
Entity
Company registered number
Argos (N.I.) Ltd
NI674996
Nash Court (Kenton) Limited
3447714
Argos Card Transactions Limited
04229056
Nectar EMEA Limited
05821446
Argos Holdings Limited
5860214
Nectar Loyalty Holding Limited
06436907
Argos Surbs Investments Limited
5716474
Ramheath Properties Limited
01762921
Avenell Property Limited
03817411
Sainsbury\u2019s Bridgeco HoldCo Limited
5644629
Barleygold Limited
NI032407
Sainsbury Holdco A Limited
05644636
Bells Stores Limited
01476345
Sainsbury Holdco B Limited
05644633
BLSSP (PCH 7) Limited
04104076
Sainsbury Propco A Limited
05644620
Cliffrange Limited
1967242
Sainsbury Propco C Limited
05676364
Coolidge Investments Limited
07697101
Sainsbury Propco D Limited
05676370
Cornerford Limited
03871316
Sainsbury Property Investments Limited
02184043
Financial Recovery Services Limited
01279774
Sainsbury\u2019s Corporate Healthcare Trustee Limited
02256123
First Stop Stores Limited
03061483
Sainsbury\u2019s Corporate Secretary Limited
13368643
Habitat Retail Limited
7445750
Sainsbury\u2019s Group Holdings Limited
11833110
Hobart Property Limited
03978071
Sainsbury\u2019s Intermediate Holdings Limited
10125892
Holborn UK Investments Limited
06482903
Sainsbury\u2019s Manor GP Limited
SC453278
Home Retail Group (Finance) Limited
OC361082
Sainsbury\u2019s Manor Property Limited
SC453263
Home Retail Group (UK) Limited
5844516
Sainsbury\u2019s Rose LP Limited
11837174
Home Retail Group Holdings (Overseas) Limited
0872776
Sainsbury\u2019s SL Limited
13361881
Home Retail Group Limited
5863533
Sainsburys (NI) Ltd
NI674962
Home Retail Group Nominees Limited
05733108
Sainsburys Corporate Director Limited
06246904
Home Retail Group UK Service Company Limited
05844489
Sainsbury\u2019s Heather GP Limited
SC621875
Horndrift Limited
03871243
Sainsbury\u2019s Thistle Scottish Limited Partnership
SL033628
J Sainsbury Common Investment Fund Limited
02789936
Sainsbury\u2019s Tyne Property Holdings Limited
11733455
J Sainsbury Distribution Limited
02653788
Smartcharge Limited
15004383
J Sainsbury Pension Scheme Trustees Limited
02721178
Software Warehouse Holdings Limited
03776853
J Sainsbury Trustees Limited
00974484
Stamford House Investments Limited
01970437
Jacksons Stores 2002 Limited
04455255
Stamford Properties One Limited
03896034
Jacksons Stores Limited
03974443
Stamford Properties Three Limited
03896030
JSD (London) Limited
03780122
Stamford Properties Two Limited
03896032
Jungle Online
03782113
Stanhope Finance Limited
4288193
Jungle.com Holdings Limited
03929744
Town Centre Retail (Bicester) Limited
5564905
Jungle.com Limited
00301793
40.5 Full registered office addresses
Address
Full address
4th Floor, 1 New Park Square
4th Floor, 1 New Park Square, 1 Airborne Place, Edinburgh, EH12 9GR, United Kingdom
Unit 904, 9/F, Tower 2
Unit 904, 9/F, Tower 2, The Quayside, 77 Hoi Bun Road, Kwun Tong, Kowloon, Hong Kong
26/F, Tower 1
26/F, Tower 1, Kerry Everbright City Phase III-Enterprise Centre, No.128, West Tian Mu Road, Shanghai
20
0070,
People\u2019s Republic of China
33 Holborn
33 Holborn, London, EC1N 2HT, United Kingdom
a)
44 Esplanade
44 Esplanade, St Helier, Jersey, JE4 9WG, Channel Islands
50 Bedford Street
50 Bedford Street, Belfast, BT2 7FN, United Kingdom
100
Victoria Street
100
Victoria Street, London, SW1E 5JL, United Kingdom
Forestside Shopping Centre
Forestside Shopping Centre, Upper Galwally, Belfast, BT8 6FX, United Kingdom
Level 10, Simpletree Anarkali
Level 10, Simpletree Anarkali, 89 Gulshan Avenue Plot-03, Block \u2013 CWS(A), Dhaka \u2013 1212 Bangladesh
PO Box 33, Dorey Court
PO Box 33, Dorey Court, Admiral Park, St Peter Port, Guernsey, GY1 4AT
Third Floor, St George\u2019s Court
Third Floor, St George\u2019s Court, Upper Church Street, Douglas, IM1 1EE, Isle of Man
6th Floor, South Bank House
6th Floor, South Bank House, Barrow Street, Dublin 4, D04 TR29, Ireland
Unit No. 1, 1st Floor, Ambience Corporate Tower II
Ambience Corporate Tower-II, 1st Floor, Plot No. 3, Ambience Island, NH-8, Gurgaon, Haryana \u2013 122001, India
45 Gresham Street
45 Gresham Street, Gresham Street, London, EC2V 7BG
a) It is expected that, within the next financial year all Companies associated with this address will move registered office to 33 Charterhouse Street, London, EC1M 6HA, United Kingdom.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:213800VGZAAJIKJ9Y484", "period": "2024-03-03T00:00:00/2025-03-02T00:00:00" } }, "fact-546": { "value": "40.1 Wholly owned subsidiary undertakings The Group holds a majority of the voting rights of the following undertakings:
Entity
Country of incorporation
Interest
Holding
Registered office address
a)
Argos Business Solutions Limited
UK
100%
Indirect
33 Holborn
Argos Card Transactions Limited
UK
100%
Indirect
33 Holborn
Argos Distributors (Ireland) Limited
Ireland
100%
Indirect
6th Floor, South Bank House
Argos Holdings Limited
UK
100%
Indirect
33 Holborn
Argos Limited
UK
100%
Indirect
33 Holborn
Argos (N.I.) Ltd
UK
100%
Indirect
Forestside Shopping Centre
Argos Surbs Investments Limited
UK
100%
Indirect
33 Holborn
Avenell Property Limited
UK
100%
Indirect
33 Holborn
Barleygold Limited
UK
100%
Indirect
50 Bedford Street
Bells Stores Limited
UK
100%
Direct
33 Holborn
BLSSP (PHC 7) Limited
UK
100%
Indirect
33 Holborn
Cliffrange Limited
UK
100%
Indirect
33 Holborn
Coolidge Investments Limited
UK
100%
Indirect
33 Holborn
Cornerford Limited
UK
100%
Indirect
33 Holborn
Financial Recovery Services Limited
UK
100%
Indirect
33 Holborn
First Stop Stores Limited
UK
100%
Indirect
33 Holborn
Global (Guernsey) Limited
Guernsey
100%
Indirect
PO Box 33, Dorey Court
Habitat Retail Limited
UK
100%
Indirect
33 Holborn
Hobart Property Limited
UK
100%
Indirect
33 Holborn
Holborn UK Investments Limited
UK
100%
Direct
33 Holborn
Home Retail Group Limited
UK
100%
Indirect
33 Holborn
Home Retail Group (Finance) LLP
UK
100%
Indirect
33 Holborn
Home Retail Group (Guernsey) LP
Guernsey
100%
Indirect
PO Box 33, Dorey Court
Home Retail Group (Jersey) Limited
Jersey
100%
Indirect
44 Esplanade
Home Retail Group (UK) Limited
UK
100%
Indirect
33 Holborn
Home Retail Group Card Services Limited
UK
100%
Indirect
33 Holborn
Home Retail Group Holdings (Overseas) Limited
UK
100%
Indirect
33 Holborn
Home Retail Group Insurance Services Limited
UK
100%
Indirect
33 Holborn
Home Retail Group Nominees Limited
UK
100%
Indirect
33 Holborn
Home Retail Group UK Service Company Limited
UK
100%
Indirect
33 Holborn
Horndrift Limited
UK
100%
Indirect
33 Holborn
J Sainsbury Common Investment Fund Limited
UK
100%
Indirect
33 Holborn
J Sainsbury Distribution Limited
UK
100%
Direct
33 Holborn
J Sainsbury Pension Scheme Trustees Limited
UK
100%
Direct
33 Holborn
J Sainsbury Trustees Limited
UK
100%
Indirect
33 Holborn
Jacksons Stores Limited
UK
100%
Direct
33 Holborn
Jacksons Stores 2002 Limited
UK
100%
Indirect
33 Holborn
JS Information Systems Limited
UK
100%
Direct
33 Holborn
JS Insurance Limited
Isle of Man
100%
Direct
Third Floor, St George\u2019s Court
JSD (London) Limited
UK
100%
Indirect
33 Holborn
Jungle Online
UK
100%
Indirect
33 Holborn
Jungle.com Limited
UK
100%
Indirect
33 Holborn
Jungle.com Holdings Limited
UK
100%
Indirect
33 Holborn
a) See full addresses on page 204.
Entity
Country of incorporation
Interest
Holding
Registered office address
a)
Nash Court (Kenton) Limited
UK
100%
Indirect
33 Holborn
Nectar 360 Limited
UK
100%
Indirect
33 Holborn
Nectar 360 Services LLP
UK
100%
Indirect
33 Holborn
Nectar EMEA Limited
UK
100%
Indirect
33 Holborn
Nectar Loyalty Holding Limited
UK
100%
Direct
33 Holborn
Ramheath Properties Limited
UK
100%
Direct
33 Holborn
Sainsbury Bridgeco Holdco Limited
UK
100%
Direct
33 Holborn
Sainsbury Holdco A Limited
UK
100%
Direct
33 Holborn
Sainsbury Holdco B Limited
UK
100%
Direct
33 Holborn
Sainsbury Propco A Limited
UK
100%
Indirect
33 Holborn
Sainsbury Propco B Limited
UK
100%
Indirect
33 Holborn
Sainsbury Propco C Limited
UK
100%
Direct
33 Holborn
Sainsbury Propco D Limited
UK
100%
Direct
33 Holborn
Sainsbury Property Investments Limited
UK
100%
Direct
33 Holborn
Sainsbury\u2019s Argos Asia Limited
Hong Kong
100%
Indirect
Unit 904, 9/F, Tower 2
Sainsbury\u2019s Argos Asia Commercial Limited
Hong Kong
100%
Indirect
Unit 904, 9/F, Tower 2
Sainsbury\u2019s Argos Asia Sourcing Limited
b)
Hong Kong
100%
Indirect
Unit 904, 9/F, Tower 2
Sainsbury\u2019s Argos Asia Technical Limited
b)
Hong Kong
100%
Indirect
Unit 904, 9/F, Tower 2
Sainsbury\u2019s Argos Commercial Consulting (Shanghai) Limited
China
100%
Indirect
26/F, Tower 1
Sainsbury\u2019s Bank plc
UK
100%
Direct
33 Holborn
Sainsburys Corporate Director Limited
UK
100%
Direct
33 Holborn
Sainsbury\u2019s Corporate Healthcare Trustee Limited
UK
100%
Indirect
33 Holborn
Sainsbury\u2019s Corporate Secretary Limited
UK
100%
Direct
33 Holborn
Sainsbury\u2019s Group Holdings Limited
UK
100%
Direct
33 Holborn
Sainsbury\u2019s Heather GP Limited
UK
100%
Indirect
4th Floor, 1 New Park Square
Sainsbury\u2019s Intermediate Holdings Limited
UK
100%
Direct
33 Holborn
Sainsbury\u2019s Manor GP Limited
UK
100%
Direct
4th Floor, 1 New Park Square
Sainsbury\u2019s Manor Property Limited
UK
100%
Direct
4th Floor, 1 New Park Square
Sainsburys (NI) Ltd
UK
100%
Indirect
Forestside Shopping Centre
Sainsbury\u2019s Rose LP Limited
UK
100%
Indirect
33 Holborn
Sainsbury\u2019s SL Limited
UK
100%
Indirect
33 Holborn
Sainsbury\u2019s Supermarkets Ltd
UK
100%
Direct
33 Holborn
Sainsbury\u2019s Thistle Scottish Limited Partnership
UK
100%
Indirect
3 Lochside Avenue
Sainsbury\u2019s Tyne Property Holdings Limited
UK
100%
Indirect
33 Holborn
Smartcharge Limited
UK
100%
Direct
33 Holborn
Software Warehouse Holdings Limited
UK
100%
Indirect
33 Holborn
Stamford House Investments Limited
UK
100%
Direct
33 Holborn
Stamford Properties One Limited
UK
100%
Direct
33 Holborn
Stamford Properties Three Limited
UK
100%
Direct
33 Holborn
Stamford Properties Two Limited
UK
100%
Direct
33 Holborn
Stanhope Finance Limited
UK
100%
Indirect
33 Holborn
Town Centre Retail (Bicester) Limited
UK
100%
Indirect
33 Holborn
a) See full addresses on page 204. b) An application has been made to deregister this company. ", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:213800VGZAAJIKJ9Y484", "period": "2024-03-03T00:00:00/2025-03-02T00:00:00" } }, "fact-547": { "value": "40.2 Associated undertakings The Group has an interest (as shown), direct or indirect, in the ordinary share capital of the following joint ventures and associates.
Entity
Country of incorporation
Interest
Holding
Registered office address
a)
BL Sainsbury Superstores Limited
b)
UK
50%
Indirect
45 Gresham Street
Harvest 2 GP Limited
UK
50%
Indirect
100
Victoria Street
Harvest 2 Limited Partnership
UK
50%
Indirect
100
Victoria Street
Harvest 2 Selly Oak Limited
UK
50%
Indirect
100
Victoria Street
Harvest Development Management Limited
UK
50%
Indirect
100
Victoria Street
Harvest GP Limited
UK
50%
Indirect
100
Victoria Street
Hedge End Park Limited
UK
50%
Direct
33 Holborn
a) See full addresses on page 204. b) An application has been made to deregister this company. ", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:213800VGZAAJIKJ9Y484", "period": "2024-03-03T00:00:00/2025-03-02T00:00:00" } } } }