sainsbury annual report 2022

This increases the risk of non-compliance, adds additional cost as we respond to the regulations and drives complexity into our business processes. "One year into our three-year plan to transform Sainsbury's, Simon and his team are making very good progress. That information together with the information set out below which is extracted from the Annual Report and Financial Statements 2022 (the "Annual Report 2022") constitute the material required by Disclosure Guidance and Transparency Rule 6.3.5R, which is required to be communicated to the media in full unedited text through a Regulatory Information Service. As COVID-19 continues to impact the economy and the cost of fuel, energy and raw materials continues to rise, we remain committed to doing everything we can to support our colleagues and customers through what may be challenging financial times ahead. Our key regulatory risks include Competition Law, GDPR, GSCOP and Anti-Bribery and Corruption. Net Income available to Common Shareholders, Accumulated Other Comprehensive Income (Loss), Other Cashflows from Investing Activities. These arose in the normal course of business and were immaterial to the Group and the individuals. Sainsbury's Bank is exposed to a number of risks, including those related to operational, regulatory, credit, capital, funding, liquidity and market risks. Our Chief Executive Simon Roberts, and the Operating Board, have done an excellent job delivering against the key metrics we set out in November 2020. Argos is a leading digital retailer and is the third most visited retail website in the UK, with over 80 per cent of its sales starting online. Sainsbury's has over 600 supermarkets and over 800 convenience stores. Many of our mitigations are now part of day-to-day ways of working. Argos is conveniently available for customers to collect from hundreds of Sainsbury's stores. By clicking "I Agree" below, you acknowledge that you accept our. Retail sales growth (inc. fuel) versus the 2020/21 financial year. Metrics to measure alignment to risk appetite are discussed in each meeting of the DGC, - The Data Governance and Information Security function, with the support of colleagues in the Technology division, continue to develop information security strategies and to build the necessary capability to respond to the increasing number and sophistication of attacks, alongside focusing on improving how we handle data and protect systems across the organisation, - A suite of information security policies are in place, which focus on encryption, network security, access controls, system security, data protection and information handling, - All colleagues are required to complete mandatory training on how to keep our information safe. Queries about the content RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. In preparing these financial statements, the Directors are required to: - select suitable accounting policies and then apply them consistently; - make judgements and accounting estimates that are reasonable and prudent; - state whether UK-adopted international accounting standards have been followed, subject to any material departures disclosed and explained in the Group and Company financial statements respectively; and. The above documents may be viewed online at, In accordance with Listing Rule 9.6.1R, a copy of each of these documents in unedited full text will be submitted to the National Storage Mechanism and will be available for viewing shortly at, This announcement is not a substitute for reading the full Annual Report 2022. During the year, an independent review of our risk management framework was carried out by a Big 4 firm; this review confirmed that we are compliant with the Risk Management requirements of the UK Corporate Governance Code. A high-level of assessment of the key elements of a compliance framework for each of these key risks is completed and the results are shared with the Operating Board, - Mandatory training is in place for the key regulatory areas, including data governance, anti-bribery and corruption, competition law and GSCOP. London Stock Exchange Risk management is an inherent part of doing business; it balances risk and reward, determined through a careful assessment of both the potential outcomes and impact, as well as risk appetite. tatement of Directors' responsibilities. Whilst the UK has now left the European Union, uncertainties around the final trading relationship with Northern Ireland and UK border checks create additional complexities for our business and our suppliers. We have introduced a new HGV driver apprenticeship as well as an HGV driver academy, - We have upweighted our recruitment teams, to support hiring in difficult and competitive markets, and embraced new ways of attracting talent. All Sainsbury's and Argos retail store colleagues can now earn the Living Wage wherever they work in the UK. - Oversight by J Sainsbury plc is provided through: - Membership of the Board of Sainsbury's Bank plc - one J Sainsbury plc Operating Board member is on the Board of Sainsbury's Bank plc and provides updates to the Board of J Sainsbury plc on Bank matters, - Updates on key matters arising from meetings of the Risk Committee and Audit Committee are reported to the J Sainsbury plc Audit Committee, - There are a number of reserved matters that require Sainsbury's Bank plc to obtain permission from J Sainsbury plc, Trading environment and competitive landscape*. With the outlook set to remain broadly the same for the immediate future, we need to respond appropriately to external market conditions while maintaining clear focus on delivering our strategic objectives. 2022 FE fundinfo. In accordance with Listing Rule 9.6.1R, a copy of each of these documents in unedited full text will be submitted to the National Storage Mechanism and will be available for viewing shortly at we can identify areas which matter most to our stakeholders, helping us to make real and meaningful improvements. This website is for Private Investors* only, To continue to use Investegate, please confirm you are a private investor, https://data.fca.org.uk/#/nsm/nationalstoragemechanism, www.about.sainsburys.co.uk/investors/results-reports-and-presentations. One year into our three-year plan to transform Sainsbury's, Simon and his team are making very good progress. We report on our Plan for Better progress every six months and you can read more about what we have delivered this year on pages 13 to 17. The GORC sets the operational resilience strategy for the business and monitors progress against this, - The Operational Resilience Committee, which includes representatives from functions across Sainsbury's, including the Bank, meets regularly to implement the operational resilience policy and strategy, - Business-wide resilience exercises are undertaken to imitate real life business continuity scenarios and test our ability to respond effectively. Our partnership with Neighbourly helps to manage our back of store food donation programme, helping to connect Sainsbury's stores with local partners who will redistribute food to those in need. The above documents may be viewed online at Company Secretary and Corporate Services Director. - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group and the Company will continue in business. Initiatives such as the adoption of the Halo Code and our admission to the Black British Network are just some of the achievements made this year and I am pleased our work has been recognised, with the I AM ME Ethnically Diverse Colleague Network featured in the Top 10 Network Groups in the UK at the Ethnicity Awards. Transactions with joint ventures and associates. Delayed These cover the end-to-end operations, including the auditing and vetting of construction contractors and the health and safety processes in place in our depots, stores, offices and for home working colleagues, - Process compliance is supported through oversight from our Primary Authority, internal training programmes and management monitoring, all which align to both health and safety laws and our internal policies. For the 52 weeks to 5 March 2022, the Group entered into various transactions with joint ventures and associates as set out below. This new rate of pay is 50p above the government's National Living Wage and 10p above Living Wage Foundation's Living Wage. Full details of this arrangement are set out in note 37 to these financial statements. . This enables the Operating Board to agree and monitor appropriate actions as required. Our 171,000 colleagues are at the heart of serving and helping our customers every day and are vital to our success, now and in the future. The COVID-19 pandemic demonstrated that active risk and issue management is an inherent part of doing business. With debt reduction ahead of schedule, we are increasing our payout ratio to around 60 per cent. This has been a year of delivering for all our stakeholders and I am immensely proud of what our business has achieved for our customers, colleagues, communities and our shareholders. The financial instruments at fair value through OCI relate to the Group's beneficial interest in a property investment pool. The COVID-19 pandemic means uncertainty around the economic outlook will continue, particularly with regard to how the path of inflation, interest rates and levels of unemployment will evolve. The business employs over 171,000 colleagues who are critical to the success of our business. Remote working solutions have reduced the risk of loss of a key site, - In the event of any unplanned or unforeseen events, the Incident Response Team (IRT) is convened to manage the response and any associated risk to the business, - The IRT Chair reports to the Operating Board, which provides strategic direction and decision making across financial, operational and regulatory matters, considering all stakeholders, - The IRT was convened at various times through the year including to respond to the high demand for fuel, the impact of the Omicron variant on business operations, Storm Eunice and to co-ordinate contingency measures with supplier challenges. These Valued Behaviours were communicated widely across our business and they have been embedded in all our development materials, performance management and recruitment processes. - The Operating Board has regular sessions to discuss strategy, supported by a dedicated Strategy team. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. Throughout our history Sainsbury's has always tried to do the right thing and our approach to supporting people in times of need has been particularly evident throughout the pandemic. A major breach of information security could have a significant negative financial and reputational impact on the business. Finance commercial reviews are also held each period, chaired by the CFO, with relevant actions and mitigations agreed, - Financial and Treasury risks in respect of Sainsbury's Bank are detailed separately. Included within derivative financial assets is 180 million (2021: 6 million) relating to these agreements. To continue using Investegate, please confirm that you are a private investor as well as agreeing to our Privacy and Cookie Policy & Terms. Is not required to be regulated or supervised by a body concerned with the regulation or supervision of investment or financial services; Actions taken include onboarding alternate suppliers, rationalising products and providing logistics support, Colleague engagement, retention and capability. The business, across all brands, must continue to evolve to meet customer needs and maintain customer loyalty. We have used our strong cash generation in recent years to reduce debt and return around 50 per cent of underlying net earnings to shareholders through ordinary dividends. In addition, the business funding strategy is approved annually by the plc Board, - The Treasury function is responsible for managing liquid resources, funding requirements, commodity, interest rate and currency exposures as set out in line with the Treasury policy and overseen by the Treasury Committee, - The Audit Committee reviews and approves the viability and going concern statements on an annual and half-yearly basis respectively, - The Treasury function has clear operating procedures and adherence to these is regularly reviewed and audited, - A long-term funding plan is developed as part of the annual corporate plan process, which includes an assessment of short and long-term core funding requirements and contingent funding requirements, - A short-term funding plan is formalised as part of the annual budget process, which includes an assessment of the core and contingent funding requirements for the following year and the market conditions for each of the debt markets accessible to the business, - There is a long-term funding framework in place for the pension deficit and there is ongoing communication and engagement with the Pension Trustees, - Detailed cashflow forecasts are produced by the Finance and Treasury functions. - The Group Safety Committee (GSC) met four times during the year, receiving detailed reports on a wide range of topics including COVID management and control, growth of online operations, building fabric review and safety training. 2022 FE fundinfo. During the year, the Plan for Better strategic priority was launched, putting our responsibilities towards our planet and people at the core of our business. The risk has been expanded and broadened in line with the launch of our Plan for Better strategic priority (see page 13), which includes our previous Net Zero commitments, but has been broadened to include our responsibilities towards putting our planet and people at the core of our business. www.about.sainsburys.co.uk/ar2022 Terms and conditions relating to the use and distribution of this information may apply. Key areas include a renewed focus on reducing harm and its associated costs by removing unnecessary complexity and enhancing the use of data to prioritise the team's work. It is also important for us to be an inclusive retailer with diverse representation across all levels, so I am pleased to see progress being made in this area. Our focus on great value food and convenient shopping, whether in-store or online is supported by our brands - Argos, Habitat, Tu, Nectar and Sainsbury's Bank. Further information on our ongoing implementation of the TCFD recommendations can also be found on page 17. The target risk position for the corporate risks is also captured to reflect management's risk appetite, where this differs to the current net position. Operating Board members also confirm annually that the corporate risk map accurately reflects their view of key risk across the organisation, that they are responsible for managing risks relevant to their division and that internal controls exist to provide reasonable, but not absolute, assurance that the risks in their areas of responsibility are appropriately identified, evaluated and managed; this is also, The Risk and Internal Audit team provide the Audit Committee with a risk management update at each meeting, which includes an overview of changes to the corporate risk map and risk disclosures. The outcomes are reported to the Operating Board and Audit Committee and relevant actions are agreed. As a result of our strong profit performance and retail free cash flow generation, we are pleased to propose to shareholders the highest final and full-year dividend for seven years. It enables you to easily find, valuate and track your stock investments with the help of reliable financial data and transparent analysis tools. as prices) or indirectly (i.e. We've set stretching gender, ethnically diverse and Black representation targets for 2024, which form part of our leaders' long-term incentives, - We continue to listen closely to colleagues to inform and adapt our future plans and actions. 4. This includes testing our emergency call cascade. -, Independent auditor's report to the members of J Sainsbury plc, Notes to the consolidated financial statements, Notes to the Company financial statements. The Group has entered into several long-term fixed price Power Purchase agreements with independent producers. We are developing SmartShop and we continue to invest in our Groceries Online business, including rapid delivery through Chop Chop, Uber Eats and Deliveroo. NAV, EMM/EPT, Rule 8 and FRN Variable The key change to the risks during the year relates to our previous "Environment and sustainability" principal risk. The key management personnel of the Group comprise members of the J Sainsbury plc Board of Directors and the Operating Board. Company law requires the Directors to prepare financial statements for each financial year that give a true and fair view of the state of affairs of the Group and the Company as at the end of the financial year, and of the profit or loss of the Group for the financial year. They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. We also need to be mindful of the ongoing risk of supplier failure, either through insolvency or through an inability to deliver products due to global supply chain challenges. Reflecting this, we do not have a specific principal risk related to COVID-19, although its impact on our principal risks continues to be assessed by the Board and is set out where relevant, in individual risk disclosures. 1 Included within a portfolio fair value hedging relationship with 3,235 million (2021: 3,984 million) of interest rate swaps. The fair value of financial liabilities have been calculated by discounting cash flows at prevailing interest rates and are within Level 2 of the fair value hierarchy. This is actively managed through our normal economic scenario modelling analyses and corresponding playbooks. 1. The net risk movement from the prior year for each principal risk and uncertainty has been assessed. This change also reflects the related governance and oversight processes. We are committed to paying our colleagues fairly and have invested over 100 million in retail colleague pay. We are also working with third parties such as Boparan Restaurant Group, Coco di Mama and Starbucks to offer our customers more choice and great quality food and drink to eat-in or takeaway. Obtains access to the information in a personal capacity; We are aligned to the UN Sustainable Development Goals and, through Plan for Better. We invested in technology solutions to direct and monitor process completion, with oversight provided by field teams in both Safety and Internal Audit, - The new Group Head of Health, Safety and Insurance was appointed in June 2021 and completed a full review of the Safety team and processes. Our risk management framework is designed to: - identify key risks that are aligned to our strategy but that could prevent us from achieving our strategic objectives, - assess the likelihood of these risks occurring, in combination with both the reputational and financial impact they may introduce, - manage the risks through implementing appropriate mitigation plans and controls, in line with our risk appetite, - monitor and report on our risks, associated mitigation plans and changes to the internal/external environment to the relevant governance fora. As discussed in note 37, 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. Investegate takes no responsibility for the accuracy of the information within A major incident or catastrophic event could affect the business or its individual brands' ability to trade. They are adapting our business at pace, simplifying operations and accelerating our cost savings programmes so that we can invest in food quality, choice and consistently lower prices for customers. S This reflects that these have the potential to have the largest impact on the business and is indicated with the following symbol: *. We are making our customers' lives easier through improving our digital offer. Actions in response to lessons learnt are agreed, - Key business processes are assessed for operational resilience against a set of minimum standards and contingency measures regularly tested. Having taken all the matters considered by the Board and brought to the attention of the Board during the year into account, we are satisfied that the Annual Report and Financial Statements, taken as a whole, is fair, balanced and understandable. As signatories of the Task Force on Climate-related Financial Disclosures (TCFD), we are committed to providing consistent information to our stakeholders and our disclosure can be found on page 17. This represents an increase of at least 5.3 per cent. We continue to monitor the situation in Ukraine and the associated impacts this may cause across our principal risks, with regard to our customers, our colleagues and our supply chain. All rights reserved. Sainsbury's exposure to operational resilience and major incident risks may be greater because of operational complexities and some ageing systems. www.about.sainsburys.co.uk/agm2022 In January we were deeply saddened by the death of our Life President, Lord Sainsbury of Preston Candover. The Directors are responsible for the maintenance and integrity of the Company's website. Chairman Martin Scicluna reviews the business activity in the year. livekindly By using this site, you agree to use the content for private use only. The Operating Board monitors these principal risks on an ongoing basis and flexes mitigations where appropriate. In particular, work continues to define the risk appetite for each corporate risk. Some of the cookies are essential for parts of the site to operate and have already been set. gilles of an announcement should be directed to the source. - We continue to take action to be an inclusive place to work. and We have identified areas which matter most to our stakeholders, have the greatest impact on our business and which are aligned to the UN Sustainable Development Goals, so that we can make the biggest difference, - Our Plan for Better strategy has three interlocking pillars: Better for you, Better for the planet and Better for everyone, - The Plan for Better Steering Committee (Steering Committee) met six times during the year and provided regular updates to the CR&S Committee and to the Operating Board as required. Under company law the Directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Group and the Company and of the profit or loss of the Group for that period. We also increased inner London pay from 10.10 to 11.05. Business Performance Review, Operating Board, All metrics, associated with our objective of delivering for customers and driving stronger financial results. This was and continues to be actively managed, although many of our mitigations are now part of day-to-day ways of working. agreed by the Operating Board for their review and comment. We are also committed to maintaining a dialogue with all key stakeholders on the issue. There are two key changes. NielsenIQ Panel data (YoY and 2 year 52 weeks volume growth differential to P13 FY21/22) of the year. The most significant principal risks identified by the Board and the associated mitigations are set out below. https://data.fca.org.uk/#/nsm/nationalstoragemechanism risks disclosure, as set out on pages 40 to 50. The net position of all other corporate risks remain unchanged from last year.

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