Financial instruments at fair value through other comprehensive income.

S - Our business strategy, as set out in this Strategic Report, is focussed on the following priorities: - We have created the new role of Chief Transformation Officer to drive end to end transformation. . The most significant principal risks identified by the Board and the associated mitigations are set out below.

So far we have donated over 2.5 million meals, which is equivalent to 4.8 million in savings for charities and community groups. 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. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. 6. We operate in a highly competitive market during a time of economic uncertainty, primarily driven by the COVID-19 pandemic. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. These disruptions are actively managed either through day-to-day ways of working or if needed, through the Incident Response Team. This change also reflects the related governance and oversight processes. The availability of skills in specific areas is a key area of focus. In particular, SmartShop Mobile Pay has now also been rolled out to nearly all convenience stores, - We continue to innovate and trialled our first SmartShop Pick & Go store during the year to gain customer feedback.

This increases the risk of non-compliance, adds additional cost as we respond to the regulations and drives complexity into our business processes. As such, they have approved our principal. Please confirm that you are a private investor using the buttons below. 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. 5. This level includes listed equity securities and debt instrument on public exchanges; - 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. The following diagram provides an overview of the key risk management activities undertaken by leadership that support this risk framework and allow the Board to fulfil its obligations under the UK Corporate Governance Code 2018. NielsenIQ Panel data (YoY and 2 year 52 weeks volume growth differential to P13 FY21/22) of the year. This year, we have ordered them to first show those that have been included in the risk modelling undertaken as part of the preparation of the viability statement (see page 51).

Risk and Internal Audit also provide independent assurance to management and the Audit Committee over specific risk areas as part of their annual audit plan; risk deep dives were also undertaken with the Operating Board and/or Audit Committee for a selection of principal risks, as set out over the following pages. The risk landscape is increasingly challenging with deliberate acts of cybercrime on the rise, targeting all markets and heightening the risk exposure to broader business disruption as well as to data breaches. As we balance the needs of all our stakeholders we will continue to discuss colleague pay on a regular basis. It is essential that the security of customer, colleague and company confidential data be maintained.

NAV, EMM/EPT, Rule 8 and FRN Variable . 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. Rate Fix announcements are filtered from this site. risks disclosure, as set out on pages 40 to 50.

The key change to the risks during the year relates to our previous "Environment and sustainability" principal risk. www.about.sainsburys.co.uk/ar2022 Reconciliation of Level 3 fair value measurements of financial assets and liabilities: In cost of sales in the Group income statement, In finance cost in the Group income statement. and

4. At the very beginning we gave elderly and vulnerable customers priority. 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.

Our business includes Sainsbury's, Argos, Habitat, Tu clothing, Nectar and Sainsbury's Bank. 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. The outcomes are reported to the Operating Board and Audit Committee and relevant actions are agreed. This will mean we can bring together all of the key elements of transformation across the business and ensure that we deliver on our Save to Invest priority, making the business simpler and more efficient, while reducing costs to support our plans to Win in Food and create Brands that Deliver. *. As a result, the gross, net and target positions of this risk were reset. Obtains access to the information in a personal capacity; All data is provided "as-is" with no guarantee for correctness and/or completeness. 2. This year we strengthened our commitment to tackle the climate crisis, announcing the acceleration of our target to become Net Zero across our operations by five years, from 2040 to 2035. Certain responsibilities have been delegated to the Audit Committee, as outlined on page 73.

By using this site, you agree to use the content for private use only. We are committed to supporting our communities and fostering our charitable partnerships.

Basic earnings per share, versus 9.4p basic loss per share in the 2020/21 financial year. This is actively managed through our normal economic scenario modelling analyses and corresponding playbooks. This new rate of pay is 50p above the government's National Living Wage and 10p above Living Wage Foundation's Living Wage. In January we were deeply saddened by the death of our Life President, Lord Sainsbury of Preston Candover. The Directors are responsible for preparing the Annual Report and Financial Statements in accordance with applicable law and regulations. Our purpose is that driven by our passion for food, together we serve and help every customer. Our portfolio brands - Nectar, Argos, Habitat, Sainsbury's Bank and Tu - support our core food business, delivering for both customers and shareholders. 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. The Operating Board maintains the overall corporate risk map, which captures the key risks to achieving our strategic objectives. 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. I was delighted that this year we raised over 6 million for Comic Relief, in addition to the 2 million we donated as a business to support the humanitarian crisis in Ukraine.

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. - 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. The CR&S Committee, Plan for Better Steering Committee and Audit Committee review and approve our external reporting and provide oversight of programme risks, - Our Plan for Better strategy, explained on page 13 of this report, was launched this year and sets out our environmental and social sustainability goals across our whole business, outlining our priority areas of focus, our key commitments and our progress against these. https://data.fca.org.uk/#/nsm/nationalstoragemechanism For example, increased costs of global supply chains, the availability of colleagues both within Sainsbury's and our suppliers and differing responses across the devolved nations. - In terms of emerging regulatory risk, we liaise with external parties and our internal stakeholders to monitor changes to existing regulations that would impact the business, so that we can respond appropriately. 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. We are aligned to the UN Sustainable Development Goals and, through Plan for Better. 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 target risk position for the corporate risks is also captured to reflect management's risk appetite, where this differs to the current net position. The Board of Sainsbury's Bank plc is comprised of Executive Directors, independent Non-Executive Directors and a J Sainsbury plc Executive Director, - The Bank has a defined risk appetite aligned to delivery of strategic objectives and has implemented a risk management framework that is overseen by its Risk Committee. The net risk movement from the prior year for each principal risk and uncertainty has been assessed. Further information on our ongoing implementation of the TCFD recommendations can also be found on page 17. The Operating Board monitors these principal risks on an ongoing basis and flexes mitigations where appropriate.

We are also committed to maintaining a dialogue with all key stakeholders on the issue. Independent review of our risk management framework. We are making our customers' lives easier through improving our digital offer. Please note, this site uses cookies. Operating Board and Sainsbury's Bank Management Board; Customer, Commercial and Channels Forum, - The Customer, Commercial and Channels Forum, chaired by the Chief Marketing Officer, is responsible for ensuring the customer is at the heart of our decision making, - Customer trends, attitudes and behaviours are continually monitored over time through their response to our propositions and feedback, as well as reviewing future customer and macro trends on a quarterly basis, to help set our future direction, - We continue to invest in digitising the Nectar Loyalty scheme which provides us with a rich source of customer data and insight that is reviewed and embedded right across our business, - We continued to focus on value, quality, and convenience, reflecting both what our existing customers want and what will attract new customers, - In terms of value and quality, we delivered the Sainsbury's Quality, Aldi Price Match campaign throughout the year, refreshing it regularly to respond to customer feedback, launched 1,950 new products and introduced Nectar Prices, providing personalised pricing for customers, - In terms of convenience, we continue to monitor and flex our ways of working to meet customer demand for how they want to shop, particularly as the COVID-19 pandemic continues to evolve. - the Annual Report and Financial Statements, taken as a whole, are fair, balanced and understandable and provide the information necessary for shareholders to assess the Group's position and performance, business model and strategy. The Operating Board engages with a wide range of stakeholders - including shareholders, colleagues, customers and suppliers - to ensure our strategy remains relevant. 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. The BPR also monitors and reviews the "in year" implementation of the plans to meet budget targets, - This year, to further develop the culture required to deliver our strategy, we launched our Valued Behaviours - Own It, Make It Better and Be Human.

In addition, the Corporate Responsibility & Sustainability Committee discussed matters related to product sourcing risk, including supply chain transparency, modern slavery and human trafficking. Distributed by Public, unedited and unaltered, on 08 June 2022 11:51:06 UTC.

One year into our three-year plan to transform Sainsbury's, Simon and his team are making very good progress. We are also featured for the first time in the FTSE 100 Top Ten Best Performers list for Women in Leadership. The financial instruments at fair value through OCI relate to the Group's beneficial interest in a property investment pool.

You can read more about our progress to put food back at the heart of Sainsbury's on pages 10-11. As described above, the principal and emerging risks are discussed and monitored throughout the year to identify and respond to changes in the risk landscape. 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. 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.

This information is provided by RNS, the news service of the London Stock Exchange. Across the Group we are embedding climate considerations into our reporting and decision making, implementing bold targets and incentives in order to achieve our goal. Amounts due from Financial Services customers1, Amounts due to Financial Services customers and other banks. - A Data Governance Committee (DGC) is in place to oversee the management of colleague, customer and commercial data, information security and associated awareness and training. To this end we were proud to be the Principal Supermarket Partner of the United Nation's international climate change conference, COP26, which took place in Glasgow in November. 1 Included within a portfolio fair value hedging relationship with 3,235 million (2021: 3,984 million) of interest rate swaps. Company Secretary and Corporate Services Director. This is supplemented by regular colleague awareness campaigns, focusing on specific aspects of data and information security, for example e-mail phishing exercises, with results reported to the DGC, - Reviews of key third parties who hold sensitive customer or colleague data continue to take place and progress is monitored by the DGC, - A risk based security testing approach across IT infrastructure and systems is in place to identify and address vulnerabilities and allow us to adapt and improve our defences. 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. - We complete a bi-annual risk assessment to review key regulatory risks, which functions are impacted and at a high level, how they are managed, - Accountability and responsibilities for key regulatory risks are confirmed as part of this. access to home delivery slots - the first supermarket to do so - and throughout the crisis we have paid colleagues who needed to stay at home. Page and note references in the text below refer to page numbers in the Annual Report 2022. This year, we subsumed the operations of one key supplier into our business, to ensure continuity of supply, - Reflecting the impact of COVID-19 on global supply chains, we have continued to work collaboratively with all our suppliers this year to maintain availability of products for the customer. Form of Proxy for the 2022 Annual General Meeting. The other principal risks are then set out in no priority order. Secondly, we consolidated all climate resilience risks - the impact of changes to the environment on our business model - under this principal risk, where previously climate resilience risks were assessed within each of the relevant principal risks. This announcement is not a substitute for reading the full Annual Report 2022.

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. In particular, work continues to define the risk appetite for each corporate risk. A failure to align with, and respond to changes in customer sentiment, behaviours, expectations and circumstances, exacerbated by changes in customer behaviours as the COVID-19 pandemic continues to evolve, will impact our ability to retain existing and attract new customers. This partnership also supports our sustainability targets as we have pledged to reduce our food waste by 50 per cent by 2030. Through our Ukrainian Crisis Appeal, customers and colleagues have also donated over 600,000 so far and we are matching donations up to an additional 500,000.

All rights reserved. His significant philanthropic contributions include the foundation of the Linbury Trust with his wife, Baroness Sainsbury of Preston Candover CBE, which supports a wide range of charitable causes.

Included within derivative financial assets is 180 million (2021: 6 million) relating to these agreements. Excluding fuel sales declined 2.6%, up 104 per cent versus the 2020/21 financial year and up 25% versus the 2019/20 financial year, Statutory profit before tax versus a loss of 164 million in the 2020/21 financial year and versus 278 million in the 2019/20 financial year, Retail operating profit growth versus the 2020/21 financial year and 6.7% versus the 2019/20 financial year, Corporate Responsibility and Sustainability, Underlying basic earnings per share, up 117% versus 11.7p underlying basic earnings per share in the 2020/21 financial year, Return on capital employed, up 280bps versus the 2020/21 financial year and up 100bps versus the 2019/20 financial year. UK PM Boris Johnson to discuss cost of living support with business leaders, EBay searches for air cons quadruple in the UK as heatwave intensifies, Average annual UK food bill set to rise 454 pounds as inflation soars, Fans, hoses and air con - heatwave-hit Britons seek relief, Declaration of Voting Results by J Sainsbury plc, Sainsbury's shareholders vote against committing to pay real Living Wage, J Sainsbury plc Elects Jo Bertram as Director, J Sainsbury plc Approves Final Dividend for the Year Ended March 5, 2022, Bernstein Raises Sainsbury's To Market Perform from Underperform, HSBC Lowers Sainsbury PT, Affirms Hold Rating, Credit Suisse Lowers Sainsbury's to Underperform from Neutral, Trims PT. 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. - 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). 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 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. Page and note references in the text below refer to page numbers in the Annual Report 2022. It is not a stock broker and does not give advice concerning specific investment decisions or tax or legal advice. Reflecting this, this risk was broadened from focussing on our Net Zero commitments, to include consideration of environmental and social sustainability risks and the impact of climate change on our business operations; the latter was previously considered within each relevant Principal Risk. Emerging risks and opportunities are also formally reviewed in the year as part of the bottom up divisional risk management process. agreed by the Operating Board for their review and comment. Disclaimer: This website is a data portal, which aggregates information about public companies. The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Group's and the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and enable them to ensure that the financial statements and the Directors' Remuneration Report comply with the Companies Act 2006 and, as regards the Group financial statements, Article 4 of the IAS Regulation. You may delete and block all cookies from this site, but if you do, parts of the site may not work. To find out more about the cookies used on Investegate and how you can manage them, see our Privacy and Cookie Policy 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. Key risks associated with this include an inability to prioritise resources to deliver competing change activities and/or not having the right skills, capabilities and culture in place to deliver and embed the required changes/within required timescales. of an announcement should be directed to the source. We commit to paying above the National Minimum Wage and, when setting pay each year, will consider the Living Wage, the National Living Wage, competitor pay and the financial performance of the business. Below and on the following pages, we set out an overview of our risk management framework, the principal risks at year end, ongoing mitigations and how these align to our strategy. 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. 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. We will continue to monitor our progress in achieving our targets, flexing our approach as needed. 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. To continue reading it, access the original document here. Sainsbury's Bank is exposed to a number of risks, including those related to operational, regulatory, credit, capital, funding, liquidity and market risks. The business, across all brands, must continue to evolve to meet customer needs and maintain customer loyalty. Mitigations in place, supporting the management of the risk to a net risk position, are also described for each principal risk. To view the preliminary announcement, slides of the results presentation, the transcript of the presentation and the webcast please visit *All intraday prices are subject to a delay of fifteen (15) minutes. Our commitment to Helping everyone eat better is progressing well as we encourage customers to make food choices that are both better for them and better for the planet. We are proud to have published our Gender and Ethnicity Pay Report for a second year and have seen the pay differentials reduce during that time. The GSC were also supported by additional working groups to manage the ever-changing risks associated with COVID-19, - In particular, the Customer Journey Team ensured COVID-19 mitigations throughout Sainsbury's were proportionate and aligned with legislation, - The Operating Board receives quarterly reports on safety, including an annual deep dive facilitated by the Head of Group Safety, who also provided an annual safety update to the plc Board, - Clear policies and procedures are in place detailing the controls required to manage health and safety across the business, aligned to Assured Primary Authority advice, to comply with all applicable regulations. Offering customers new and innovative products is a key priority for us and we hit our target of tripling our levels of product innovation in the year, launching 1,950 new products. - 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*.