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We are committed to the recommendations of the TCFD, to provide our stakeholders with transparent and useful information on the Group's climate-related risks and opportunities and to help communicate our strategy, sustainability framework, targets and our progress against these.

The board recognises the systematic risk posed by climate change and the need for urgent mitigating action and are committed to addressing climate-related risks and reducing the Group's environmental impact and carbon emissions. To help achieve this, we are committed to the disclosure recommendations of the TCFD, providing our stakeholders with transparent information on material climate-related risks and opportunities that are relevant to our business.

The information set out in the Building a Responsible and Sustainable Business section of our annual report and accounts aims to provide key climate-related information that is aligned with the 11 recommendations, covering four thematic areas, as set out by the TCFD. We believe we are compliant with the TCFD recommendations, including the relevant material elements of the 'Guidance for all sectors', with the exception of two areas, namely the financial quantification of scenario analysis and metrics and targets.

In 2023, our detailed climate scenarios, which are selected from the risks identified in the Group's climate risk register as described in the Strategy page, were modelled with the help of our external consultants. We are currently working through the outputs from the scenario analysis and expect to provide the more detailed quantitative disclosures, and move towards being fully compliant with the TCFD recommendations, in our 2024 annual report. Further detail is set out in the Our TCFD roadmap to full disclosure page.

Consistent with last year, we have qualitatively assessed the impact of climate risk on the Group's balance sheet, including the impact on the measurement of financial instruments, the Group's owned land and buildings, goodwill and the Group's going concern and long-term viability, and have concluded that there is no material impact on the financial statements for the year ended 25 March 2023.

Some elements of our TCFD reporting are addressed elsewhere in our annual report and accounts. The table below outlines where this information can be found.

Thematic areaTCFD recommendationSection nameNext steps
GovernanceBoard oversightCorporate governance report
Board at a glance
Continue to review and assess governance around climate-related risks and opportunities
Management roleBuilding a responsible and sustainable business
StrategyRisks and opportunitiesHow we manage riskWe will use the outputs of the 2023 scenario analysis to enhance our Net Zero strategy and to continue to evolve our understanding of how climate-related risks and opportunities could impact on our business and strategy.
Impact on organisationBuilding a responsible and sustainable business
Resilience of strategy
Risk managementRisk identification and assessment processHow we manage riskContinue to enhance and improve our risk management approach for climate-related and wider sustainability risks and opportunities.
Risk management process
Integration into overall risk management
Metrics and targetsClimate-related metricsBuilding a responsible and sustainable businessWhilst a number of core metrics and targets are reviewed internally, our next step is to further develop our approach to monitoring progress. This will ensure metrics and targets are the most relevant to allow investors and wider stakeholders in assessing our ESG progress.
Scope 1, 2 and 3 GHG emissions
Climate-related targets

VSCH will be incorporated into our sustainability framework in 2024, following its acquisition in April 2023.