Financial Statements
Consolidated Statement of Recognised Income and Expense
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- Consolidated Statement of Recognised Income and Expense
For the year ended 31 March 2007
| Note | 2007 £m |
2006† £m |
|
|---|---|---|---|
| Profit for the year after taxation | 2,453 | 1,184 | |
| Valuation movements | |||
| – on development properties | 6 | 184 | 102 |
| – on other investments | 6 | 22 | 92 |
| 206 | 194 | ||
| Gains (losses) on cash flow hedges | |||
| – Group | 93 | (26) | |
| – Funds and joint ventures | 21 | 2 | |
| Actuarial gain (loss) on pension scheme | 8 | (1) | |
| Fair value adjustment on consolidation of former joint venture | (7) | ||
| Tax on items taken directly to equity* | 16 | (56) | |
| Net gain recognised directly in equity | 337 | 113 | |
| Transferred to the income statement (cash flow hedges) | |||
| – foreign currency derivatives | 21 | (14) | |
| – interest rate derivatives | (1) | 32 | |
| 20 | 18 | ||
| Total recognised income and expense for the year | 2,810 | 1,315 |
† Restated as described in note 1.
* Includes deferred tax on development property revaluations, where the deferred tax benefit on REIT conversion is £84m.
Reconciliation of Movements in Shareholders' Funds
| 2007 £m |
2006 £m |
|
|---|---|---|
| Capital items | ||
| – Shares issued | 10 | 4 |
| – Purchase of ESOP shares | (16) | (10) |
| – Adjustment for share and share option awards | 18 | 8 |
| – Dividends paid in the year | (91) | (84) |
| (79) | (82) | |
| Total recognised income and expense for the year | 2,810 | 1,315 |
| Movement in shareholders' funds for the year | 2,731 | 1,233 |
| Opening equity shareholders' funds | 6,016 | 4,783 |
| Closing equity shareholders' funds | 8,747 | 6,016 |
