Notes to the consolidated financial statements

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Hedging reserve
£m

Translation reserve
£m

Other reserves (note a)
£m

Total
£m

At 31 March 2008

2

(9)

98

91

Cash flow hedges:

 

 

 

 

– fair value losses in the year

(21)

(21)

– reclassified and reported in the income statement
during the year

(13)

(13)

– tax effect of the above movements

9

9

Gain on revaluation of available-for-sale financial assets

24

24

Currency translation differences:

 

 

 

 

– net investment hedging losses in the year

(321)

(321)

Net exchange differences on consolidation

454

454

Items transferred to income on disposal

(1)

(3)

(4)

At 31 March 2009

(23)

123

119

219

Cash flow hedges:

 

 

 

 

– fair value gains in the year

13

13

– reclassified and reported in the income statement
during the year

11

11

– tax effect of the above movements

(4)

(4)

Loss on revaluation of available-for-sale financial assets

(10)

(10)

Currency translation differences:

 

 

 

 

– net investment hedging gains in the year

58

58

Net exchange differences on consolidation

(67)

(67)

At 31 March 2010

(3)

114

109

220

  1. (a)Other reserves include the merger reserve, the available-for-sale fair value reserve, and the statutory reserves of certain overseas subsidiaries, all of which are non-distributable.