ICAP Annual Report 2009
Notes to the financial statements
Notes to the financial statements
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| Share capital (note 25) £m |
Share premium account £m |
Other reserves (note 27(b)) £m |
Retained earnings £m |
Total £m |
Minority interests £m |
Total £m |
|||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| As at 1 April 2008 | 65 | 398 | 12 | 368 | 843 | 13 | 856 | ||||||
| Ordinary shares issued (note 25) | – | – | – | – | – | – | – | ||||||
| Own shares acquired for employee trusts | – | – | – | (10) | (10) | – | (10) | ||||||
| Total recognised income for the year | – | – | (30) | 427 | 397 | 19 | 416 | ||||||
| Dividends paid in the year | – | – | – | (106) | (106) | (16) | (122) | ||||||
| Share-based payments in the year | – | – | – | 8 | 8 | – | 8 | ||||||
| Other movements in minority interests | – | – | – | – | – | (1) | (1) | ||||||
| Treasury Shares acquired in the year | – | – | – | (9) | (9) | – | (9) | ||||||
| Shares issued from Treasury in the year | – | – | – | 2 | 2 | – | 2 | ||||||
| As at 31 March 2009 | 65 | 398 | (18) | 680 | 1,125 | 15 | 1,140 |
The cost of shares held by employee share trusts of £37m (2008 – £27m) and Treasury Shares £7m (2008 - £5m) has been deducted from retained earnings. The share-based payment reserve of £19m (2008 – £13m) has been included in retained earnings.
| Share capital (note 25) £m |
Share premium account £m |
Other reserves (note 27(b)) £m |
Retained earnings £m |
Total £m |
Minority interests £m |
Total £m |
|
|---|---|---|---|---|---|---|---|
| As at 1 April 2007 – as previously reported | 65 | 397 | 44 | 275 | 781 | 12 | 793 |
| Prior year adjustment in respect of deferred tax | – | – | – | 11 | 11 | – | 11 |
| As at 1 April 2007 – as restated (note 1(a)) | 65 | 397 | 44 | 286 | 792 | 12 | 804 |
| Ordinary shares issued (note 25) |
– | 1 | – | – | 1 | – | 1 |
| Own shares acquired for employee trusts | – | – | – | (13) | (13) | – | (13) |
| Shares issued by trust in the year | – | – | – | 2 | 2 | – | 2 |
| Total recognised income for the year – as restated (note 1(a)) |
– | – | (32) | 173 | 141 | 10 | 151 |
| Dividends paid in the year | – | – | – | (83) | (83) | (13) | (96) |
| Share-based payments in the year | – | – | – | 6 | 6 | – | 6 |
| Other movements in minority interests | – | – | – | – | – | 4 | 4 |
| Treasury Shares acquired in the year | – | – | – | (9) | (9) | – | (9) |
| Shares issued from Treasury in the year | – | – | – | 6 | 6 | – | 6 |
| As at 31 March 2008 | 65 | 398 | 12 | 368 | 843 | 13 | 856 |
| Merger reserve £m |
Capital redemption reserve £m |
Hedging reserve £m |
Revaluation reserve £m |
Total other reserves £m |
|||||
|---|---|---|---|---|---|---|---|---|---|
| As at 1 April 2008 | 28 | 1 | (21) | 4 | 12 | ||||
| Revaluations in the year | – | – | (67) | (1) | (68) | ||||
| Losses/(gains) realised in the year | – | – | 41 | (3) | 38 | ||||
| As at 31 March 2009 | 28 | 1 | (47) | – | (18) |
| As at 1 April 2007 | 28 | 1 | 2 | 12 | 43 |
|---|---|---|---|---|---|
| Revaluation of available-for-sale investments (note 17) | – | – | – | 1 | 1 |
| Deferred tax | – | – | – | 2 | 2 |
| Revaluation gains realised in the year | – | – | – | (11) | (11) |
| Net movement on cash flow hedges | – | – | (23) | – | (23) |
| As at 31 March 2008 | 28 | 1 | (21) | 4 | 12 |
The merger reserve was created on the merger of Intercapital and ICAP plc in 1999 and also includes goodwill arising before 1 January 1998 written off to reserves. This amount remains eliminated.
The capital redemption reserve was created as a result of shares cancelled in 1998 and 2005. The revaluation reserve represents revaluations of available-for-sale investments. The hedging reserve arises as a result of recognising the fair value of derivative financial instruments designated as hedging instruments on the balance sheet.
(c) Statement of changes in equity – Company
| Share capital (note 25) £m |
Share premium account £m |
Capital redemption reserve £m |
Retained earnings £m |
Total £m |
|||||
|---|---|---|---|---|---|---|---|---|---|
| As at 1 April 2008 – as restated (note 1(a)) | 65 | 398 | 1 | 388 | 852 | ||||
| Ordinary shares issued | – | – | – | – | – | ||||
| Profit for the year | – | – | – | 532 | 532 | ||||
| Dividends paid in the year (note 11) |
– | – | – | (106) | (106) | ||||
| Net Treasury Shares acquired in year | – | – | – | (7) | (7) | ||||
| As at 31 March 2009 | 65 | 398 | 1 | 807 | 1,271 |
| As at 1 April 2007 – as restated (note 1(a)) | 65 | 397 | 1 | 430 | 893 |
|---|---|---|---|---|---|
| Ordinary shares issued | – | 1 | – | – | 1 |
| Profit for the year | – | – | – | 45 | 45 |
| Dividends paid in the year (note 11) | – | – | – | (83) | (83) |
| Net Treasury Shares acquired in year | – | – | – | (2) | (2) |
| Net share-based payments in the year | – | – | – | (2) | (2) |
| As at 31 March 2008 – as restated (note 1(a)) | 65 | 398 | 1 | 388 | 852 |
As permitted by Section 230 of the Companies Act 1985, the Company has elected not to include its own income statement in these financial statements. The Company’s profit for the year was £532m (2008 – £45m). £767m of the Company’s reserves are distributable. Qualifying consideration for the remainder will be received in due course.
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