National Grid 2014 Annual Report Download - page 161
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Strategic Report Corporate Governance Financial Statements Additional Information
8. Reserves
Share
premium
account
£m
Cash flow
hedge
reserve
£m
Available-
for-sale
reserve
£m
Other equity
reserves
£m
Profit and
loss account
£m
At 1 April 2012 1,355 9 – 220 4,579
Transferred from equity in respect of cash flow hedges (net of tax) – 3 – – –
Shares issued in lieu of dividends (11) – – – –
Issue of treasury shares ––––19
Purchase of own shares ––––(6)
Share awards to employees of subsidiary undertakings – – – 20 –
Loss for the financial year – – – – (382)
At 31 March 2013 1,344 12 –240 4,210
Transferred from equity in respect of cash flow hedges (net of tax) – 8 – – –
Net gains taken to equity – – 1 – –
Shares issued in lieu of dividends (8) – – – –
Issue of treasury shares ––––14
Purchase of own shares ––––(3)
Share awards to employees of subsidiary undertakings –––20 –
Loss for the financial year ––––(83)
At 31 March 2014 1,336 20 1260 4,138
There were no gains and losses, other than losses for the years stated above; therefore no separate statement of total recognised
gainsand losses has been presented. At 31 March 2014, £86m (2013: £86m) of the profit and loss account reserve relating to gains
onintra-group transactions was not distributable to shareholders.
9. Reconciliation of movements in total shareholders’ funds
2014
£m
2013
£m
Profit for the financial year 976 428
Dividends1(1,059) (810)
Loss for the financial year (83) (382)
Issue of treasury shares 14 19
Purchase of own shares (3) (6)
Shares issued in lieu of dividends2(2) –
Movement on cash flow hedge reserve (net of tax) 83
Movement on available-for-sale reserve 1–
Share awards to employees of subsidiary undertakings 20 20
Net decrease in shareholders’ funds (45) (346)
Opening shareholders’ funds 6,239 6,585
Closing shareholders’ funds 6,194 6,239
1. For further details of dividends paid and payable to shareholders, refer to note 8 to the consolidated financial statements.
2. Included within share premium account are costs associated with scrip dividends.
10. Parent Company guarantees
The Company has guaranteed the repayment of the principal sum, any associated premium and interest on specific loans due by certain
subsidiary undertakings primarily to third parties. At 31 March 2014, the sterling equivalent amounted to £2,713m (2013: £2,767m). The
guarantees are for varying terms from less than one year to open-ended.
11. Audit fees
The audit fee in respect of the parent Company was £26,750 (2013: £25,750). Fees payable to PricewaterhouseCoopers LLP for non-audit
services to the Company are included within note 3 (e) to the consolidated financial statements.
159