Tesco 2007 Annual Report Download - page 91

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Note 25 Statement of changes in equity continued
Share premium account
The share premium account is used to record amounts received in excess of the nominal value of shares on issue of new shares.
Translation reserve
The translation reserve is used to record exchange differences arising from the translation of the financial statements of foreign
subsidiaries. It is also used to record the movements in net investment hedges.
Treasury shares
During the year, the qualifying employee share ownership trust (QUEST) subscribed for 1.5 million shares from the Company,
a negligible percentage of called-up share capital as at 24 February 2007 (2006 – 10 million, 0.1%). There were no contributions
(2006 – £12m) to the QUEST from subsidiary undertakings.
The employee benefit trusts hold shares in Tesco PLC for the purpose of the various executive share incentive and profit share
schemes. At 24 February 2007, the trusts held 57.0 million shares (2006 – 48.4 million), which cost £184m (2006 – £140m) and
had a market value of £254m (2006 – £163m).
Merger reserve
The merger reserve arose on the acquisition of Hillards PLC in 1987.
Other
The cumulative goodwill written-off against the reserves of the Group as at 24 February 2007 amounted to £718m (2006 – £718m).
89
NOTES TO THE GROUP
FINANCIAL STATEMENTS