Marks and Spencer 2003 Annual Report Download - page 52

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50 Marks and Spencer Gro up p.l.c.
Notes to the financial statements
30. Commitments and contingent liabilities Group
2003 2002
£m £m
ACommitments in respect of properties in the course of development 75.8 19.3
BMarks and Spencer (Ireland) Limited and its subsidiary Aprell Limited have availed themselves of the exemption
provided for in S17 of the Companies (Amendment) Act 1986 (Ireland) in respect of the documents required to be
annexed to their annual returns.
COther material contracts:
In the event of a material change in the trading arrangements with certain warehouse operators, the Group has a
commitment to purchase fixed assets, at values ranging from historical net book value to market value, which are
currently owned and operated by them on the Group’s behalf.
DCommitments under operating leases:
At 29 March 2003 the Group had annual commitments under operating leases as follows:
2003 2002
Land & Land &
buildings Other buildings Other
£m £m £m £m
Expiring within one year 3.5 0.7 5.2 0.6
Expiring in the second to fifth years inclusive 13.5 2.7 11.0 2.4
Expiring in more than five years 82.3 – 75.9 –
99.3 3.4 92.1 3.0
31. Foreign exchange rates
The principal foreign exchange rates used in the financial statements are as follows (local currency equivalent of £1):
Sales average rate Profit average rate Balance sheet rate
2003 2002 2003 2002 2003 2002
Euro 1.56 1.62 1.56 1.63 1.46 1.63
US dollar 1.55 1.43 1.54 1.43 1.57 1.42
Hong Kong dollar 12.05 11.17 12.01 11.11 12.23 11.10
32. Related party transactions
There were no material transactions with related parties as defined by FRS 8, ‘Related Party Transactions’.