National Grid 2015 Annual Report Download - page 135
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25. Other equity reserves
Other equity reserves are different categories of equity as required by accounting standards and represent the impact of a number
ofour historical transactions.
Other equity reserves comprise the translation reserve (see accounting policy B in note 1), cash flow hedge reserve (see note 15),
available-for-sale reserve (see note 13), the capital redemption reserve and the merger reserve. The merger reserve arose as a result of
theapplication of merger accounting principles under the then prevailing UK GAAP, which under IFRS 1 was retained for mergers that
occurred prior to the IFRS transition date. Under merger accounting principles, the difference between the carrying amount of the capital
structure of the acquiring vehicle and that of the acquired business was treated as a merger difference and included within reserves.
As the amounts included in other equity reserves are not attributable to any of the other classes of equity presented, they have been
disclosed as a separate classification of equity.
Translation
£m
Cash flow
hedge
£m
Available-
for-sale
£m
Capital
redemption
£m
Merger
£m
Total
£m
At 1 April 2012 346 (100) 65 19 (5,165) (4,835)
Exchange adjustments 117 ––––117
Net (losses)/gains taken to equity –(31) 20 – – (11)
Transferred to/(from) profit or loss –73 (10) – – 63
Tax –(13) (2) – – (15)
At 31 March 2013 463 (71) 73 19 (5,165) (4,681)
Exchange adjustments (158) – – – – (158)
Net gains taken to equity –63 6 – – 69
Transferred to/(from) profit or loss –27 (14) – – 13
Tax –(5) 3 – – (2)
At 31 March 2014 305 14 68 19 (5,165) (4,759)
Exchange adjustments 174 – – – – 174
Net (losses)/gains taken to equity –(154) 41 – – (113)
Transferred to/(from) profit or loss –13 (8) – – 5
Tax –18 (7) – – 11
At 31 March 2015 479 (109) 94 19 (5,165) (4,682)
The merger reserve represents the difference between the carrying value of subsidiary undertaking investments and their respective
capital structures following the Lattice demerger from BG Group plc and the 1999 Lattice refinancing.
The cash flow hedge reserve on interest rate swap contracts will be continuously transferred to the income statement until the borrowings
are repaid. The amount due to be released from reserves to the income statement next year is £15m (pre-tax) and the remainder released
with the same maturity profile as borrowings due after more than one year.
Financial Statements
NATIONAL GRID ANNUAL REPORT AND ACCOUNTS 2014/15 133