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Notes to the Group accounts
41 Other reserves
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| 2007 £m |
2006 £m |
||
|---|---|---|---|
| Other reserves comprise: | |||
| Merger reserve | 343 | 343 | |
| Revaluation reserve in respect of available-for-sale financial assets | (399) | – | |
| Cash flow hedging reserve | (3) | 12 | |
| Foreign currency translation reserve | (1) | (19) | |
| (60) | 336 |
Movements in other reserves were as follows:
| 2007 £m |
2006 £m |
||
|---|---|---|---|
| Merger reserve | |||
| At 1 January and 31 December | 343 | 343 | |
| Revaluation reserve in respect of available-for-sale financial assets | |||
| At 1 January | – | 29 | |
| Exchange and other adjustments | (1) | 2 | |
| Change in fair value of available-for-sale financial assets | (483) | (10) | |
| Deferred tax | 1 | – | |
| Current tax | 46 | – | |
| (436) | (10) | ||
| Income statement transfer: | |||
| Disposals (note 8) | (5) | (22) | |
| Impairment | 70 | – | |
| Current tax | (21) | 1 | |
| 44 | (21) | ||
| Disposal of businesses | (6) | – | |
| At 31 December | (399) | – | |
| 2007 £m |
2006 £m |
||
| Cash flow hedging reserve | |||
| At 1 January | 12 | 11 | |
| Change in fair value of hedging derivatives | (20) | – | |
| Deferred tax | 6 | – | |
| (14) | – | ||
| Income statement transfer (note 4) | (1) | 1 | |
| At 31 December | (3) | 12 | |
| Foreign currency translation reserve | 2007 | 2006 | |
| £m | £m | ||
| At 1 January | (19) | 12 | |
| Currency translation differences arising in the year | 257 | (108) | |
| Foreign currency (losses) gains on net investment hedges | (342) | 110 | |
| Current tax | 103 | (33) | |
| (239) | 77 | ||
| At 31 December | (1) | (19) | |