Group balance sheet

At 31 March 2009
  Notes 2009
£m
2008
£m
Non-current assets  
Investment property 8 780.4 1,073.3
Development property, plant and equipment 9 24.4 24.4
Investment in joint ventures 10 183.2 390.6
Pension asset 23 0.6 2.2
    988.6 1,490.5
Current assets  
Trade and other receivables 11 5.5 22.2
Income tax receivable   0.8 0.4
Cash and cash equivalents   7.3 0.7
    13.6 23.3
Total assets   1,002.2 1,513.8
Current liabilities  
Trade and other payables 12 28.3 26.6
    28.3 26.6
Non-current liabilities  
Interest-bearing loans and borrowings 13 396.8 429.3
Obligations under finance leases 15 8.5 8.5
    405.3 437.8
Total liabilities   433.6 464.4
Net assets   568.6 1,049.4
Equity  
Share capital 16 22.6 22.6
Share premium account 17 68.2 68.2
Hedging reserve 18 (16.4) (3.8)
Capital redemption reserve 18 16.4 16.4
Revaluation reserve 18 1.3
Retained earnings 18 478.0 944.9
Investment in own shares 19 (0.2) (0.3)
Shareholders’ funds   568.6 1,049.3
Minority interest   0.1
Total equity   568.6 1,049.4
Net assets per share 7 314p 580p
Adjusted net assets per share 7 329p 582p

Approved by the Board on 19 May 2009 and signed on its behalf by

Toby Courtauld

Toby Courtauld

Chief Executive

Timon Drakesmith

Finance Director