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Chairman's Statement Chief Executive's Review Board of Directors Directors' Report and Operating and Financial Review Auditors' Report Accounts General Information Shareholder Information

Notes to the Accounts

  Note 1 Note 8 Note 15 Note 22 Note 29  
  Note 2 Note 9 Note 16 Note 23 Note 30  
  Note 3 Note 10 Note 17 Note 24 Note 31  
  Note 4 Note 11 Note 18 Note 25 Note 32  
  Note 5 Note 12 Note 19 Note 26 Note 33  
  Note 6 Note 13 Note 20 Note 27  
  Note 7 Note 14 Note 21 Note 28    
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Statement of Directors' Responsibilities
Accounting Policies
Group Profit and Loss Account
Balance Sheets
Group Cash Flow Statement
Group Statement of Total Recognised Gains and Losses
Notes to the Accounts

Note 1 - Adoption of UITF 38

During the year, the Group adopted UITF 38 ‘Accounting for ESOP trusts’. The adoption of this standard constitutes a change in accounting policy. Therefore, the impact has been reflected as a prior year adjustment in accordance with Financial Reporting Standard 3. At 31 March 2003, the Group reported £39m of own shares within fixed asset investments. On adoption of UITF 38, the own shares were reclassified from fixed asset investments and are now reflected within the profit and loss account reserve. The adoption of UITF 38 has resulted in a decrease in net assets of £34m at 31 March 2004 and £39m at 31 March 2003.

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