Consolidated statement of changes in equity
Consolidated statement of changes in equity for the year ending 31 March 2026
| Note | Operating reserve £m | Hedging reserve £m | Translation reserve £m | Total £m | Non-controlling interests £m | Total £m | |
|---|---|---|---|---|---|---|---|
At 1 April 2024 |
| 1,930 | 10 | 37 | 1,977 | 1 | 1,978 |
Deficit for the year |
| (112) | – | – | (112) | – | (112) |
Currency translation adjustment | – | – | (14) | (14) | – | (14) | |
Cash flow hedges | – | 11 | – | 11 | – | 11 | |
Deferred tax on financial instruments | – | (3) | – | (3) | – | (3) | |
Recycling of translation reserves on disposal |
| – | – | (31) | (31) | – | (31) |
Remeasurement of defined benefit pension scheme | 959 | – | – | 959 | – | 959 | |
Total comprehensive income/(loss) for the year |
| 847 | 8 | (45) | 810 | – | 810 |
Dividends declared in year | – | – | – | – | (1) | (1) | |
At 31 March 2025 |
| 2,777 | 18 | (8) | 2,787 | – | 2,787 |
Deficit for the year |
| (120) | – | – | (120) | (1) | (121) |
Currency translation adjustment | – | – | (10) | (10) | – | (10) | |
Cash flow hedges | – | (10) | – | (10) | – | (10) | |
Deferred tax on financial instruments | – | 3 | – | 3 | – | 3 | |
Remeasurement of defined benefit pension scheme | (418) | – | – | (418) | – | (418) | |
Total comprehensive loss for the year |
| (538) | (7) | (10) | (555) | (1) | (556) |
At 31 March 2026 |
| 2,239 | 11 | (18) | 2,232 | (1) | 2,231 |
