Transport for LondonStatement of Movements in Reserves
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| Group | Balance at 1 April 2005 £m |
Transfers (to)/from revenue account £m |
Pension actuarial gains/ (losses) £m |
Disposal of tangible fixed assets £m |
Adjustment/ revaluation of fixed assets £m |
Balance at 31 March 2006 £m |
|---|---|---|---|---|---|---|
|
General fund |
150.5 | (3.0) | - | - | - | 147.5 |
| Earmarked reserves | 972.6 | 226.3 | - | - | - | 1,198.9 |
| Capital financing account | 23.4 | (1.8) | - | 10.2 | - | 31.8 |
| Fixed asset restatement account | 1,586.1 | (79.9) | - | (22.1) | 15.5 | 1,499.6 |
| Fixed asset revaluation reserve | 1,907.0 | (71.6) | - | - | 56.1 | 1,891.5 |
| Group profit and loss reserve | 15.2 | (27.3) | - | - | - | (12.1) |
| Capital reserves in subsidiaries | 137.5 | (46.6) | - | - | - | 90.9 |
| Group pensions reserve | (960.7) | 12.1 | 178.7 | - | - | (769.9) |
| Merger reserve | 466.1 | - | - | - | - | 466.1 |
| Other reserves | 82.6 | - | - | - | - | 82.6 |
| 4,380.3 | 8.2 | 178.7 | (11.9) | 71.6 | 4,626.9 |
| Corporation | Balance at 1 April 2005 £m |
Transfers (to)/from revenue account £m |
Pension actuarial gains/ (losses) £m |
Disposal of tangible fixed assets £m |
Adjustment/ revaluation of fixed assets £m |
Balance at 31 March 2006 £m |
|---|---|---|---|---|---|---|
|
General fund |
150.5 | (3.0) | - | - | - | 147.5 |
| Earmarked reserves | 972.6 | 226.3 | - | - | - | 1,198.9 |
| Capital financing account | 23.4 | (1.8) | - | 10.2 | - | 31.8 |
| Fixed asset restatement account | 1,586.1 | (79.9) | - | (22.1) | 15.5 | 1,499.6 |
| Pensions reserve in Corporation | (14.9) | (0.1) | (2.7) | - | - | (17.7) |
| Other Corporation reserves | (26.9) | - | - | - | - | (26.9) |
| 2,690.8 | 141.5 | (2.7) | (11.9) | 15.5 | 2,833.2 |
Earmarked reserves have been established to finance future capital projects, consistent with TfL's approved Business Plan, and also to cover contingencies. In addition, reserves have been set aside to finance certain capital projects, which were not included in the approved Business Plan but have been committed to by the Board, where it is considered appropriate to fund such projects from reserves.
The pensions reserve represents the FRS 17 pension fund deficits, as set out further in Note 23 to these accounts. The merger reserve of £466.1m arises as a result of the transfer of the net assets of London Regional Transport,including the share capital of London Underground Limited, to TfL in 2003. It represents the share capital of London Underground Limited and is taken as a credit to reserves as no consideration was given by TfL in respect of the transfer.
The capital reserves in subsidiaries are distributable reserves in respect of net profits and losses transferred to provide for future capital investment. Other reserves relate to the transfer of the net assets of LRT and LU to the TfL Group in 2003.
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2005 movements
| Group | Balance at 1 April 2004 £m |
Transfers (to)/from revenue account £m |
Pension actuarial gains/ (losses) £m |
Disposal of tangible fixed assets £m |
Adjustment/ revaluation of fixed assets £m |
Balance at 31 March 2005 £m |
|---|---|---|---|---|---|---|
|
General fund |
126.0 | 24.5 | - | - | - | 150.5 |
| Earmarked reserves | 433.7 | 538.9 | - | - | - | 972.6 |
| Capital financing account | 148.5 | (130.0) | - | 4.9 | - | 23.4 |
| Fixed asset restatement account | 1,655.5 | (81.7) | - | (4.1) | 16.4 | 1,586.1 |
| Fixed asset revaluation reserve | 1,900.7 | (71.4) | - | - | 77.7 | 1,907.0 |
| Group profit and loss reserve | 3.7 | 11.5 | - | - | - | 15.2 |
| Capital reserves in subsidiaries | 186.5 | (49.0) | - | - | - | 137.5 |
| Group pensions reserve | (882.7) | 15.5 | (93.5) | - | - | (960.7) |
| Merger reserve | 466.1 | - | - | - | - | 466.1 |
| Other reserves | 82.6 | - | - | - | - | 82.6 |
| 4,120.6 | 258.3 | (93.5) | 0.8 | 94.1 | 4,380.3 |
| Corporation | Balance at 1 April 2004 £m |
Transfers (to)/from revenue account £m |
Pension actuarial gains/ (losses) £m |
Disposal of tangible fixed assets £m |
Adjustment/ revaluation of fixed assets £m |
Balance at 31 March 2005 £m |
|---|---|---|---|---|---|---|
|
General fund |
126.0 | 24.5 | - | - | - | 150.5 |
| Earmarked reserves | 433.7 | 538.9 | - | - | - | 972.6 |
| Capital financing account | 148.5 | (130.0) | - | 4.9 | - | 23.4 |
| Fixed asset restatement account | 1,655.5 | (81.7) | - | (4.1) | 16.4 | 1,586.1 |
| Pensions reserve in Corporation | (2.7) | (0.5) | (11.7) | - | - | (14.9) |
| Other Corporation reserves | (26.8) | (0.1) | - | - | - | (26.9) |
| 2,334.2 | 141.5 | (11.7) | (0.8) | 16.4 | 2,690.8 |
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