NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 December 2008
15 Reserves (Continued)
Company
Accumulated Fund PensionsAccumulated
before pensions liability Fund
liability
£'000 £'000 £'000
At 1 January 2008 3,200 (3,200) -
Result for year 29,562 1,000 30,562
Actuarial loss on pension scheme - (4,200) (4,200)
At 31 December 2008 32,762 (6,400) 26,362
16 Notes to the Consolidated Cash Flow Statement
(a)Reconciliation of surplus/(deficit) before taxation
to net cash inflow from operating activities
2008 2007
£'000 £'000
Result before taxation 34,380 (3,446)
Profit on disposal of fixed assets (24) -
Share of operating profit in joint venture - (608)
Investment income (6,157) (2,112)
Depreciation 1,234 184
Decrease/(increase) in debtors 29,840 (37,110)
Decrease in debtors due in more than one year 736 29,330
Decrease in creditors (3,399) (18,274)
Increase in provisions 13,379 53,128
Net cash inflow from operating activities 69,989 21,092
(b) Analysis of net funds
At 1 At 31
January Cash Flows December
2008 2008
£'000 £'000 £'000
Cash held for investment and investment in cash funds 36,110 82,556 118,666
Deposits at bank 39,971 (9,323) 30,648
76,081 73,233 149,314
Cash includes investment cash funds which are repayable on notice of not more than one working day.
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