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20 Movements in capital and reserves
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| Share capital £m |
Share premium £m |
Capital redemption reserves £m |
Hedging reserves1 £m |
Other reserves2 £m |
Retained earnings3 £m |
Total £m |
Minority interests £m |
Total equity £m |
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| At January 1, 2007 | 356 | 43 | 197 | 177 | (55) | 2,000 | 2,718 | 7 | 2,725 | ||
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| Total recognised income and expense for the year | — | — | — | (100) | 117 | 861 | 878 | (6) | 872 | ||
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| Arising on issues of ordinary shares | 5 | 24 | — | — | — | — | 29 | — | 29 | ||
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| Issue of B Shares | — | — | (172) | — | — | — | (172) | — | (172) | ||
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| Redemption of B Shares | — | — | 97 | — | — | (97) | — | — | — | ||
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| Conversion of B Shares into ordinary shares4 | 3 | — | 69 | — | — | (1) | 71 | — | 71 | ||
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| Ordinary shares purchased | — | — | — | — | — | (78) | (78) | — | (78) | ||
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| Ordinary shares vesting in share-based payment plans | — | — | — | — | — | 93 | 93 | — | 93 | ||
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| Share-based payments adjustment | — | — | — | — | — | (22) | (22) | — | (22) | ||
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| Transactions with minority interests | — | — | — | — | — | — | — | 11 | 11 | ||
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| Related tax movements– current tax | — | — | — | — | — | 43 | 43 | — | 43 | ||
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| – deferred tax | — | — | — | — | — | (18) | (18) | — | (18) | ||
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| Change in rate of UK corporation tax – deferred tax | — | — | — | — | — | (5) | (5) | — | (5) | ||
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| At January 1, 2008 | 364 | 67 | 191 | 77 | 62 | 2,776 | 3,537 | 12 | 3,549 | ||
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| Total recognised income and expense for the year | — | — | — | (99) | 601 | (1,331) | (829) | (3) | (832) | ||
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| Arising on issues of ordinary shares | 2 | 15 | — | — | — | — | 17 | — | 17 | ||
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| Issue of B Shares | — | — | (237) | — | — | — | (237) | — | (237) | ||
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| Redemption of B Shares | — | — | 200 | — | — | (200) | — | — | — | ||
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| Conversion of B Shares into ordinary shares4 | 3 | — | 50 | — | — | — | 53 | — | 53 | ||
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| Ordinary shares purchased | — | — | — | — | — | (44) | (44) | — | (44) | ||
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| Ordinary shares vesting in share-based payment plans | — | — | — | — | — | 37 | 37 | — | 37 | ||
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| Share-based payments adjustment | — | — | — | — | — | (1) | (1) | — | (1) | ||
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| Transactions with minority interests | — | — | — | — | — | — | — | — | — | ||
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| Related tax movements– current tax | — | — | — | — | — | — | — | — | — | ||
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| – deferred tax | — | — | — | — | — | (11) | (11) | — | (11) | ||
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| At December 31, 2008 | 369 | 82 | 204 | (22) | 663 | 1,226 | 2,522 | 9 | 2,531 | ||
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1 See accounting policies Significant accounting policies note section – hedge accounting. Hedging reserves include £19m (2007 £77m) in respect of the transition hedging reserve and £(41)m (2007 £nil) in respect of the cash flow hedging reserve.
2 ‘Other reserves' include a merger reserve of £3m (2007 £3m) and a translation reserve of £660m (2007 £59m).
3 At December 31, 2008, 8,017,635 shares with a net book value of £34m (2007 5,838,501 shares with a net book value of £24m) were held and included in retained earnings.
4 On conversion of B Shares, the nominal value of ordinary shares issued is credited to share capital and the excess to a capital reserve.