Annual Financial Report

RNS Number : 5575G

British Land Co PLC

07 June 2013

 



ANNUAL FINANCIAL REPORT AND NOTICE OF ANNUAL GENERAL MEETING

The British Land Company PLC announces that in accordance with rule 9.6.1 of the Listing Rules, copies of the following documents have been submitted to the National Storage Mechanism and will shortly be available for inspection at: http://www.Hemscott.com/nsm.do

1.   Annual Report and Accounts for the year ended 31 March 2013;

2.   Notice of the 2013 Annual General Meeting which will be held at 11.00am on Friday 19 July 2013 at The Cumberland Hotel, Great Cumberland Place, London, W1H 7DL;

3.   Proxy Form for the 2013 Annual General Meeting.

The above documents have been despatched to shareholders. The Annual Report and Accounts, AGM Notice and Proxy Form are also available on the Company's website at www.britishland.com

The information below, which is extracted from the Annual Report and Accounts for the year ended 31 March 2013, is provided in compliance with DTR 6.3.5. It should be read in conjunction with the Company's Preliminary results announcement for the 12 months to 31 March 2013 issued on 14 May 2013. Cross-references in the extracted information below refer to sections in the Annual Report and Accounts for the year ended 31 March 2013.

RELATED PARTY TRANSACTIONS

The Company has chosen to provide a development loan facility of up to £320m to the Broadgate joint venture, secured against the development, 5 Broadgate. The loan, which is assignable and on commercial terms, includes an interest cost of 3% per annum above LIBOR and market based fees. As at 31 March 2013 £53m (2011/12: £nil) has been drawn by the joint venture.

Details of transactions with joint ventures and funds are given in notes 4, 7 and 25. During the year the Group recognised performance and management fees receivable from funds of £4m (2011/12: £5m) and joint venture management fees of £6m (2011/12: £7m). Interest earned on the commercial loan to Bluebutton Properties Ltd was £1m (2011/12: £nil). Commitment fees received from Bluebutton during the year was £3m (2011/12: £2m).

Details of Directors' remuneration are given in the Remuneration Report on pages 92 to 108. Details of transactions with key management personnel are provided in note 9.

Details of transactions with The British Land Group of Companies Pension Scheme, and other smaller pension schemes, are given in note 10.

During the year, the Company entered into transactions, in the normal course of business, with other related parties as follows:

John Gildersleeve is Deputy Chairman of Carphone Warehouse Group plc. Rental income of £2m (2011/12: £2m) on a proportionally consolidated basis was earned from Carphone Warehouse Group plc, and there is an associated debtor balance at 31 March 2013 £0.2m (2011/12: £nil).

Chris Gibson-Smith is Chairman of the London Stock Exchange. Administrative expenses of £0.2m (2011/12: £0.1m) on a proportionally consolidated basis were paid to the London Stock Exchange, and there is an associated balance at 31 March 2013 of £nil (2011/12: £nil).

William Jackson is the Managing Partner of Bridgepoint and serves on a number of Bridgepoint portfolio boards. He is currently Chairman of the Board of Pret A Manger. Rental income of £0.3m (2011/12: £0.2m) on a proportionally consolidated basis was earned from Pret A Manger, and thereis an associated balance at 31 March 2013 of £nil (2011/12: £nil). 

DIRECTORS' RESPONSIBILITIES STATEMENT 

The Directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the Directors to prepare financial statements for each financial year. Under that law the Directors are required to prepare the Group financial statements in accordance with International Financial Reporting Standards (IFRSs) as adopted by the European Union and Article 4 of the IAS Regulation and have elected to prepare the parent company financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the Directors must not approve the accounts unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

In preparing the parent company financial statements, the Directors are required to:

> select suitable accounting policies and then apply them consistently;

> make judgements and accounting estimates that are reasonable and prudent;

> state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

> prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

In preparing the Group financial statements, International Accounting Standard 1 requires that Directors:

> properly select and apply accounting policies;

> present information, including accounting policies, in a manner that provides relevant, reliable, comparable and understandable information;

> provide additional disclosures when compliance with the specific requirements in IFRSs are insufficient to enable users to understand the impact of particular transactions, other events and conditions on the entity's financial position and financial performance; and

> make an assessment of the Company's ability to continue as a going concern

The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The Directors are responsible for the maintenance and integrity of the corporate and financial information included on the Company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

We confirm that to the best of our knowledge:

> the financial statements, prepared in accordance with the relevant financial reporting framework, give a true and fair view of the assets, liabilities, financial position and profit or loss of the Company and the undertakings included in the consolidation taken as a whole; and

> the Management Report, which is incorporated into the Directors' Report, includes a fair review of the development and performance of the business and the position of the Company and the undertakings included in the consolidation taken as a whole, together with a description of the principal risks and uncertainties that they face.

 

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