Notes to accounts

For the year ended 31 December 2007

41 Property and equipment

Leasehold land
and buildings
£m
Cost
 
At 1 January and 31 December 2007
1.9
Accumulated depreciation
 
At 1 January 2007
0.2
Charge for the year
–
At 31 December 2007
0.2
Net book value
 
At 31 December 2007
1.7
At 31 December 2006
1.7

42 Borrowings

 2007
£m		 2006
£m
Subordinated debt
 277.4 277.9
2007
£m		 2006
£m
Current portion
––
Non-current portion
277.4277.9
277.4 277.9

For details of the Company borrowings refer to note 26 in the notes to the Group accounts.

43 Dividends

The amounts recognised as distributions to equity holders are as follows:

 2007
£m		 2006
£m
Final dividend for the year ended:
  
– 31 December 2006 of 7.8 pence per ordinary share
41.7–
– 31 December 2005 of 6.2 pence per ordinary share
–25.0
Interim dividend for the year ended:
  
– 31 December 2007 of 5.0 pence per ordinary share
26.7–
– 31 December 2006 of 4.2 pence per ordinary share
–22.4
Special dividend for the year ended:
  
– 31 December 2006 of 8.0 pence per ordinary share
42.7–
111.147.4

The final dividend of 10.0 pence per ordinary share for 2007, amounting to £47.8 million, payable in cash was approved by the Board on 27 February 2008 and has not been included as a liability as at 31 December 2007.

44 Cash generated from operations

 2007
£m		 2006
£m
Profit on ordinary activities before taxation
88.5167.1
Adjustments for:
  
Depreciation charge
–0.1
Finance costs
20.024.7
Unrealised gains on investments
0.6(0.3)
Net purchases of financial investments
(97.8)(7.5)
Foreign exchange gain
(0.8)(10.0)
Increase in loans and receivables
2.2(117.5)
Increase in trade and other payables
170.834.5
Other non-cash movements
0.72.2
Cash generated from operations
184.293.3

45 Related party transactions

Full details of related party transactions are provided in note 34 to the consolidated financial statements.

46 Share based payments

Full details of share based payment plans are provided in note 23 to the consolidated financial statements.