The amounts above at 31 December 2000 include:

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Land and buildings comprise:

• freehold and long leasehold land and buildings owned by the group as at 30 June 1996, excluding certain overseas properties, revalued at that date. The majority of the group’s operational properties at that time were valued on a depreciated replacement basis, due to their specialisation, with the remainder on an existing use value basis. Other non-operational properties were valued on the basis of open market value;
• short leaseholds at cost;
• additions subsequent to 30 June 1996 at cost; and
• land and buildings owned by subsidiary undertakings acquired since 30 June 1996 at fair value at the date of acquisition.

Following the adoption this year of FRS 15 the company has elected that no further revaluation of land and buildings will be undertaken for statutory reporting purposes.

Analysis of cost or valuation of land and buildings

If land and buildings had not been revalued, the following amounts would have been included in the balance sheet:

The depreciation charge for the year, based on the historical cost, would have been £44m for the group (1999 £46m).