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3i Group plc
Report and accounts 2006
Report and accounts 2006
| 2006 Property £m |
2006 Redundancy £m |
2006 Total £m |
|
|---|---|---|---|
| Opening balance | 6 | 6 | 12 |
| Charge for year | 1 | 4 | 5 |
| Utilised in year | (2) | (5) | (7) |
| Movement for the year | (1) | (1) | (2) |
| Closing balance | 5 | 5 | 10 |
The provision for redundancy relates to staff reductions announced this financial year and the prior financial year. Most of the provision is expected to be utilised in the next year.
The Group has a number of leasehold properties whose rent and unavoidable costs exceed the economic benefits expected to be received. These costs arise over the period of the lease, and have been provided for to the extent they are not covered by income from sub-leases.