v3.25.4
Other reserves and translation reserve
 12 Months Ended
Dec. 31, 2025
Other reserves and translation reserve  
Other reserves and translation reserve

24 Other reserves and translation reserve

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​

​

​

​

​

​

​

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​

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Total
2024
GBPm

  ​ ​ ​

Translation
reserve
2025
GBPm

​

Hedge
reserve
2025
GBPm

  ​ ​ ​

Other
reserves
2025
GBPm

​

Total
2025
GBPm

At start of year

​

2,180

 

567

​

21

 

1,738

​

2,326

Profit attributable to shareholders

​

1,934

 

-

​

-

 

2,065

​

2,065

Dividends paid

​

(1,121)

 

-

​

-

 

(1,181)

​

(1,181)

Actuarial gains on defined benefit pension schemes

​

43

 

-

​

-

 

5

​

5

Fair value movements on cash flow hedges

​

11

 

-

​

55

 

-

​

55

Transfer to profit from cash flow hedge reserve

​

(20)

 

-

​

(36)

 

-

​

(36)

Tax recognised in other comprehensive income

​

(8)

 

-

​

(5)

​

(3)

​

(8)

Exchange differences on translation of foreign operations

​

175

 

(438)

​

-

 

-

​

(438)

Cancellation of shares

​

(850)

 

-

​

-

 

(1,922)

​

(1,922)

Increase in share based remuneration reserve (including tax)

​

79

 

-

​

-

 

79

​

79

Settlement of share awards

​

(53)

 

-

​

-

 

(62)

​

(62)

Acquisition of non‐controlling interests

​

(44)

 

-

​

-

 

(22)

​

(22)

At end of year

​

2,326

 

129

​

35

 

697

​

861

​

The closing balance of other reserves in the consolidated statement of changes in equity of £732m (2024: £1,759m) is comprised of the hedge reserve £35m (2024: £21m); and other reserves £697m (2024: £1,738m).

Other reserves principally comprise retained earnings and the share based remuneration reserve. Movements in reserves during the period include the effects of profits generated during the period, share repurchases, changes in exchange rates and other items. Dividends paid during 2025 were £1,181m (2024: £1,121m). Refer to note 13 for further details.

55m (2024: 29m) ordinary shares held in treasury were cancelled resulting in a transfer of £1,922m between other reserves and shares held in treasury.

The decrease of £438m in the translation reserve is due to the net effect of changes in exchange rates during the period which decreased net debt by £95m and decreased assets (net of other liabilities) by £533m.