Consolidated Balance Sheet

as at 30 September 2007

31 March 2007 Audited £m		Note	30 September 2007 Unaudited £m	30 September 2006 Unaudited £m	30 June 2007 Unaudited £m
	Assets Non-current assets
12,891	Investment properties	3	12,216	12,540	12,810
1,106	Development properties	3	961	800	873
50	Owner-occupied property 14,047	3	57		50
14,047			13,234	13,340	13,733
	Other non-current assets
1,610	Investments in funds and joint ventures	4	1,614	1,204	1,621
267	Other investments		236	252	236
50	Intangible assets		45	57	46
	Goodwill			105
15,974			15,129	14,958	15,636
	Current assets
	Trading properties	3		49
208	Debtors		210	129	315
198	Cash and short-term deposits	5	453	195	389
406			663	373	704
16,380	Total assets		15,792	15,331	16,340
	Liabilities Current liabilities
(54)	Short-term borrowings and overdrafts	5	(117)	(140)	(65)
(746)	Creditors		(484)	(482)	(737)
(800)			(601)	(622)	(802)
	Non-current liabilities
(6,617)	Debentures and loans	5	(6,385)	(6,420)	(6,209)
(37)	Other non-current liabilities		(42)	(47)	(37)
(179)	Deferred tax liabilities		(143)	(1,615)	(158)
(6,833)			(6,570)	(8,082)	(6,404)
(7,633)	Total liabilities		(7,171)	(8,704)	(7,206)
8,747	Net assets		8,621	6,627	9,134
	Equity
130	Share capital	6	130	130	130
1,263	Share premium	6	1,266	1,255	1,265
532	Other reserves	6	501	274	573
6,822	Retained earnings	6	6,724	4,968	7,166
8,747	Total equity attributable to shareholders of the Company		8,621	6,627	9,134
1682 p	EPRA NAV per share*	1	1682 p	1624 p	1730 p

* As defined in note 1