Consolidated Balance Sheet as at 30 September 2008

31 March 2008 Audited £m		Note	30 September 2008 Unaudited £m	30 September 2007 Unaudited £m	30 June 2008 Unaudited £m
	Assets
	Non-current assets
9,389	Investment properties	3	8,321	12,216	8,393
1,062	Development properties	3	418	961	980
53	Owner-occupied property	3	45	57	51
10,504			8,784	13,234	9,424

	Other non-current assets
1,532	Investments in funds and joint ventures	4	1,313	1,614	1,442
196	Other investments		122	236	179
39	Intangible assets		33	45	36
12,271			10,252	15,129	11,081
	Current assets
133	Debtors		112	210	202
244	Cash and short-term deposits	5	387	453	581
377			499	663	783
12,648	Total assets		10,751	15,792	11,864

	Liabilities
	Current liabilities
(111)	Short-term borrowings and overdrafts	5	(59)	(117)	(108)
(450)	Creditors		(463)	(484)	(439)
(561)			(522)	(601)	(547)
	Non-current liabilities
(5,151)	Debentures and loans	5	(4,802)	(6,385)	(4,892)
(38)	Other non-current liabilities		(67)	(42)	(71)
(108)	Deferred tax liabilities		(71)	(143)	(94)
(5,297)			(4,940)	(6,570)	(5,057)
(5,858)	Total liabilities		(5,462)	(7,171)	(5,604)
6,790	Net assets		5,289	8,621	6,260

	Equity
131	Share capital	6	131	130	131
1,269	Share premium	6	1,271	1,266	1,270
335	Other reserves	6	11	501	412
5,055	Retained earnings	6	3,876	6,724	4,447
6,790	Total equity attributable to shareholders of the Company		5,289	8,621	6,260
1344 p	EPRA NAV per share*	1	1403 p	1682 p	1212 p

^* As defined in note 1