19 RESERVES AND MOVEMENTS IN EQUITY
| Share capital £’000 |
Share premium £’000 |
Property revaluation reserve £’000 |
Share-based payments reserve £’000 |
Net unrealised gain reserve £’000 |
Capital redemption reserve £’000 |
Capital reserve £’000 |
|
| At 1st January 2006 | 18,361 | 87,635 | 335 | 174 | – | 1,431 | 44,188 |
| Net proceeds of issue of new shares | 1,995 | 21,215 | – | – | – | – | – |
| Net surplus on revaluation of operating properties | – | – | 518 | – | – | – | – |
| At 31st December 2006 | 20,356 | 108,850 | 853 | 174 | – | 1,431 | 44,188 |
| Net proceeds of issue of new shares | 127 | 761 | – | – | – | – | – |
| Share issue costs | – | (23) | – | – | – | – | – |
| Purchase of own shares | (200) | – | – | – | – | 200 | – |
| Share-based payments | – | 213 | – | (110) | – | – | – |
| Fair value of cross-currency interest rate swap | – | – | – | – | (114) | – | – |
| Fair value adjustment to available-for-sale assets | – | – | – | – | 1,827 | – | – |
| Net surplus on revaluation of operating properties | – | – | 228 | – | – | – | – |
| At 31st December 2007 | 20,283 | 109,801 | 1,081 | 64 | 1,713 | 1,631 | 44,188 |
The capital reserve arose from business combinations in prior financial periods. This reserve is not distributable.
Retained earnings
| Retained earnings £’000 |
|
| At 1st January 2006 | 35,384 |
| Profit for the year | 23,559 |
| Deferred tax charged directly to equity | (992) |
| Final dividend 2005 | (1,562) |
| Interim dividend 2006 | (828) |
| At 31st December 2006 | 55,561 |
| Profit for the year | 39 |
| Purchase of own shares | (2,019) |
| Share-based payments | (103) |
| Deferred tax charged directly to equity | (498) |
| Final dividend 2006 | (1,842) |
| Interim dividend 2007 | (983) |
| At 31st December 2007 | 50,155 |
