Tesco plc Annual Report and Financial Statements 2008

Political and charitable donations Cash donations to charities
amounted to £22,655,173 (2007 – £17,698,393). Contributions to
community projects including cause-related marketing, gifts-in-kind,
staff time and management costs amounted to £54,542,913 (2007 –
£43,412,965). There were no political donations (2007 – £nil). During the
year, the Group made contributions of £45,023 (2007 – £41,608) in the
form of sponsorship for political events: Labour Party £13,040; Liberal
Democrat Party £5,850; Conservative Party £5,786; Scottish Labour Party
£500; Scottish National Party £2,000; Fine Gael £1,397; Plaid Cymru £450;
trade unions £16,000.
Supplier payment policy Tesco PLC is a signatory to the CBI Code
of Prompt Payment. Copies of the Code may be obtained from the CBI,
Centre Point, 103 New Oxford Street, London WC1A 1DU. Payment terms
and conditions are agreed with suppliers in advance. Tesco PLC has no
trade creditors on its Balance Sheet. The Group pays its creditors on a
pay on time basis which varies according to the type of product and
territory in which the suppliers operate.
Going concern The Directors consider that the Group and the Company
have adequate resources to remain in operation for the foreseeable future
and have therefore continued to adopt the going concern basis in preparing
the financial statements. As with all business forecasts, the Directors’
statement cannot guarantee that the going concern basis will remain
appropriate given the inherent uncertainty about future events.
Events after the Balance Sheet date
On 9 April 2008, Dobbies Garden Centres PLC, a majority owned subsidiary
of the Group, announced plans to raise £150m through an open offer
of shares. Dobbies Garden Centres PLC will seek shareholder approval at
an Annual General Meeting on 21 May 2008 to issue up to 12.45 million
shares on a six for five basis at 1,200p per share. Tesco PLC will underwrite
the offer.
Auditors A resolution to re-appoint PricewaterhouseCoopers LLP as
auditors of the Company and the Group will be proposed at the Annual
General Meeting.
Directors’ statement of disclosure of information to auditors
Having made the requisite enquiries, the Directors in office at the date
of this Annual Report and Financial Statements have each confirmed that,
so far as they are aware, there is no relevant audit information (as defined
by Section 234 ZA of the Companies Act 1985) of which the Group’s
auditors are unaware, and each of the Directors has taken all the steps
he/she ought to have taken as a Director to make himself/herself aware
of any relevant audit information and to establish that the Group’s
auditors are aware of that information.
This confirmation is given and should be interpreted in accordance with
the provisions of Section 234 ZA of the Companies Act 1985.
Annual General Meeting (AGM) A separate circular explains
the special business to be considered at the Annual General Meeting
on 27 June 2008.
Tesco PLC Annual Report and
Financial Statements 2008 19