Savills plc - Investor relations

NOTES TO THE ACCOUNTSyear ended 31 December 2003AtAt 1 January Cash Exchange 31 December2003 flows movement 200328. Analysis of changes in net funds £'000 £'000 £’000 £'000Cash at bank 31,543 10,555 (325) 41,773Overdraft (403) (107) 2 (508)10,448Liquid funds on one month deposit 1,613 7,195 - 8,808Liquid funds on short-term deposit 20,279 2,230 (1,219) 21,29053,032 19,873 (1,542) 71,363Debt - due within one year (694) (2,185) (82) (2,961)- due after one year (21,757) 2,972 (589) (19,374)Finance leases (83) 26 8 (49)Net funds 30,498 20,686 (2,205) 48,97929. Related party transactionsDuring the year loans were outstanding from the following related undertakings: Barlows (Sefton) Limited, GHV (Sprucefields) Limited and GHV SMD Holdings Limited. Interest was charged on such loans at arm'slength rates. Interest received during the year totalled £64,000 (2002 - £144,000).The movements on the aggregate loans to related undertakings were as follows:31 December 31 December2003 2002£'000£'000Balance at beginning of year 4,454 5,471Additions 394 2,772Repayments (1,509) (3,789)Balance at end of year 3,339 4,454Savills plc and its subsidiaries provide accounting and other administrative services to some associated companies at nominal fees.30. Post Balance Sheet EventsProgramme to re-purchase sharesAt the Annual General Meeting (AGM) held on the 7 May 2003 the shareholders gave authority for a limited purchase of Savills shares for cancellation of up to 5% of the issuedshare capital. As announced on the 30 December 2003, the Company undertook an irrecovable, non-discretionary programme to re-purchase its own shares during the closeperiod. As at 2 March 2004 the Company had purchased 100,000 shares for cancellation under this programme, during the close period.70