Annual Report and Accounts 2010-11 - Manchester Airport

72 74Notes to the Consolidated Financial Statements for the year ended 31 March 201128. ReservesRetained earnings£mAt 1 April 2010 564.8Actuarial losses on retirement benefit liabilities (13.4)Deferred tax on retirement benefits actuarial movements 3.5Deferred tax on pension lump sum contribution (5.6)Effect of change in rate of Corporation tax on deferred tax (1.3)Profit for the year after dividends 64.7At 31 March 2011 612.7Reconciliation of movements in shareholders’ funds 2011 2010£m £mOpening shareholders’ funds 769.1 788.5Total comprehensive income for the year 67.9 0.6Dividends paid in the year (20.0) (20.0)Equity shareholders’ funds as at 31 March 817.0 769.129. Capital commitments2011 2010£m £mCapital expenditure that has been contracted for but has not been provided forin the financial statements 70.7 12.430. Contingent liabilitiesA contingent liability exists in respect of claims that have been made from individual property owners in respect of alleged loss ofproperty value arising from the development and use of new or extended airport runways.The Group will defend any proceedings in respect of these claims and, whilst the outcome of these claims is currently uncertain, it isthe directors’ opinion based on legal and property advice that no further material cost will be incurred.31. Operating lease arrangementsAt 31 March 2011 the Group has commitments under non-cancellable operating leases which expire as follows:2011 2010Land Other Land Other£m £m £m £mExpiring within one year – 0.1 – 0.1Expiring between two and five years inclusive 0.1 0.4 0.1 0.5Expiring in over five years 45.4 – 46.8 –45.5 0.5 46.9 0.6In addition to the amounts stated above the Group also has a commitment in respect of a land lease with The Council of the City ofManchester, a related party as described in note 32.The minimum amount payable on the lease is £7.4m per annum with an additional amount payable related to turnover, the leaseexpires in 2085.The Group receives income from property leases, which are typically for a duration of 3-10 years and subject to periodic rent reviews.Lease and sublease payments recognised in the income statement are summarised in note 8 and note 14.The Manchester Airport Group PLC Annual Report and Accounts 2010-11