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Consolidated Statement of Changes in Equity - Analysis of Other Reserves - GBP (£)
£ in Millions
Other reserves.
Capital reduction reserve
Merger relief reserve
Legal reserve
Cash flow hedge reserve
Translation reserve
Cost of hedging
Total
Beginning balance at Dec. 31, 2020 £ (1,926) £ (1,723)   £ 10 £ (4) £ (208) £ (1) £ 1,131
Net exchange adjustments offset in reserves (18)         (18)   (18)
Net gain/(loss) on net investment hedge 15         15   15
Net gain (loss) on cash flow hedge 13 [1],[2]       13 [1]     13 [2]
Transfer between reserves (10)     (10)        
Cost of hedging (1)           (1) (1)
Total other comprehensive income for the year (1)     £ (10) 13 (3) (1) 275
Ending balance at Dec. 31, 2021 (1,927) (1,723)     9 (211) (2) 1,264
Net exchange adjustments offset in reserves (232)         (232)   (232)
Net gain/(loss) on net investment hedge (68)         (68)   (68)
Net gain (loss) on cash flow hedge (6) [1],[2]       (6) [1]     (6) [2]
Cost of hedging (2)           (2) (2)
Total other comprehensive income for the year (308)       (6) (300) (2) (63)
Transactions with owners:                
Merger relief on acquisition of Terminix Global Holdings, Inc. 3,014   £ 3,014         3,014
Cost of issuing new shares (16)   (16)         (16)
Ending balance at Dec. 31, 2022 763 (1,723) 2,998   3 (511) (4) 4,098
Net exchange adjustments offset in reserves (352)         (352)   (352)
Net gain/(loss) on net investment hedge 109         109   109
Net gain (loss) on cash flow hedge 3 [1],[2]       3 [1]     3 [2]
Cost of hedging 9           9 9
Total other comprehensive income for the year (231)       3 (243) 9 156
Ending balance at Dec. 31, 2023 £ 532 £ (1,723) £ 2,998   £ 6 £ (754) £ 5 £ 4,088
[1] £3m net gain (2022 £6m net loss; 2021: £13m net gain) on cash flow hedge includes £28m loss (2022: £137m gain; 2021: £15m loss) from the effective portion of changes in fair value offset by reclassification to the cost of acquisition of £nil (2022: £118m gain; 2021: £nil) and reclassification to the income statement of £31m loss (2022: £25m gain; 2021: £28m loss) due to changes in foreign exchange rates.
[2] £3m net gain (2022 £6m net loss; 2021: £13m net gain) on cash flow hedge includes £28m loss (2022: £137m gain; 2021: £15m loss) from the effective portion of changes in fair value offset by reclassification to the cost of acquisition of £nil (2022: £118m gain; 2021: £nil) and reclassification to the income statement of £31m loss (2022: £25m gain; 2021: £28m loss) due to changes in foreign exchange rates.