Notes to the financial statements

for the year ended 31 March 2012

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26 Called-up share capital

2012
£’000
2011
£’000
Authorised
1,000 million ordinary shares of 10 pence each 100,000 100,000
Allotted, called up and fully paid
516,603,910 (2011: 516,603,910) ordinary shares of 10 pence each 51,660 51,660

During the financial year, the Company did not purchase any of its own shares (2011: £Nil), however the Company funds Employee Share Trusts to meet its obligations under the Company's share schemes. During the year the Trusts purchased 600,000 (2011: Nil) of the Company's ordinary shares through purchases on the London Stock Exchange for a total cash consideration of £426,000 (2011: £Nil) in order to meet future obligations under the Company’s SIP. The total amount paid to acquire the shares, net of expenses (£420,000) (2011: £Nil) has been deducted from retained earnings.

In 2011, the Trust purchased 181,370 of the Company’s ordinary shares through purchases on the London Stock Exchange for a total cash consideration on £88,871 in order to satisfy the 2007 LTRS release. The total amount paid to the Company’s Trusts was deducted from liabilities as this was accrued for in prior years.