Notes to the consolidated financial statements - analysis of items in the primary statements
26. Other equity reserves
| Translation £m | Cash flow hedge £m | Available- for-sale £m | Capital redemption £m | Merger £m | Total £m |
|
|---|---|---|---|---|---|---|
| At 1 April 2007 | (48) | 26 | 1 | 4 | (5,133) | (5,150) |
| Total other comprehensive (loss)/income for the year | (25) | (37) | 8 | – | – | (54) |
| Repurchase of share capital | – | – | – | 15 | – | 15 |
| Transfer between reserves | – | (31) | – | – | (32) | (63) |
| At 31 March 2008 | (73) | (42) | 9 | 19 | (5,165) | (5,252) |
| Total other comprehensive (loss)/income for the year | 457 | (30) | (5) | – | – | 422 |
| At 31 March 2009 | 384 | (72) | 4 | 19 | (5,165) | (4,830) |
| Total other comprehensive (loss)/income for the year | 30 | (25) | 44 | – | – | 49 |
| At 31 March 2010 | 414 | (97) | 48 | 19 | (5,165) | (4,781) |
The merger reserve represents the difference between the carrying value of subsidiary undertakings investments and their respective capital structures following the Lattice demerger from BG Group plc and the 1999 Lattice refinancing of £(5,745)m and merger differences of £221m and £359m.
During the year ended 31 March 2008, a £32m gain on transfer of fixed assets to a former joint venture which subsequently became a subsidiary undertaking was transferred from other reserves to profit and loss reserve, as a result of the disposal of our wireless business.
Gains and losses recognised in the cash flow hedge reserve on interest rate swap contracts as of 31 March 2010 will be continuously transferred to the income statement until the borrowings are repaid. The amount of the cash flow hedge reserve due to be released from reserves to the income statement within the next year is £7m, with the remaining amount due to be released with the same maturity profile as borrowings due after more than one year as shown in note 21.