The basis of preparation and accounting policies set out in this Report and Accounts have been prepared in accordance with the recognition and measurement criteria of IFRSs, which also include International Accounting Standards (‘IASs’), as issued by the IASB and with those of the Standing Interpretations issued by the International Financial Reporting Interpretations Committee (‘IFRIC’) of the IASB.
These financial statements have been prepared on a historical cost convention except for certain financial assets and liabilities, including derivative financial instruments and available-for-sale financial assets, that are measured at fair value.
The Group’s and Company’s financial statements are presented in pounds sterling and all values are rounded to the nearest million pounds (£ million), except where indicated otherwise.