Share capital
£m
Share premium account £mOther
reserves*
£m
Retained earnings £mTotal
£m
At 31 March 2019499.82.9338.32,269.83,110.8
Profit after tax106.8106.8
Other comprehensive income/(expense)
Remeasurement gains on defined benefit pension schemes (see note 19)154.6154.6
Change in credit assumption for debt reported at fair value through profit or loss34.234.2
Cash flow hedge effectiveness(2.0)(2.0)
Cost of hedging – cross-currency basis spread adjustment1.31.3
Deferred tax adjustments in respect of prior years on net fair value gains(2.4)(2.4)
Tax on items taken directly to equity (see note 7)0.2(156.9)(156.7)
Foreign exchange adjustments1.31.3
Total comprehensive (expense)/income(1.6)138.7137.1
Dividends (see note 9)(284.5)(284.5)
Equity-settled share-based payments (see note 3)1.51.5
Exercise of share options – purchase of shares(2.8)(2.8)
At 31 March 2020499.82.9336.72,122.72,962.1
Share capital
£m
Share premium account £mOther
reserves
£m
Retained earnings £mTotal
£m
At 31 March 2018499.82.9327.92,120.32,950.9
Adjustment on initial application of IFRS 912.7(12.7)
Adjustment on initial application of IFRS 155.95.9
At 1 April 2018499.82.9340.62,113.52,956.8
Profit after tax363.4363.4
Other comprehensive income/(expense)
Remeasurement gains on defined benefit pension schemes (see note 19)73.073.0
Change in credit assumption for debt reported at fair value through profit or loss6.66.6
Cash flow hedge effectiveness0.40.4
Cost of hedging – cross-currency basis spread adjustment(2.2)(2.2)
Tax on items taken directly to equity (see note 7)0.3(13.5)(13.2)
Foreign exchange adjustments(0.8)(0.8)
Total comprehensive (expense)/income(2.3)429.5427.2
Dividends (see note 9)(274.4)(274.4)
Equity-settled share-based payments (see note 3)4.04.0
Exercise of share options – purchase of shares(2.8)(2.8)
At 31 March 2019499.82.9338.32,269.83,110.8

* Other reserves comprise the group's cumulative exchange reserve, capital redemption reserve, merger reserve, cost of hedging reserve and cash flow hedging reserve. Further detail of movements in these reserves is included in note 23.