Performance

Results and dividends

This is the eleventh year as a trading fund, and the twelfth year in which the accounts have been produced using accruals accounting principles and practices.

• Fee income for the year amounted to £399.2 million of which £10 million related to Land Charges and Agricultural Credits.
• Surplus for the year - £50.6 million.
• Dividend of £22.8 million for the financial year ended 31 March 2004 is payable to the Consolidated Fund. The dividend is based on a 6 per cent return on average capital employed.