| Land Registry Annual Report 
          2003/04 | 
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| Financial Report Certified Financial Statements |  | 
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| |  THE 
                LAND REGISTRY TRADING FUND |  |  STATEMENT 
                OF CHANGES IN EQUITY |  |  For the year ended 31 March 2004  |  |  Expressed in HK$ ' 000  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  Note |  |  2004 |    |  2003 |  |  |  |  |  |  |  |  |  |  Balance at 1 April, 
                as previously reported  |    |  |  664,971 |    |  683,697 |  | Change in accounting policy in 
  respect of employee 
              benefits |    |  |  -  |    |  (66,521) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  Balance at 1 April, as  restated 
                 |    |  |  664,971 |    |  617,176 |  | Profit for the year |  |  |  89,544  |    |  75,365 |  | Dividend paid |  |  |  (37,682)  |    |  (27,570) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  Balance at 31 March 
                 |    |  |  716,833 |    |  664,971 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 
 
 The notes on the accounts form part of these accounts.
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