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<br /> Annual Report & Accounts 2015/16<br /> Contents Key highlights<br /> Key highlights 2<br /> Group overview<br /> Chairman's statement 8<br /> Chief Executive's statement 10<br /> Chief Financial Officer's statement 14<br /> Strategic report<br /> Who we are, what we do 18<br /> Market overview 24<br /> Our strategy 26<br /> Risks to our business 30<br /> Wider impact 34<br /> Governance<br /> Board 40<br /> Council 44<br /> Corporate governance report 46<br /> Directors' report 50<br /> Audit Committee report 52<a title="NHBC Annual Report and Accounts 2015 2016 page 1" href="http://viewer.zmags.com/publication/f52c9f2a?page=1"> Annual Report & Accounts 2015/16</a> <a title="NHBC Annual Report and Accounts 2015 2016 page 2" href="http://viewer.zmags.com/publication/f52c9f2a?page=2"> Contents Key highlights Key highlights </a> <a title="NHBC Annual Report and Accounts 2015 2016 page 3" href="http://viewer.zmags.com/publication/f52c9f2a?page=3"> Our financial performance Registrations ('000s) 2</a> <a title="NHBC Annual Report and Accounts 2015 2016 page 4" href="http://viewer.zmags.com/publication/f52c9f2a?page=4"> Key highlights 153,430 10,953 1.6 million HOMES </a> <a title="NHBC Annual Report and Accounts 2015 2016 page 5" href="http://viewer.zmags.com/publication/f52c9f2a?page=5"> 798,000 139,864 5,500 INSPECTIONS AT KEY BUIL</a> <a title="NHBC Annual Report and Accounts 2015 2016 page 6" href="http://viewer.zmags.com/publication/f52c9f2a?page=6"> Key highlights Our key priorities Maintain and i</a> <a title="NHBC Annual Report and Accounts 2015 2016 page 7" href="http://viewer.zmags.com/publication/f52c9f2a?page=7"> Group overview – Chairman's statement – Chief Exe</a> <a title="NHBC Annual Report and Accounts 2015 2016 page 8" href="http://viewer.zmags.com/publication/f52c9f2a?page=8"> Group overview Chairman's statement I am again</a> <a title="NHBC Annual Report and Accounts 2015 2016 page 9" href="http://viewer.zmags.com/publication/f52c9f2a?page=9"> and our builder customers. We therefore work clos</a> <a title="NHBC Annual Report and Accounts 2015 2016 page 10" href="http://viewer.zmags.com/publication/f52c9f2a?page=10"> Group overview Chief Executive's statement I a</a> <a title="NHBC Annual Report and Accounts 2015 2016 page 11" href="http://viewer.zmags.com/publication/f52c9f2a?page=11"> The NHBC Standards are the technical benchmark of</a> <a title="NHBC Annual Report and Accounts 2015 2016 page 12" href="http://viewer.zmags.com/publication/f52c9f2a?page=12"> Group overview Chief Executive's statement In s</a> <a title="NHBC Annual Report and Accounts 2015 2016 page 13" href="http://viewer.zmags.com/publication/f52c9f2a?page=13"> Annual Report and Accounts 2015/16 13</a> <a title="NHBC Annual Report and Accounts 2015 2016 page 14" href="http://viewer.zmags.com/publication/f52c9f2a?page=14"> Group overview Chief Financial Officer's stateme</a> <a title="NHBC Annual Report and Accounts 2015 2016 page 15" href="http://viewer.zmags.com/publication/f52c9f2a?page=15"> Net written premiums Net written premiums were up</a> <a title="NHBC Annual Report and Accounts 2015 2016 page 16" href="http://viewer.zmags.com/publication/f52c9f2a?page=16"> Group overview The average duration of the bond</a> <a title="NHBC Annual Report and Accounts 2015 2016 page 17" href="http://viewer.zmags.com/publication/f52c9f2a?page=17"> Strategic report – Who we are, what we do – Marke</a> <a title="NHBC Annual Report and Accounts 2015 2016 page 18" href="http://viewer.zmags.com/publication/f52c9f2a?page=18"> Strategic report Who we are, what we do </a> <a title="NHBC Annual Report and Accounts 2015 2016 page 19" href="http://viewer.zmags.com/publication/f52c9f2a?page=19"> Home Shaping policy </a> <a title="NHBC Annual Report and Accounts 2015 2016 page 20" href="http://viewer.zmags.com/publication/f52c9f2a?page=20"> Strategic report Home </a> <a title="NHBC Annual Report and Accounts 2015 2016 page 21" href="http://viewer.zmags.com/publication/f52c9f2a?page=21"> Who we are, what we do (continued) Standa</a> <a title="NHBC Annual Report and Accounts 2015 2016 page 22" href="http://viewer.zmags.com/publication/f52c9f2a?page=22"> Strategic report Home S</a> <a title="NHBC Annual Report and Accounts 2015 2016 page 23" href="http://viewer.zmags.com/publication/f52c9f2a?page=23"> Who we are, what we do (continued) </a> <a title="NHBC Annual Report and Accounts 2015 2016 page 24" href="http://viewer.zmags.com/publication/f52c9f2a?page=24"> Strategic report Market overview NHBC operate</a> <a title="NHBC Annual Report and Accounts 2015 2016 page 25" href="http://viewer.zmags.com/publication/f52c9f2a?page=25"> What this means for NHBC The uncertain market out</a> <a title="NHBC Annual Report and Accounts 2015 2016 page 26" href="http://viewer.zmags.com/publication/f52c9f2a?page=26"> Strategic report Our strategy NHBC's purpose </a> <a title="NHBC Annual Report and Accounts 2015 2016 page 27" href="http://viewer.zmags.com/publication/f52c9f2a?page=27"> Enhancing homeowner awareness of NHBC and its pro</a> <a title="NHBC Annual Report and Accounts 2015 2016 page 28" href="http://viewer.zmags.com/publication/f52c9f2a?page=28"> Strategic report Examples of our priorities and</a> <a title="NHBC Annual Report and Accounts 2015 2016 page 29" href="http://viewer.zmags.com/publication/f52c9f2a?page=29"> Our strategy (continued) What? How? </a> <a title="NHBC Annual Report and Accounts 2015 2016 page 30" href="http://viewer.zmags.com/publication/f52c9f2a?page=30"> Strategic report Risks to our business NHBC's</a> <a title="NHBC Annual Report and Accounts 2015 2016 page 31" href="http://viewer.zmags.com/publication/f52c9f2a?page=31"> The Risk Operating Model To promote an understand</a> <a title="NHBC Annual Report and Accounts 2015 2016 page 32" href="http://viewer.zmags.com/publication/f52c9f2a?page=32"> Strategic report NHBC's Risk Profile Principal Ri</a> <a title="NHBC Annual Report and Accounts 2015 2016 page 33" href="http://viewer.zmags.com/publication/f52c9f2a?page=33"> Risks to our business (continued) </a> <a title="NHBC Annual Report and Accounts 2015 2016 page 34" href="http://viewer.zmags.com/publication/f52c9f2a?page=34"> Strategic report Wider impact Our people supp</a> <a title="NHBC Annual Report and Accounts 2015 2016 page 35" href="http://viewer.zmags.com/publication/f52c9f2a?page=35"> Within the context of a low turnover rate, achiev</a> <a title="NHBC Annual Report and Accounts 2015 2016 page 36" href="http://viewer.zmags.com/publication/f52c9f2a?page=36"> Strategic report Employee engagement and open co</a> <a title="NHBC Annual Report and Accounts 2015 2016 page 37" href="http://viewer.zmags.com/publication/f52c9f2a?page=37"> Wider impact (continued) </a> <a title="NHBC Annual Report and Accounts 2015 2016 page 38" href="http://viewer.zmags.com/publication/f52c9f2a?page=38"> Strategic report Investing in personal a</a> <a title="NHBC Annual Report and Accounts 2015 2016 page 39" href="http://viewer.zmags.com/publication/f52c9f2a?page=39"> Governance – Board – Council – Corporate governan</a> <a title="NHBC Annual Report and Accounts 2015 2016 page 40" href="http://viewer.zmags.com/publication/f52c9f2a?page=40"> Governance Board We have a strong, experience</a> <a title="NHBC Annual Report and Accounts 2015 2016 page 41" href="http://viewer.zmags.com/publication/f52c9f2a?page=41"> Stewart Baseley (Non-Executive Director) Stewart</a> <a title="NHBC Annual Report and Accounts 2015 2016 page 42" href="http://viewer.zmags.com/publication/f52c9f2a?page=42"> Governance Greg Fitzgerald (Non-Executive Dir</a> <a title="NHBC Annual Report and Accounts 2015 2016 page 43" href="http://viewer.zmags.com/publication/f52c9f2a?page=43"> Board (continued) Chris Rash (Commercial Dire</a> <a title="NHBC Annual Report and Accounts 2015 2016 page 44" href="http://viewer.zmags.com/publication/f52c9f2a?page=44"> Governance Council Mr A Baddeley-Chappell Coun</a> <a title="NHBC Annual Report and Accounts 2015 2016 page 45" href="http://viewer.zmags.com/publication/f52c9f2a?page=45"> Ms J Park NHBC Board appointment Sir Michael Pick</a> <a title="NHBC Annual Report and Accounts 2015 2016 page 46" href="http://viewer.zmags.com/publication/f52c9f2a?page=46"> Governance Corporate governance report This r</a> <a title="NHBC Annual Report and Accounts 2015 2016 page 47" href="http://viewer.zmags.com/publication/f52c9f2a?page=47"> As part of the regular engagement with Council me</a> <a title="NHBC Annual Report and Accounts 2015 2016 page 48" href="http://viewer.zmags.com/publication/f52c9f2a?page=48"> Governance Board gender diversity vs. FTSE 100 </a> <a title="NHBC Annual Report and Accounts 2015 2016 page 49" href="http://viewer.zmags.com/publication/f52c9f2a?page=49"> Corporate governance report (continued) Board at</a> <a title="NHBC Annual Report and Accounts 2015 2016 page 50" href="http://viewer.zmags.com/publication/f52c9f2a?page=50"> Governance Directors' report The Directors su</a> <a title="NHBC Annual Report and Accounts 2015 2016 page 51" href="http://viewer.zmags.com/publication/f52c9f2a?page=51"> In preparing these financial statements, the Direc</a> <a title="NHBC Annual Report and Accounts 2015 2016 page 52" href="http://viewer.zmags.com/publication/f52c9f2a?page=52"> Governance Audit Committee report Membership </a> <a title="NHBC Annual Report and Accounts 2015 2016 page 53" href="http://viewer.zmags.com/publication/f52c9f2a?page=53"> Financial Reporting As part of the tender process</a> <a title="NHBC Annual Report and Accounts 2015 2016 page 54" href="http://viewer.zmags.com/publication/f52c9f2a?page=54"> Governance Board Risk Committee report Member</a> <a title="NHBC Annual Report and Accounts 2015 2016 page 55" href="http://viewer.zmags.com/publication/f52c9f2a?page=55"> Activities during 2015/16 In the performance of i</a> <a title="NHBC Annual Report and Accounts 2015 2016 page 56" href="http://viewer.zmags.com/publication/f52c9f2a?page=56"> Governance Investment Committee report Member</a> <a title="NHBC Annual Report and Accounts 2015 2016 page 57" href="http://viewer.zmags.com/publication/f52c9f2a?page=57"> Activities during 2015/16 The Committee met on th</a> <a title="NHBC Annual Report and Accounts 2015 2016 page 58" href="http://viewer.zmags.com/publication/f52c9f2a?page=58"> Governance Remuneration Committee report Memb</a> <a title="NHBC Annual Report and Accounts 2015 2016 page 59" href="http://viewer.zmags.com/publication/f52c9f2a?page=59"> Activities during 2015/16 As part of its regular </a> <a title="NHBC Annual Report and Accounts 2015 2016 page 60" href="http://viewer.zmags.com/publication/f52c9f2a?page=60"> Governance Nominations Committee report Membe</a> <a title="NHBC Annual Report and Accounts 2015 2016 page 61" href="http://viewer.zmags.com/publication/f52c9f2a?page=61"> The outcome of that work will be reported to the </a> <a title="NHBC Annual Report and Accounts 2015 2016 page 62" href="http://viewer.zmags.com/publication/f52c9f2a?page=62"> Governance Consumer Committee report Membersh</a> <a title="NHBC Annual Report and Accounts 2015 2016 page 63" href="http://viewer.zmags.com/publication/f52c9f2a?page=63"> Activities during 2015/16 NHBC's Consumer Committ</a> <a title="NHBC Annual Report and Accounts 2015 2016 page 64" href="http://viewer.zmags.com/publication/f52c9f2a?page=64"> Governance Standards Committee report Members</a> <a title="NHBC Annual Report and Accounts 2015 2016 page 65" href="http://viewer.zmags.com/publication/f52c9f2a?page=65"> Activities during 2015/16 The Standards Committee</a> <a title="NHBC Annual Report and Accounts 2015 2016 page 66" href="http://viewer.zmags.com/publication/f52c9f2a?page=66"> Governance Scottish Committee report Membersh</a> <a title="NHBC Annual Report and Accounts 2015 2016 page 67" href="http://viewer.zmags.com/publication/f52c9f2a?page=67"> Annual Report and Accounts 2015/16 67</a> <a title="NHBC Annual Report and Accounts 2015 2016 page 68" href="http://viewer.zmags.com/publication/f52c9f2a?page=68"> Governance Northern Ireland Committee report </a> <a title="NHBC Annual Report and Accounts 2015 2016 page 69" href="http://viewer.zmags.com/publication/f52c9f2a?page=69"> Directors' remuneration report Drakes</a> <a title="NHBC Annual Report and Accounts 2015 2016 page 70" href="http://viewer.zmags.com/publication/f52c9f2a?page=70"> Directors' remuneration report On behalf of the </a> <a title="NHBC Annual Report and Accounts 2015 2016 page 71" href="http://viewer.zmags.com/publication/f52c9f2a?page=71"> The single figure of remuneration for each of the </a> <a title="NHBC Annual Report and Accounts 2015 2016 page 72" href="http://viewer.zmags.com/publication/f52c9f2a?page=72"> Directors' remuneration report Performance in 2</a> <a title="NHBC Annual Report and Accounts 2015 2016 page 73" href="http://viewer.zmags.com/publication/f52c9f2a?page=73"> Part A: Directors' Remuneration Policy report Thi</a> <a title="NHBC Annual Report and Accounts 2015 2016 page 74" href="http://viewer.zmags.com/publication/f52c9f2a?page=74"> Directors' remuneration report Table 1: 2016/17</a> <a title="NHBC Annual Report and Accounts 2015 2016 page 75" href="http://viewer.zmags.com/publication/f52c9f2a?page=75"> Table 1: 2016/17 Remuneration policy for Executiv</a> <a title="NHBC Annual Report and Accounts 2015 2016 page 76" href="http://viewer.zmags.com/publication/f52c9f2a?page=76"> Directors' remuneration report Consistency of e</a> <a title="NHBC Annual Report and Accounts 2015 2016 page 77" href="http://viewer.zmags.com/publication/f52c9f2a?page=77"> Deferred bonus opportunity 2016/17 £'000s </a> <a title="NHBC Annual Report and Accounts 2015 2016 page 78" href="http://viewer.zmags.com/publication/f52c9f2a?page=78"> Directors' remuneration report Policy on paymen</a> <a title="NHBC Annual Report and Accounts 2015 2016 page 79" href="http://viewer.zmags.com/publication/f52c9f2a?page=79"> The Non-Executive Directors, including the Chairm</a> <a title="NHBC Annual Report and Accounts 2015 2016 page 80" href="http://viewer.zmags.com/publication/f52c9f2a?page=80"> Directors' remuneration report Part B: Annual Im</a> <a title="NHBC Annual Report and Accounts 2015 2016 page 81" href="http://viewer.zmags.com/publication/f52c9f2a?page=81"> The Committee received advice on the following: „</a> <a title="NHBC Annual Report and Accounts 2015 2016 page 82" href="http://viewer.zmags.com/publication/f52c9f2a?page=82"> Directors' remuneration report Single total figu</a> <a title="NHBC Annual Report and Accounts 2015 2016 page 83" href="http://viewer.zmags.com/publication/f52c9f2a?page=83"> Additional disclosures in respect of the single t</a> <a title="NHBC Annual Report and Accounts 2015 2016 page 84" href="http://viewer.zmags.com/publication/f52c9f2a?page=84"> Directors' remuneration report Pension Executiv</a> <a title="NHBC Annual Report and Accounts 2015 2016 page 85" href="http://viewer.zmags.com/publication/f52c9f2a?page=85"> Percentage change in remuneration of the Chief Ex</a> <a title="NHBC Annual Report and Accounts 2015 2016 page 86" href="http://viewer.zmags.com/publication/f52c9f2a?page=86"> Directors' remuneration report Consideration by</a> <a title="NHBC Annual Report and Accounts 2015 2016 page 87" href="http://viewer.zmags.com/publication/f52c9f2a?page=87"> UK GAAP financial statements First Cen</a> <a title="NHBC Annual Report and Accounts 2015 2016 page 88" href="http://viewer.zmags.com/publication/f52c9f2a?page=88"> UK GAAP financial statements Independent auditor</a> <a title="NHBC Annual Report and Accounts 2015 2016 page 89" href="http://viewer.zmags.com/publication/f52c9f2a?page=89"> Independent auditor's report to the members of th</a> <a title="NHBC Annual Report and Accounts 2015 2016 page 90" href="http://viewer.zmags.com/publication/f52c9f2a?page=90"> UK GAAP financial statements Consolidated state</a> <a title="NHBC Annual Report and Accounts 2015 2016 page 91" href="http://viewer.zmags.com/publication/f52c9f2a?page=91"> Consolidated statement of comprehensive income at</a> <a title="NHBC Annual Report and Accounts 2015 2016 page 92" href="http://viewer.zmags.com/publication/f52c9f2a?page=92"> UK GAAP financial statements Consolidated state</a> <a title="NHBC Annual Report and Accounts 2015 2016 page 93" href="http://viewer.zmags.com/publication/f52c9f2a?page=93"> Consolidated statement of financial position at 31</a> <a title="NHBC Annual Report and Accounts 2015 2016 page 94" href="http://viewer.zmags.com/publication/f52c9f2a?page=94"> UK GAAP financial statements Company statement </a> <a title="NHBC Annual Report and Accounts 2015 2016 page 95" href="http://viewer.zmags.com/publication/f52c9f2a?page=95"> Company statement of financial position at 31 Marc</a> <a title="NHBC Annual Report and Accounts 2015 2016 page 96" href="http://viewer.zmags.com/publication/f52c9f2a?page=96"> UK GAAP financial statements Consolidated state</a> <a title="NHBC Annual Report and Accounts 2015 2016 page 97" href="http://viewer.zmags.com/publication/f52c9f2a?page=97"> Company statement of changes in equity at 31 Marc</a> <a title="NHBC Annual Report and Accounts 2015 2016 page 98" href="http://viewer.zmags.com/publication/f52c9f2a?page=98"> UK GAAP financial statements Consolidated state</a> <a title="NHBC Annual Report and Accounts 2015 2016 page 99" href="http://viewer.zmags.com/publication/f52c9f2a?page=99"> Notes to the financial statements for the year end</a> <a title="NHBC Annual Report and Accounts 2015 2016 page 100" href="http://viewer.zmags.com/publication/f52c9f2a?page=100"> UK GAAP financial statements Notes to the financ</a> <a title="NHBC Annual Report and Accounts 2015 2016 page 101" href="http://viewer.zmags.com/publication/f52c9f2a?page=101"> Notes to the financial statements for the year end</a> <a title="NHBC Annual Report and Accounts 2015 2016 page 102" href="http://viewer.zmags.com/publication/f52c9f2a?page=102"> UK GAAP financial statements Notes to the financ</a> <a title="NHBC Annual Report and Accounts 2015 2016 page 103" href="http://viewer.zmags.com/publication/f52c9f2a?page=103"> Notes to the financial statements for the year end</a> <a title="NHBC Annual Report and Accounts 2015 2016 page 104" href="http://viewer.zmags.com/publication/f52c9f2a?page=104"> UK GAAP financial statements Notes to the financ</a> <a title="NHBC Annual Report and Accounts 2015 2016 page 105" href="http://viewer.zmags.com/publication/f52c9f2a?page=105"> Notes to the financial statements for the year end</a> <a title="NHBC Annual Report and Accounts 2015 2016 page 106" href="http://viewer.zmags.com/publication/f52c9f2a?page=106"> UK GAAP financial statements Notes to the financ</a> <a title="NHBC Annual Report and Accounts 2015 2016 page 107" href="http://viewer.zmags.com/publication/f52c9f2a?page=107"> Notes to the financial statements for the year end</a> <a title="NHBC Annual Report and Accounts 2015 2016 page 108" href="http://viewer.zmags.com/publication/f52c9f2a?page=108"> UK GAAP financial statements Notes to the financ</a> <a title="NHBC Annual Report and Accounts 2015 2016 page 109" href="http://viewer.zmags.com/publication/f52c9f2a?page=109"> Notes to the financial statements for the year end</a> <a title="NHBC Annual Report and Accounts 2015 2016 page 110" href="http://viewer.zmags.com/publication/f52c9f2a?page=110"> UK GAAP financial statements Notes to the financ</a> <a title="NHBC Annual Report and Accounts 2015 2016 page 111" href="http://viewer.zmags.com/publication/f52c9f2a?page=111"> Notes to the financial statements for the year end</a> <a title="NHBC Annual Report and Accounts 2015 2016 page 112" href="http://viewer.zmags.com/publication/f52c9f2a?page=112"> UK GAAP financial statements Notes to the financ</a> <a title="NHBC Annual Report and Accounts 2015 2016 page 113" href="http://viewer.zmags.com/publication/f52c9f2a?page=113"> Notes to the financial statements for the year end</a> <a title="NHBC Annual Report and Accounts 2015 2016 page 114" href="http://viewer.zmags.com/publication/f52c9f2a?page=114"> UK GAAP financial statements Notes to the financ</a> <a title="NHBC Annual Report and Accounts 2015 2016 page 115" href="http://viewer.zmags.com/publication/f52c9f2a?page=115"> Notes to the financial statements for the year end</a> <a title="NHBC Annual Report and Accounts 2015 2016 page 116" href="http://viewer.zmags.com/publication/f52c9f2a?page=116"> UK GAAP financial statements Notes to the financ</a> <a title="NHBC Annual Report and Accounts 2015 2016 page 117" href="http://viewer.zmags.com/publication/f52c9f2a?page=117"> Notes to the financial statements for the year end</a> <a title="NHBC Annual Report and Accounts 2015 2016 page 118" href="http://viewer.zmags.com/publication/f52c9f2a?page=118"> UK GAAP financial statements Notes to the financ</a> <a title="NHBC Annual Report and Accounts 2015 2016 page 119" href="http://viewer.zmags.com/publication/f52c9f2a?page=119"> Notes to the financial statements for the year end</a> <a title="NHBC Annual Report and Accounts 2015 2016 page 120" href="http://viewer.zmags.com/publication/f52c9f2a?page=120"> UK GAAP financial statements Notes to the financ</a> <a title="NHBC Annual Report and Accounts 2015 2016 page 121" href="http://viewer.zmags.com/publication/f52c9f2a?page=121"> Notes to the financial statements for the year end</a> <a title="NHBC Annual Report and Accounts 2015 2016 page 122" href="http://viewer.zmags.com/publication/f52c9f2a?page=122"> UK GAAP financial statements Notes to the financ</a> <a title="NHBC Annual Report and Accounts 2015 2016 page 123" href="http://viewer.zmags.com/publication/f52c9f2a?page=123"> Notes to the financial statements for the year end</a> <a title="NHBC Annual Report and Accounts 2015 2016 page 124" href="http://viewer.zmags.com/publication/f52c9f2a?page=124"> UK GAAP financial statements Notes to the financ</a> <a title="NHBC Annual Report and Accounts 2015 2016 page 125" href="http://viewer.zmags.com/publication/f52c9f2a?page=125"> Notes to the financial statements for the year end</a> <a title="NHBC Annual Report and Accounts 2015 2016 page 126" href="http://viewer.zmags.com/publication/f52c9f2a?page=126"> UK GAAP financial statements Notes to the financ</a> <a title="NHBC Annual Report and Accounts 2015 2016 page 127" href="http://viewer.zmags.com/publication/f52c9f2a?page=127"> Notes to the financial statements for the year end</a> <a title="NHBC Annual Report and Accounts 2015 2016 page 128" href="http://viewer.zmags.com/publication/f52c9f2a?page=128"> UK GAAP financial statements Notes to the financ</a> <a title="NHBC Annual Report and Accounts 2015 2016 page 129" href="http://viewer.zmags.com/publication/f52c9f2a?page=129"> Notes to the financial statements for the year end</a> <a title="NHBC Annual Report and Accounts 2015 2016 page 130" href="http://viewer.zmags.com/publication/f52c9f2a?page=130"> UK GAAP financial statements Notes to the financ</a> <a title="NHBC Annual Report and Accounts 2015 2016 page 131" href="http://viewer.zmags.com/publication/f52c9f2a?page=131"> Notes to the financial statements for the year end</a> <a title="NHBC Annual Report and Accounts 2015 2016 page 132" href="http://viewer.zmags.com/publication/f52c9f2a?page=132"> UK GAAP financial statements Notes to the financ</a> <a title="NHBC Annual Report and Accounts 2015 2016 page 133" href="http://viewer.zmags.com/publication/f52c9f2a?page=133"> Notes to the financial statements for the year end</a> <a title="NHBC Annual Report and Accounts 2015 2016 page 134" href="http://viewer.zmags.com/publication/f52c9f2a?page=134"> UK GAAP financial statements Notes to the financ</a> <a title="NHBC Annual Report and Accounts 2015 2016 page 135" href="http://viewer.zmags.com/publication/f52c9f2a?page=135"> Notes to the financial statements for the year end</a> <a title="NHBC Annual Report and Accounts 2015 2016 page 136" href="http://viewer.zmags.com/publication/f52c9f2a?page=136"> UK GAAP financial statements Notes to the financ</a> <a title="NHBC Annual Report and Accounts 2015 2016 page 137" href="http://viewer.zmags.com/publication/f52c9f2a?page=137"> Notes to the financial statements for the year end</a> <a title="NHBC Annual Report and Accounts 2015 2016 page 138" href="http://viewer.zmags.com/publication/f52c9f2a?page=138"> UK GAAP financial statements Notes to the financ</a> <a title="NHBC Annual Report and Accounts 2015 2016 page 139" href="http://viewer.zmags.com/publication/f52c9f2a?page=139"> Notes to the financial statements for the year end</a> <a title="NHBC Annual Report and Accounts 2015 2016 page 140" href="http://viewer.zmags.com/publication/f52c9f2a?page=140"> UK GAAP financial statements Notes to the financ</a> <a title="NHBC Annual Report and Accounts 2015 2016 page 141" href="http://viewer.zmags.com/publication/f52c9f2a?page=141"> Notes to the financial statements for the year end</a> <a title="NHBC Annual Report and Accounts 2015 2016 page 142" href="http://viewer.zmags.com/publication/f52c9f2a?page=142"> UK GAAP financial statements The Group and the c</a> <a title="NHBC Annual Report and Accounts 2015 2016 page 143" href="http://viewer.zmags.com/publication/f52c9f2a?page=143"> 36 Reserves For the Group and the Company, retain</a> <a title="NHBC Annual Report and Accounts 2015 2016 page 144" href="http://viewer.zmags.com/publication/f52c9f2a?page=144"> NHBC is authorised by the Prudential Regulation A</a>