Independent auditor’s report
Consolidated income statement
Consolidated statement of comprehensive income
Consolidated and Parent Company balance sheets
Consolidated statement of changes in equity
Parent Company statement of changes in equity
Consolidated and Parent Company statement of cash flows
Accounting policies
Notes to the financial statements
Group financial history
Shareholders’ information

Notes to the financial statements

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15 Inventories

	Consolidated
	2014 £m	2013 £m
Raw materials and consumables	33.4	33.2
Finished goods	186.2	175.0
	219.6	208.2

Cheese inventories at 31 March 2014 totalled £167.2 million (2013: £155.5 million).

During the year ended 31 March 2014, £0.1 million of engineering and packaging inventories were written off following the on-going consolidation of Clover manufacture into one site and following a strategic review of FoodTec UK Limited, the Group’s dairy products and ingredients subsidiary, £0.5 million of inventories were written-off. See also Note 4.

In April 2013 the Group granted the Trustee of the Dairy Crest Group Pension Fund a floating charge over maturing cheese inventories with a maximum realisable value of £60 million.