Barclays 2003 Annual Report Download - page 146

Notes to the Accounts
For the Year Ended 31st December 2003
29 Other liabilities
2003 2002
£m £m
Obligations under finance leases payable:
not more than one year 22 27
over one year but not more than two years 24 30
over two years but not more than five years 61 70
over five years 53 81
160 208
Less: future finance charges (50) (68)
110 140
Balances arising from off-balance sheet financial instruments 14,797 11,538
Short positions in securities 49,934 39,940
Current tax 497 641
Sundry creditors 4,159 4,305
69,497 56,564
Short positions in securities comprise:
Treasury bills and other eligible bills 2,547 2,547
Debt securities – government 37,526 30,614
Debt securities – other public sector 1,035 517
Debt securities – other 4,256 4,678
Equity shares 4,570 1,584
49,934 39,940
Of the total short positions disclosed above, £37,028m (2002: £24,339m) were listed on a recognised exchange.
Other liabilities as at 31st December 2003 include £192m (2002: £318m) raised from the securitisation of investment debt securities (see Note 17).
30 Accruals and deferred income
2003 2002
£m £m
Accrued interest and commission 2,193 2,207
Other accruals and deferred income 2,790 2,145
4,983 4,352
31 Deferred tax
The movements on deferred tax during the year were:
2003 2002
£m £m
At beginning of year 461 616
Exchange and other adjustments (9) (121)
Charge to profit and loss account 194 (34)
At end of year 646 461
Deferred tax at 31st December:
Leasing transactions 739 766
Other timing differences (93) (305)
646 461
No tax (2002: £nil) has been calculated on capital gains that might arise on the disposal of Barclays Bank PLC at the amounts at which it
is stated. The Directors are of the opinion that the likelihood of any such tax liability arising in the foreseeable future is remote. Tax would become
payable only if the investment (and consequently virtually all of the Group’s activities) were disposed of. The amount of tax payable would be
dependent upon the level of capital losses available within the Barclays Group to reduce any capital gains that may arise.
No tax has been calculated on capital gains (2002: £nil) that might arise on the disposal of properties at their balance sheet amounts. The aggregate
disposal of the property portfolio would not be expected to give rise to a significant gain or loss. Tax would become payable only if property were sold
without it being possible to claim rollover relief. At present, it is not envisaged that any tax will become payable in the foreseeable future.
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