Barclays 2004 Annual Report Download - page 158
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Notes to the accounts
For the year ended 31st December 2004
21 Other assets, prepayments and accrued income
2004 2003
Other assets £m £m
Balances arising from off-balance sheet financial instruments 18,174 15,812
Shareholders’ interest in the long-term assurance fund 610 478
London Metal Exchange warrants and other metals trading positions 952 1,290
Sundry debtors 2,418 2,156
22,154 19,736
2004 2003
Prepayments and accrued income £m £m
Accrued interest and commission 3,538 2,763
Prepayments 1,540 1,158
5,078 3,921
22 Retail long-term assurance funds
The increase in the shareholders’ interest in the retail long-term assurance funds in the UK is calculated as follows:
2004 2003
£m £m
Value of shareholders’ interest at beginning of year 878 867
Increase in the value for the year after tax 19 11
Value of shareholders’ interest at end of year 897 878
Non-recourse borrowing (287) (400)
Value of shareholders’ interest after non-recourse borrowings 610 478
Before tax, the decrease in the value for the year was £1m (2003: £42m).
In 2003, loan notes of £400m were issued. The first £400m of emerging surplus from the retail long-term assurance funds is used to repay these
notes with the remaining surplus being available to shareholders. In 2004 £113m of the loan notes were redeemed.
In addition to the increase in the shareholders’ interest in the retail long-term assurance funds detailed above, £9m (2003: £9m) of other income
from the long-term assurance business has been recognised in the year.
The principal economic assumptions used in calculating the value of the shareholders’ interest were as follows:
2004 2003
% %
Risk discount rate (net of tax) 7.1 7.3
Gross United Kingdom equities returns for unit linked business (net of irrecoverable tax credit) 7.0 7.2
Gross United Kingdom equities dividend yield for unit linked business (net of irrecoverable tax credit) 2.5 2.5
Gross property and overseas equities returns for unit linked business 7.6 7.8
Gross fixed interest returns for unit linked business 4.6 4.8
Renewal expense inflation (including effect of fixed costs) 5.0 4.8
The retail life-fund assets attributable to policyholders comprise:
2004 2003
£m £m
Assets:
Investments 8,253 7,329
Other debtors 209 984
8,462 8,313
Current liabilities (84) (236)
8,378 8,077
156