Barclays 2004 Annual Report Download - page 234
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232
Barclays Bank PLC data
Consolidated statement of changes in reserves
Consolidated statement of changes in reserves
As at 31st December
2004 2003 2002
£m £m £m
Share premium account
At beginning of year 5,743 5,603 5,475
Premium arising on shares issued 788 140 128
At end of year 6,531 5,743 5,603
Revaluation reserve
At beginning of year 24 24 30
Exchange rate translation differences –2–
Released on transaction with third parties –(2) (6)
At end of year 24 24 24
Profit and loss account
At beginning of year 8,416 7,285 6,694
Profit retained 1,030 1,164 430
Exchange rate translation differences (58) (31) (61)
Goodwill written-back on disposals ––10
Gain/(loss) arising from transaction with third parties 13 (4) 212
Other items (1) 2–
At end of year 9,400 8,416 7,285
Total reserves 15,955 14,183 12,912
The Group operates in a number of countries subject to regulations under which a local subsidiary undertaking has to maintain a minimum
level of capital. The current policy of the Group is that local capital requirements are met, as far as possible, by the retention of profit. Certain
countries operate exchange control regulations which limit the amount of dividends that can be remitted to non-resident shareholders. It is not
possible to determine the amount of profit retained and other reserves that is restricted by these regulations, but the net profit retained of
overseas subsidiaries, associated undertakings and joint ventures at 31st December 2004 totalled £1,417m (2003: £925m, 2002: £1,038m).
If such overseas reserves were to be remitted, other tax liabilities, which have not been provided for in the accounts, might arise.
Accumulated exchange rate translation differences are £578m debit (2003: £520m debit, 2002: £491m debit).
Goodwill amounting to £205m (2003: £205m, 2002: £205m) has been charged directly against reserves in the current and prior years in respect
of acquisitions. This amount is net of any goodwill attributable to subsidiary undertakings disposed of prior to the balance sheet date.