RBS 2003 Annual Report Download - page 165

163
Annual Report and Accounts 2003
Notes on the accounts
27 Other liabilities
2003 2002
£m £m
Notes in circulation 1,394 1,318
Trading derivatives (see Note 39) 15,173 14,729
Current taxation 700 982
Dividends 1,105 946
Obligations under finance leases (analysed below) 182 171
Other liabilities 2,030 2,608
20,584 20,754
2003 2002
Analysis of obligations under finance leases: £m £m
Amounts falling due within one year 19 29
Amounts falling due between one and five years 37 14
Amounts falling due after more than five years 126 128
182 171
28 Deferred taxation
Provision for deferred taxation has been made as follows:
2003 2002
£m £m
Deferred tax liability 2,266 1,834
Deferred tax asset (included in Note 21, Other assets) (28) (39)
Net deferred tax 2,238 1,795
2003 2002
£m £m
Short-term timing differences 201 22
Capital allowances 2,440 1,965
Bad and doubtful debt provisions (441) (238)
Deferred gains 38 46
Net deferred tax 2,238 1,795
Movements during the year: £m
At 1 January 2003 1,795
Currency translation and other adjustments 19
Acquisition of subsidiaries 34
Disposal of lease receivables (173)
Charge to profit and loss account 563
At 31 December 2003 2,238
29 Other provisions
Pensions and
other similar
Property(1) obligations(2) Other(3) Total
£m £m £m £m
At 1 January 2003 262 36 32 330
Currency translation and other adjustments — (2) — (2)
Acquisition of subsidiaries —— 9 9
Charge to profit and loss account 35 11 1 47
Provisions utilised (118) (2) (8) (128)
At 31 December 2003 179 43 34 256
Notes:
(1) The Group has a number of leasehold properties where rents payable and other unavoidable costs exceed the value to the Group. Such costs arise over the period of the lease
or to the expected termination date, and the provision has been discounted due to the long-term nature of certain of these obligations.
(2) The Group operates various unfunded post-retirement benefit plans and provision is made for the expected costs that will arise over the periods in which pensions are paid to
the members of these plans.
(3) Other provisions arise in the normal course of business.