RBS 2005 Annual Report Download - page 220
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218
Notes on the accounts
Notes on the accounts continued
Balance sheet at 31 December 2004 – Company
Valuation
of Total
UK GAAP Dividends subsidiaries adjustments IFRS
£m £m £m £m £m
Assets
Loans and advances to banks 4,106 — — — 4,106
Loans and advances to customers 305 — — — 305
Investments in Group undertakings 36,870 — (14,970) (14,970) 21,900
Prepayments, accrued income and other assets 322 (4) — (4) 318
Total assets 41,603 (4) (14,970) (14,974) 26,629
Liabilities
Deposits by banks 174 — — — 174
Debt securities in issue 1,608 — — — 1,608
Accruals, deferred income and other liabilities 1,609 (1,308) — (1,308) 301
Subordinated liabilities 5,935 — — — 5,935
Shareholders’ equity 32,277 1,304 (14,970) (13,666) 18,611
Total liabilities 41,603 (4) (14,970) (14,974) 26,629
Consolidated income statement for the year ended 31 December 2004
Property,
including Software Share
investment development based Employee Total
UK GAAP property Leases Consolidation costs payments benefits Insurance Goodwill Other adjustments IFRS
£m £m £m £m £m £m £m £m £m £m £m £m
Net interest income 9,208 (21) (18) (67) 16 — — (47) — — (137) 9,071
Non-interest income 8,602 22 27 (142) — — (85) 251 — (2) 71 8,673
Insurance net premium income 4,944 — — 109 — — — 594 — — 703 5,647
Total income 22,754 1 9 (100) 16 — (85) 798 — (2) 637 23,391
Operating expenses 10,846 5 49 2 278 36 (83) 106 (875) (2) (484) 10,362
Insurance net claims 3,480 — — 78 — — — 702 — — 780 4,260
Operating profit before
impairment losses 8,428 (4) (40) (180) (262) (36) (2) (10) 875 — 341 8,769
Impairment losses 1,511 — — (26) — — — — — — (26) 1,485
Operating profit before tax 6,917 (4) (40) (154) (262) (36) (2) (10) 875 — 367 7,284
Tax 2,155 1 (12) (40) (79) (11) — (17) (2) — (160) 1,995
Profit for the year 4,762 (5) (28) (114) (183) (25) (2) 7 877 — 527 5,289
Company income statement for the year ended 31 December 2004
Total
UK GAAP Other adjustments IFRS
£m £m £m £m
Profit for the year 2,878 (4) (4) 2,874
45 Transition to IFRS (continued)