| |
|
|
| |
2004
£m |
2003
£m |
| Staff costs |
|
|
| Wages and salaries |
77 |
67 |
| Social security costs |
11 |
7 |
| Other pension costs |
15 |
15 |
| |
103 |
89 |
| Other administrative expenses |
55 |
57 |
| Depreciation |
5 |
7 |
| Total administrative expenses |
163 |
153 |
| Total administrative expenses have been allocated as follows: |
|
|
| Revenue reserve |
72 |
64 |
| Capital reserve |
91 |
89 |
| |
163 |
153 |
| The average monthly number of employees during the year was
833 (2003: 922). At 31 March 2004, the number of employees was 750 (2003:
858). In addition to the staff costs shown above, the amounts shown in note 4 have been charged against capital profits in respect of carried interest
and investment performance plans. |
| Costs associated with making and managing investments were
allocated to revenue and capital profits based on the expected split of
returns between revenue and capital. This split is expected to be 30% revenue
and 70% capital. |
