Notes to the accounts

Notes to the accounts list

21 Debt securities and other fixed income securities held as financial fixed asset investments and equity shares

	The Group 2005 £m	the Group 2004 £m	The Company 2005 £m	the Company 2004 £m
Debt securities and fixed income shares
Loan investments	1,293	1,312	1,190	1,217
Fixed income shares	107	150	106	148
	1,400	1,462	1,296	1,365
Equity shares
Listed	179	225	176	219
Unlisted	2,722	2,639	2,449	2,440
	2,901	2,864	2,625	2,659
Total	4,301	4,326	3,921	4,024
Maturity of debt securities and fixed income shares
Repayable within one year	83	93	80	89
Repayable after more than one year	1,317	1,369	1,216	1,276
	1,400	1,462	1,296	1,365

	The Group Equity shares 2005 £m	The Group Loan investments 2005 £m	The Group Fixed income shares 2005 £m	The Group Total 2005 £m
Opening balances
Cost	2,579	1,528	297	4,404
Unrealised appreciation	285	(216)	(147)	(78)
	2,864	1,312	150	4,326
Additions at cost	294	451	10	755
Disposals, repayments and write-offs	(476)	(403)	(84)	(963)
Transfers	36	(36)	-	-
Unrealised appreciation	150	(48)	31	133
Currency translation	33	17	-	50
31 March 2005	2,901	1,293	107	4,301
Represented by:
Cost	2,466	1,557	223	4,246
Unrealised appreciation	435	(264)	(116)	55
	2,901	1,293	107	4,301
Listed
UK	107	-	-	107
Non-UK	72	-	1	73
	179	-	1	180
Unlisted
UK	1,294	770	82	2,146
Non-UK	1,428	523	24	1,975
	2,722	1,293	106	4,121

	The Company Equity shares 2005 £m	The Company Loan investments 2005 £m	The Company Fixed income shares 2005 £m	The Company Total 2005 £m
Opening balances
Cost	2,361	1,412	294	4,067
Unrealised appreciation	298	(195)	(146)	(43)
	2,659	1,217	148	4,024
Additions at cost	249	398	12	659
Disposals, repayments and write-offs	(414)	(395)	(85)	(894)
Transfers	32	(32)	–	–
Transfers to other Group companies	(12)	(2)	–	(14)
Unrealised appreciation	86	(9)	31	108
Currency translation	25	13	–	38
31 March 2005	2,625	1,190	106	3,921
Represented by:
Cost	2,241	1,394	221	3,856
Unrealised appreciation	384	(204)	(115)	65
	2,625	1,190	106	3,921
Listed
UK	107	–	–	107
Non-UK	69	–	1	70
	176	–	1	177
Unlisted
UK	1,292	768	81	2,141
Non-UK	1,157	422	24	1,603
	2,449	1,190	105	3,744

Group companies have invested in or made commitments to 17 limited partnerships. These investments represented the following proportions of the total commitments of all investors in these partnerships:

Partnership	Proportion of total commitments
3i Europe Investment Partners No. 1	0.92%
3i Europe Investment Partners No. 2	< 0.01%
3i 94 LMBO Plan	< 0.01%
3i UK Investment Partners	0.23%
3i Smaller MBO Plan	< 0.01%
3i NPM Smaller MBO Plan	< 0.01%
3i UKIP II LP	< 0.01%
3i Europartners II LP	< 0.01%
3i Parallel Ventures LP	< 0.01%
3i Europartners IIIA LP	< 0.01%
3i Europartners IIIB LP	< 0.01%
3i Asia Pacific Technology LP	< 0.01%
3i Europartners IVa LP	< 0.01%
3i Europartners IVb LP	< 0.01%
3i Europartners IVc LP	< 0.01%
3i Europartners IVd LP	< 0.01%
3i Europartners IVk LP	< 0.01%

The proportion of total commitments shown above are those at both 31 March 2005 and 31 March 2004 except the commitments made to 3i Europartners IVc LP and 3i Europartners IVk LP, which were made during the year. Although Group companies act as the general partner and the manager of each partnership, since their rights as such are held in a fiduciary capacity, the investments are included as equity share investments. Unrealised appreciation on unlisted equity investments includes £4 million (2004: £5 million) which represents the net carried interest that would be received by the Group if all investments held by the limited partnerships, which have already achieved their necessary hurdle, were realised at their valuation on the balance sheet date. The Group received fee income of £27 million (2004: £31 million) and distributions of £1 million (2004: £2 million) from this activity.