Notes to the accounts

Notes to the accounts list

36 Provisions for liabilities and charges

	Property 2005 £m	Cost of organisational changes 2005 £m	Redundancy 2005 £m	Deferred tax 2005 £m	Total 2005 £m
Opening balance	2	3	–	1	6
Charge for year	5	–	7	–	12
Utilised in year	(1)	(3)	(1)	–	(5)
Movement for the year	4	(3)	6	–	7
31 March 2005	6	–	6	1	13

The provision for the cost of organisational changes related to organisational changes and staff reductions announced in the two years to 31 March 2003. This is now fully utilised. The provision for redundancy relates to staff reductions announced in the year to 31 March 2005.

The Group has a number of leasehold properties whose rent and unavoidable costs exceed the economic benefits expected to be received. These costs have been provided for and arise over the period of the lease.

Deferred tax

	The Group 2005 £m	The Group 2004 £m	The Company 2005 £m	The Company 2004 £m
Unrealised appreciation less expected losses	1	1	–	–

The Group has generated surplus tax losses and expects to continue to do so in the future. A deferred tax asset in respect of these surplus losses has not been recognised because their utilisation is considered unlikely in the foreseeable future.