HM Treasury—Annual Report and Accounts
19XX-XX
NOTES TO THE DEPARTMENTAL RESOURCE ACCOUNTS
5. Non-operating income payable to the Consolidated
Fund
The income below is not accounted for in Schedules
2 to 5:
|
| |
| |
|
| Income | Receipts
|
| | |
| |
|
Programme Income |
| |
| Barlow Clowes recoveries1 | 26,791
| 26,791 |
| Salvage proceeds2 | 240
| 240 |
| Price Variation adjustments3 |
245 | 245 |
| Other | 4 | 4
|
| | |
| |
|
| 27,280 | 27,280
|
| | |
| Investments held by the Treasury as a trustee
| 296,733 | 296,733 |
| | |
1 Barlow Clowes Recoveries.
Recoveries in connection with the liquidation of the Barlow Clowes group of companies. The sources of recoveries are: liquidation of various Barlow Clowes companies and conduit companies used for laundering investors' funds; and litigation by the Government against banks, professional advisers and financial intermediaries where investors had a direct claim.
2 Salvage proceeds.
Proceeds from cargoes recovered from wrecks by private companies who enter a salvage agreement with the Treasury Solicitor.
3 Price Variation adjustments.
Under current arrangements, amounts paid for coins include an element for forecast movements in prices. Price Variation Adjustments are payments made retrospectively to reflect differences between forecast and actual price movements in earlier years.
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Investments held by the Treasury as a trustee
The Treasury retains minority holdings of stocks, shares
and other securities in the former Public Corporations that have
been sold to the Private Sector by other Government Departments,
principally the Department of Trade and Industry and the Department
of Transport. These minority holdings are held by the Treasury
as a Trustee on behalf of these departments, and are therefore
not included as investments in the Treasury's Balance Sheet.
These holdings had a market value of £xxxx at 31 March
1996, and income received during the year, 1amounting to £296.733
million has been credited to the Consolidated Fund.
The Treasury aims to sell these remaining holdings on a phased
basis. It is anticipated that this process will be completed by
the year 2000.
Receipts from investments held by the Treasury as trustee
would be detailed in a separate Trust Statement.
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