Consolidated cash flow statement
 for the year to 31 March 2004
 
  Notes  2004 
£ m 		 2003 
£ m 
Operating activities      
Interest received and similar income arising from debt securities and
   other fixed income securities held as financial fixed asset investments		   66  75 
Other interest received and similar income   35  31 
Interest paid on borrowings   (59)  (58) 
Dividends received from equity shares   93  102 
Fees and other net cash receipts   41  46 
Operating and administrative costs paid   (86)  (68) 
Net cash inflow from operating activities 43  90  128 
       
Taxation (paid)/received   (2)  4 
       
Capital expenditure and financial investment      
Investment in equity shares, fixed income shares and loans   (756)  (673) 
Investment in equity shares and loans acquired from joint ventures   –  (17) 
Sale, repayment or redemption of equity shares, fixed income shares and loan investments   913  975 
Fees intrinsic to acquisition or disposal of investments   5  10 
Investment interest paid   (42)  (53) 
Investment administrative expenses   (91)  (94) 
Investment in joint ventures   (25)  (54) 
Divestment or repayment of interests in joint ventures   25  19 
Purchase of tangible fixed assets   (2)  (5) 
Sale of tangible fixed assets   1  1 
Net cash flow from capital expenditure and financial investment   28  109 
       
       
Equity dividends paid   (83)  (78) 
       
Management of liquid resources 47  (15)  15 
       
Net cash flow before financing   18  178 
       
Financing      
Debt due within one year 46  (232)  (104) 
Debt due after more than one year 46  200  (32) 
Issues of shares 44  12  7 
Net cash flow from financing   (20)  (129) 
       
(Decrease)/increase in cash 46  (2)  49