continued - St James's Place

7. ASSETS HELD TO COVER LINKED LIABILITIES AND THIRD PARTY HOLDINGS IN UNITTRUSTSIncluded within the balance sheet are the following assets and liabilities which represent the net assets held tocover linked liabilities and those attributable to third party holdings in unit trusts (‘UTMI’). The differencebetween these assets and liabilities and those shown in the consolidated balance sheet represents assets andliabilities held outside the unit-linked funds and the UTMI.30 June201130 June201031 December2010£ million £ million £ millionAssetsInvestment property 464.0 397.0 397.8Investments– Equities 17,069.8 12,239.7 15,835.7– Fixed income securities 3,370.0 2,347.1 2,878.4– Investment in Collective Investment Schemes 2,340.1 2,009.6 2,318.3– Currency forwards 7.4 34.5 3.5– Contract for differences 7.9 – –Deferred tax asset – 59.2 –Other receivables 288.7 265.1 311.0Cash and cash equivalents 2,180.2 2,033.2 1,957.2Total assets 25,728.1 19,385.4 23,701.9LiabilitiesFinancial liabilities– Currency forwards 31.5 3.0 20.4– Contract for differences 10.7 – –Other payables 223.0 252.9 247.9Total liabilities 265.2 255.9 268.3Net assets held to cover linked liabilities 25,462.9 19,129.5 24,433.68. DEFERRED ACQUISITION COSTS30 June201130 June201031 December2010£ million £ million £ millionLife business – insurance DAC 18.8 21.0 19.7Life business – investment DAC 627.5 535.1 583.5Unit Trust business – investment DAC 169.8 140.4 152.5Total deferred acquisition costs 816.1 696.5 755.7Amortisation of deferred acquisition costs is charged within the fees, commission and other acquisition costsline in the income statement.Half Year Report 201155