2003 2002 2003 2002 £m £m € m € m Cash at bank and in hand 68 169 97 259 Short term investments 570 401 809 613 Total 638 570 906 872 2003 2002 2003 2002 Note £m £m € m € m Borrowings Promissory notes and bank loans 1,180 1,279 1,675 1,957 Other loans 2 80 3 122 Obligations under finance leases 23 16 8 23 12 1,198 1,367 1,701 2,091 Trade creditors 228 251 324 384 Other creditors 144 165 204 252 Taxation 323 328 459 502 Proposed dividends 226 205 321 314 Accruals and deferred income 1,355 1,313 1,924 2,009 Total 3,474 3,629 4,933 5,552 2003 2002 2003 2002 Note £m £m € m € m Borrowings Loans repayable: Within one to two years 84 2 119 3 Within two to five years 1,067 903 1,515 1,382 After five years 654 1,016 929 1,554 Obligations under finance leases 23 7 14 10 22 1,812 1,935 2,573 2,961 Other creditors 9 15 13 22 Taxation 229 269 325 412 Accruals and deferred income 55 51 78 78 Total 2,105 2,270 2,989 3,473 Cash and short term investments 19 Creditors: amounts falling due within one year 20 Creditors: amounts falling due after more than one year 21 Short term investments include deposits of under one year if the maturity or notice period exceeds 24 hours, commercial paper investments and interest bearing securities that can be realised without significant loss at short notice. COMBINED FINANCIAL STATEMENTS > NOTES TO THE COMBINED FINANCIAL STATEMENTS REED ELSEVIER ANNUAL REPORTS & FINANCIAL STATEMENTS 2003 61