FORM 6-K
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Report of Foreign Issuer
Pursuant to Rule 13a-16 or 15d-16 of
Securities Exchange Act of 1934
For the month of May 2004
HOLMES FINANCING (No. 5) PLC
HOLMES FUNDING LIMITED
HOLMES TRUSTEES LIMITED
(Translation of registrant's name into English)
Abbey National House, 2 Triton Square, Regent's
Place, London NW1 3AN, England
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual
reports under cover Form 20-F or Form 40-F.
Form 20-F . . . .X. . . . Form 40-F . . . . . . . .
Indicate by check mark whether the registrant by furnishing the
information contained in this Form is also thereby furnishing the information to
the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of
1934.
Yes . . . . . . . No . . .X. . . .
Holmes Financing (No. 5) PLC
Profit & Loss Account
Period ended 15 April 2004
his Quarter Prior Quarter
(pound)'000 (pound)'000
Interest receivable - Inter-company loan 18,422 17,474
Interest receivable - Cash collateral 68 80
------------------------------
18,490 17,554
Interest payable - Notes (18,422) (17,474)
Interest payable - CSFB (68) (80)
------------------------------
(18,490) (17,554)
------------------------------
Net operating income - -
Other income - -
Operating expenses - -
------------------------------
Profit on ordinary activities before taxation - -
Taxation - -
------------------------------
Profit on ordinary activities after taxation - -
Dividend - -
Retained profit brought forward 1 1
------------------------------
Retained profit carried forward 1 1
==============================
Holmes Financing (No. 5) PLC
Balance Sheet
Period ended 15 April 2004
(pound)'000
Fixed asset investments
Loans to Funding 1,714,000
Current assets
Accrued interest receivable 2
Cash at bank 14
Cash collateral 3,930
-------------
3,946
-------------
Creditors: Amounts falling due within one year
Accrued interest payable 2
-------------
2
-------------
Net current assets 3,944
------------------
Total assets less current liabilities 1,717,944
Creditors: Amounts falling due after more than one year
Amounts due to noteholders (1,714,000)
Amount due to CSFB (3,930)
------------------
Net assets 14
==================
Capital and reserves
Share capital 13
Reserves 1
------------------
14
==================
Holmes Financing (No. 5)
PLC
Notes Outstanding
Period ended 15 April 2004
Series 1 Class A Series 2 Class A1 Series 3 Class A1
Moody's current rating P-1 Aaa Aaa
S&P current rating A-1+ AAA AAA
Fitch Ratings current rating F1+ AAA AAA
Series 2 Class A2 Series 3 Class A2
Moody's current rating Aaa Aaa
S&P current rating AAA AAA
Fitch Ratings current rating AAA AAA
Series 1 Class B Series 2 Class B Series 3 Class B
Moody's current rating Aa3 Aa3 Aa3
S&P current rating AA AA AA
Fitch Ratings current rating AA AA AA
Series 1 Class C Series 2 Class C Series 3 Class C
Moody's current rating Baa2 Baa2 Baa2
S&P current rating BBB BBB BBB
Fitch Ratings current rating BBB BBB BBB
Series 1 Class A Series 2 Class A1 Series 3 Class A1
$ $ (euro)
Initial note balance 1,000,000,000 750,000,000 600,000,000
Previous quarter's note principal - 750,000,000 600,000,000
Note redemptions - - -
Outstanding note principal - 750,000,000 600,000,000
Series 2 Class A1 Series 3 Class A2
CHF (pound)
Initial note balance 400,000,000 500,000,000
Previous quarter's note principal 400,000,000 500,000,000
Note redemptions - -
Outstanding note principal 400,000,000 500,000,000
Series 1 Class B Series 2 Class B Series 3 Class B
$ $ (euro)
Initial note balance 35,000,000 35,000,000 53,000,000
Previous quarter's note principal - 35,000,000 53,000,000
Note redemptions - - -
Outstanding note principal - 35,000,000 53,000,000
Series 1 Class C Series 2 Class C Series 3 Class C
$ $ (euro)
Initial note balance 52,000,000 52,000,000 76,000,000
Previous quarter's note principal - 52,000,000 76,000,000
Note redemptions - - -
Outstanding note principal - 52,000,000 76,000,000
Series 1 Class A Series 2 Class A Series 3 Class A1
Note interest margins 1 20 N/A
Step up dates 16/10/2002 16/10/2006 16/10/2006
Step up margins N/A N/A 42
Series 2 Class A2 Series 3 Class A2
Note interest margins N/A 23
Step up dates 16/10/2004 16/10/2006
Step up margins 22 46
Series 1 Class B Series 2 Class B Series 3 Class B
Note interest margins 35 43 40
Step up dates 16/10/2006 16/10/2006 16/10/2006
Step up margins 70 86 80
Series 1 Class C Series 2 Class C Series 3 Class C
Note interest margins 135 145 147
Step up dates 16/10/2006 16/10/2006 16/10/2006
Step up margins 235 245 247
Interest payment cycle Quarterly
Interest payment date 15th or next business day
Next interest payment date 15/07/2004
Liquidity facility limit (pound) 25,000,000
Liquidity facility drawn Nil
Liquidity facility available (pound) 25,000,000
Holmes Funding Limited
Profit & Loss Account
Period ended 15 April 2004
This Quarter Prior Quarter
(pound)'000 (pound)'000
Interest receivable - Mortgages less Swaps 146,717 144,198
Interest receivable - Cash Deposits 9,399 8,573
--------------------------------
156,117 152,771
Interest payable - Inter-company loans (145,154) (144,219)
Interest payable - Start up loans (878) (747)
--------------------------------
(146,032) (144,966)
--------------------------------
Net operating income 10,085 7,805
Other income 4,437 4,842
Operating expenses (4,958) (13,043)
Deferred consideration (8,658) (6,986)
--------------------------------
Profit/(loss) on ordinary
activities before taxation 906 (7,382)
Taxation 880 3,027
--------------------------------
Profit/(loss) on ordinary
activities after taxation 1,786 (4,355)
Dividend - -
Retained profit/(loss) brought forward (15,247) (10,892)
--------------------------------
Retained profit/(loss) carried forward (13,461) (15,247)
================================
Holmes Funding Limited
Balance Sheet
Period ended 15 April 2004
(pound)'000
Fixed asset investments
Beneficial interest in Trust mortgage portfolio 16,468,362
Beneficial interest in Trust cash at bank
Current assets
Amounts owed by Trustee 26,352
Deferred expenditure (costs of securing) 27,801
Sundry debtors 36
Deferred taxation / group relief receivable 8,277
Cash at bank:
Reserve funding 413,751
Transaction account 3,418
Funding GIC account 254,085
------------
733,719
------------
Creditors: Amounts falling due within one year
Deferred consideration creditor 169,918
Interest payable - start up loans 6,040
Interest payable - Inter-company loans 497
Sundry creditors 188,185
Corporation Taxation 37
------------
364,677
------------
Net current assets 369,041
--------------
Total assets less current liabilities 16,837,404
Creditors: Amounts falling due after more than one year
Inter-company loans (16,740,350)
Start up loans (110,514)
--------------
Net assets (13,461)
==============
Capital and reserves
Share capital ((pound)2) -
Reserves (13,461)
--------------
(13,461)
==============
Holmes Funding Limited
Notes to Balance Sheet
Period ended 15 April 2004
(pound)'000 (pound)'000 (pound)'000
Balance on cash accumulation ledger 250,000
==========================
Available credit enhancement
First Reserve Second Reserve Funding Reserve
Reserve funds at closing 338,000 7,978 67,773
------------------ --------------------------------------------------
Initial closing reserve funds 292,046 56,891 -
Drawings to make bullet repayment - - -
Other drawings - - -
Transfers from revenue receipts 45,954 (48,913) 67,773
------------------ --------------------------------------------------
Closing reserve balance 338,000 7,978 67,773
------------------ --------------------------------------------------
Target reserve funds 338,000 7,978 70,000
================== ==================================================
Principal deficiency ledger AAA AA BBB
Opening PDL balance Nil Nil Nil
Losses this quarter - - -
PDL top up from revenue income - - -
-----------------------------------------------------------------------
Closing PDL balance Nil Nil Nil Nil
=======================================================================
Start up loan outstanding
Opening balance 74,676
--------------------------
First start up loan
(incl. accrued interest) 14,792
Second start up loan
(incl. accrued interest) 14,742
Third start up loan 17,500
Fourth start up loan 7,500
Fifth start up loan 5,100
Sixth start up loan 6,100
Seventh start up loan 3,780
Eigth start up loan 41,000
--------------------------
110,514
Accrued interest 6,040
Repayments made -
--------------------------
Closing balance 116,554
==========================
Liquidity facility
Liquidity facility limit 25,000
Liquidity facility drawn -
Liquidity facility available 25,000
Holmes Trustees Limited
Profit & Loss Account
Period ended 15 April 2004
This Quarter Prior Quarter
(pound)'000 (pound)'000
Interest receivable - Mortgages 291,441 280,939
Interest receivable - Cash Deposits 4,137 4,617
----------------------------------------------------------
295,578 285,556
Interest payable - Mortgages (291,441) (280,939)
Interest payable - Cash Deposits (4,137) (4,617)
----------------------------------------------------------
(295,578) (285,556)
----------------------------------------------------------
Net operating income - -
Fees receivable 4,129 4,004
Fees payable (4,129) (4,004)
Operating expenses (4,025) (3,135)
Provision charges 119 (14,370)
Other income 3,906 17,505
--------------------------------------------------------
Profit on ordinary activities before taxation - -
Taxation -
--------------------------------------------------------
Profit on ordinary activities after taxation - -
Dividend - -
Retained profit brought forward - -
--------------------------------------------------------
Retained profit carried forward - -
========================================================
Holmes Trustees Limited
Balance Sheet
Period ended 15 April 2004
(pound)'000
Fixed asset investments
Mortgage loans secured on residential property 28,938,803
Current assets
Bank interest receivable 408
Cash at bank 388,504
Other debtors 5
Accrued interest receivable 42,528
-------------
431,445
-------------
Creditors: Amounts falling due within one year
Amounts due to Seller 16,564
Amounts due to Funding 26,352
Sundry creditors 26
-------------
42,941
-------------
Net current assets 388,504
--------------
Total assets less current liabilities 29,327,307
Creditors: Amounts falling after more than one year
Seller share of mortgage loans (12,470,441)
Funding share of mortgage loans (16,468,362)
Seller share of cash at bank (388,504)
Funding share of cash at bank -
--------------
Net assets (0)
==============
Capital and reserves
Share capital ((pound)2) 0
Reserves 0
--------------
0
==============
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
HOLMES FINANCING (No. 5) PLC
Dated: May 20, 2004 By /s/ Karen Carson
(Authorised Signatory)