Barclays 2010 Annual Report Download - page 2

About Barclays
02 About Barclays
03 2010 Performance highlights
04 Executing our strategy
05 Key performance indicators
07 Group Chairman’s statement
09 Leadership and governance
Strategy
15 Chief Executive’s review
17 Financial strength
18 Business review
24 Citizenship
Performance
28 Key performance indicators
32 Financial review
Risk management and governance
66 Risk management
143 Directors’ report
149 Corporate governance report
166 Remuneration report
Financial statements
184 Presentation of information
185 Independent Auditors’ report/
Independent Registered Public Accounting Firm’s report
187 Consolidated Financial Statements Barclays PLC
Shareholder information
272 Shareholder information
275 Shareholder enquiries
276 Index
278 Glossary of terms
Cover image:
Barclays is the exclusive sponsor of Barclays Cycle Hire which
was launched on 30th July 2010 in London. It already sees
more than 5,000 cycles available in central London, with
nearly 3 million journeys completed. The scheme makes
a positive contribution to society in London and partners
Barclays with a sustainable and environmentally friendly
mode of transport.
The term ‘Barclays PLC Group’ or the ‘Group’ means Barclays PLC
together with its subsidiaries and the term ‘Barclays Bank PLC Group’
means Barclays Bank PLC together with its subsidiaries. ‘Barclays’ and
‘Group’ are terms which are used to refer to either of the preceding
groups when the subject matter is identical. The term ‘Company’,
‘Parent Company’ or ‘Parent’ refers to Barclays PLC and the term ‘Bank’
refers to Barclays Bank PLC. The term ‘Absa Group Limited’ is used to
refer to Absa Group Limited and its subsidiaries and the term ‘Absa’
is used to refer to the Barclays segment represented by this business
as described on page 54. In this report, the abbreviations ‘£m’ and
‘£bn’ represent millions and thousands of millions of pounds sterling
respectively; the abbreviations ‘US$m’ and ‘US$bn’ represent millions
and thousands of millions of US Dollars respectively and ‘€m’ and ‘€bn’
represent millions and thousands of millions of euros respectively.
Unless otherwise stated, the income statement analyses compare the
12 months to 31st December 2010 to the corresponding 12 months
of 2009 and balance sheet comparisons, relate to the corresponding
position at 31st December 2009. Unless otherwise stated, all disclosed
figures relate to continuing operations. Relevant terms that are used in
this document but are not defined under applicable regulatory guidance
or International Financial Reporting Standards (IFRS) are explained in
the glossary on pages 278 to 284.
Forward-looking statements
This document contains certain forward-looking statements within
the meaning of Section 21E of the US Securities Exchange Act of 1934,
as amended, and Section 27A of the US Securities Act of 1933, as
amended, with respect to certain of the Group’s plans and its current
goals and expectations relating to its future financial condition and
performance. Barclays cautions readers that no forward-looking
statement is a guarantee of future performance and that actual results
could differ materially from those contained in the forward-looking
statements. These forward-looking statements can be identified by
the fact that they do not relate only to historical or current facts.
Forward- looking statements sometimes use words such as ‘may’, ‘will’,
‘seek’, ‘continue’, ‘aim’, ‘anticipate’, ‘target’, ‘expect’, ‘estimate’, ‘intend’,
‘plan’, ‘goal’, ‘believe’ or other words of similar meaning. Examples of
forward- looking statements include, among others, statements
regarding the Group’s future financial position, income growth, assets,
impairment charges, business strategy, capital ratios, leverage, payment
of dividends, projected levels of growth in the banking and financial
markets, projected costs, estimates of capital expenditures, and plans
and objectives for future operations and other statements that are not
historical fact. By their nature, forward-looking statements involve risk
and uncertainty because they relate to future events and circumstances,
including, but not limited to, UK domestic and global economic and
business conditions, the effects of continued volatility in credit markets,
market related risks such as changes in interest rates and exchange
rates, effects of changes in valuation of credit market exposures, changes
in valuation of issued notes, the policies and actions of governmental
and regulatory authorities, including capital requirements, changes in
legislation, the further development of standards and interpretations
under IFRS applicable to past, current and future periods, evolving
practices with regard to the interpretation and application of standards
under IFRS, the outcome of pending and future litigation, the success
of future acquisitions and other strategic transactions and the impact
of competition – a number of such factors being beyond the Group’s
control. As a result, the Group’s actual future results may differ
materially from the plans, goals, and expectations set forth in the
Group’s forward-looking statements.
Any forward-looking statements made herein speak only as of the date
they are made. Except as required by the UK Financial Services Authority
(FSA), the London Stock Exchange or applicable law, Barclays expressly
disclaims any obligation or undertaking to release publicly any updates
or revisions to any forward-looking statements contained in this
announcement to reflect any change in Barclays expectations with
regard thereto or any change in events, conditions or circumstances on
which any such statement is based. The reader should, however, consult
any additional disclosures that Barclays has made or may make in
documents it has filed or may file with the SEC.
Contents
Barclays PLC Annual Report 2010 www.barclays.com/annualreport10