Barclays 2003 Annual Report Download - page 172

Notes to the Accounts
For the Year Ended 31st December 2003
170
57 Contracts with Directors and connected persons and with managers
The aggregate amounts outstanding at 31st December 2003 under transactions, arrangements and agreements made by authorised institutions
within the Group for persons who are, or were during the year, Directors of Barclays PLC and persons connected with them and for managers, within
the meaning of the Financial Services and Markets Act 2000, of Barclays Bank PLC were:
Number of Number of
Directors or connected Amount
managers persons £000
Directors
Quasi-loans and credit card accounts 8643
Managers
Loans 2 n/a 73
Quasi-loans and credit card accounts 6 n/a 17
There are no transactions, arrangements or agreements with Barclays PLC or its subsidiary undertakings in which Directors, or persons connected
with them, or managers of Barclays Bank PLC had a material interest and which are disclosable under the relevant provisions of the Companies Act
1985, other than options to subscribe for Barclays PLC ordinary shares as described in Note 56.
58 Other entities
At 31st December 2003 the Group had investments in four subsidiaries that amounted to £0.25m (2002: nil). Under UK GAAP, these subsidiaries were
excluded from consolidation into the Group’s financial statements, either on the grounds that the Group could not direct the financial and operating
policies or on the grounds that another group has a superior economic interest. In each of these cases the subsidiaries were consolidated within the
financial statements under UK GAAP of another group.
Although the Group’s interest in the equity voting rights in certain investments is 20% or more, the Directors do not consider them to be
participating interests (within the meaning of Section 260, Companies Act 1985) and consequently they are not treated as associated undertakings
since the Group does not exercise significant influence over the activities of these investments. The carrying value of these investments as at
31st December 2003 was £12.8m (2002: £23.3m).
There are a number of entities that do not qualify as subsidiary undertakings but which give rise to benefits that are in substance no different
from those that would arise were the entity a subsidiary. In accordance with the disclosure required by FRS 5, the summarised combined results
of these entities, which are included in the Group consolidated results, by type of entity for each main financial statement heading where there are
material items, are set out below. They are categorised according to the activities in which they are engaged, further discussion of which is included
in Note 61(r).
Credit structuring Asset securitisation Client
business vehicles intermediation
2003 2002 2003 2002 2003 2002(a)
£m £m £m £m £m £m
Profit and loss account
Interest receivable 121 164 147 36 26 3
Interest payable (121) (164) (147) (36) (3) (3)
Operating profit ––––23 –
Balance sheet
Fixed assets ––––2–
Investment in Group subsidiary undertakings 11––––
Other investments ––––1,530 159
Debt securities 1,306 1,966 55 –––
Loans and advances ––5,777 1,542 ––
Amounts due from Group undertakings 1,410 1,482 852 –4,120 1,846
Other debtors ––29 621 –
Cash 76 44 4–67 –
Debt securities in issue (2,768) (3,463) (4,490) (1,548) ––
Amounts owed to Group undertakings (22) (27) (2,227) –(5,391) (2,005)
Creditors due greater than one year ––––(349) –
Shareholders’ funds – retained profit (3) (3) ––––
Cash flow
Net cash inflow from operating activities 37 10 78 ––(3)
Note
(a) Includes entities previously disclosed as financing transactions.