Barclays 2004 Annual Report Download - page 193

Barclays PLC Annual Report 2004
191
48 Segmental analysis (continued)
2004 2003 2002
By geographical segments(a) £m % £m % £m %
Profit on ordinary activities before tax
United Kingdom 3,443 75 2,742 71 2,898 91
Other European Union 550 12 632 16 351 11
United States 250 5 257 7 (218) (7)
Rest of the World 360 8 214 6 174 5
4,603 100 3,845 100 3,205 100
Attributable profit
United Kingdom 2,396 73 1,886 69 2,025 90
Other European Union 469 15 547 20 284 13
United States 143 4 179 6 (161) (7)
Rest of the World 260 8 132 5 82 4
3,268 100 2,744 100 2,230 100
Total assets
United Kingdom 389,977 75 341,471 77 302,327 75
Other European Union 27,658 5 29,671 7 26,126 6
United States 80,135 15 49,852 11 51,919 13
Rest of the World 24,319 5 22,268 5 22,635 6
522,089 100 443,262 100 403,007 100
Net assets
United Kingdom 13,367 73 12,434 75 11,025 72
Other European Union 2,593 14 2,730 16 2,521 16
United States 1,341 7 667 4 1,074 7
Rest of the World 1,017 6 826 5 682 5
18,318 100 16,657 100 15,302 100
Notes
(a) Basis of class of business and geographical analysis – see Accounting Presentation on page 131.
(b) Barclays Capital non-interest income includes £63m (2003: £89m, 2002: £87m) in respect of structured capital market activities on behalf
of the Group which are charged to Head office functions and other operations.
(c) Total income for class of business disclosure analyses operating income from the profit and loss account. Gross income for geographical
disclosure includes interest receivable, fees and commissions receivable, dealing profits and other operating income.
(d) The profit/(loss) on ordinary activities before tax by class of business reflects the following amounts for profit/(losses) from associated
undertakings and joint ventures; UK Banking £4m (2003: £10m), Private Clients and International £49m (2003: £17m), Barclaycard £4m
(2003: £2m), Barclays Capital £nil (2003: £1m) and Barclays Global Investors (£2m) (2003: (£1m)).
(e) Goodwill amortisation included in the profit/(loss) on ordinary activities before tax, by class of business, is shown in the Analysis of Results
by Business on pages 106 to 112.
49 Retirement benefits
As disclosed in Note 4, Barclays accounts for pensions in accordance with SSAP 24. The disclosure in Note 4 sets out details of the assumptions
underlying the SSAP 24 valuation.
FRS 17 ‘Retirement Benefits’ will be effective for companies subject to UK accounting standards for years beginning on or after 1st January 2005.
In 2004, the standard requires disclosures to be made of the amount of the asset or liability that would have been recognised in the balance sheet
and the amounts that would have been recognised in the performance statements if the standard had been implemented.
As described in Note 4, Barclays provides pension plans for employees in most parts of the world. For the purposes of the standard, the UK
Retirement Fund (UKRF) and other defined benefit pension schemes in the UK, US, Germany and Spain, are considered to be material. The scheme
in Germany and one of the US schemes are unfunded. The disclosures below reflect interim actuarial valuations as at 31st December 2004 by a
professionally qualified independent actuary using the projected unit method. This method results in the current service cost in respect of closed
schemes (primarily 1964 Pension Scheme) increasing as the members of the scheme approach retirement.