Barclays 2007 Annual Report Download - page 226

Notes to the accounts
For the year ended 31st December 2007
224 Barclays PLC Annual Report 2007
42 Related party transactions and Directors’ remuneration
(a) Related party transactions
Parties are considered to be related if one party has the ability to control the other party or exercise significant influence over the other party in making
financial or operation decisions, or one other party controls both. The definition includes subsidiaries, associates, joint ventures and the Group’s pension
schemes, as well as other persons.
Subsidiaries
Transactions between Barclays PLC and subsidiaries also meet the definition of related party transactions. Where these are eliminated on consolidation,
they are not disclosed in the Group financial statements. Transactions between Barclays PLC and its subsidiary, Barclays Bank PLC are fully disclosed
directly in its balance sheet and income statement. A list of the Group’s principal subsidiaries is shown in Note 40.
Associates, joint ventures and other entities
The Group provides banking services to its associates, joint ventures and the Group pension funds (principally the UK Retirement Fund), providing loans,
overdrafts, interest and non-interest bearing deposits and current accounts to these entities as well as other services. Group companies, principally within
Barclays Global Investors, also provide investment management and custodian services to the Group pension schemes. The Group also provides banking
services for unit trusts and investment funds managed by Group companies and are not individually material. All of these transactions are conducted on
the same terms as third-party transactions.
Amounts included in the accounts, in aggregate, by category of related party entity are as follows:
For the year ended and as at 31st December 2007
Pension
Entities funds unit
under trusts and
Joint common investment
Associates ventures directorships funds Total
£m £m £m £m £m
Income statement:
Interest received 575 1 –81
Interest paid (1) (58) (1) – (60)
Fees received for services rendered (including investment management and
custody and commissions) 1 34 – 26 61
Fees paid for services provided (52) (78) – – (130)
Principal transactions (24) 47 (16) – 7
Assets:
Loans and advances to banks and customers 142 886 40 – 1,068
Derivative transactions –436–40
Other assets 19 18 – 14 51
Liabilities:
Deposits from banks 11 – – – 11
Customer accounts –613312106
Derivative transactions –1050 –60
Other liabilities 4 125 – – 129