Barclays 2011 Annual Report Download - page 274

Notes to the financial statements
For the year ended 31 December 2011 continued
Other disclosure matters
This section details other disclosure matters, comprising: related party transactions, including
any subsidiaries, associates, joint ventures, entities under common directorships and key
management personnel.
46 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 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, the Group pension funds (principally the UK Retirement Fund) and to entities
under common directorships, providing loans, overdrafts, interest and non-interest bearing deposits and current accounts to these entities as well as
other services. Group companies 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.
Entities under common directorships
The Group enters into normal commercial relationships with entities for which members of the Group’s Board also serve as Directors. The amounts
included in the Group’s financial statements relating to such entities that are not publicly listed are shown in the table opposite under Entities under
common directorships.
Amounts included in the accounts, in aggregate, by category of related party entity are as follows:
Associates
£m
Joint
ventures
£m
Entities under
common
directorships
£m
Pension funds,
unit trusts and
investment
fundsa
£m
For the year ended and as at 31 December 2011
Income (40) 20 1 17
Impairment (2) (6) – –
Total assets 176 1,529 364 –
Total liabilities 36 454 112 182
For the year ended and as at 31 December 2010
Income 19 (15) 10 –
Impairment (5) (9) – –
Total assets 135 2,113 45 –
Total liabilities 28 477 110 142
For the year ended and as at 31 December 2009
Income (57) (55) (64) 6
Impairment (2) (5) – –
Total assets 155 2,080 43 –
Total liabilities 4 503 27 171
No guarantees, pledges or commitments have been given or received in respect of these transactions in 2011 or 2010. Derivatives transacted on behalf
of the Pensions Funds, Unit Trusts and Investment Funds were £568.9m (2010: £206.8m)a.
Note
a 2009 and 2010 balances have been revised to include cash collateral, deposit balances and derivatives transacted on behalf of the Pension Funds, Unit Trusts and Investment Funds.
272 Barclays PLC Annual Report 2011 www.barclays.com/annualreport