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Changes in accounting presentation
The Group’s share of the results of joint ventures and associated
undertakings are shown separately below operating profit
having previously been included in Other operating income.
For the purposes of Business Group analysis the share of the
results is still included in Operating profit.
There have been no other changes in accounting presentation
from that reflected in the 1999 Annual report.
Nature of business
Barclays is a UK-based financial services group engaged
primarily in banking, investment banking and asset
management. In terms of assets employed, Barclays is one
of the largest financial services groups in the UK. The Group
also operates in many other countries around the world
and is a principal provider of co-ordinated global services to
multinational corporations and financial institutions in the
world’s main financial centres.
Analyses by geographical segments and classes of business
The analyses by geographical segment are generally based
on the location of the office recording the transaction.
In note 60, the global swaps business is included within the
UK segment. Foreign UK-based comprises activities in the UK
with overseas customers, including sovereign lendings, and the
main foreign exchange trading business arising in the UK. Of
the £22.0bn of assets reported under this heading in 2000,
it is estimated that £7.9bn relates to customers domiciled in
Other European Union countries and £5.0bn relates to
customers domiciled in the United States.
UK includes business transacted through the Channel Islands
and Isle of Man. United States includes business conducted
through the Bahamas and the Cayman Islands.
The world-wide activities of Barclays are highly integrated
and, accordingly, it is not possible to present geographical
segment information without making internal allocations,
some of which are necessarily subjective. Where appropriate,
amounts for each geographical segment and class of business
reflect the benefit of earnings on a proportion of shareholders’
funds, allocated generally by reference to weighted risk assets.
Note 60 to the accounts also presents an analysis of the results
by classes of business based on the business groupings
described.
Total assets and total revenues are stated after elimination of
intra-group assets and revenues. Intra-group transactions are
undertaken on normal commercial terms.
In 2000, only the UK accounted for more than 10% of the total
profit before tax or total gross income and at 31st December
2000 only the UK and the United States accounted for more
than 10% of the total assets. In 1999, only the UK accounted
for more than 10% of the total profit before tax or total gross
income and at 31st December 1999 only the UK and the
United States accounted for more than 10% of the total assets.
In 1998, only the UK and other EU accounted for more than
10% of the total profit before tax or total gross income and
at 31st December 1998 only the UK and the United States
accounted for more than 10% of the total assets.
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