Company: BCS
Filing Date: 2025-02-13
Form Type: 20-F
Source: 0000312069-25-000114
Chunk: 634

Company: BARCLAYS PLC
Filing Date: 2025-02-13
Form: 20-F
Chunk 634
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 agent and therefore will

consolidate the structured entity.

An interest in equity voting rights exceeding 50% would typically indicate that the Group has control of an entity. Until 25 October 2024

Palomino Limited was excluded from consolidation despite the Group holding 100% of the voting rights as it was managed by an

external counterparty and the Group was not exposed to its variable returns. Following the termination of the management agreement,

as from 26 October 2024 the entity is now fully consolidated.

|                  |                                          | Percentage ofvoting rights held | Equityshareholders'funds | Retained profit forthe year |
| Company name     | Country of registration or incorporation |                               % | £m                       | £m                          |
| Palomino Limited | Cayman Islands                           |                             100 | —                        | —                           |

Interests relating to the entity are included in Note 34 for the year ended 31 December 2023.

Significant restrictions

As is typical for a group of its size and international scope, there are restrictions on the ability of Barclays PLC to obtain distributions of

capital, access the assets or repay the liabilities of members of its Group due to the statutory, regulatory and contractual requirements

of its subsidiaries and due to the protective rights of non-controlling interests. These are considered below.

Regulatory requirements

Barclays’ principal subsidiary companies have assets and liabilities before intercompany eliminations of £ 2,015bn ( 2023 : £ 2,022b n) and

£ 1,919bn ( 2023 : £ 1,927b n) respectively. Certain of these assets and liabilities are subject to prudential regulation and regulatory capital

requirements in the countries in which they are regulated. These require entities to maintain minimum capital levels which cannot be

returned to the parent company, Barclays PLC, on a going concern basis.

| Strategy                                      | Shareholderinformation | Climate andsustainability report | Governance | Riskreview | Financialreview |     | Financialstatements |     | Barclays PLC 2024Annual Reporton Form 20-F | 432 |
| Notes to the financial statements (continued) |                        |                                  |            |            |                 |     |                     |     |                                            |     |
| Scope of consolidation                        |                        |                                  |            |            |                 |     |                     |     |                                            |     |

In order to meet capital requirements, subsidiaries may issue certain equity-accounted and debt-accounted financial instruments and non