Strategic Report Governance
Financial Statements
177
18. CASH AND CASH EQUIVALENTS
31 December 2024 £m
31 December 2023 £m
Cash available on demand Units in liquidity funds
808
546
1,792 2,600
1,141 1,687
Cash and cash equivalents in the Consolidated statement of cash flows
Units in liquidity funds comprise wholly of units in funds which invest in very short dated liquid assets. However as they do not meet the definition of Cash available on demand, liquidity funds are reported within financial investments (see note 15). Liquidity funds do however meet the definition of cash equivalents for the purposes of disclosure in the Consolidated statement of cash flows.
19. SHARE CAPITAL AND SHARE PREMIUM The allotted, issued and fully paid ordinary share capital of Just Group plc is detailed below:
Number of £0.10 ordinary shares 1,038,702,932 1,038,702,932 1,038,702,932 1,038,702,932
Share capital £m
Share premium £m
At 1 January 2024
104 104 104 104
95 95 95 95
At 31 December 2024
At 1 January 2023
At 31 December 2023
The Company does not have a limited amount of authorised share capital.
20. OTHER RESERVES
31 December 2024 £m
31 December 2023 £m
Merger reserve
597 348
597 348
Reorganisation reserve Revaluation reserve Share held by trusts
1
3
(2)
(5)
Total
944
943
Reorganisation reserve represents the difference in the nominal value of the shares in the Company and the value of shares in Just Retirement Group Holdings Limited for which they were exchanged as part of the Group reorganisation in November 2013. The merger reserve is the result of a placing of 94,012,782 ordinary shares in 2019 and the acquisition of 100% of the equity of Partnership Assurance Group plc in 2016. The placing was achieved by the Company acquiring 100% of the equity of a limited company for consideration of the new ordinary shares issued. Merger relief under Section 612 of the Companies Act 2006 applied to both transactions, as explained in note 6 of Parent Company’s financial statements.
21. TIER 1 NOTES
Year ended 31 December 2024 £m
Year ended 31 December 2023 £m
At 1 January
322 322
322 322
At 31 December
On 16 September 2021 the Group issued £325m 5.0% perpetual restricted Tier 1 contingent convertible notes, incurring issue costs of £3m. During the year, interest of £16m was paid to holders of the Tier 1 notes (2023: £16m). The Tier 1 notes bear interest on the principal amount up to 30 September 2031 (the first reset date) at the rate of 5.0% per annum, and thereafter at a fixed rate of interest reset on the first call date and on each fifth anniversary thereafter. Interest is payable on the Tier 1 notes semi-annually in arrears on 30 March and 30 September each year. The Group has the option to cancel the coupon payment at its discretion and cancellation of the coupon payment becomes mandatory upon non-compliance with the solvency capital requirement or minimum capital requirement or where the Group has insufficient distributable funds. Cancelled coupon payments do not accumulate or become payable at a later date and do not constitute a default. In the event of non-compliance with specific solvency requirements, the conversion of the Tier 1 notes into ordinary shares could be triggered. The Tier 1 notes are treated as a separate category within equity and the coupon payments are recognised outside of the profit after tax result and as a deduction directly from shareholders’ equity. Amounts reported in the Statement of changes in equity are £12m (2023: £12m) after attributable tax.
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