Strategic Report Governance
Financial Statements
209
STATEMENT OF CASH FLOWS OF THE COMPANY for the year ended 31 December 2024
Year ended 31 December 2023 (restated)¹ £m
Year ended 31 December 2024 £m
Cash flows from operating activities Profit before tax
23
30
Adjustments for: Impairment of loans to Group undertakings
–
2
Transactions in shares held by trusts
(3)
(6)
Coupon received on Tier 1 notes from Group undertakings
(26) (63)
(28) (59)
Interest income Interest expense
59
51
Change in operating assets and liabilities: Decrease in prepayments
– –
5 4
Taxation received
Net cash outflow from operating activities
(10)
(1)
Cash flows from investing activities Interest received on financial assets Acquisition of property and equipment Repayment of loans from Group undertakings
7
4 – – –
(2)
300
Issue of loan to Group undertaking
(250)
26 56
28 56 88
Coupon received on Tier 1 notes from Group undertakings ¹ Interest received on borrowings from Group undertakings ¹
137
Net cash inflow from investing activities ¹
Cash flows from financing activities Proceeds on issue of borrowings (net of costs) Payment on redemption of borrowings
398
–
(256)
(26) (19) (16) (49)
Dividends paid
(23) (16) (48)
Coupon paid on Tier 1 notes ¹ Interest paid on borrowings ¹
55
(110)
Net cash inflow/(outflow) from financing activities ¹
Net increase/(decrease) in cash and cash equivalents
182
(23)
Cash and cash equivalents at 1 January Cash and cash equivalents at 31 December
97
120
279
97
Cash available on demand Units in liquidity funds
15
12 85 97
264 279
Cash and cash equivalents at 31 December
1 Payments and receipts in respect of coupons/interest are presented on a gross basis as there is no right of offset between the external payments due and the intercompany receipts. Prior period figures have been restated to report £28m interest received on the Tier 1 notes from Group undertakings and £56m interest received on the loans from Group undertakings within investing activities; previously reported within financing activities net of coupons/interest paid.
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