Just Annual Report and Accounts 2024

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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