Strategic Report Governance
Financial Statements
213
8. RELATED PARTY TRANSACTIONS (a) Trading transactions and balances The following transactions were made with related parties during the year:
Year ended 31 December 2024 £m
Year ended 31 December 2023 £m
Staff costs, Directors’ remuneration, operating expenses and management fees charged
(8)
(5)
Interest on loan balances charged to JRL Interest on loan balances charged to PLACL
64 18
64 20
Additions to Group undertakings are detailed in note 2 and loans advanced to or repaid by Group undertakings are detailed in note 3. The following balances in respect of related parties were owed by the Company at the end of the year:
31 December 2024 £m
31 December 2023 £m
Amounts owed for Group tax relief
(1) (1)
–
Others
(2)
The following balances in respect of related parties were owed to the Company at the end of the year:
31 December 2024 £m
31 December 2023 £m
Loans to JRL (including interest) Loans to PLACL (including interest) Amounts owed for Group tax relief
758 203
759 253
–
1
Others
(2)
(1)
(b) Key management compensation Key management personnel comprise the Directors of the Company. Key management compensation is disclosed in note 32 to the Group financial statements.
9. COMMITMENTS Capital commitments of £nil (2023: £2m) relate to improvements to office space to be undertaken in the Company’s Belfast office. 10. POST BALANCE SHEET EVENTS Subsequent to 31 December 2024, the Directors proposed a final dividend for 2024 of 1.8 pence per ordinary share (2023: 1.5 pence), and together with the interim dividend of 0.7 pence per ordinary share paid in 4 October 2024 amounting to £26m (2023: £22m) in total. Subject to approval by shareholders at the Company’s 2025 AGM, the dividend will be paid on 14 May 2025 to shareholders on the register of members at the close of business on 11 April 2025, and will be accounted for as an appropriation of retained earnings in year ending 31 December 2025. On 6 February 2025 the Company repaid the remaining £155m notional of its Tier 3 subordinated debt. Prior to this, the Company received the proceeds from settlement of the outstanding £50m notional associated with the Tier 3 loan to Group undertaking JRL.
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