Strategic Report | Governance | Financial Statements | 179
19. FINANCIAL INVESTMENTS continued
Fair value
Amortised cost £m
Mandatory £m
Designated £m
Total £m 482
31 December 2022 (restated)
Cash available on demand
482
–
–
Financial investments
–
7,583
15,769
23,352
Other receivables
33
–
–
33
Total financial assets Underlying assets
515
7,583
15,769
23,867
– Investment contracts
–
–
33
33
– Other
515 515
7,583 7,583
15,736 15,769
23,834 23,867
Total financial assets
Investment contract liabilities
–
– –
33
33
Loans and borrowings Other financial liabilities
699 623
– – –
699
3,046
3,669
Other payables
96
–
96
Total financial liabilities
1,418
3,046
33
4,497
Analysis of financial investments
2022 (restated) £m
2023 £m
1,141
Units in liquidity funds
1,174
495
Investment funds
421
13,654
Debt securities and other fixed income securities
11,353
706
Deposits with credit institutions
908
5,681
Loans secured by residential mortgages Loans secured by commercial mortgages
5,306
764 779
584 247 948 134
Long income real estate 1
1,113
Infrastructure loans
164
Other loans
2,377
Derivative financial assets
2,277
Total investments measured at FVTPL Gilts – subject to repurchase agreements Total investments measured at amortised cost
26,874
23,352
2,549 2,549
– –
Total financial investments
29,423
23,352
1. Includes £176m residential and £603m commercial ground rents. For further information on residential ground rents see note 1.7.
The majority of investments included in debt securities and other fixed income securities are listed investments. 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. Liquidity funds do however meet the definition of cash equivalents for the purposes of disclosure in the Consolidated statement of cash flows. Deposits with credit institutions with a carrying value of £706m (2022: £892m) have been pledged as collateral in respect of the Group’s derivative financial instruments. Amounts pledged as collateral are deposited with the derivative counterparty. Derivatives are reported within Financial investments where the derivative valuation is in an asset position, or alternatively within Other financial liabilities where the derivative is in a liability position. As explained in note 1.2.2, financial investments are restated by £125m in respect of future funding commitments.
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