Strategic Report | Governance | Financial Statements | 217
36. GROUP ENTITIES continued Summarised financial information for associates Summarised balance sheet – GPUT
Year ended 31 December 2023 £m
Year ended 31 December 2022 £m
Assets Financial investments
244
212
– 3
Trade and other receivables Cash and cash equivalents
52
6
Total assets
247
270
Equity Partners capital Retained earnings
327
327
(80)
(57)
Total equity
247
270
Year ended 31 December 2023 £m
Year ended 31 December 2022 £m
Reconciliation to carrying amount
270
Net assets brought forward – GPUT
275
(23)
Loss for the period
(5)
Net assets at 31 December – GPUT
247 148
270
Group’s share – GPUT
193¹
1
Group’s share – Other associates Carrying amount of associates
1
149
194
Year ended 31 December 2023 £m
Year ended 31 December 2022 £m
Summarised statement of comprehensive income – GPUT
(15)
(5)
Fair value loss on financial investments
(8)
Payments to unitholders
–
Loss for the period
(23)
(5)
1 The Group’s share of the GPUT in the prior year included £30m related to recovery of Stamp Duty Land Tax by the GPUT on behalf of the Group, which was settled in 2023.
37. RELATED PARTIES The Group has related party relationships with its key management personnel and subsidiary undertakings detailed in note 36. Key management personnel comprise the Directors of the Company. There were no material transactions between the Group and its key management personnel other than those disclosed below. Key management compensation is as follows: Year ended 31 December 2023 £m Year ended 31 December 2022 £m Short-term employee benefits 3 3 Share-based payments 2 2 Total 5 5
In addition there are loans owed by Directors of £0.4m (2022: £0.4m) which accrue interest fixed at 4% per annum and are repayable in whole or in part at any time.
38. ULTIMATE PARENT COMPANY AND ULTIMATE CONTROLLING PARTY The Company is the ultimate Parent and Controlling Party of the Group.
39. POST BALANCE SHEET EVENTS Subsequent to 31 December 2023, the Directors proposed a final dividend for 2023 of 1.50 pence per ordinary share (2022: 1.23 pence), amounting to £22m (2022: £18m) in total. Subject to approval by shareholders at the Company’s 2024 AGM, the dividend will be paid on 15 May 2024 to shareholders on the register of members at the close of business on 12 April 2024, and will be accounted for as an appropriation of retained earnings in year ending 31 December 2024.
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