Strategic Report | Governance | Financial Statements | 223
3. LOANS TO GROUP UNDERTAKINGS continued Details of the Company’s loans to Group undertakings are as follows:
2023 £m
2022 £m
9.375% perpetual restricted Tier 1 contingent convertible debt (call option in April 2024) issued by Just Retirement Limited in April 2019¹ 9.375% perpetual restricted Tier 1 contingent convertible debt (call option in April 2024) issued by Partnership Life Assurance Company Limited in April 2019 ¹ 9.0% 10-year subordinated debt 2026 (Tier 2) issued by Just Retirement Limited in October 2016 8.125% 10-year subordinated debt 2029 (Tier 2) issued by Just Retirement Limited in October 2019 8.2% 10-year subordinated debt 2030 (Tier 2) issued by Just Retirement Limited in May 2020 7.0% 10.5-year subordinated debt 2031 (Tier 2) issued by Just Retirement Limited in November 2020 8.125% 10-year subordinated debt 2029 (Tier 2) issued by Partnership Life Assurance Company Limited in October 2019 7.0% 10.5-year subordinated debt 2031 (Tier 2) issued by Partnership Life Assurance Company Limited in November 2020
250
250
50
50
254
250
25
25
103
100
76
75
102 102
100 100
51
5.0% 7-year subordinated debt 2025 (Tier 3) issued by Just Retirement Limited in December 2018
50
Total
1,013
1,000
(2)
Less: Loss allowance
–
At 31 December
1,011
1,000
1 Included in current assets.
4. FINANCIAL INVESTMENTS
Fair value (designated) 2023 £m
2022 £m 109 109
85 85
Units in liquidity funds
Total
All financial investments are measured at fair value through the profit or loss and designated as such on initial recognition. All assets for which fair value is measured or disclosed in the financial statements are categorised within the fair value hierarchy, based on the lowest level input that is significant to the fair value measured as a whole. In the fair value hierarchy, units in liquidity funds are all classified as Level 1. There have been no transfers between levels during the year.
5. SHARE CAPITAL The allotted, issued and fully paid ordinary share capital of the Company at 31 December 2023 is detailed below:
Number of £0.10 ordinary shares 1,038,702,932 1,038,702,932 1,038,537,044
Share capital £m
Share premium £m
Total £m 197 197 197
£m
At 1 January 2023
104 104 104
93 93 93
At 31 December 2023
At 1 January 2022
Shares issued in respect of employee share schemes
165,888
–
–
–
At 31 December 2022
1,038,702,932
104
93
197
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