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Cash flow statement
 12 Months Ended
Dec. 31, 2024
Disclosure of cash flow statement [Abstract]  
Cash flow statement Note 42: Cash flow statement
(A)Change in operating assets
2024
£m
2023
£m
2022
£m
Change in financial assets held at amortised cost
(21,106)
12,311
(1,639)
Change in financial assets at fair value through profit or loss
(9,872)
(22,539)
26,219
Change in derivative financial instruments
(4,082)
1,805
(7,704)
Change in other operating assets
(4,562)
(687)
(141)
Change in operating assets
(39,622)
(9,110)
16,735
(B)Change in operating liabilities
2024
£m
2023
£m
2022
£m
Change in deposits from banks
4
(1,110)
(388)
Change in customer deposits
11,324
(3,850)
(1,207)
Change in repurchase agreements
57
(10,893)
17,471
Change in financial liabilities at fair value through profit or loss
2,619
6,925
(4,849)
Change in derivative financial instruments
1,524
(3,893)
5,982
Change in debt securities in issue at amortised cost
(4,824)
2,094
1,651
Change in insurance contracts1
1,941
9,845
(14,901)
Change in investment contract liabilities
6,250
5,502
(1,414)
Change in other operating liabilities2
4,708
(388)
(864)
Change in operating liabilities
23,603
4,232
1,481
1Includes insurance contracts presented within disposal group liabilities.
2Includes a decrease of £371 million (2023: increase of £315 million; 2022: decrease of £158 million) in respect of lease liabilities.
(C)Non-cash and other items
2024
£m
2023
£m
2022
£m
Interest expense on subordinated liabilities
742
720
697
Hedging valuation adjustments on subordinated debt
(271)
141
(1,871)
Accretion of discounts and amortisation of premiums and issue costs
195
1,259
462
Revaluation of investment properties
(67)
87
511
Net gain on sale of financial assets at fair value through other comprehensive income
(7)
(122)
(92)
Share of post-tax results of associates and joint ventures
13
16
(10)
Profit on disposal of tangible fixed assets
(36)
(61)
(121)
Net (credit) charge in respect of defined benefit schemes
(11)
(79)
125
Depreciation and amortisation
3,426
2,905
2,396
Regulatory and legal provisions
899
675
255
Other provision movements
(206)
(30)
(74)
Allowance for loan losses
494
315
1,372
Write-off of allowance for loan losses, net of recoveries
(1,029)
(1,115)
(759)
Impairment (credit) charge on undrawn balances
(51)
–
122
Impairment (credit) charge on financial assets at fair value through other comprehensive income
(3)
(2)
6
Transactions in own shares
(173)
103
(60)
Transfers to income statement from reserves
2,597
1,838
43
Foreign exchange impact on balance sheet1
1
502
(286)
Other non-cash items
42
176
185
Total non-cash items
6,555
7,328
2,901
Contributions to defined benefit schemes
(175)
(1,345)
(2,533)
Payments in respect of regulatory and legal provisions
(401)
(378)
(625)
Other
11
17
13
Total other items
(565)
(1,706)
(3,145)
Non-cash and other items
5,990
5,622
(244)
1When considering the movement on each line of the balance sheet, the impact of foreign exchange rate movements is removed in order to show the underlying cash impact.
Note 42: Cash flow statement continued
(D)Acquisition of Group undertakings, businesses and joint ventures
2024
£m
2023
£m
2022
£m
Net assets acquired:
Cash and cash equivalents
–
38
–
Intangible assets
–
182
68
Other assets
–
672
131
Deferred tax
–
(58)
–
Other liabilities
–
(646)
(146)
Goodwill arising on acquisition
–
143
335
Cash consideration
–
331
388
Less cash and cash equivalents acquired
–
(38)
(74)
Net cash outflow arising from acquisition of subsidiaries and businesses
–
293
314
Acquisition of and additional investment in joint ventures
179
87
95
Net cash outflow from acquisitions in the year
179
380
409
(E)Analysis of cash and cash equivalents as shown in the balance sheet
2024
£m
2023
£m
2022
£m
Cash and balances at central banks
62,705
78,110
91,388
Less mandatory reserve deposits1
(21)
(1,930)
(2,111)
62,684
76,180
89,277
Loans and advances to banks and reverse repurchase agreements
15,175
19,048
14,418
Less amounts with a maturity of three months or more
(7,043)
(6,390)
(7,866)
8,132
12,658
6,552
Total cash and cash equivalents
70,816
88,838
95,829
1Mandatory reserve deposits are held with local central banks in accordance with statutory requirements. Where these deposits are not held in demand accounts and are not available
to finance the Group’s day-to-day operations they are excluded from cash and cash equivalents.
Included within cash and cash equivalents at 31 December 2024 is £23 million (2023: £31 million; 2022: £37 million) of restricted cash and
cash equivalents held within the Group’s long-term insurance and investments operations, which is not immediately available for use in the
business.