NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (continued) for the year ended 31 December 2022 16. Liabilities to outside unit trust holders Group 2022 2021 Restated* R’m R’m Liabilities to outside unit trust holders Balance at beginning of the year 13 347 10 121 Investment by outside unit trust holders 1 939 3 552 Redemptions by outside unit trust holders (420) (2 310) Foreign currency translation reserve 321 316 Attributable to outside unit trust holders (101) 1 668 Investment income 1 049 659 (Losses) / gains on financial assets (862) 1 231 Expenses (288) (222) Balance at end of the year 15 086 13 347 Current 15 086 13 347 * Refer note 35 Liabilities to outside unit trust holders are classified as Level 2, as the fair value of the unit trust funds are derived from unit prices published by the unit trust fund managers. Group 2022 2021 Restated R’m R’m Net assets backing up liabilities to unit trust holders 15 086 13 347 Financial assets – Investments at fair value through profit or loss (note 6) 13 172 11 617 Insurance and other receivables 269 147 Cash and cash equivalents (note 9) 1 769 1 702 Insurance and other payables (124) (119) 17. Borrowings Group Carrying amount and fair value 2022 2021 R’m R’m Amortised cost Mortgage loans (Secured) – 98 Minority beneficiary loans in PPS Property Fund Trust (Unsecured) – – Total borrowings – 98 Current – 29 Non-current – 69 Mortgage loans bear interest at between prime less 0.5% and prime less 1% and were settled in 2022. 146 Notes to the Consolidated Financial Statements
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