Page 101 - 86395_CCB - 2024 Annual Report (web)

101

27 Capital and reserves
• Share capital

£’000 No. of shares
2024 2023 2024 2023
Ordinary shares of £1 each authorised,
issued and fully paid
1 January 44,955 44,955 44,955,000 44,955,000
Shares issued during the year – – – –

31 December 44,955 44,955 44,955,000 44,955,000
Perpetual subordinated contingent
convertible loan notes

1 January 22,900 22,900 22,900,000 22,900,000
Authorised notes issued during the year – – – –
Fully paid notes as at 31 December 22,900 22,900 22,900,000 22,900,000

The holders of ordinary shares are entitled to receive £’000 2024 2023
dividends as declared from time to time and are
entitled to one vote per share at meetings of the Convertible loan note 2,459 2,191
Bank. During the year there were no new shares interest 10.74 pence per loan
authorised or issued (2023: nil). There were no new note (2023: 9.57 pence per
issues of any convertible loan notes (2023: nil). loan note)

Dividends on ordinary shares are recognised in Total 2,459 2,191
equity in the period in which they are approved by
shareholders. No ordinary share dividends were paid 28 Employee benefits
in 2024 (2023: nil).
• Defined contribution pension plans
Cambridgeshire Local Government Pension Fund The defined contribution plan is a post‑
holds the perpetual subordinated contingent employment benefit plan under which the
convertible loan notes. Interest on these securities Company pays fixed contributions into a
is due and payable only at the sole discretion of separate entity and will have no legal or
the Board.
constructive obligation to pay further amounts.
• Fair value through other comprehensive income Obligations for contributions to defined
reserve (FVOCI reserve) contribution pension plans are recognised as
an expense in the income statement in the
The FVOCI reserve includes the cumulative net periods during which services are rendered
change in the fair value of financial assets until the
by employees.
investment is derecognised or impaired.
The Bank operates a defined contribution
£’000 2024 2023 Personal Pension Scheme, which is provided by
Royal London Mutual Insurance Society Limited
FVOCI reserve as at 1 January (376) (1,209)
and contributes to the personal pension plans
FVOCI financial assets – net 150 1,111 of certain employees. The pension cost for the
change during the year year represents the contributions payable by the
Bank under these arrangements and amounted
Related tax (48) (278)
to £2,153k (2023: £1,846k). There was an
FVOCI Reserve as at (274) (376) outstanding contribution due of £4k (2023: £nil)
31 December at the end of the year.
29 Financial instruments and fair values
• Convertible loan note interest payments
The Bank has set out in Notes 22, 28 and 29,
The following convertible loan note interest
how it classifies financial assets and liabilities
payments were recognised as distributions to
under IFRS 9. The following tables summarise
owners during the year ended 31 December.
the classification and carrying amounts of the
The increased rate reflects the higher average bank
Bank’s financial assets and liabilities as well as
base rate during 2024.
the valuation basis: