2020 INTEGRATED REPORT

15. LIABILITIES TO OUTSIDE UNIT TRUST HOLDERS Group 2020 2019 R’m R’m Liabilities to outside unit trust holders Balance at beginning of the year 14 908 12 670 Investment by outside unit trust holders 7 309 2 584 Redemptions by outside unit trust holders (5 192) (2 081) Attributable to outside unit trust holders 853 1 735 Investment income 1 050 882 (Losses)/gains on financial assets (48) 985 Expenses (149) (132) Balance at end of the year 17 878 14 908 Current 17 878 14 908 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 2020 2019 R’m R'm Net assets backing up liabilities to unit trust holders 17 878 14 908 Financial assets – Investments at fair value through profit or loss (note 5) 16 852 14 063 Insurance and other receivabes 135 75 Cash and cash equivalents (note 8) 1 790 1 525 Insurance and other payables (899) (755) 16. BORROWINGS Group Carrying amount and fair value 2020 2019 R’m R’m Amortised cost Mortgage loans (Secured) 119 136 Minority shareholder loans in PPS Property Fund Trust (Unsecured) 33 30 Total borrowings 152 166 Current 27 26 Non-current 125 140 Mortgage loans bear interest at between prime less 0.5% and prime less 1% and are payable over the period to 2026. Minority shareholder loans in PPS Property Fund Trust carry interest at prime less 1%. These loans are payable between 31 October 2022 and 6 March 2029. PPS INTEGRATED REPORT 2020 | 163