PPS Integrated Report 2021 Notes to the Consolidated Financial Statements | 174 Notes to the Consolidated Financial Statements (continued) for the year ended 31 December 2021 16. LIABILITIES TO OUTSIDE UNIT TRUST HOLDERS Group 2021 2020 Restated R’m R’m Liabilities to outside unit trust holders Balance at beginning of the year 9 297 7 197 Investment by outside unit trust holders 3 515 4 288 Redemptions by outside unit trust holders (2 380) (2 909) Attributable to outside unit trust holders 2 022 721 Investment income 697 572 Gains on financial assets 1 546 321 Expenses (221) (172) Balance at end of the year 12 454 9 297 Current 12 454 9 297 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 2021 2020 Restated R’m R’m Net assets backing up liabilities to unit trust holders 12 454 9 297 Financial assets – Investments at fair value through profit or loss (note 6) 11 617 8 856 Insurance and other receivabes 147 137 Cash and cash equivalents (note 9) 1 702 1 209 Insurance and other payables (1 012) (905) 17. BORROWINGS Group Carrying amount and fair value 2021 2020 R’m R’m Amortised cost Mortgage loans (Secured) 98 119 Minority beneficiary loans in PPS Property Fund Trust (Unsecured) – 33 Total borrowings 98 152 Current 29 27 Non-current 69 125 Mortgage loans bear interest at between prime less 0.5% and prime less 1% and are payable over the period to 2026. Loans from the minority beneficiary of PPS Property Fund Trust were settled in full.
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