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Authorised and issued share capital
 12 Months Ended
Dec. 31, 2024
Disclosure of classes of share capital [abstract]  
Authorised and issued share capital
24. Authorised and issued share capital
Equity ordinary shares1
Nominal value
£m
Authorised
At 1 January 20221,750,000,000 175 
At 31 December 20221,750,000,000 175 
At 31 December 20231,750,000,000 175 
At 31 December 20241,750,000,000 175 
Issued and fully paid
At 1 January 20221,224,459,550 122 
Exercise of share options125,700 — 
Share cancellations(83,157,954)(8)
At 31 December 20221,141,427,296 114 
Exercise of share options85,900 — 
At 31 December 20231,141,513,196 114 
Exercise of share options248,625 — 
Share cancellations(50,367,570)(5)
At 31 December 20241,091,394,251 109 
Note
1Ordinary shares have a par value of £0.10.
Company’s own shares
The Company’s holdings of own shares are stated at cost and represent shares held in treasury and purchases by the Employee Share Ownership Plan (ESOP) trusts of shares in the Company for the purpose of funding certain of the Group’s share-based incentive plans.
The trustees of the ESOP purchase the Company’s ordinary shares in the open market using funds provided by the Company. The Company also has an obligation to make regular contributions to the ESOP to enable it to meet its administrative costs. The number and market value of the ordinary shares of the Company held by the ESOP at 31 December 2024 was 39,769 (2023: 490,646, 2022: 1,211,974), and £0.3 million (2023: £4 million, 2022: £10 million) respectively. The number and market value of ordinary shares held in treasury at 31 December 2024 was 12,591,893 (2023: 66,675,497, 2022: 70,489,953) and £104 million (2023: £502 million, 2022: £578 million) respectively.