UNITED TECHNOLOGIES CORPORATION (UK) PENSION SCHEME YEAR ENDED 31 DECEMBER 2024
NOTES TO THE FINANCIAL STATEMENTS
9 Reconciliation of net investments
Opening value at 1 January 2024
Purchases at cost and derivative payments
Sales proceeds and derivative receipts
Change in market value
Closing value at 31 December 2024
Defined benefit section Bonds Pooled investment vehicles
1,172,762
168,610 189,356 26,780
(203,612) (237,976) (22,179)
(93,633) 14,498 (6,003) (13,400)
1,044,127
464,673
430,551
Derivatives - net
2,679
1,277
Asset Backed Funding
220,000 23,855
- - -
-
206,600 24,406
AVC investments Insurance policies
(1,963)
2,514
720
-
50
770
1,884,689
384,746
(465,730)
(95,974)
1,707,731
Cash
971
(419)
2,895
Amounts payable under repurchase agreements Other net investment balances
(312,247)
-
(275,746)
6,871
178
5,097
1,580,284
(96,215)
1,439,977
With the exception of Asset Backed Funding, AVC investments and Insurance policies all investments are currently held via the CIF.
Purchases and sales of pooled investment vehicles include £177,505k and £197,335k, respectively, of purchases and sales of cash-based liquidity funds.
Direct transaction costs incurred in the year are disclosed in the CIF financial statements which are appended to these financial statements.
In addition to the direct transaction costs, indirect costs are incurred through the bid-offer spread on pooled investment vehicles and charges made within those vehicles. It is not possible to quantify the level of indirect transaction costs.
10 Investment management expenses
2024
2023
Administration, management and custody
1,115
449
38
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