UNITED TECHNOLOGIES CORPORATION (UK) PENSION SCHEME YEAR ENDED 31 DECEMBER 2024
NOTES TO THE FINANCIAL STATEMENTS
17 Amounts payable under repurchase agreements
2023
2024
Amounts payable under repurchase agreements
(275,746)
(312,247)
Bonds with a fair value at the year-end of £261,703k (2023: £337,780k) had been sold subject to repurchase contracts and therefore continued to be recognised in the financial statements. In addition, bonds with a fair value at the year-end of £20,522k (2023: £21,711k) had been provided as additional collateral for the same repurchase contracts. There were 8 (2023: 10) repurchase agreements at the year- end with maturity between January and June 2025.
18 Fair value of investments
The fair value of financial instruments has been estimated using the following fair value hierarchy;
Level (1): The unadjusted quoted price in an active market for identical assets or liabilities that the entity can access at the measurement date.
Level (2): Inputs (other than quoted prices included within level 1) that are observable for the asset or liability, either directly or indirectly.
Level (3): Inputs are unobservable, i.e. for which market data is unavailable for the asset or liability.
Pooled investment vehicles which are traded regularly are generally included in category (2). Where the absence of regular trading or the unsuitability of recent transaction prices as a proxy for fair value applies, valuation techniques are adopted, and the vehicles are included in category (3).
The
investment assets and liabilities have been included at fair value within these categories as
follows:
2024 Total
Level
(1)
(2)
(3)
Bonds
- -
1,044,127
-
1,044,127
Pooled investment vehicles
298,192 (5,574)
132,359
430,551
Derivatives - net
7
6,844
1,277
Asset Backed Funding
- - -
-
206,600
206,600 24,406
AVC investments Insurance policies
23,708
698 770
- - -
770
Cash
2,895 5,097
- - -
2,895 5,097
Other investment balances Repurchase agreements
-
(275,746)
(275,746)
Total
7,999
1,084,707
347,271
1,439,977
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