Docusign Envelope ID: 7C07248F-983B-4F8B-904D-FCB9B680B5CE
THE UTC COMMON INVESTMENT FUND
NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2023
All amounts in tables are in £ thousands unless otherwise stated.
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General information
The UTC Common Investment Fund (the ‘ CIF ’) was established on 6 April 1983 for the purpose of managing the defined benefit section assets of certain UK pension schemes of employers within the United Technologies Corporation group, now known as RTX Corporation. During the year ended 31 December 2023, the United Technologies Corporation (UK) Pension Scheme (‘UTC (UK) PS’) was the only participant. This has been the case since February 2020. The CIF is resident in the United Kingdom and operates under an administration Agreement dated 26 August 2005 which was drawn up under English law. The Administrator is UTC Pension Trust Limited the registered office of which is at 100 Avebury Boulevard, Milton Keynes MK9 1FH. The correspondence address for the CIF is at PO Box 8620, Belper DE56 9GL.
Agreements are in place between the CIF and the Participating Scheme which govern the operation of the CIF.
The Participating Scheme pays investment management, administration and other fees except as shown in the financial statements .
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Basis of preparation of the financial statements
The individual financial statements of The UTC Common Investment Fund have been prepared in accordance with the Occupational Pension Schemes (Requirement to obtain Audited Accounts and a Statement from the Auditor) Regulations 1996, Financial Reporting Standard (FRS) 102 - The Financial Reporting Standard applicable in the UK and Republic of Ireland issued by the Financial Reporting Council (“FRS 102”) and the guidance set out in the Statement of Recommended Practice “Financial Reports of Pension Schemes” (revised June 2018) (“the SORP”) insofar as they relate to common investment funds.
The Administrator does not consider the CIF to be a Financial Institution as described in the Glossary to FRS 102.
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Accounting policies
The following principal accounting policies have been adopted in the preparation of the financial statements, which have been applied consistently.
Currency The functional currency and presentational currency of the CIF is pounds sterling (GBP).
Assets and liabilities in foreign currencies are expressed in sterling at the rates of exchange ruling at the year end. Foreign currency transactions are translated into sterling at the spot exchange rate at the date of the transaction.
Gains and losses arising on conversion or translation are dealt with as part of the change in market value of investments.
Investment income and expenditure Income from pooled investment vehicles, which distribute income, is accounted for on an accruals basis on the date they are quoted ex-dividend/interest. Income from bonds is accounted for on an accruals basis and includes income bought and sold on purchases and sales of bonds. Other interest on cash and short-term deposits and income from other investments are accounted for on an accruals basis.
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