Docusign Envelope ID: 7C07248F-983B-4F8B-904D-FCB9B680B5CE
THE UTC COMMON INVESTMENT FUND
NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2023
related to the valuation of the CIF investments and, in particular, those classified in Level 3 of the fair-value hierarchy. Explanation of the key assumptions underpinning the valuation of investments are included above and in note 10.
4
Investment income
2023
2022
25,019
Income from bonds
22,885
8,010
Income from pooled funds
2,982
(14,513) (1,656)
Interest on repurchase agreements
(5,978) (1,515)
Net payments from swaps Net income on cash deposits
51
315 127 959
5
Other income
807
Expenses - rebated
17,723
19,775
Expenses are rebated as additional units where inbuilt unit pricing exceeds agreed manager charges.
5
Reconciliation of net investments
Closing value at 31 December 2023
Opening value at 1 January 2023
Purchases at cost and derivative payments
Sales proceeds and derivative receipts
Change in market value
1,172,762
Bonds
1,145,443
59,480
(49,646)
17,485
464,673
Pooled investment vehicles
482,870
479,880
(511,299)
13,222
2,679
Derivatives - net
(1,675)
25,410
(37,892)
16,836
1,640,114
1,626,638
564,770
(598,837)
47,543
971
Cash
3,681
(587)
Other net investment balances Amounts payable under repurchase agreements
6,871
7,657
(156)
(312,247)
(311,399)
-
1,335,709
1,326,577
46,800
Purchases and sales of pooled investment vehicles include £342,919k and £336,910k respectively purchases and sales of cash-based liquidity funds.
Investment transaction costs
Direct transaction costs incurred in the year amounted to £4k (2022: £8k) and are comprised wholly of commissions.
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.
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