THE UTC COMMON INVESTMENT FUND
NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2024
Critical accounting judgements and estimation uncertainty Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The Administrator makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. For the CIF, the Administrator believes the only estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities within the next financial year are 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
2024
2023
Income from bonds
25,106
25,019
Income from pooled funds
8,768
8,010
Interest on repurchase agreements Net receipts/(payments) from swaps
(15,097)
(14,513) (1,656)
343 328
Income from cash deposits
51
Other income
67
5
Expenses - rebated
215
807
19,730
17,723
Expenses are rebated where inbuilt unit pricing exceeds agreed manager charges.
5
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
Bonds
1,172,762
168,610 (203,612) 189,356 (237,976)
(93,633) 14,498 (6,003)
1,044,127
Pooled investment vehicles
464,673
430,551
Derivatives - net
2,679
26,780
(22,179)
1,277
1,640,114
384,746 (463,767)
(85,138)
1,475,955
Cash
971
(419)
2,895
Other net investment balances Amounts payable under repurchase agreements
6,871
178
5,097
(312,247)
-
(275,746)
1,335,709
(85,379)
1,208,201
Purchases and sales of pooled investment vehicles include £177,505k and £197,335k respectively of purchases and sales of cash-based liquidity funds.
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