THE UTC COMMON INVESTMENT FUND
NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2024
8 Cash and other investment balances
2024
2023
Cash
Cash - sterling
1,766 1,129
463 508
Cash foreign currency
Total cash
2,895
971
Other investment balances
Accrued investment income
9,374
11,895 (5,024)
Interest payable on repurchase agreements
(4,277)
Net other investment balances
5,097
6,871
Cash balances include collateral amounts of £1,340k (2023: £nil).
9 Repurchase agreements
2024
2023
Amounts payable under repurchase agreements
(275,746)
(312,247)
Bonds with a fair value of at the year end of £261,703 (2023: £337,780) 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.
10 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 level (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 level (3).
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