The Fund is established under Chapter XIV of the Constitution of the Church of Ireland as amended from time to time by the General Synod. The Representative Church Body is the Trustee of the Fund which is administered by the Church of Ireland Pensions Board in accordance with the provisions of Chapter XIV.
The Fund has been approved by the Revenue Commissioners as a retirement benefits scheme under Part 30, Chapter I of Taxes Consolidation Act, 1997, and is treated as an “exempt approved scheme” for the purposes of that Act. In addition the Fund, exclusive of the part relating to the Republic of Ireland, has been approved by the Board of the Inland Revenue of the United Kingdom as a retirement benefits scheme for the purposes of Chapter I, Part XIV, Income and Corporations Taxes Act 1988 and is treated as an “exempt approved scheme” for the purposes of Section 592 of that Act.
The Financial Statements, which should be read in conjunction with the report of the Church of Ireland Pensions Board, are expressed in Irish currency for balance sheet reporting purposes but the Fund is maintained in separate currency subdivisions having regard to the membership profile in the Republic of Ireland and Northern Ireland and the currencies in which the contributions and benefits are payable.
The financial development of the Fund over the year 2000 was as follows:
|
|
|
IR£’000 |
|
Contributions and other receipts |
|
2,746 |
|
Investment income |
|
2,107 |
|
Benefits paid and other expenses |
|
(4,314) |
|
|
|
_______ |
|
Net new money available for investment |
|
539 |
|
Value of Fund at 31 December 1999 |
96,870 |
|
|
Plus currency translation adjustment |
(173) |
96,697 |
|
|
_______ |
|
|
Realised/Unrealised investment gains |
|
1,944 |
|
|
|
_______ |
|
Value of Fund at 31 December 2000 |
|
99,180 |
|
|
|
_______ |
The Representative Body, as trustee of the Fund, is responsible for investment policy and meetings are held with the Investment Managers to review strategy and performance on a regular basis. The Investment Managers are remunerated on a fee basis calculated by reference to asset values and in accordance with formal fund management agreements between the managers and the trustee. Management fees and attributed costs of administration are charged to the Fund by the trustee.
The investment objectives are to maximise total returns through diversified portfolios of equity, fixed interest, property and cash investments having regard to liability restraints, cash flow, interest rate and currency movements.
The Actuary’s certificate, which is included in the annual report of the Church of Ireland Pensions Board, confirms that the current contribution rate is adequate to provide for the future accruing liabilities.
The Representative Body, as trustee, is required to prepare financial statements for each financial year which give a true and fair view of the state of affairs and financial activities of the Fund for that period. In preparing the financial statements, the trustee is required to:
· select suitable accounting policies and then apply them consistently;
· make judgements and estimates that are reasonable and prudent;
· prepare the financial statements on the going concern basis.
As trustee, the Representative Body is responsible for keeping proper books of account which disclose with reasonable accuracy at any time the financial position of the Fund and to ensure that the financial statements comply with relevant legislation. It is also responsible for safeguarding the assets of the Fund and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
JF Rankin
14 March 2001 Chairman,
RCB Executive Committee
The portfolio increased in value from IR£52,371,838 to IR£56,076,757 during the period. This represents a weighted return of +9.54% with negative cashflow of IR£1,265,831.
Equity markets
experienced a disappointing year amid intense volatility, particularly in the
technology, media and telecommunications sectors. Sectors that are valued for their defensive qualities, such as
financial, food and pharmaceutical, improved as TMT stocks tumbled after a
strong start to the year.
As economic growth in the
Euroland region lagged that of the US, the euro fell to new lows against the US
dollar. The US productivity growth
story, assisted by higher interest rate levels, acted as an attractive
investment lure. This reduced
investment flows into the European single currency area.
As the year advanced the
European Central Bank narrowed the interest rate differential with the US and
UK which appear to have peaked earlier in the year. The ECB also demonstrated its resolve by intervening in currency
markets to put a floor under the euro.
We withdrew some funds
from bonds to finance attractive opportunities in equities.
The spate of economic
data emerging from the US in the final months of 2000 has illustrated an
economy that is slowing.
As the engine of recent
global economic growth, the US slowdown will have an impact beyond its
borders. Strong US demand has aided
growth in the Far East and Japan. Those
economies may be among the first to feel the effects of such a slowdown.
The Euroland economy is
perhaps better placed to deal with a slowing in growth. Consumer debt is lower and the tax burden is
being lowered. Given its more moderate
pace of expansion and lower interest rate levels, the Euroland region may
experience faster growth than the US in 2001 for the first time in ten years.
The US Federal Reserve’s
most immediate course of action is likely to be a reduction in official
interest rates in an attempt to induce a soft landing. Bond markets have priced in potential rate
cuts and may rely on further equity weakness to gain further.
Given Euroland
conditions, the ECB is unlikely to rush into interest rate reductions.
Dollar weakness is
symptomatic of the current economic slowdown amid sustained equity volatility
and is echoed in the declining value of the Japanese yen.
We believe that the euro is fundamentally undervalued. The conditions are improving to allow for a gradual rise in the currency.
|
The asset distribution of the Fund at the start and end of the review period was as follows: |
||
|
|
1 Jan 2000 |
31 Dec 2000 |
|
Equities |
62.8% |
65.6% |
|
Fixed Interest |
24.0% |
21.1% |
|
Index Linked |
1.6% |
1.0% |
|
Property |
7.7% |
9.0% |
|
Cash |
3.9% |
3.3% |
|
|
||
|
Bank of Ireland Asset
Management |
||
At 31 December 2000 the market value of the Fund’s investments was £43.5m (1999: £43.8m).
The 2000 annual return achieved by the Fund’s assets was –0.1%, 1% ahead of the estimated CAPS Median of –1.0%. The International Equity holdings are held through the Lazard International Equity Fund. This fund returned –2.2% for the year ended 31 December 2000, 2% ahead of the FTSE World ex UK.
While expensive
technology and telecommunications stocks soared in 1999 and dominated
market returns, these same sectors were hard hit in 2000 as investors began to
focus on company fundamentals, not simply price momentum.
The final quarter of the year proved to be disappointing for equity markets in a poor year, the first since 1991 when equities produced a negative return. None of the major markets made progress in local currency terms over the quarter, although sterling weakness against the Euro saw this area post a modest positive for UK investors.
Equity markets were buffeted by a string of profit warnings and downgrades as it became apparent that, contrary to some suggestions, the new economy was not immune to the cycle. The old economy was far from unaffected by the negative sentiment.
There were also reversals from a regional perspective in 2000 as the Japanese market, which rose strongly in 1999, fell amid slumping consumer spending and weak business confidence. While European markets were roughly flat for the year in local currency terms, the weakness in the euro compressed these returns for a Sterling denominated investor. The euro weakness also magnified the impact of sharply rising oil prices on European companies. However, after a persistent decline since its launch in January 1999, the currency made a remarkable recovery in December 2000 as signs of a slowdown in the US economy emerged and US technology stocks, which had been attracting a lot of capital as they soared, continued to show weakness.
The global economy is slowing. The general expectation is that a recession will be avoided. Certainly the prospect is that the next move in interest rates in the US will be downwards. The surprise cut in US interest rates will, to an extent, offset the continuing deterioration in corporate profitability. Declining interest rates have historically almost invariably been positive for equity markets. Nevertheless, there will remain considerable uncertainty over the coming months.
We will continue to seek relative value opportunities among companies with strong competitive positions and the necessary strategic vision to excel going forward, as we believe that the renewed emphasis on old-fashioned fundamental analysis will persist. Our approach is focussed on stock and security selection rather than market allocation. However, we continue to find the best opportunities in Europe.
|
Asset |
31 December 2000 |
31 December 1999 |
||
|
|
|
|
|
|
|
Fixed Interest |
|
|
|
|
|
UK Fixed Income |
18.0 |
|
12.1 |
|
|
Overseas Fixed Income |
|
|
2.9 |
|
|
Money Markets |
2.3 |
|
|
|
|
|
|
20.3 |
|
15.0 |
|
|
|
|
|
|
|
Equities |
|
|
|
|
|
UK |
59.3 |
|
61.8 |
|
|
Overseas |
18.6 |
|
20.8 |
|
|
|
|
77.9 |
|
82.6 |
|
|
|
|
|
|
|
Cash and Equivalents |
1.8 |
1.8 |
2.4 |
2.4 |
|
|
|
|
|
|
|
Total |
|
100.00 |
|
100.00 |
|
Lazard
Asset Management Limited, London |
Auditors’ Report
Blank page for
photocopy
The significant accounting policies adopted by the Trustee are as follows:
(i) Basis of preparation
The financial statements have been prepared in accordance with the Occupational Pension Funds (Disclosure of Information) (No. 2) Regulations, 1998, and Statement of Recommended Practice, “Financial Reports of Pensions Schemes”.
(ii) Investment Income
Income on investments includes all dividends and interest receivable during the year plus the related tax credits adjusted to reflect bought and sold interest on bond transactions in the accounting period.
(iii) Investments
Quoted investments are stated in the fund financial statements at valuation. They are valued at market prices ruling at year end and unquoted investments are stated at Trustee’s valuation. Bond valuations at year end include accrued interest from the last gale date.
(iv) Foreign Currencies
Balances and transactions denominated in foreign currencies have been translated into Irish Pounds at the rate of exchange ruling at the year end. (2000 IR£1 = £0.7924 : 1999 IR£1 = £0.7894).
(v) Benefits
The pension benefits are secured by contributions to a separately administered defined benefits scheme in accordance with the provisions of Chapter XIV of the Constitution of the Church of Ireland as amended from time to time by the General Synod.
|
CONSOLIDATED
FUND |
|
|
|
|
|
|
|
|
Notes |
2000 |
1999 |
2000 |
1999 |
|
|
|
|
IR£’000 |
IR£’000 |
€’000 |
€’000 |
|
|
CONTRIBUTIONS AND OTHER
RECEIPTS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contributions
receivable |
3 |
2,746 |
2,775 |
3,487 |
3,523 |
|
|
|
|
______ |
______ |
______ |
______ |
|
|
|
|
2,746 |
2,775 |
3,487 |
3,523 |
|
|
|
|
______ |
______ |
______ |
______ |
|
|
|
|
|
|
|
|
|
|
BENEFITS AND OTHER PAYMENTS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Benefits
payable |
4 |
4,119 |
3,920 |
5,230 |
4,977 |
|
|
Administrative
expenses payable to the Trustee |
|
58 |
49 |
74 |
62 |
|
|
|
|
______ |
______ |
______ |
______ |
|
|
|
|
4,177 |
3,969 |
5,304 |
5,039 |
|
|
|
|
______ |
______ |
______ |
______ |
|
|
|
|
|
|
|
|
|
|
CONTRIBUTIONS LESS BENEFITS |
|
(1,431) |
(1,194) |
(1,817) |
(1,516) |
|
|
|
|
______ |
______ |
______ |
______ |
|
|
|
|
|
|
|
|
|
|
INVESTMENT RETURN FOR THE
YEAR |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment
income |
5 |
2,107 |
2,133 |
2,675 |
2,708 |
|
|
Realised
& unrealised investment gain |
|
1,944 |
13,404 |
2,468 |
17,019 |
|
|
Currency
Translation adjustment |
|
(173) |
3,902 |
(219) |
4,955 |
|
|
Investment
Management expenses (net) |
|
(137) |
(111) |
(174) |
(141) |
|
|
|
|
______ |
______ |
______ |
______ |
|
|
|
|
3,741 |
19,328 |
4,750 |
24,541 |
|
|
|
|
______ |
______ |
______ |
______ |
|
|
NET INCREASE IN FUND FOR YEAR |
|
2,310 |
18,134 |
2,933 |
23,025 |
|
|
|
|
|
|
|
|
|
|
BALANCE 1 JANUARY |
|
96,870 |
78,736 |
122,999 |
99,974 |
|
|
|
|
______ |
______ |
______ |
______ |
|
|
BALANCE 31 DECEMBER |
|
99,180 |
96,870 |
125,932 |
122,999 |
|
|
|
|
______ |
______ |
______ |
______ |
|
|
|
|
|
|
|
|
|
The Fund has no
recognised gains or losses other than those dealt with in the Fund Account.
Signed on behalf of the
Trustee: JF Rankin
DG
Perrin
Date: 14
March 2001
|
CONSOLIDATED FUND |
|
|
|
|
|
|
|
|
Notes |
2000 |
1999 |
2000 |
1999 |
|
|
|
|
|
|
|
|
|
|
|
|
IR£’000 |
IR£’000 |
€’000 |
€’000 |
|
|
|
|
|
|
|
|
|
|
INVESTED ASSETS |
6 |
98,920 |
96,630 |
125,602 |
122,695 |
|
|
|
|
______ |
______ |
______ |
______ |
|
|
|
|
|
|
|
|
|
|
CURRENT ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amounts
due from the |
|
|
|
|
|
|
|
Representative Church Body |
|
260 |
310 |
330 |
394 |
|
|
|
|
______ |
______ |
______ |
______ |
|
|
|
|
|
|
|
|
|
|
CURRENT LIABILITIES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Creditors |
|
- |
70 |
- |
89 |
|
|
|
|
______ |
______ |
______ |
______ |
|
|
|
|
|
|
|
|
|
|
NET CURRENT ASSETS
/(LIABILITIES) |
|
260 |
240 |
330 |
305 |
|
|
|
|
______ |
______ |
______ |
______ |
|
|
|
|
|
|
|
|
|
|
BALANCE OF FUND |
|
99,180 |
96,870 |
125,932 |
123,000 |
|
|
|
|
______ |
______ |
______ |
______ |
|
|
|
|
|
|
|
|
|
Signed on behalf of the
Trustee: JF Rankin
DG
Perrin
Date: 14
March 2001
|
REPUBLIC
OF IRELAND SUBDIVISION |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Notes |
2000 |
1999 |
2000 |
1999 |
|
|
|
|
|
|
|
|
|
|
|
|
IR£’000 |
IR£’000 |
€’000 |
€’000 |
|
|
CONTRIBUTIONS AND OTHER
RECEIPTS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contributions
receivable |
3 |
811 |
805 |
1,029 |
1,022 |
|
|
Transfers from Northern Ireland subdivision |
|
51 |
173 |
65 |
220 |
|
|
|
|
______ |
______ |
______ |
______ |
|
|
|
|
862 |
978 |
1,094 |
1,242 |
|
|
|
|
______ |
______ |
______ |
______ |
|
|
|
|
|
|
|
|
|
|
BENEFITS AND OTHER PAYMENTS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Benefits
payable |
4 |
1,696 |
1,626 |
2,153 |
2,064 |
|
|
Transfers
to Northern Ireland subdivision |
|
83 |
75 |
105 |
94 |
|
|
Administrative
expenses |
|
32 |
22 |
41 |
28 |
|
|
|
|
______ |
______ |
______ |
______ |
|
|
|
|
1,811 |
1,723 |
2,299 |
2,186 |
|
|
|
|
______ |
______ |
______ |
______ |
|
|
|
|
|
|
|
|
|
|
CONTRIBUTIONS LESS BENEFITS |
|
(949) |
(745) |
(1,205) |
(946) |
|
|
|
|
______ |
______ |
______ |
______ |
|
|
|
|
|
|
|
|
|
|
INVESTMENT RETURN FOR THE
YEAR |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment
income |
|
649 |
645 |
824 |
819 |
|
|
Realised
& unrealised investment gain |
|
3,330 |
5,986 |
4,228 |
7,600 |
|
|
Investment
Management expenses |
|
(63) |
(42) |
(80) |
(53) |
|
|
|
|
______ |
______ |
______ |
______ |
|
|
|
|
3,916 |
6,589 |
4,972 |
8,366 |
|
|
|
|
______ |
______ |
______ |
______ |
|
|
|
|
|
|
|
|
|
|
NET INCREASE IN FUND FOR YEAR |
|
2,967 |
5,844 |
3,767 |
7,420 |
|
|
|
|
|
|
|
|
|
|
BALANCE 1 JANUARY |
|
41,359 |
35,515 |
52,515 |
45,095 |
|
|
|
|
______ |
______ |
______ |
______ |
|
|
BALANCE 31 DECEMBER |
|
44,326 |
41,359 |
56,282 |
52,515 |
|
|
|
|
______ |
______ |
______ |
______ |
|
|
NORTHERN IRELAND
SUBDIVISION |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Notes |
2000 |
1999 |
2000 |
1999 |
|
|
|
|
|
|
|
|
|
|
|
|
IR£’000 |
IR£’000 |
€’000 |
€’000 |
|
|
CONTRIBUTIONS AND OTHER
RECEIPTS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contributions
receivable |
3 |
1,935 |
1,970 |
2,458 |
2,502 |
|
|
Transfers from Republic of Ireland subdivision |
|
83 |
75 |
105 |
95 |
|
|
|
|
______ |
______ |
______ |
______ |
|
|
|
|
2,018 |
2,045 |
2,563 |
2,597 |
|
|
|
|
______ |
______ |
______ |
______ |
|
|
|
|
|
|
|
|
|
|
BENEFITS AND OTHER PAYMENTS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Benefits
payable |
4 |
2,423 |
2,294 |
3,077 |
2,913 |
|
|
Transfers to Republic of Ireland subdivision |
|
51 |
173 |
65 |
220 |
|
|
Administrative
expenses |
|
26 |
27 |
33 |
34 |
|
|
|
|
______ |
______ |
______ |
______ |
|
|
|
|
2,500 |
2,494 |
3,175 |
3,167 |
|
|
|
|
______ |
______ |
______ |
______ |
|
|
|
|
|
|
|
|
|
|
CONTRIBUTIONS LESS BENEFITS |
|
(482) |
(449) |
(612) |
(570) |
|
|
|
|
______ |
______ |
______ |
______ |
|
|
|
|
|
|
|
|
|
|
INVESTMENT RETURN FOR THE
YEAR |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment
income |
|
1,458 |
1,488 |
1,851 |
1,889 |
|
|
Realised
& unrealised investment gain |
|
(1,386) |
7,418 |
(1,760) |
9,419 |
|
|
Currency
Translation adjustment |
|
(173) |
3,902 |
(219) |
4,955 |
|
|
Investment
Management expenses |
|
(74) |
(69) |
(94) |
(88) |
|
|
|
|
______ |
______ |
______ |
______ |
|
|
|
|
(175) |
12,739 |
(222) |
16,175 |
|
|
|
|
______ |
______ |
______ |
______ |
|
|
|
|
|
|
|
|
|
|
NET INCREASE IN FUND FOR YEAR |
|
(657) |
12,290 |
(834) |
15,605 |
|
|
|
|
|
|
|
|
|
|
BALANCE 1 JANUARY |
|
55,511 |
43,221 |
70,484 |
54,879 |
|
|
|
|
______ |
______ |
______ |
______ |
|
|
BALANCE 31 DECEMBER |
|
54,854 |
55,511 |
69,650 |
70,484 |
|
|
|
|
______ |
______ |
______ |
______ |
|
An actuarial valuation is carried out at intervals of not
more than three years. The last
valuation of the Fund was carried out at 30 September 2000. Based on that valuation the Actuary
confirmed that the scheme satisfied the minimum funding standards laid down under section 44 of the Pensions Act, 1990 (Republic
of Ireland).
The statements summarise the transactions and net assets of the scheme. They do not take account of liabilities to pay pensions and other benefits in the future. The actuarial position of the fund, which does take account of such liabilities, is dealt with in the statement by the actuary in the text of the annual report of the Board and these statements should be read in conjunction therewith.
|
|
2000 |
1999 |
|
|
IR£’000 |
IR£’000 |
|
|
|
|
|
Republic of Ireland |
|
|
|
|
|
|
|
Members – normal |
167 |
153 |
|
– additional personal |
80 |
99 |
|
Dioceses |
549 |
502 |
|
Representative Church Body |
(7) |
39 |
|
Transfers from other funds |
22 |
12 |
|
|
_______ |
_______ |
|
|
811 |
805 |
|
|
_______ |
_______ |
|
|
|
|
|
Northern Ireland |
|
|
|
|
|
|
|
Members – normal |
294 |
270 |
|
– additional personal |
65 |
80 |
|
Dioceses |
939 |
850 |
|
Representative Church Body |
637 |
682 |
|
Transfers from other funds |
- |
88 |
|
|
_______ |
_______ |
|
|
1,935 |
1,970 |
|
|
_______ |
_______ |
|
|
|
|
|
Total |
2,746 |
2,775 |
|
|
_______ |
_______ |
|
|
|
|
Net contributions paid in Sterling to the Northern Ireland subdivision (excluding transfers from other funds) increased by £48,042 in 2000.
|
|
2000 |
1999 |
|
|
IR£’000 |
IR£’000 |
|
|
|
|
|
Republic of Ireland |
|
|
|
|
|
|
|
Pensions to Retired Clergy & Bishops |
910 |
894 |
|
Pensions to Widows and Orphans |
693 |
660 |
|
Death benefits |
93 |
72 |
|
|
_______ |
_______ |
|
|
1,696 |
1,626 |
|
|
_______ |
_______ |
|
|
|
|
|
Northern Ireland |
|
|
|
|
|
|
|
Pensions to Retired Clergy & Bishops |
1,468 |
1,425 |
|
Pensions to Widows and Orphans |
815 |
764 |
|
Commutation of pensions |
82 |
81 |
|
Death benefits |
13 |
4 |
|
Transfer to Other Funds |
45 |
20 |
|
|
_______ |
_______ |
|
|
2,423 |
2,294 |
|
|
_______ |
_______ |
|
|
|
|
|
Total |
4,119 |
3,920 |
|
|
_______ |
_______ |
|
|
|
|
Benefits paid in Sterling from the Northern Ireland subdivision (excluding transfers to other funds) increased by £124,757 in 2000.
|
|
2000 |
1999 |
|
|
IR£’000 |
IR£’000 |
|
|
|
|
|
Fixed interest securities |
692 |
851 |
|
Dividends from equities |
1,202 |
1,071 |
|
Income from managed funds |
111 |
111 |
|
Interest on cash deposits |
95 |
93 |
|
|
_______ |
_______ |
|
|
2,100 |
2,126 |
|
|
|
|
|
Underwriting commission |
2 |
2 |
|
Other trust income |
5 |
5 |
|
|
_______ |
_______ |
|
|
2,107 |
2,133 |
|
|
_______ |
_______ |
(a) Analysis of Fund Asset Values at 31 December 2000
|
|
2000 |
1999 |
|
|
IR£’000 |
IR£’000 |
|
Quoted Securities |
|
|
|
Ireland |
|
|
|
Trustee |
2,943 |
2,787 |
|
Bonds |
658 |
632 |
|
Equities |
6,205 |
6,404 |
|
Convertibles |
12 |
26 |
|
United Kingdom |
|
|
|
Trustee |
6,833 |
5,673 |
|
Bonds |
616 |
1,143 |
|
Preference |
- |
266 |
|
Equities |
35,375 |
35,285 |
|
Unit Trusts |
14,007 |
13,572 |
|
Deposits |
- |
317 |
|
North America |
|
|
|
Bonds |
- |
436 |
|
Equities |
6,136 |
4,336 |
|
Europe |
|
|
|
Equities |
7,237 |
5,429 |
|
Bonds |
- |
1,112 |
|
Pacific Basin |
|
|
|
Equities |
276 |
809 |
|
Hong Kong |
|
|
|
Equities |
610 |
- |
|
Japan |
|
|
|
Equities |
1,281 |
2,742 |
|
Bonds |
- |
233 |
|
Australia |
|
|
|
Equities |
621 |
717 |
|
|
_______ |
_______ |
|
|
82,810 |
81,919 |
|
|
_______ |
_______ |
6. INVESTED ASSETS – CONTINUED
(a) Analysis of Fund Asset Values at 31 December 2000 – continued
|
|
2000 |
1999 |
|
|
IR£’000 |
IR£’000 |
|
Unquoted Securities |
|
|
|
|
|
|
|
Ireland |
|
|
|
Unit Trusts |
2,469 |
2,149 |
|
Unit Trusts – Property |
3,964 |
3,193 |
|
|
|
|
|
North America |
|
|
|
Unit Trusts |
1,807 |
2,787 |
|
|
|
|
|
Europe |
|
|
|
Unit Trusts |
5,570 |
4,892 |
|
|
|
|
|
Pacific Basin |
|
|
|
Unit Trusts |
- |
139 |
|
|
_______ |
_______ |
|
|
13,810 |
13,160 |
|
|
_______ |
_______ |
|
|
|
|
|
Other Assets |
|
|
|
|
|
|
|
Cash |
2,300 |
1,551 |
|
|
_______ |
_______ |
|
|
|
|
|
|
|
|
|
Summary |
|
|
|
|
|
|
|
Quoted Securities |
82,810 |
81,919 |
|
Unquoted Securities |
13,810 |
13,160 |
|
Cash |
2,300 |
1,551 |
|
|
_______ |
_______ |
|
|
98,920 |
96,630 |
|
|
_______ |
_______ |
6. INVESTED ASSETS – CONTINUED
(b) Concentration of Investment
The only single investment which exceeded 5% of the net assets of the scheme was that of Lazard FM International Equity Institutional Income Shares, which amounted to 10.31% of the net assets of the scheme at 31 December 2000.
(c) Purchases and Sales
The total amounts of purchases and sales of investments, other than cash deposits, in the year amounted to IR£35.345m and IR£35.707m respectively.
(d) Equities
There were 182 holdings of equities at the year end with a total market value of IR£57.741m.
The 20 largest holdings were as follows:
|
|
IR£’000 |
|
Vodafone |
3,433 |
|
Glaxosmithkline |
2,799 |
|
BP Amoco |
2,540 |
|
Bank of Ireland |
1,942 |
|
Barclays |
1,816 |
|
Shell T&T |
1,551 |
|
HSBC |
1,365 |
|
CRH |
1,116 |
|
Bank of Scotland |
1,042 |
|
Diageo |
954 |
|
Great Universal Stores |
929 |
|
Allied Domeq |
921 |
|
EMI |
859 |
|
Prudential |
806 |
|
Allied Irish Banks |
804 |
|
British Telecom |
767 |
|
Astrazeneca |
743 |
|
Reuters |
701 |
|
National Grid Group |
660 |
|
Marconi |
631 |
6. INVESTED ASSETS – CONTINUED
(e) Managed Funds:
The following managed funds were held at 31 December 2000:
|
|
IR£’000 |
|
|
|
|
Irish Pension Fund Property Unit Trust |
251 |
|
BOI Exempt Unit Trust Euro Liquidity Fund |
985 |
|
BOI Exempt Unit Trust Smaller Equity Fund |
2,366 |
|
BOI EUT Eurozone Bond Fund |
4,585 |
|
BOI Exempt Unit Trust International Bond Fund |
1,807 |
|
Lazard FM Aggregate Bond Fund Institutional Income Shares |
2,513 |
|
Lazard FM International Equity Institutional Income Shares |
10,195 |
|
Lazard FM UK Smaller Companies Income Shares |
1,295 |
|
New Ireland Pensions Property Fund |
3,713 |
|
New Ireland Venture Fund |
103 |
|
|
|
In the opinion of the trustee the Scheme had no contingent liabilities at 31 December 2000.
The costs of investment management and administration are substantially borne by the Fund. The balance of these costs is borne by the Trustee.