Group
Trust
2014
2013
2014
2013
$’000
$’000
$’000
$’000
Net assets at beginning of the year
6,008,744 5,702,926 5,767,530 5,513,826
Operations
Total return for the year
618,875 574,366 563,601 537,177
Hedging reserves
Effective portion of changes in fair value of
cashflow hedges
23,899
7,515
–
–
Movement in foreign currency translation
reserves
(5,204)
6,925
–
–
Movement in general reserves
602
485
–
–
Unitholders’ transactions
Creation of units
– Units issued in respect of RCS Trust’s asset
management fees
5,775
5,585
5,775
5,585
Distributions to Unitholders
(370,252)
(289,058)
(370,252)
(289,058)
Net decrease in net assets resulting from
Unitholders’ transactions
(364,477)
(283,473)
(364,477)
(283,473)
Net assets at end of the year
6,282,439 6,008,744 5,966,654 5,767,530
The accompanying notes form an integral part of these financial statements.
Statements of Movements in Unitholders’ Funds
Year ended 31 December 2014
Leading with Confidence | 139
