Group Trust 2023 2022 2023 2022 $’000 $’000 $’000 $’000 Operations Unitholders’ funds as at beginning of the year 2,306,231 2,588,199 1,160,483 1,210,256 Change in Unitholders’ funds resulting from operations 40,826 122,993 (4,691) (5,537) Total return attributable to perpetual securities holders (3,375) (3,375) (3,375) (3,375) Transfer to general reserve (7,834) (7,756) – – Net increase/(decrease) in net assets resulting from operations 29,617 111,862 (8,066) (8,912) Movements in hedging reserve Effective portion of changes in fair value of cash flow hedges (26,826) 39,576 (26,826) 39,576 Movements in foreign currency translation reserve Translation differences from financial statements of foreign operations (155,221) (341,572) – – Exchange differences on monetary items forming part of net investment in foreign operations (18,383) (19,153) – – Exchange differences on hedges of net investment in foreign operations (47) – – – Net (loss)/gain recognised directly in Unitholders’ funds (200,477) (321,149) (26,826) 39,576 Movement in general reserve 7,834 7,756 – – Unitholders’ transactions Creation of Units payable/paid to manager – Units issued and to be issued as satisfaction of the portion of Manager’s management fees payable in Units 14,931 15,355 14,931 15,355 Units issued in respect of the distribution reinvestment plan 1,794 2,616 1,794 2,616 16,725 17,971 16,725 17,971 Distributions to Unitholders (120,076) (98,408) (120,076) (98,408) Net decrease in net assets resulting from Unitholders’ transactions (103,351) (80,437) (103,351) (80,437) Unitholders’ funds as at end of the year 2,039,854 2,306,231 1,022,240 1,160,483 Perpetual securities holders’ funds Balance as at beginning of the year 99,610 99,610 99,610 99,610 Amount reserved for distribution to perpetual securities holders 3,375 3,375 3,375 3,375 Distributions to perpetual securities holders (3,375) (3,375) (3,375) (3,375) Balance as at end of the year 99,610 99,610 99,610 99,610 STATEMENTS OF MOVEMENTS IN UNITHOLDERS’ FUNDS Year ended 31 December 2023 The accompanying notes form an integral part of these financial statements. ANNUAL REPORT 2023 157 Financials Framework Portfolio Performance Leadership Overview
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