NOTES TO FINANCIAL STATEMENTS NOTES TO F I NANC I AL STATEMENTS 12. RESERVE FUND In accordance with the Company’s Memorandum of Association, the reserve fund consists of $250,000 of capital contribution, which was funded in equal amounts by FCDO and KfW. 13. TRUST FUNDS A ‘Premium Support Facility Trust’ (“PSF Trust”) was established on November 23, 2021 with Appleby Global Trust Services (Bermuda) Ltd. acting as trustee. The intended purpose of the PSF Trust is to receive trust funds from Donors pursuant to Grant Agreements entered into by the Company and Donors, intended to provide financing support for risk transfer programs. Subject to the eligibility requirements, on application to the trustee, the Company may receive distributions as premium-subsidized co-payments for ARC Member States insurance or other risk transfer transaction premiums. During the year ended December 31, 2023, premium subsidy grant disbursements received by the Company amounted to $15,464,146 (2022: $1,091,182). 14. OTHER INTEREST AND SIMILAR INCOME/(LOSS) Figures in USD 31 DEC 2023 31 DEC 2022 Interest and dividend income 2,383,075 1,458,375 Amortization of bonds 2,911 (171,069) Realized loss on investments (746,862) (5,460,689) Realised gain on futures and derivatives – 1,514,789 Unrealized gains on forwards and derivatives 40,383 – Gross investment income/(loss) 1,679,507 (2,658,594) Less: Investment managers, custody and portfolio fees (97,024) (92,800) Other interest and similar income/(loss) 1,582,483 (2,751,394) Interest rates on investments ranged from 0% to 9.0% (2022: 0% to 9.0%) during the year. 128
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