CDO Carador Eur

transitional provisions for each standard. The adoption of the following 
amendments resulted in changes to accounting policies but did not have any 
impact on the financial position or performance of the Company. 
o  IFRS 8 Operating Segment Information: clarifies that segment assets and 
liabilities need only be reported when those assets and liabilities are included 
in measures that are used by the chief operating decision maker. As the chief 
operating decision maker does not review segment assets and liabilities, the 
Company has continued to disclose this information in Note 18. 
o  IAS 1 Presentation of Financial Instruments: assets and liabilities 
classified as held for trading in accordance with IAS 39 Financial Instruments: 
Recognition and Measurement are not automatically classified as current in the 
statement of financial position. The Company analysed whether the expected 
period of realisation of financial assets and liabilities differed from the 
classification of the instrument. This did not result in any reclassification of 
financial instruments between current and non-current in the statement of 
financial position. 
o  IAS 7 Statement of Cash Flows: explicitly states that only expenditure that 
results in recognising an asset can be classified as a cash flow from investing 
activities. 
o  IAS 36 Impairment of Assets: when discounted cash flows are used to estimate 
'fair value less cost to sell' additional disclosure is required about the 
discount rate, consistent with disclosures required when the discounted cash 
flows are used to estimate 'value in use'. 
Standard and amendments to existing standards that are relevant to the Company 
but not yet effective and have not been early adopted by the Company are as 
follows; 
o IAS 27 Consolidated and separate financial statements effective for periods 
from 1 July 2009 
o IFRS 3 Business Combinations effective for periods beginning on or after 1 
July 2009 
o IAS 39 Financial Instruments: Recognition and Measurement effective for 
periods beginning on or after 1 July 2009 
o IFRIC 17 Distribution of non-cash assets to owners effective for periods 
beginning on or after 1 July 2009 
The adoption of the above amendments in future periods will not have any impact 
on the financial position or performance of the Company. 
2f. Interest and dividend income and interest expense 
Income receivable and payable from interest bearing financial instruments is 
recognised in the statement of comprehensive income on an accruals basis to the 
extent that it represents income and not a return of principal to the Company. 
Dividend income is credited to the Statement of comprehensive income on an 
ex-dividend basis. Dividend income is shown gross of any non-recoverable 
withholding taxes, which is disclosed separately in the statement of 
comprehensive income and net of any tax credits. 
2g. Redeemable participating shares 
Redeemable participating shares are redeemable on the winding up of the Company, 
due to take place on or around 20 February 2021 and are classified as financial 
liabilities in accordance with IAS 32. The liabilities arising from the 
redeemable shares are carried at the redemption amount being the net asset value 
calculated in accordance with IFRS. 
 
NOTES TO THE FINANCIAL STATEMENTS (continued) 
 
For the year ended 31 December 2009 
 
 
2.             SIGNIFICANT ACCOUNTING POLICIES (continued) 
 
2h. Fees and charges 
The Investment Manager's fee, Custodian's fee, Administrator's fee, Directors' 
fees and other operating expenses are charged to the statement of comprehensive 
income on an accruals basis. 
2i. Cash and cash equivalents 
 
Cash comprises current deposits with banks. Cash equivalents are short-term, 
highly liquid investments that are readily convertible to known amounts of cash, 
are subject to an insignificant risk of changes in value, and are held for the 
purpose of meeting short-term cash commitments rather than for investments or 
other purposes. 
 
2j. Net realised gains or losses on investments 
 
Realised gains or losses on investments pertain to gains or losses on disposal 
of investments at fair value through profit or loss calculated on a weighted 
average cost basis and gains or losses on settlement of derivative financial 
instruments. 
 
2k. Net unrealised gains or losses on investments 
 
Net unrealised gains or losses on investments at fair value through the profit 
or loss pertain to the fair value movement, which is calculated as described in 
Note 2l (iii) and adjusted for any principal repayments. The returns received on 
the Company's investments in CLOs carried at fair value through profit or loss 
are allocated between income and principal based on the expected return on an 
individual investment. Also included within this caption are the unrealised 
gains or losses on derivative financial instruments, which are calculated as 
described in Note 2l (i). 
 
2l. Financial instruments 
 
(i) Classification 
The Company classifies its financial assets and financial liabilities into 
categories in accordance with IAS 39 Financial Instruments: Recognition and 
Measurement. 
 
                The category of financial assets and financial liabilities at 
fair value through profit or loss comprises: 
 
Financial assets and financial liabilities designated at fair value through 
profit and loss 
Financial assets, including investments in subsidiaries, and financial 
liabilities classified in this category are designated by management on initial 
recognition as part of a group of financial assets and liabilities which are 
managed and their performance evaluated on a fair value basis, in accordance 
with a documented investment strategy.  The term "financial assets designated at 
fair value through profit or loss" includes investments in collateralised loan 
obligations, equities, collective investment schemes and term deposits.  The 
term "financial liabilities designated at fair value through profit or loss" 
includes term notes issued by Gale Force 4. 
 
Financial instruments held for trading 
Derivatives are categorised as held for trading, as the Company does not 
designate any derivatives as hedges for hedge accounting purposes as described 
under IAS 39. Derivatives include forward currency contracts. Derivatives are 
recorded at fair value. Changes in the fair value of derivatives are recorded in 
'Net unrealised losses on derivative financial instruments'. 
 
(ii) Initialmeasurement 
Financial assets and financial liabilities are measured initially at fair value, 
being the transaction price, on the trade date. Transaction costs on financial 
assets are expensed immediately. 
 
 
NOTES TO THE FINANCIAL STATEMENTS (continued) 
 
For the year ended 31 December 2009 
 
 
2.             SIGNIFICANT ACCOUNTING POLICIES (continued) 
 
2l. Financial instruments (continued) 
 
(iii) Subsequent measurement 
                After initial measurement, the Company measures financial 
instruments which are classified at fair value through profit or loss at their 
fair values. Changes in fair value are recorded within 'Net unrealised 
gain/(loss) on financial assets and financial liabilities designated at fair 
value through profit or loss'.  Fair value is the amount for which an asset 
could be exchanged, or a liability settled, between knowledgeable, willing 
parties in an arm's length transaction. The following sources have been used to 
obtain fair value for the financial assets and liabilities of the Company: 
 
1. where quoted market prices are available for the financial assets and 
liabilities these are used to determine fair value of the respective financial 
instrument; 
2. where the market for a financial instrument is not an active market the fair 
value on subsequent measurement is obtained through broker quotes or through the 
use of pricing services; 
3. where the fair value cannot be determined by reference to observable market 
quotes or broker quotes the entity estimates fair value through the use of a 
discounted cash flow model. There are a number of assumptions applied in 
determining the fair values of the financial assets and liabilities whose fair 
value is estimated through the use of the discounted cash flow model. 
 
(iv) Offsetting financial instruments 
Financial assets and liabilities are offset and the net amount reported in the 
statement of financial position where there is a legally enforceable right to 
offset the recognised amounts and there is an intention to settle on a net 
basis, or realise the assets and settle the liability simultaneously. 
(v) Derecognition 
The Company derecognises a financial asset when the contractual rights to the 
cash flows from the financial asset expire or it transfers the financial asset 
and the transfer qualifies for derecognition in accordance with IAS 39. The 
Company derecognises a financial liability when the obligation specified in the 
contract is discharged, cancelled or expires. 
 
2m. Foreign currency 
The functional currency of the Company is euro as the Directors have determined 
that this reflects the Company's primary economic environment. The presentation 
currency of the Company is also euro.  Transactions in foreign currencies are 
translated at the foreign currency exchange rate ruling at the date of the 
transaction. Monetary assets and liabilities denominated in foreign currencies 
are translated to euro at the foreign currency closing exchange rate ruling at 
the statement of financial position date.  Foreign currency exchange differences 
relating to investments at fair value through profit or loss are included in the 
realised net gain/loss on investments at fair value through profit or loss and 
the movement in unrealised net gain/loss on investments at fair value through 
profit or loss. All other foreign currency exchange differences relating to 
monetary items, including cash, are presented in the statement of comprehensive 
income. 
Foreign exchange gains and losses on financial assets and financial liabilities 
at fair value through profit or loss are recognised together with other changes 

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