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JSE ITXUK
ITXUK
ITXUK - Itrix FTSE 100 - Abridged Audited Results For The Year Ended 31
December 2006
ITRIX FTSE 100
Share code: ITXUK & ISIN: ZAE000071098
A Portfolio in the ITRIX Collective Investment Scheme in Foreign
Securities ("ITRIX") (Established on 6 September 2005 in the Republic of
South Africa in terms of the Collective Investment Schemes Control Act,
45 of 2002)
ABRIDGED AUDITED RESULTS FOR THE YEAR ENDED 31 DECEMBER 2006
INCOME STATEMENT
for the year ended 31 December 2006
2006
R
Income
Dividend income 13 157 845
Interest received 78 107
Fair value gains on financial instruments 29 027 244
Unrealised foreign exchange gain 995 849
Realised foreign exchange gains 185 150
43 444 195
Expenses
Fair value loss on financial instruments (32 061 081)
Management and administrative expenses (2 818 263)
Unrealised loss on foreign exchange (381 437)
Income/Loss before distribution 8 183 414
Distributions (9 786 428)
Withholding Tax (1 247 327)
Change in net assets attributable to investors (2 850 341)
BALANCE SHEET
at 31 December 2006
2006
R
Assets
Listed equities 476 959 976
Trade and other receivables 1 353 856
Cash and cash equivalents 7 337 109
Total assets 485 650 941
Liabilities
Net assets attributable to investors 478 725 135
Trade and other payables 6 925 806
Total Liabilities 485 650 941
STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO INVESTORS
for the year ended 31 December 2006
Net Assets
R
Balance at 31 December 2005 135 052 269
Balance at 31 December 2006 478 725 135
CASH FLOW STATEMENT
for the year ended 31 December 2006
2006
R
Cash generated by operations 6 773 147
Tax Paid (1 294 595)
Interest income 78 107
Net cash flow from operating activities 5 556 659
Cash inflow from investing activities 680 079
Purchases of equities (297 128 776)
Proceeds from sale of equities 22 504 251
In specie creations and liquidations 275 304 604
Net increase in cash and cash equivalents 6 236 738
Cash and cash equivalents at the beginning of 632 421
year
Effect of exchange rate fluctuations on cash and 467 950
cash equivalent
Cash and cash equivalents at the end of year 7 337 109
NOTES
for the year ended 31 December 2006
1. Accounting policies
The financial statements incorporate the principal accounting
policies set out below.
1.1 Basis of preparation
The financial statements are prepared on a historic cost
basis, except for financial instruments, which are accounted
for as set out in note 1.3.
1.2 Statement of compliance
The financial statements are prepared in accordance with
International Financial Reporting Standards and
interpretations adopted by the International Accounting
Standards ("IASB") and in accordance with the requirements of
the Trust Deed and the Collective Investment Schemes Control
Act No.45 of 2002. The financial statements are presented in
Rand.
1.3 Financial instruments
Measurement
Financial instruments comprise trade receivables, cash and
cash equivalents, loans and trade and other payables.
Financial instruments are initially measured at fair value,
including, for instruments not at fair value through profit or
loss, and directly attributable transaction costs. A financial
instrument is recognised if the Trust becomes a party to the
contractual provisions of the instrument. Financial
instruments are derecognised if the Trust transfers the
financial asset to another party without retaining control or
substantially all the risks and rewards of the asset.
Financial liabilities are derecognised if the Trust`s
obligations specified in the contract expire, are discharged
or cancelled. Subsequent to initial recognition these
instruments are measured as set out below.
Investments
Listed investments are classified as at fair value through
profit and loss. Changes in fair value are recognised directly
in profit and loss. Fair value is represented by the closing
market value at the balance sheet date as published in the
financial press.
Trade and other receivables
Trade and other receivables originated by the Trust are stated
at amortised cost using the effective interest rate method,
less impairment losses. Where the fair value of trade and
other receivables is not separately disclosed, the carrying
amounts are deemed to be a reasonable approximation of fair
value.
Cash and cash equivalents
For the purposes of the cash flow statement, cash and cash
equivalents are measured at fair value.
Financial liabilities
Financial liabilities, other than those held at fair value
through profit and loss, are measured at amortised cost using
the effective interest rate method, less any impairment
losses. Financial liabilities arising from the securities
issued by the Trust are carried at the redemption amount
representing the investor`s right to a residual interest in
the Trust`s net assets.
Fair value gains and losses on subsequent measurement
Investments are classified as at fair value through profit and
loss if they are held for trading, or designated as such upon
initial recognition.
Offset
Financial assets and financial liabilities are offset and the
net amount reported in the balance sheet when the Trust has a
legally enforceable right to set of the recognised amounts,
and intends either to settle the liability simultaneously.
1.4 Revenue
Revenue comprises fee income from investments.
1.5 Investment income
Interest is recognised on a time proportion basis, taking
account the principal outstanding and the effective rate over
the period to maturity, when it is probable that such income
will accrue to the Trust. The effective interest rate is
established on initial recognition of the financial instrument
and is not revised subsequently.
Dividends are recognised when the right to receive payment is
established.
1.6 Foreign currency transactions
Transactions in foreign currencies are translated at the
foreign exchange rate ruling at the date of the transaction.
Monetary assets and liabilities denominated in foreign
currencies at the balance sheet date are translated to euro at
the foreign exchange rate ruling at that date. Foreign
exchange differences arising on translation are recognised in
the income statement. Non-monetary assets and liabilities
denominated in foreign currencies that are stated at fair
value are translated to euro at foreign exchange rates ruling
at the dates the fair value was determined. Foreign currency
differences arising on translation are recognised in profit
and loss.
1.7 Taxation
Under the current system of tax in South Africa, the Trust is
exempt from paying tax on income or capital gains. Both income
and capital gains are taxed in the hands of the investors.
Foreign dividend income is reflected gross of withholding tax
("WHT"). The income is passed on to the investors, net of WHT
so that they can claim this tax as a rebate in accordance with
section 6 quat (1)(d) of the Income Tax Act No. 58 of 1962.
These financial statements have been audited by the independent
auditors, KPMG Inc., and their unqualified audit opinion is
available for inspection at the company`s registered office.
Johannesburg
30 March 2007
Sponsor
Java Capital (Proprietary) Limited
Trustee
Standard Bank of South Africa Limited
Date: 30/03/2007 16:15:25 Produced by the JSE SENS Department.
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