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JSE ZRNPLY
ZRNETF
ZRNPLY - ZSHARES RANDPLAY - Unaudited results for the year ended 31
March 2008
ZSHARES RANDPLAY
Abbreviated name: "ZRNDPLY"
JSE Share code: ZRNPLY
ISIN: ZAE000109112
Unaudited results for the year ended 31 March 2008
Zshares RandPlay Tracker Fund
Income statement for the period 28 November
2007 to 31 March 2008
2008
Note R
Net investment
income (4,148,60
7)
Dividends -
local 674,238
Interest -
local 116,721
Realised losses on
disposal of investments (1,725,52
7)
Unrealised losses on revaluation 6
of investments (3,214,03
9)
Operating expenses before
finance costs 474,944
Audit
fees 15,069
Service 141,090
fees
Transaction
costs 305,685
Trustee 13,100
fees
Net deficit for the period
before finance costs (4,623,55
1)
Finance
costs 625,378
8
Distrib 625,378
utions
Decrease in net assets
attributable to unitholders (5,248,92
9)
Balance sheet as at 31 March
2008
Assets
Investments at
market value 46,280,447
Equities 46,280,447
Accounts
receivable 13,928,933
Cash and cash
equivalents 577,886
Total assets
60,787,266
Liabilities
Accounts
payable 14,529,409
Total liabilities, excluding net
assets attributable to unitholders 14,529,409
Net assets attributable to
unitholders at end of period 46,257,857
Statement of changes in net assets attributable to
unitholders 31 March 2008
2008
R
Note
Capital value of unit
portfolio
Net creation of 9
units 51,506,786
Transfer of net fair value
losses, net of transaction
costs,
not distributable
(5,245,251)
Balance at end of
period 46,261,535
Losses attributable to
unitholders
Balance at beginning of
period -
Decrease in net assets
attributable to (5,248,929)
unitholders
Transfer of net fair value
losses, net of transaction
costs,
not distributable
5,245,251
Balance at end of
period (3,678)
Net assets attributable to
unitholders at end of period 46,257,857
Cash flow statement for the period 28 November 2007 to 31
March 2008
Net cash inflow from 916,491
operating activities
Net deficit for the (4,623,551)
period before finance
costs
Adjusted
for:
Dividends (674,238)
(116,721)
Interest
Realised losses 1,725,527
on disposal of
investments
Unrealised losses 3,214,039
on disposal of
investments
Operating loss (474,944)
before working
capital changes
Working
capital
changes
Increase in (13,928,933)
accounts
receivable
Increase in 14,529,409
accounts
payable
Cash generated by 125,532
operations
Dividends 674,238
received
Interest 116,721
received
Net cash outflow from
investing activities
Net acquisition (51,220,013)
of investments
Net cash inflow from 50,881,408
financing activities
Consideration 51,506,786
received on creation
of units
Cash (625,378)
distributions paid
to unitholders
Net cash increase 577,886
for the period
Cash and cash -
equivalents at beginning
of period
Cash and cash 577,886
equivalents at end of
period
Notes to the annual financial statements
For the year ended 31 March 2008
1. Accounting policies
1. Accounting policies
The Collective Investment Scheme ("the Scheme") is an open-ended
investment scheme incorporated under the Collective
Investment Schemes Control Act of South Africa.
The Scheme`s objectives are detailed as part of the Financial
Risk Disclosure below. The Scheme is mainly managed by
Investec Fund Managers SA Limited.
1.1. Basis of compliance
Zshares RandPlay Tracker Fund
The financial statements have been prepared in accordance with
the requirements of the respective Trust Deeds and in
accordance with International Financial Reporting
Standards issued by the International Accounting
Standards Board (IASB), and in the manner required by the
Collective Investment Schemes Control Act of South
Africa.
1.2. Basis of preparation
The financial statements are presented in Rands, being the
functional currency of the Scheme. They are prepared on
the historical cost convention as modified by the
revaluation of financial assets carried at fair value
through profit or loss. The accounting policies set out
below have been applied consistently by the Scheme to all
periods presented. The unit portfolios within the Scheme
operate as individual entities whose participatory
interests are marketed in South Africa. The primary
economic trading environment is deemed to be South
Africa. Each unit portfolio is organised and operated as
one segment and consequently no segmental reporting is
provided in the Scheme`s financial statements.
There are Standards and Interpretations in issue that are not yet
effective. These include the following Standard that is
applicable to the business of Investec Fund Managers SA
Limited and may have an impact on disclosure in future
financial statements: IAS 1 Presentation of Financial
Statements (Amendment), effective for periods commencing
on or after 1 January 2009, requires amendments to the
presentation of financial statements.
1.3. Foreign currency translation
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 currency
are translated to Rand at the foreign currency closing
exchange rate ruling at the balance sheet date.
Non-monetary assets and liabilities denominated in foreign
currency that are measured at fair value are translated
to Rand at the foreign currency exchange rates ruling at
the dates that the fair values were determined. Foreign
currency exchange differences relating to cash
equivalents, investments at fair value through profit or
loss and derivative instruments are included in fair
value gains and losses on financial instruments.
All other foreign currency exchange differences relating to
monetary items are presented separately in the income
statement.
1.4. Financial instruments
1.4.1. Classification
The Scheme designates all its investments upon initial
recognition as financial assets carried at fair value
through profit or loss.
The categories of financial assets and liabilities at fair value
through profit and loss comprise:
- Financial assets classified as held for trading which are those
that the Scheme acquired or incurred principally for the
purposes of selling or repurchasing in the near term, or
are part of a portfolio of identified financial
instruments that are managed together and for which there
is evidence of a recent actual pattern of short-term
profit-taking.
- Derivative instruments are classified as financial assets at
fair value through profit or loss. Derivative
instruments, including options and futures, are used to
hedge against market and currency movements in the value
of assets and liabilities. Hedge accounting is not
applied.
- Financial instruments designated at fair value through profit
and loss upon initial recognition. These include
financial assets that are not held for trading purposes
and which may be sold. These are investments in exchange-
traded debt and equity instruments, unlisted open-ended
investment funds, unlisted debt and equity instruments
and commercial paper. The financial instruments are
managed and performance is evaluated on a fair value
basis in accordance with the Scheme`s investment mandate
and are managed accordingly by the nominated asset
manager.
- Financial assets that are classified as loans and receivables
include balances due from brokers, accrued interest
income, trade, and other debtors. Financial liabilities
that are not at fair value through profit and loss
include balances due to brokers, trade payables, accrued
expenses and financial liabilities arising on redeemable
units.
1.4.2. Recognition and derecognition of financial instruments
Financial instruments are recognised on the balance sheet when,
and only when, the Scheme becomes a party to the
contractual provisions of the particular instrument.
The Scheme derecognises a financial asset when and only when:
- The contractual rights to the cash flows arising from the
financial assets have expired or been forfeited by the
Scheme; or
- It transfers the financial asset including substantially all
the risks and rewards of ownership of the asset; or
- It transfers the financial asset, neither retaining nor
transferring substantially all the risks and rewards of
ownership of the asset, but no longer retains control of
the assets.
A financial liability is derecognised when and only when the
liability is extinguished, that is, when the obligation
specified in the contract is discharged, cancelled or has
expired.
The difference between the carrying amount of a financial
liability (or part thereof) extinguished or transferred
to another party and consideration paid, including any
non-cash assets transferred or liabilities assumed, is
recognised in the income statement.
All purchases and sales of financial assets carried at fair value
through profit or loss that require delivery within the
time frame established by regulation or market convention
("regular way" purchases and sales) are recognised at
trade date, which is the date that the Scheme commits to
purchase or sell the asset. Otherwise such transactions
are treated as derivatives until settlement occurs.
1.4.3. Measurement
Financial instruments are measured initially at fair value.
Transaction costs on financial assets and financial
liabilities at fair value through profit or loss are
expensed immediately, while on other financial
instruments they are amortised.
Subsequent to initial recognition, all instruments designated as
at fair value through profit or loss are measured at fair
value with changes in their fair value recognised in the
income statement.
The Scheme uses the weighted average method to determine realised
gains and losses on derecognition.
Fair value gains and losses are taken to the income statement but
are not distributed to unitholders, except for the
realised gains on instruments held by the Money Market
Funds. Fair value gains and losses that do not qualify
for distribution, together with the related transaction
costs, are transferred from undistributed income to the
unitholders capital account in the statement of changes
in net assets attributable to unitholders.
Financial assets classified as loans and receivables are carried
at amortised cost using the effective interest rate
method, less impairment losses, if any.
Financial liabilities, other than those designated as at fair
value through profit or loss, are measured at amortised
cost using the effective interest rate method.
Financial liabilities arising from the redeemable units issued by
the Scheme, are carried at the redemption amount
representing the unitholders` right to the residual
interest in the net assets of the Scheme.
1.4.4. Fair value measurement principles
The fair value of quoted instruments is based on their quoted bid
market prices at the balance sheet date without any
deduction for estimated future selling costs.
If a quoted market price is not available on a recognised stock
exchange or from a broker for non-exchange-traded
financial instruments, the fair value of the instrument
is estimated using valuation techniques, including use of
recent arm`s length market transactions, reference to the
current fair value of another instrument that is
substantially the same, discounted cash flow techniques,
option pricing models or other valuation techniques that
provide a reliable estimate of prices obtained in actual
market transactions.
Where discounted cash flow analyses are used, estimated future
cash flows are based on the Management Company`s best
estimates and the discount rate that reflects market
rates at the balance sheet date for an instrument with a
similar term and condition.
Investments in other open-ended collective investment schemes are
recorded at the quoted net asset value per unit as
reported by the managers of such schemes.
To the extent that the fair values of unlisted equity instruments
cannot be measured reliably, such instruments are carried
at cost less impairments.
1.4.5. Cash and cash equivalents
For the purpose of the cash flow statement, cash equivalents are
short-term highly liquid instruments that are readily
convertible to known amounts of cash, are subject to an
insignificant risk of changes in value and that are not
held for investing purposes. For the majority of the unit
portfolios within the Scheme, this comprises margin
deposits and call and current deposits with banks, net of
bank overdrafts. Given the short duration of instruments
held by Money Market Funds, all the instruments in these
unit portfolios are classified as cash equivalents. Cash
equivalents are measured at fair value.
1.4.6. Offsetting
Financial assets and liabilities are offset and the net amount
reported in the balance sheet, where there is a legal
right to set off the amounts and there is an intention to
either settle on a net basis or to realise the asset and
settle the liability simultaneously.
Income and expense items are offset only to the extent that their
related instruments have been offset in the balance
sheet.
1.4.7. Impairment of financial assets
The Scheme assesses at each balance sheet date whether there is
any objective evidence that a financial asset carried at
amortised cost or a group of financial assets, excluding
financial assets at fair value through profit or loss, is
impaired.
Items carried at amortised cost
If there is objective evidence that an impairment loss on loans
or receivables carried at amortised cost has been
incurred, the amount of the loss is measured as the
difference between the asset`s carrying amount and the
present value of estimated future cash flows (excluding
credit losses that have not been incurred) discounted at
the financial asset`s original effective interest rate.
The carrying amount of the asset is reduced either
directly or through the use of an allowance account. The
impairment loss is recognised in net profit or loss.
The Scheme first assesses whether objective evidence of
impairments exists individually for financial assets that
are individually significant, and individually or
collectively for financial assets that are not
individually significant. If it is determined that no
objective evidence of impairment exists for an
individually assessed financial asset, whether
significant or not, the asset is included in a group of
financial assets with similar credit risk characteristics
and that group is collectively assessed for impairment.
If, in a subsequent period, the amount of impairment loss
decreases and the decrease can be related objectively to
an event occurring after the impairment was recognised,
the previously recognised impairment loss is reversed.
Any subsequent reversal of an impairment loss is
recognised in the income statement to the extent that the
carrying value of the assets does not exceed its
amortised cost at the reversal date.
1.5. Dividend income
Dividend income comprises dividends received from and accrued on
investments for which the last date to trade falls within
the accounting period. This includes capitalisation
issues with a cash dividend option, dividends on
preference shares, convertible debentures and exchange
traded funds.
1.6. Interest income
Interest income is recognised in the income statement, using the
effective interest method taking into account the
expected timing and the amount of cash flows.
Interest income includes the amortisation of any discount or
premium or any other difference between an interest-
bearing instrument`s initial carrying value and its
maturity value calculated on an effective interest rate
basis.
Interest income on debt instruments carried at fair value through
profit or loss is accrued using the original effective
interest rate applied to the cost of the instrument and
is included in interest income in the income statement.
1.7. Collective Investment Scheme Income
Income from Collective Investment Scheme`s are recognised on the
date of distributions.
1.8. Expenses
All expenses are recognised in the income statement on an accrual
basis.
1.9. Taxation
Under the current system of taxation in South Africa, the Scheme
is exempt from paying taxes on income or capital gains.
Both income and capital gains are taxed in the hands of
the unitholders.
Dividend and interest income received by the Funds may be subject
to withholding taxes imposed in the country of origin.
Investment income is recorded net of such withholding
taxes.
1.10. Redeemable units
All redeemable units issued by the Scheme provides investors with
the right to require redemption for cash at the value
proportionate to the investors share in the Scheme`s net
assets at redemption date. In accordance with AC125, such
instruments give rise to a financial liability for the
present value of the redemption amount. In accordance
with the Trust Deed, the Scheme is contractually obliged
to redeem units at the net asset value price.
1.11. Finance costs
Distributions payable on redeemable units are recognised in the
income statement as finance costs.
30 June 2008
Cape Town
Sponsor
Investec Bank Limited
Date: 30/06/2008 17:46:02 Produced by the JSE SENS Department.
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