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JSE NRD
THG
NRD - Trackhedge - Summarised Audited Annual Financial Statements For The Year
Ended 31 March 2009
TRACKHEDGE (PROPRIETARY) LIMITED
(Registration number 2003/008245/07)
Issuer code: THG
JSE Code: NRD
ISIN: ZAE000047841
("Trackhedge" or "the Company")
NEWRAND INDEX SECURITIES
SUMMARISED AUDITED ANNUAL FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2009
STATEMENT OF COMPREHENSIVE INCOME
NewRand Trust
for the year ended 31 March 2009
2009 2008
R R
Revenue 19 235 278 19 335 551
Dividends 11 439 201 17 656 796
Fee income: securities lending 760 705 1 355 309
Interest earned 731 474 323 446
Cash portion on subscriptions 6 303 898 -
Expenses
Management and administrative expenses (2 374 619) (4 353 683)
Fair value adjustments 20 143 900 (2 222 937)
Profit before taxation 37 004 559 12 758 931
Income tax expense - -
Profit for the year 37 004 559 12 758 931
Other comprehensive income:
Other comprehensive income for the year, net of - -
tax
Total comprehensive income for the year 37 004 559 12 758 931
STATEMENT OF FINANCIAL POSITION
as at 31 March 2009
2009 2008
R R
Assets
Non current assets
Listed equities 442 428 496 420 558 908
Current assets 2 216 023 277 200 598
Trade and other receivables 110 812 275 309 383
Cash and cash equivalents 2 105 211 1 891 215
Total assets 444 644 519 697 759 506
Equity and Liabilities
Liabilities
Net assets attributable to investors 444 207 053 421 834 178
Trade and other payables 437 466 275 925 328
Total equity and liabilities 444 644 519 697 759 506
STATEMENT OF CASH FLOWS
for the year ended 31 March 2009
2009 2008
R R
Net cash utilised from operating activities (19 929 905) (2 200 504)
Cash generated/(utilised) by operations 4 400 692 (1 224 848)
Interest received 731 474 323 446
Distributions paid (36 501 272) (18 955
898)
Dividends received 11 439 201 17 656 796
Cash inflow/(outflow) from investing activities 20 143 901 (2 222 937)
Purchases of equity securities (392 625 (195 775
436) 430)
Proceeds from sale of equity securities 412 769 337 193 549 493
Net cash inflow/outflow from financing - -
activities
Net increase/(decrease) in cash and cash 213 996 (4 423 441)
equivalents
Cash and cash equivalents at the beginning of 1 891 215 6 314 656
year
Cash and cash equivalents at the end of year 2 105 211 1 891 215
STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO INVESTORS
for the year ended 31 March 2009
Capital Income
attributable to attributable to
investors investors Total
R R R
Opening balance as at 1 902 581 066 7 472 237 910 053 303
April 2007
Undistributed (loss) - (6 196 967) (6 196 967)
attributable to
investors
Liquidation of (532 289 761) - (532 289 761)
securities
Revaluation of 50 267 603 - 50 267 603
securities
Balance at 31 March 2008 420 558 908 1 275 270 421 834 178
Profit for the year - 37 004 559 37 004 559
before distribution
Income distributions - (36 501 272) (36 501 272)
Creation of securities 190 352 319 - 190 352 319
Liquidation of (52 001 010) - (52 001 010)
securities
Revaluation of (116 481 721) - (116 481 721)
securities
Balance at 31 March 2009 442 428 496 1 778 557 444 207 053
TRACKHEDGE (PROPRIETARY) LIMITED
SUMMARISED AUDITED ANNUAL FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2009
STATEMENT OF COMPREHENSIVE INCOME
for the year ended 31 March 2009
2009 2008
R R
Revenue
Fair value adjustments - -
Interest income 23 11 139
Profit before taxation 23 11 139
Income tax expense (6) (123 455)
Profit/(loss) for the year 17 (112 316)
Other comprehensive income for the year, net of - -
tax
Total comprehensive income/loss) for the year 17 (112 316)
STATEMENT OF FINANCIAL POSITION
as at 31 March 2009
2009 2008
R R
Assets
Non current assets
Unlisted investments 442 428 496 420 558 908
Current assets
Cash and cash equivalents 1 190 1 167
Total assets 442 429 686 420 560 075
Equity and liabilities
Share capital and reserves (63 871) (63 888)
Share capital 1 1
Accumulated loss (63 872) (63 889)
Non-current liabilities
NewRand Index Securities 442 428 496 420 558 908
Current liabilities 65 061 65 055
Trade and other payables 45 917 42 687
Current tax payable 19 144 22 368
Total equity and liabilities 442 429 686 420 560 075
STATEMENT OF CASH FLOWS
for the year ended 31 March 2009
2009 2008
R R
Net cash generated/(utilised) from operating 23 (885 585)
activities
Cash generated by operations 3 230 46 001
Interest received 23 11 139
Taxation paid (3 230) (942 725)
Cash inflow/(outflow) from investing activities - -
Cash inflow/(outflow) from financing activities - -
Net (increase)/decrease in cash and cash 23 (885 585)
equivalents
Cash and cash equivalents at the beginning of 1 167 886 752
year
Cash and cash equivalents at the end of year 1 190 1 167
STATEMENT OF CHANGES IN EQUITY
for the year ended 31 March 2009
Share (Accumulated
Capital loss)/Retained Total
earnings
R R R
Balance at 1 April 2007 1 48 427 48 428
Total comprehensive loss for the - (112 316) (112 316)
year
Balance at 31 March 2008 1 (63 889) (63 888)
Total comprehensive income for the - 17 17
year
Balance at 31 March 2009 1 (63 872) (63 871)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2009
1. Accounting policies
The financial information incorporate the principle accounting
policies set out below. The accounting policies are consistent with
those applied in the financial statements for the year ended 31 March
2008, with the exception of the changes noted in 1.9.
1.1 Statement of compliance
The financial statements are prepared in accordance with
International Financial Reporting Standards (IFRS) issued by the
International Accounting Standards Board (IASB) and in the manner
required by the Companies Act of South Africa.
This summary has been prepared in accordance with the recognition and
measurement requirements of IFRS and the presentation and disclosure
requirements of IAS 34 - Interim Financial Reporting.
1.2 Basis of measurement
The financial statements have been prepared on a historical cost
basis, except where specifically indicated otherwise in the
accounting policies.
1.3 Functional and presentation currency
Items included in the financial statements of the company are
measured using the currency of the primary economic environment in
which the entity operates (the functional currency). The company
financial statements are presented in South African rand, which is
the company`s functional and presentation currency.
1.4 Financial instruments
Non-derivative financial instruments
Non-derivative financial instruments comprise unlisted investments
and issued securities, cash and cash equivalents, and trade and other
payables.
Initial recognition and measurement
Non-derivative financial instruments are recognised initially at fair
value plus any directly attributable transaction costs. Directly
attributable transaction costs are only included in the initial
carrying amount of financial instruments that are not designated at
fair value through profit or loss. Regular way purchases and sales of
financial instruments are accounted for on trade date. Subsequent
measurement of non-derivative financial instruments is described
below.
Classification and subsequent measurement
Unlisted investments are subsequently measured at fair value. Fair
value gains and losses are taken to profit or loss.
Cash and cash equivalents comprise cash balances and call deposits
with an original maturity of three months or less measured at
amortised cost.
Issued securities are subsequently measured at fair value. Fair value
gains and losses are taken to the profit or loss.
Trade and other payables are measured at amortised cost using the
effective interest method.
Other non-derivative financial instruments are measured at amortised
cost using the effective interest method, less any impairment losses.
Amortised cost is calculated by taking into account any discount or
premium on acquisition and fees and costs that are an integral part
of the effective interest rate. The amortisation is included in
"Interest income" in the statement of comprehensive income. The
carrying amount of impaired loans on the statement of financial
position is reduced through the use of identified or unidentified
impairment.
Financial instruments are designated at fair value through profit or
loss, as this will result in more relevant information because it
significantly reduces a measurement or recognition inconsistency and
is managed on a fair value basis.
1.5 Offsetting
Financial assets and liabilities are offset and the net amount
reported in the statement of financial position when the entity holds
a current legally enforceable right to set off the recognised amounts
or has an intention to either settle on a net basis, or realise the
asset and settle the liability simultaneously.
1.6 Revenue
Revenue comprises fee income from securities lending activities and
investment income.
Securities lending fee income
The fees earned for the administration of securities lending
activities are accounted for on the accrual basis in the period in
which the service is rendered.
Revenue from services rendered is recognised in profit or loss in
proportion to the stage of completion of the transaction at the
reporting date. The stage of completion is assessed by reference to
surveys of work performed.
Finance income
Interest is recognised on a time proportion basis, taking account of
the principal outstanding and the effective interest rate over the
period to maturity, when it is probable that such income will be
received by the Trust.
Dividend income
Dividend income is recognised in the profit or loss on the date that
the Trust`s right to receive payment is established.
1.7 Management and administration expenses
Management and administration expenses are recognised in the
statement of comprehensive income when a decrease in future economic
benefits relating to a decrease in an asset or an increase in a
liability arose that can be measured reliably.
1.8 Taxation
Income tax on the profit or loss for the period comprises current and
deferred tax. Income tax is recognised in profit or loss except to
the extent that it relates to items recognised directly to other
comprehensive income or recognised directly in equity, in which case
it is recognised in other comprehensive income or equity.
Current tax is the expected tax payable on the taxable income for the
period, using tax rates enacted or substantively enacted at the
balance sheet date, and any adjustment to tax payable in respect of
previous periods.
Deferred taxation is provided using the balance sheet method based on
temporary differences. Temporary differences are differences between
the carrying amount of assets and liabilities for financial reporting
purposes and their tax base.
Deferred tax assets and liabilities are offset if there is a legally
enforceable right to offset current tax liabilities and assets, and
they relate to income taxes levied by the same tax authority on the
same taxable entity.
A deferred tax asset is recognised to the extent that it is probable
that future taxable income will be available, against which the
unutilised tax losses and deductible temporary differences can be
used. Deferred tax assets are reviewed at each reporting date and are
reduced to the extent that it is no longer probable that the related
tax benefits will be realised.
1.9 New standards and interpretations adopted in the current year
The following standards, interpretations and amendments to standards
and interpretations are effective for annual periods on or after 1
January 2009 and early adopted by management in the current year:
IAS 1 - Presentation of Financial Statements
The amendment introduces the term `total comprehensive income`, which
represents changes in equity during a period other than those changes
resulting from transactions with owners in their capacity as owners.
Total comprehensive income may be presented in either a single
statement of comprehensive income (effectively combining both the
profit or loss and all non-owner changes in equity in a single
statement), or in profit or loss and a separate statement of other
comprehensive income. The amendment also requires two sets of
comparative numbers to be provided for the financial position in any
year where there has been a restatement or reclassification of
balances.
IAS 32 - Financial Instruments: Presentation and IAS 1 Presentation
of Financial Statements - Puttable Financial Instruments and
Obligations arising on Liquidation
The amendment requires puttable instruments, and instruments that
impose on the entity an obligation to deliver to another party a pro
rata share of the net assets of the entity only on liquidation, to be
classified as equity if certain conditions are met. Entities should
apply the amendments for annual periods beginning on or after 1
January 2009. The amendment did not have a material impact on the
financial statements as there are no such instruments.
2. Other notes
The results of operations for the period are reflected in the
summarised financial statements presented.
There have been no material post-balance sheet events.
Directors` report
for the year ended 31 March 2009
Nature of business
Trackhedge (Proprietary) Limited (Registration number 2003/008245/07)
("Issuer") is a private company incorporated in the Republic of South Africa,
the entire issued share capital of which is held by the NewRand Owner Trust("the
Trust"), a registered discretionary trust. The Issuer is a special purpose
vehicle incorporated for the sole purpose of issuing NewRand Index Securities
("Index Securities") listed on the JSE Limited. Index Securities are created
with an objective to track the performance of a customised index of Rand hedge
shares created by Absa Capital, a division of Absa Bank Limited and provided and
calculated by FTSE and the JSE Limited ("NewRand Index", "Index"). The Index
composition and calculation methodology were designed with an objective to
maximise long-term correlation with the Rand/USD exchange rate.
Performance
At 31 March 2009, 27 019 966 (2008: 19 019 966) securities were in issue with a
total market value of R 442 428 496 (2008: R 420 558 908).
Results for the year
During the current year total comprehensive income of R17 (2008: total
comprehensive loss of R112 316) was realised.
Share capital
Trackhedge is a private limited liability company incorporated in the Republic
of South Africa. It has an authorised share capital of R1 000 divided into 1 000
ordinary shares of R1 each, of which 1 ordinary share of R1 has been issued. The
issued share is held by the Trust. The Trust is a registered, discretionary
trust
ANNUAL FINANCIAL STATEMENTS
The complete set of annual financial statements have been audited by the
independent auditors, KPMG Inc., and their unqualified audit report is available
for inspection at the Company`s registered office.
30 June 2009
The trustees of the NewRand Trust
Webber Wentzel Bowens Trustees IV (Proprietary) Limited
Sponsor
Java Capital (Proprietary) Limited
Date: 30/06/2009 17:23:04 Produced by the JSE SENS Department.
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