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JSE ITXUK
ITX
Itrix FTSE 100 - Abridged Audited Results For The Year Ended 31 December 2005
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 2005
INCOME STATEMENT
for the four months ended 31 December 2005
2005
R
Income
Dividends 788 034
Interest received 241
Fair value adjustment 3 154 550
Cash component on subscriptions 45 857
Unrealised foreign exchange gain on dividend 1 386
income
Realised foreign exchange gains 33 281
4 023 349
Expenses
Fair value adjustment (3 179 702)
Management and administrative expenses (330 427)
Unrealised loss on foreign exchange average (35 337)
rate vs closing price
Realised loss on investments sold (47 022)
Income available for distribution 430 861
Distributions (289 161)
Undistributed income before taxation 141 700
Taxation (72 581)
Undistributed income for the period 69 119
BALANCE SHEET
at 31 December 2005
2005
R
Assets
Investments at market value
Listed equities 134 571 367
Current assets 1 141 698
Accounts receivable 509 277
Cash and cash equivalents 632 421
Total assets 135 713 065
Equity and liabilities
Non-current liabilities
Liability to unitholders 135 052 269
Current liabilities 660 796
Accounts payable 370 679
Unitholders for distribution 290 117
Total equity and liabilities 135 713 065
STATEMENT OF CHANGES IN EQUITY
for the four months ended 31 December 2005
Retained income
R
Balance at beginning of the period -
Undistributed income for the period 69 119
Classified as a non-current liability to (69 119)
unitholders
Balance at 31 December 2005 -
CASH FLOW STATEMENT
for the four months ended 31 December 2005
2005
R
Cash generated by operations 288 243
Taxation paid (25 313)
Interest income 241
Net cash inflow from operating activities 263 171
Cash inflow from investing activities 373 439
Purchases of equities (133 459 939)
Proceeds from sale of equities 1 878 513
In specie creations and liquidations 131 954 863
Net increase in cash and cash equivalents 636 610
Cash and cash equivalents at the beginning of -
period
Effect of exchange rate fluctuations on cash and (4 189)
cash equivalents
Cash and cash equivalents at the end of period 632 421
NOTES
for the four months ended 31 December 2005
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 issued by the
International Accounting Standards Board ("IASB"), the
interpretations issued by the International Financial
Reporting Interpretations Committee of the IASB and in
accordance with the Collective Investment Schemes Control
Act.
1.3 Financial instruments
Measurement
Financial instruments are initially measured at cost at
transaction date, which includes transaction costs.
Subsequent to initial recognition these instruments are
measured as set out below.
Investments
Listed investments are shown at fair value, as represented
by the closing market value at year end as published in the
financial press.
Trade and other receivables
Trade and other receivables originated by the Trust are
stated at amortised cost less impairment losses.
Cash and cash equivalents
Cash and cash equivalents are measured at fair value at
balance sheet date.
Gains and losses on subsequent measurement
Gains and losses arising from a change in the fair value of
financial instruments are included in net profit or loss in
the period in which the change arises.
Offset
Financial assets and financial liabilities are offset and
the net amount reported in the balance sheet when the
company has a legally enforceable right to set off the
recognised amounts, and intends either to settle on a net
basis, or to realise the asset and settle the liability
simultaneously.
1.4 Revenue
Revenue comprises income from investments.
1.5 Investment income
Interest is recognised on a time proportion basis, taking
account of the principal outstanding and the effective rate
over the period to maturity, when it is probable that such
income will accrue to the Trust.
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 GBP
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 that are measured in terms of historical cost in
a foreign currency are translated using the exchange rate at
the date of the transaction. Non-monetary assets and
liabilities denominated in foreign currencies that are
stated at fair value are translated to GBP at foreign
exchange rates ruling at the dates the fair value was
determined.
1.7 Taxation
Deferred taxation is provided using the balance sheet
liability method, based on temporary differences. Temporary
differences are the differences between the carrying values
of assets and liabilities for financial reporting purposes
and their tax base.
A deferred tax asset is recognised to the extent that it is
probable that future taxable profits will be available
against which the associated unused tax losses and
deductible temporary differences can be utilised. Deferred
tax assets are reduced to the extent that it is no longer
probable that the related tax benefit will be realised.
Current tax comprises tax payable calculated on the basis of
the expected taxable income for the year, using the tax
rates enacted at the balance sheet date, and any adjustment
of tax payable for previous years.
Foreign dividend income is reflected gross of with-holding
tax ("WHT"). The income is passed on to the investors, net
of WHT so that that they can claim this tax as a rebate in
accordance with section 6quat(1)(d) of the Income Tax Act
No.58 of 1962. To the extent that the income is retained in
the trust, the latter can also claim the rebate.
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
31 March 2006
Sponsor
Java Capital (Proprietary) Limited
Trustee
Standard Bank of South Africa Limited
Date: 06/04/2006 05:04:00 PM Produced by the JSE SENS Department
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