ASHEQF - Abridged Audited Results for the year ended 30 June 2020
Ashburton Global 1200 Equity Fund of Funds Exchange Traded Fund
A portfolio in the Ashburton Collective Investment Scheme in Securities Exchange Traded Funds (the portfolio)
registered in terms of the Collective Investment Schemes Control Act, 45 of 2002
(Incorporated in the Republic of South Africa)
Share Code: ASHEQF
ABRIDGED AUDITED RESULTS FOR THE YEAR ENDED 30 JUNE 2020
The Ashburton Collective Investment Scheme (the Scheme) was established in accordance with the provisions of
the Collective Investment Schemes Control Act 45 of 2002 (CISCA) with effect from 12 April 2008. The Ashburton
Global 1200 Equity Fund of Funds Exchange Traded Fund (the portfolio) was established as a portfolio of the
Scheme in accordance with paragraph A of the deed of the Scheme on 19 September 2017.
The portfolio is a passive investment fund with the aim of providing returns linked to the performance of the S&P
Global 1200 Index (the index) on the New York Stock Exchange in terms of both price and performance.
The Portfolio was initially listed on the JSE on 6 October 2017
STATEMENT OF FINANCIAL POSITION AS AT 30 JUNE 2020
Rand 2020 2019
Investments designated at fair value through profit or loss 744 339 678 527 019 925
Trade and other receivables 620 234 1 177 993
Cash and cash equivalents 10 433 882 3 359 450
Total assets 755 393 794 531 557 368
Net assets attributable to participatory interest holders 754 578 304 530 938 033
Trade and other payables 815 490 619 335
Total equity and liabilities 755 393 794 531 557 368
STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED
30 JUNE 2020
Rand 2020 2019
Interest income 36 682 76 636
Fair value gains 146 464 288 23 402 541
Investment income 146 500 970 23 479 177
Other income 8 594 -
Operating expenses (2 776 785) (1 928 758)
Interest expense - (493 079)
Profit before tax 143 732 779 21 057 340
Taxation - -
Profit before amounts attributable to participatory interest holders 143 732 779 21 057 340
(Increase) in net assets attributable to participatory interest holders (143 732 779) (21 057 340)
Total comprehensive income for the year - -
STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 JUNE 2020
Rand 2020 2019
Cash flows from operating activities
Cash utilised by operations (1 991 872) (2 070 890)
Dividends received 12 503 917 8 715 110
Interest received 38 220 74 511
Interest paid - (493 025)
Sales of investments designated at fair value through profit or loss 34 833 356 306 449 817
Purchase of investments designated at fair value through profit or loss (118 216 681) (639 406 269)
Net cash outflow from operating activities (72 833 060) (326 730 745)
Cash flows from financing activities
Redemption of portfolio participatory interests - (1 536)
Creation of portfolio participatory interests 90 191 920 334 744 868
Distributions paid to participatory interest holders (10 284 428) (6 083 401)
Net cash inflow from financing activities 79 907 492 328 659 931
Net increase in cash and cash equivalents 7 074 432 1 929 186
Cash and cash equivalents at the beginning of the year 3 359 450 1 430 264
Cash and cash equivalents at the end of the year 10 433 882 3 359 450
SUMMARISED ACCOUNTING POLICIES FOR THE YEAR ENDED 30 JUNE 2020
Basis of presentation
The annual financial statements have been prepared in accordance with IFRS issued by the International
Accounting Standards Board (the “IASB”), including interpretations issued by the IFRS Interpretations Committee,
the Financial Reporting Pronouncements as issued by the Financial Reporting Standards Council, the South
African Institute of Chartered Accountants (“SAICA”) Financial Reporting Guides as issued by the Accounting
Practices Committee and the provisions of CISCA.
Standards, interpretations and amendments effective 1 July 2019
A number of new and revised standards and interpretations became effective from 1 July 2019, but they had no
material impact on the Portfolio’s reported earnings, financial position, reserves or accounting policies.
Financial instruments: Classification
The Portfolio has classified all its investments as financial assets or financial liabilities at amortised cost or at fair
value through profit or loss (“FVPL”).
Financial assets at amortised cost include other receivables, dividends and interest receivable and cash and cash
Financial assets at FVPL
All financial assets not measured at amortised cost are subsequently measured at FVPL, except for investments
in equities and rights which are mandatorily held at FVPL.
Financial liabilities at amortised cost
Financial liabilities that are not held-for-trading or designated as at FVPL are measured at amortised cost. This
category includes fees payable and other payables.
Financial instruments: Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and demand deposits, and other short-term highly liquid
investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of
changes in value. All balances, except for physical cash which is held at call, included in cash and cash
equivalents have a maturity date of less than three months from the acquisition date and are measured at
The participatory interests are issued and redeemed at the holder’s option at prices based on the Portfolio’s net
asset value per participatory interest at the time of issue or redemption. The Portfolio’s net asset value per
participatory interest is calculated by dividing the net assets attributable to the holders of the participatory interest
by the total number of outstanding participatory interests, in accordance with the provisions of the Portfolio’s
supplemental trust deed.
Net assets attributable to participatory interest holders, evidence a residual interest in the assets of a portfolio after
deducting all of its liabilities.
The value of the net assets attributable to participatory interest holders will vary with the changes in the
underlying value of the investments, net of receivables and payables. The total movement in the statement of
comprehensive income is transferred to the net assets attributable to participatory interest holders.
Creations and redemptions are recorded on trade date using the previous day’s closing price.
In accordance with the Portfolio’s supplemental trust deed, the Portfolio distributes its distributable income and any
other amounts determined by the Manager of the Portfolio to participatory interest holders. For this reason, the
participatory interest does not meet the requirements to be classified as equity in terms of IAS 32 and is thus
classified as a liability. Distributions are automatically reinvested in additional participatory interests, other than
distributions that are paid in cash.
Net income adjustment on creation and redemption of units
An adjustment to income arises on the creation and cancellation of units since the price of a unit includes
accrued income and expenses. The income adjustment on creation or cancellation of units is recognised as part
of the creation or redemption of unitholder interests and disclosed within the note of net assets attributable to
participatory interest holders, when units on which it arises are either purchased or sold as these form part of the
cash flow on unit transactions.
Fair value gains and losses
Gains and losses arising from a change in the fair value of investments, interest income on interest-bearing
investments and dividend income, are included in the statement of comprehensive income under fair value gains
/ losses in the year in which the changes arise.
Dividend income in respect of investments is recognised when the right to receive payment is established. This is
on the “last-day-to-trade” for listed investments and on the “date-of-declaration” for unlisted investments. Dividend
income is recognised in the statement of comprehensive income as part of fair value gains and losses.
Interest income on cash and cash equivalents is recognised in the statement of comprehensive income as part of
interest income on the effective interest method.
The Portfolio has no current or deferred tax liability as all realised gains and losses are considered to be of a capital
nature and disregarded in the tax calculation of this Collective Investment Scheme portfolio in accordance with
paragraph 61 of the Eighth schedule to the Income Tax Act No 58 of 1962. All investment income is distributed
within the time frames specified by section 25BA of the Income Tax Act and is therefore taxed in the hands of the
participatory interest holders.
Foreign currency translation
Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the
dates of the transactions.
Monetary items are translated using the closing exchange rates prevailing at the reporting date. The realised and
unrealized differences on translation are recognised in the statement of comprehensive income in the period in
which they arise.
Critical accounting estimates and judgements in applying accounting policies
No significant accounting estimates and judgements have been applied in the annual financial statements of the
All investments at FVPL are measured at fair value based on quoted prices in active markets and do not require
the use of judgement or estimates.
SUMMARISED NOTES TO THE ANNUAL FINANCIAL STATEMENTS FOR THE
YEAR ENDED 30 JUNE 2020
Net assets attributable to participatory interest holders
Rand 2020 2019
Balance at the beginning of the year 530 938 033 181 220 762
Participatory interests created during the year 90 191 920 334 744 868
Participatory interests redeemed during the year - (1 536)
Increase/(decrease) in net assets attributable to participatory interest holders 143 732 779 21 057 340
Distributions paid (10 284 428) (6 083 401)
Balance at the end of the year 754 578 304 530 938 033
Number of Distribution Number of Distribution
Rand 2020 2020 2019 2019
Declared 31 August 2019 and paid on 1 September 2019
(Declared 31 August 2018 and paid on 03 September
Class A: 28.19 cents per participatory interest (2019: 12.51
cents per participatory interest) 11 849 000 3 339 669 6 860 000 858 251
Declared 20 November 2019 and paid on 25 November
2019 (Declared 05 December 2018 and paid on 10
Class A: 16.75 cents per participatory interest (2019: 10.38
cents per participatory interest) 11 849 000 1 984 165 10 719 000 1 112 602
Declared 24 February 2020 and paid 25 February 2020
(Declared 27 February 2019 and paid 4 March 2019)
Class A: 20.26 cents per participatory interest (2019: 18.31
cents per participatory interest) 12 069 000 2 445 714 11 849 000 2 170 125
Declared 13 May 2020 and paid on 18 May 2020 (Declared
29 May 2019 and paid on 3 June 2019)
Class A: 19.91 cents per participatory interest (2019: 16.39
cents per participatory interest) 12 629 000 2 514 880 11 849 000 1 942 423
10 284 428 6 083 401
Included in the liability to participatory interest holders is the distribution payable as at 30 June.
These summarised financial statements have been not been audited but the full sets, available at the website
mentioned below, have been audited by the independent auditors, PricewaterhouseCoopers Incorporated, and
their unqualified audit opinion is available for inspection at the company’s registered head office.
A full copy of the financial statements is available on the Ashburton website:
30 October 2020
Rand Merchant Bank (a division of FirstRand Bank Limited)
Standard Chartered Bank, Johannesburg Branch
Ashburton Management Company (RF) Proprietary Limited
Date: 30-10-2020 04:00:00
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