ASHT40 - Abridged Audited Results for the year ended 30 June 2021
Ashburton Top 40 Exchange Traded Fund
A portfolio in the Ashburton Collective Investment Scheme in Securities Exchange Traded Funds
registered in terms of the Collective Investment Schemes Control Act, 45 of 2002
(Incorporated in the Republic of South Africa)
Share Code: ASHT40
ABRIDGED AUDITED RESULTS FOR THE YEAR ENDED 30 JUNE 2021
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 Inflation 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 12 April 2008.
The portfolio is a passive investment fund with the aim of providing returns linked to the price and performance
yield of the FTSE/JSE Top 40 Companies Index (the “index”) on the JSE Limited.
The Portfolio was initially listed on the JSE on 16 October 2008.
STATEMENT OF FINANCIAL POSITION AS AT 30 JUNE 2021
Rand 2021 2020
Investments designated at fair value through profit or loss 1 637 960 795 965 711 506
Financial assets at fair value through profit and loss – securities lent 206 835 407 306 628 764
Trade and other receivables 141 939 40 703
Cash and cash equivalents 11 359 908 11 792 892
Total assets 1 856 298 049 1 284 173 865
Net assets attributable to participatory interest holders 1 855 712 790 1 283 765 069
Trade and other payables 585 259 408 796
Total equity and liabilities 1 856 298 049 1 284 173 865
STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED
30 JUNE 2021
Rand 2021 2020
Interest income 155 859 366 867
Fair value gains / (loss) 306 571 889 (44 187 613)
Investment income/(loss) 306 727 748 (43 820 746)
Operating expenses 500 665 (1 731 323)
Other income (2 023 732) 429 729
Profit/(loss) before tax 305 204 681 (45 122 340)
Taxation - -
Profit/(loss) before amounts attributable to participatory interest holders 305 204 681 (45 122 340)
Decrease/ (Increase) in net assets attributable to participatory interest holders (305 204 681) 45 122 340
Total comprehensive income for the year - -
STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 JUNE 2021
Rand 2021 2020
Cash flows from operating activities
Cash utilised by operations (1 358 242) (1 408 199)
Dividends received 42 410 909 62 630 600
Interest received 157 258 407 199
Sales of investments designated at fair value through profit or loss 231 931 616 308 779 124
Purchase of investments designated at fair value through profit or loss (540 317 566) (52 518 829)
Net cash inflow/(outflow) from operating activities (267 176 025) 317 889 895
Cash flows from financing activities
Redemption of portfolio participatory interests (41 069 789) (310 615 150)
Creation of portfolio participatory interests 3650 413 229 36 914 926
Distributions paid to participatory interest holders (42 600 399) (45 501 051)
Net cash (outflow)/inflow from financing activities 266 743 041 (319 201 275)
Net increase/(decrease) in cash and cash equivalents (432 984) (1 311 380)
Cash and cash equivalents at the beginning of the year 11 792 892 13 104 272
Cash and cash equivalents at the end of the year 11 359 908 11 792 892
SUMMARISED ACCOUNTING POLICIES FOR THE YEAR ENDED 30 JUNE 2021
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, the provisions of CISCA and JSE listing requirements.
Standards, interpretations and amendments effective 1 July 2020
A number of new and revised standards and interpretations became effective from 1 July 2020, 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.
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 2021
Net assets attributable to participatory interest holders
Rand 2021 2020
Balance at the beginning of the year 1 283 765 069 1 648 088 684
Participatory interests created during the year 350 413 228 36 914 926
Participatory interests redeemed during the year (41 069 789) ( 310 615 150)
Increase/(decrease) in net assets attributable to participatory interest holders 305 204 681 (45 122 340)
Distributions paid (42 600 399) (45 501 051)
Balance at the end of the year 1 855 712 790 1 283 765 069
Number of Distribution Number of Distribution
Rand 2021 2021 2020 2020
Declared 30 September 2019 and paid 1 October 2019
(Declared 30 September 2018 and paid 2 October 2018)
Class A: 66.93 cents per participatory interest (2019: 61.09
cents per participatory interest) 25 638 332 11 966 717 29 088 332 19 470 171
Declared 31 December 2019 and paid 2 January 2020
(Declared 31 December 2018 and paid 2 January 2019)
Class A: 17.12 cents per participatory interest (2019: 23.37
cents per participatory interest) 26 738 332 2 561 874 29 838 332 5 107 666
Declared 31 March 2020 and paid 1 April 2020 (Declared
31 March 2019 and paid 3 April 2019)
Class A: 26.17 cents per participatory interest (2019: 30.2
cents per participatory interest) 29 638 332 16 782 426 28 338 332 7 417 222
Declared 30 June 2020 and paid 1 July 2020 (Declared 29
June 2019 and paid 2 July 2019)
Class A: 44.55 cents per participatory interest (2019: 41.56
cents per participatory interest) 30 651 693 10 454 751 25 338 332 11 289 382
41 765 768 43 284 440
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 audited annual financial statements is available on the Ashburton website:
29 October 2021
Rand Merchant Bank (a division of FirstRand Bank Limited)
Standard Chartered Bank, Johannesburg Branch
Ashburton Management Company (RF) Proprietary Limited
Date: 29-10-2021 03:30:00
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