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FNBEQF - Abridged Audited Results for the Year Ended 30 June 2022
FNB GLOBAL 1200 EQUITY FUND OF FUNDS EXCHANGE TRADED FUND
(formerly “Ashburton Global 1200 Equity Fund of Funds Exchange Traded Fund”)
A portfolio in the FNB Funds 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: FNBEQF
ISIN: ZAE000303145
ABRIDGED AUDITED RESULTS FOR THE YEAR ENDED 30 JUNE 2022
The FNB Funds 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 FNB
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”) in terms of both price and performance.
The Ashburton Collective Investment Scheme in Securities Exchange Traded Funds (the “Previous Scheme”) has
appointed a new management company, FNB CIS Manco (RF) Proprietary Limited (the “Company”). As a result,
all of the Exchange Traded Funds (“ETFs”) under Ashburton Management Company (RF) Proprietary Limited
moved to the Company on 9 February 2022.
This move has resulted in a name change of the scheme that the funds operate under to the FNB Funds Collective
Investment Scheme in Securities Exchange Traded Funds. It also results in a name change of the Portfolio from
Ashburton Global 1200 Equity Fund of Funds Exchange Traded Fund to the FNB Global 1200 Equity Fund of
Funds Exchange Traded Fund.
The Portfolio was initially listed on the JSE Limited (“JSE”) on 6 October 2017.
STATEMENT OF FINANCIAL POSITION AS AT 30 JUNE 2022
Rand 2022 2021
ASSETS
Investments designated at fair value through profit or loss 1 324 325 560 1 226 034 395
Trade and other receivables 721 879 149 690
Cash and cash equivalents 11 779 457 8 719 817
Total assets 1 336 826 896 1 234 903 902
LIABILITIES
Net assets attributable to participatory interest holders 1 335 754 866 1 233 974 994
Trade and other payables 1 072 030 928 908
Total equity and liabilities 1 336 826 896 1 234 903 902
STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED
30 JUNE 2022
Rand 2022 2021
Interest income 14 434 19 291
Fair value gains (24 440 742) 128 256 761
Investment income (24 426 308) 128 276 052
Other income - -
Operating expenses (4 282 062) (3 453 652)
Interest expense (17) (5
Profit before tax (28 708 387) 124 816 925)
475
Taxation - -
Profit before amounts attributable to participatory interest holders (28 708 387) 124 816 475
(Increase) in net assets attributable to participatory interest holders 28 708 387 (124 816 475)
Total comprehensive income for the year - -
STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 JUNE 2022
Rand 2022 2021
Cash flows from operating activities
Cash utilised by operations (4 138 940) (3 340 234)
Dividends received 21 921 134 16 085 100
Interest received 14 752 20 058
Interest paid (17) (5 925)
Sales of investments designated at fair value through profit or loss 12 071 655 854 963 244
Purchase of investments designated at fair value through profit or loss (157 297 203) (1 224 016
Net cash outflow from operating activities 523)
(127 428 619) (356 294 280)
Cash flows from financing activities
Redemption of portfolio participatory interests - -
Creation of portfolio participatory interests 146 955 812 363 729 801
Distributions paid to participatory interest holders (16 467 553) (9 149 586)
Net cash inflow from financing activities 130 488 259 354 580 215
Net increase in cash and cash equivalents 3 059 640 (1 714 065)
Cash and cash equivalents at the beginning of the year 8 719 817 10 433 882
Cash and cash equivalents at the end of the year 11 779 457 8 719 817
SUMMARISED ACCOUNTING POLICIES FOR THE YEAR ENDED 30 JUNE 2022
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, the JSE Listings Requirements and the Companies Act.
Standards interpretations and amendments effective 1 July 2021
There were no new or amended IFRS standards which became effective for the year ended 30 June 2022 that
impacted the Portfolio’s reported earnings, financial position or reserves, or the 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
equivalents.
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
amortised cost.
Participatory interest
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.
Investment income
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
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
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.
Taxation
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
Portfolio.
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 2022
Net assets attributable to participatory interest holders
Rand 2022 2021
Balance at the beginning of the year 1 233 974 994 754 578 304
Participatory interests created during the year 146 955 812 363 729 801
Participatory interests redeemed during the year - -
Increase/(decrease) in net assets attributable to participatory interest holders (28 708 387) 124 816 475
Distributions paid (16 467 553) (9 149 586)
Balance at the end of the year 1 335 754 866 1 233 974 994
Distributions
Number of Distribution Number of Distribution
participatory participatory
interests interests
Rand 2022 2022 2021 2021
Declared 31 August 2021 and paid on 1 September 2021
(Declared 31 August 2020 and paid on 1 September 2020)
Class A: 21.57 cents per participatory interest (2021: 21.85
cents per participatory interest) 15 819 000 3 456 133 11 849 000 15 819 000
Declared 20 November 2021 and paid on 25 November
2021 (Declared 20 November 2020 and paid on 25
November 2020)
Class A: 22.37 cents per participatory interest (2021: 0.28
cents per participatory interest) 15 819 000 44 256 11 849 000 15 819 000
Declared 24 February 2022 and paid 25 February 2022
(Declared 24 February 2021 and paid 25 February 2021)
Class A: 21.79 cents per participatory interest (2021: 15.31
cents per participatory interest) 17 969 000 2 751 196 12 069 000 17 969 000
Declared 13 May 2022 and paid on 18 May 2022 (Declared
13 May 2021 and paid on 18 May 2021)
Class A: 15.17 cents per participatory interest (2021: 14.59
cents per participatory interest) 19 869 000 2 898 091 12 629 000 19 869 000
9 149 586 9 149 586
Included in the liability to participatory interest holders is the distribution payable as at 30 June 2022.
These summarised annual financial statements have been not been audited by the independent auditors, 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 office.
A full copy of the audited annual financial statements is available on the FNB website:
https://www.fnb.co.za/share-investing/exchange-traded-funds.html through the route “ETFs available to
you from FNB - Available ETFs – FNB Global 1200 Equity Fund of Funds ETF – ETF documents – Annual
Financial Statements”.
31 October 2022
Debt Sponsor
Rand Merchant Bank (a division of FirstRand Bank Limited)
Trustee
Standard Chartered Bank Johannesburg Branch
Manager
FNB CIS Manco (RF) Proprietary Limited
Auditors
PricewaterhouseCoopers Incorporated
Date: 31-10-2022 05:40:00
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