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CORESHARES INDEX TRACKER MANAGERS (RF) PROPRIETARY LIMITED - Abridged Financial Statements for the year ended 31 December 2018

Release Date: 29/03/2019 17:28
Code(s): CSP500     PDF:  
Wrap Text
Abridged Financial Statements for the year ended 31 December 2018

CORESHARES INDEX TRACKER COLLECTIVE INVESTMENT SCHEME
INSTRUMENT: CORESHARES S&P 500 ETF
ABBREVIATED NAME: CoreSP500
SHARE CODE: CSP500
ISIN CODE: ZAE000268694

ABRIDGED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2018

                                                                                       6


CoreShares Global Investments PCC
In respect of its cell CoreShares S&P 500 Exchange Traded Fund


STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2018



                                                                        2018           2017
                                                                        USD            USD
ASSETS
Financial assets at fair value through profit or loss                   42 850 909     39 912 967
Other receivables                                                         194 751         160 343
Cash and cash equivalents                                                 129 756          95 543

Total assets                                                            43 175 416     40 168 853



LIABILITIES
Other payables                                                            157 423          119 303
Tax liability                                                                  8 549          4 854
Total liabilities                                                         165 972          124 157

NET   ASSETS    ATTRIBUTABLE                TO     THE   HOLDERS   OF   43 009 444     40 044 696
PARTICIPATING SHARES



NAV per share                                                                   2.50           2.69
STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE FOR YEAR ENDED 31 DECEMBER
2018


                                                                         2018            2017
                                                                         USD             USD


REVENUE
Unrealised gain on financial assets at fair value through profit or                -       4 583 643
loss
Realised gain on financial assets at fair value through profit or loss         66 636       273 353
Realised gain on foreign exchange                                              19 735            603
Dividend income                                                             718 540         505 600
                                                                            804 911        5 363 199
EXPENDITURE
Unrealised loss on financial assets at fair value through profit or       3 688 403               -
loss
Realised loss on foreign exchange                                              13 039             -
Audit fee                                                                      11 270             -
Custodian fees                                                                  8 066           7 641
Brokerage fees                                                                  6 172          27 548
Management fee                                                              195 475         105 536
                                                                          3 922 425         140 725


(Loss)/profit before tax                                                  (3 117 514)      5 222 474


Tax expense                                                                  (15 555)       (14 889)


(Loss)/profit for the year                                                (3 133 069)      5 207 585


Other comprehensive income for the year                                            -              -


(Decrease)/increase in net assets attributable to the holders of          (3 133 069)      5 207 585
participating shares


(Loss)/earnings per share                                                       (0.20)           0.44
STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO THE HOLDERS OF
PARTICIPATING SHARES FOR YEAR ENDED 31 DECEMBER 2018


                                                                               Net       Assets
                                                                               Attributable to
                                                                               Unit Holders

                                                                               USD


At 1 January 2017                                                                    14 007 449


Increase in net assets attributable to the holders of participating shares            5 207 585


Contributions and redemptions by holders of participating shares:


Issue of participating shares during the year                                        22 972 215


Redemption of participating shares during the year                                   (1 592 119)


Dividends paid                                                                         (550 434)


At 31 December 2017                                                                  40 044 696


At 1 January 2018                                                                   40 044 696


Decrease in net assets attributable to the holders of participating shares           (3 133 069)


Contributions and redemptions by holders of participating shares:


Issue of participating shares during the year                                        6 899 919


Redemption of participating shares during the year                                    (332 948)


Dividends paid                                                                        (469 154)


At 31 December 2018                                                                 43 009 444


STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2018


                                                                             2018                  2017
                                                                             USD                   USD


Cash flows from operating activities
(Loss)/profit before tax                                                     (3 117 514)             5 222 474
Adjustment for:
Unrealised loss/(gain) on financial assets at fair value through profit or       3 688 403           (4 583 643)
loss

Realised gain on financial assets at fair value through profit or loss             (66 636)           (273 353)
Dividend income                                                                   (718 540)           (505 600)
                                                                                  (214 287)           (140 122)
Working capital movements:
Decrease in other receivables                                                            -                   96
Increase in payables                                                                 38 120             119 303
                                                                                     38 120             119 399


Income taxes paid                                                                  (11 860)             (11 970)
Net cash used in operating activities                                             (188 027)             (32 693)


Cash flows from investing activities
Acquisition of investments                                                      (6 893 057)         (22 786 619)
Proceeds from disposal of investment                                               333 348            1 594 991
Dividend received                                                                  684 132              402 441
Net cash used in investing activities                                           (5 875 577)         (20 789 187)


Cash flows from financing activities
Proceeds from issue of participating shares                                      6 899 919           22 972 215
Redemption of participating shares                                                (332 948)          (1 592 119)
Dividend paid                                                                     (469 154)           (550 434)
Net cash generated from financing activities                                     6 097 817           20 829 662


Net increase in cash and cash equivalents                                            34 213              7 782
Cash and cash equivalents at beginning of the year                                   95 543             87 761
Cash and cash equivalents at end of the year                                       129 756              95 543




The above Preliminary Financial Statements for the year ended 31 December 2018 have been prepared in
compliance with International Financial Reporting Standards.

The Board of Directors of CoreShares Global Investments PCC accepts full responsibility for the accuracy of the
information contained in these Abridged Financial Statements.

The full financial statements are available on www.coreshares.co.za


29 March 2019
Sponsor: Grindrod Bank Limited

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