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ASHMID - Abridged Audited Results for the year ended 30 June 2021
Ashburton MidCap 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 (“CISCA”)
(Incorporated in the Republic of South Africa)
Share Code: ASHMID
ISIN: ZAE000215349
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 CISCA with effect from 12 April 2008. The Ashburton MidCap 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 26 June
2012.
The portfolio is a passive investment fund with the aim of providing returns linked to the performance of the
FTSE/JSE Mid Cap Index (the “index”) in terms of both price and performance.
The Portfolio was initially listed on the JSE on 15 August 2012.
STATEMENT OF FINANCIAL POSITION AS AT 30 JUNE 2021
Rand 2021 2020
ASSETS
Investments designated at fair value through profit or loss 461 124 847 248 642 164
Financial assets at fair value through profit and loss – securities lent 82 083 710 76 501 374
Trade and other receivables 369 906 176 207
Cash and cash equivalents 5 430 339 2 351 779
Total assets 549 017 802 327 671 524
LIABILITIES
Net assets attributable to participatory interest holders 548 244 359 327 199 623
Trade and other payables 773 443 471 901
Total equity and liabilities 549 017 802 327 671 524
STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED
30 JUNE 2021
Rand 2021 2020
Interest income 47 475 128 406
Fair value gains / (loss) 117 117 019 (67 132 423)
Investment income/(loss) 117 164 494 (67 004 017)
Other income 109 139 255 813
Operating expenses (2 575 933) (2 032 737)
Profit/(loss) before tax 114 697 700 (68 780 941)
Taxation - -
Profit/(loss) before amounts attributable to participatory interest holders 114 697 700 (68 780 941)
Decrease/(Increase) in net assets attributable to participatory interest holders (114 697 700) 68 780 941
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 (2 183 456) (1 856 926)
Dividends received 12 715 602 14 211 796
Interest received 42 439 135 756
Sales of investments designated at fair value through profit or loss 137 414 344 163 351 856
Purchase of investments designated at fair value through profit or loss (251 248 405) (209 011 124)
Net cash inflow/(outflow) from operating activities (103 259 476) (33 168 642)
Cash flows from financing activities
Redemption of portfolio participatory interests (10 512 255) (5 036 424)
Creation of portfolio participatory interests 124 010 528 49 456 427
Distributions paid to participatory interest holders (7 151 237) (12 432 106)
Net cash inflow/(outflow) from financing activities 106 347 036 31 987 897
Net increase/(decrease) in cash and cash equivalents 3 087 560 (1 180 745)
Cash and cash equivalents at the beginning of the year 2 351 779 3 532 524
Cash and cash equivalents at the end of the year 5 439 339 2 351 779
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
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 Portfolio issues one class of participatory interests which is redeemable at the holder’s option. Participatory
interests can be put back to the Portfolio at any dealing date for cash equal to a proportionate share of the
Portfolio’s net asset value attributable to the participatory interest class.
The participatory interests are measured at the redemption amount that is payable at the reporting date if the
holder exercises the right to put the participatory interests back to the Portfolio.
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 the 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. The portfolio does not
have an unconditional right to avoid delivering cash or another financial asset to settle the contractual obligation
should a holder exercise the right to put the participatory interests back to the portfolio. 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.
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 2021
Net assets attributable to participatory interest holders
Rand 2021 2020
Balance at the beginning of the year 327 199 623 363 992 667
Participatory interests created during the year 124 010 528 49 456 427
Participatory interests redeemed during the year (10 512 255) (5 036 424)
Increase/(decrease) in net assets attributable to participatory interest holders 114 697 700 (68 780 941)
Distributions paid (7 151 237) (12 432 106)
Balance at the end of the year 548 244 359 327 199 623
Distributions
Number of Distribution Number of Distribution
participatory participatory
interests interests
Rand 2021 2021 2020 2020
Declared 30 September 2020 and paid 1 October 2020
(Declared 30 September 2019 and paid 1 October 2019)
Class A: 2.67 cents per participatory interest (2020: 5.7
cents per participatory interest) 58 500 000 1 564 495 51 000 000 2 905 973
Declared 31 December 2020 and paid 2 January 2021
(Declared 31 December 2019 and paid 2 January 2020)
Class A: 2.86 cents per participatory interest (2020: 6.67
cents per participatory interest) 61 300 000 1 750 504 54 500 000 3 633 520
Declared 31 March 2021 and paid 1 April 2021 (Declared
31 March 2020 and paid 1 April 2020)
Class A: 2.8 cents per participatory interest (2020: 5.29
cents per participatory interest) 70 600 000 1 979 386 54 500 000 2 882 081
Declared 30 June 2021 and paid 1 July 2021 (Declared 30
June 2020 and paid 1 July 2020)
Class A: nil cents per participatory interest (2020: 3.2
cents per participatory interest) 74 752 103 4 485 156 58 000 000 1 856 848
9 779 541 11 795 312
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:
https://www.ashburtoninvestments.com/za/fund/ashburton-midcap-etf/zae000215349
29 October 2021
Debt Sponsor
Rand Merchant Bank (a division of FirstRand Bank Limited)
Trustee
Standard Chartered Bank, Johannesburg Branch
Manager
Ashburton Management Company (RF) Proprietary Limited
Auditors
PricewaterhouseCoopers Incorporated
Date: 29-10-2021 03:30:00
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