JBWere Cash Trust ARSN Financial Report For the half-year ended 31 December 2015

Transcription

1 ARSN Financial Report

2 Financial Report Contents Directors' report Auditor's independence declaration Statement of Profit or Loss and Other Comprehensive Income Statement of Financial Position Statement of Changes in Net Assets Attributable to Unitholders Statement of Cash Flows Notes to the financial statements Directors' declaration Page Independent review report 10

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4 Ernst & Young 680 George Street Sydney NSW 2000 Australia GPO Box 2646 Sydney NSW 2001 Tel: Fax: ey.com/au Auditor s Independence Declaration to the Directors of MLC Investments Limited, as Responsible Entity for As lead auditor for the review of for the half-year ended 31 December 2015, I declare to the best of my knowledge and belief, there have been: a) no contraventions of the auditor independence requirements of the Corporations Act 2001 in relation to the review; and b) no contraventions of any applicable code of professional conduct in relation to the review. Ernst & Young Rita Da Silva Partner 3 March 2016 A member firm of Ernst & Young Global Limited Liability limited by a scheme approved under Professional Standards Legislation -2-

5 Statement of Profit or Loss and Other Comprehensive Income Notes $ 000 $ 000 Investment income Interest income 22,205 27,083 Total investment income 22,205 27,083 Expenses Responsible Entity s fees 6,430 5,526 Other Expense 18 - Total operating expenses 6,448 5,526 Net operating profit 15,757 21,557 Financing costs Distributions 3 15,720 21,451 Net profit for the half-year Other comprehensive income Change in net assets attributable to unitholders The above Statement of Profit or Loss and Other Comprehensive Income is to be read in conjunction with the accompanying notes. -3-

6 Statement of Financial Position As at 31 December December 30 June Notes $ 000 $'000 Assets Cash and cash equivalents 1,794,691 1,877,388 Receivables 4 97 Total assets 1,794,695 1,877,485 Liabilities Accounts payable and accrued expenses 2,705 3,120 Total liabilities excluding net assets attributable to unitholders 2,705 3,120 Net assets attributable to unitholders 2 1,791,990 1,874,365 The above Statement of Financial Position is to be read in conjunction with the accompanying notes. -4-

7 Statement of Changes in Net Assets Attributable to Unitholders $ 000 $ 000 Net assets attributable to unitholders at the beginning of the half-year 1,874,365 1,731,391 Change in net assets attributable to unitholders Applications for units 4,855,190 4,476,630 Redemptions of units (4,937,602) (4,378,076) Net assets attributable to unitholders at the end of the half-year 1,791,990 1,830,051 The above Statement of Changes in Net Assets Attributable to Unitholders is to be read in conjunction with the accompanying notes. -5-

8 Statement of Cash Flows $ 000 $ 000 Cash flows from operating activities Interest received 22,280 26,979 Responsible Entity s fees paid (6,970) (4,968) Net cash provided by/(used in) operating activities 15,310 22,011 Cash flows from investing activities Proceeds from sale of investments - - Purchases of investments - - Net cash provided by/(used in) investing activities - - Cash flows from financing activities Applications received 4,839,873 4,455,915 Redemptions paid (4,937,602) (4,378,076) Distributions paid (278) (255) Net cash provided by financing activities (98,007) 77,584 Net increase in cash and cash equivalents (82,697) 99,595 Cash and cash equivalents at the beginning of the period 1,877,388 1,746,358 Cash and cash equivalents at the end of the period 1,794,691 1,845,953 The above Statement of Cash Flows is to be read in conjunction with the accompanying notes. -6-

9 Notes to the financial statements NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all periods presented, unless otherwise stated. The financial report of the Scheme for the half-year ended 31 December 2015 was authorised for issue in accordance with a resolution of the Directors of the Responsible Entity on 3 March (a) Statement of compliance The financial report complies with Australian Accounting Standards applicable to interim reporting as issued by the Australian Accounting Standards Board ( AASB ) and International Financial Reporting Standards ( IFRS ), as issued by the International Accounting Standards Board. (b) Basis of preparation The Scheme s interim financial report is a general purpose financial report that has been prepared in accordance with AASB 134 Interim Financial Reporting and the Corporations Act The interim financial report has been prepared on the basis of historical costs. The Statement of Financial Position is presented on a liquidity basis. Assets and liabilities are presented in decreasing order of liquidity and are not distinguished between current and non-current. All balances are expected to be recovered or settled within twelve months, except for financial assets and liabilities held at fair value and net assets attributable to unitholders. This interim financial report does not include all the notes of the type normally included in an annual financial report. Accordingly, this report is to be read in conjunction with the Annual Report of the Scheme as at 30 June 2015 together with any public announcements made in respect of the Scheme during the interim reporting period in accordance with the continuous disclosure requirements of the Corporations Act For the purpose of the financial report, the half-year has been treated as a discrete reporting period. The accounting policies of the Scheme are consistent with those of the 30 June 2015 financial report, except for adoption of a new standard which is detailed in Note 1(f). Where necessary, comparative information has been reclassified to achieve consistency in disclosure with current financial year amounts and other disclosures. The financial statements are presented in Australian Dollars, and all values are rounded to the nearest $ 000 except where otherwise indicated. (c) Basis of consolidation The Scheme is an investment entity and, as such, does not consolidate any entities subject to its control. Instead, interests in controlled entities are classified at fair value through profit or loss, and measured at fair value. The Scheme does not hold a controlling interest in any of its underlying investments and therefore is not required to provide additional disclosures. (d) Significant accounting judgements, estimates, or assumptions The Scheme may make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements. Estimates and assumptions Estimates are continually evaluated and based on historical experience, available information and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Judgements The Scheme meets the definition criteria of an investment entity under AASB 10 and therefore is required to measure its interests in controlled entities at fair value through profit or loss. The criteria which define an investment entity are as follows: (a) An entity that obtains funds from one or more investors for the purpose of providing those investors with investment services; (b) An entity that commits to its investors that its business purpose is to invest funds solely for returns from capital appreciation, investment income or both; and (c) An entity that measures and evaluates the performance of substantially all of its investments on a fair value basis. (e) Distributions to unitholders The income of the Scheme is accumulated and reinvested or paid to unitholders on the last day of September, December, March and June. Distributable income does not include unrealised gains and losses arising on movements in the fair value of investments; as such, unrealised gains and losses are transferred to net assets attributable to unitholders and are not assessable or distributable until realised. Income distributions are based on an interest rate determined daily, and expressed as an annual rate for the distribution period. -7-

10 Notes to the financial statements NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) (f) Application of accounting standards Changes in Accounting Policy The significant accounting policies adopted in the preparation of the half-year financial report are consistent with those followed in the preparation of the Scheme s financial report for the year ended 30 June 2015, except for the adoption of a new standard noted below: AASB Amendments to Australian Accounting Standards arising from the Withdrawal of AASB 1031 Materiality (effective from 1 July 2015) The Standard completes the AASB s project to remove Australian guidance on materiality from Australian Accounting Standards. The adoption of the amendment had no material impact on the financial statement of the Scheme. NOTE 2 - NET ASSETS ATTRIBUTABLE TO UNITHOLDERS Movements in the number of units on issue and net assets attributable to unitholders during the period: $ 000 No. 000 Net assets attributable to unitholders Balance at 30 June ,731, ,139,300 Applications 4,476, ,663,000 Redemptions (4,378,076) (437,807,600) Change in net assets attributable to unitholders Balance at 31 December ,830, ,994,700 Balance at 30 June ,874, ,436,722 Applications 4,855, ,518,982 Redemptions (4,937,602) (493,760,225) Change in net assets attributable to unitholders 37 - Balance at 31 December ,791, ,195,479 All units in the Scheme are of the same class and therefore carry equal rights. NOTE 3 - DISTRIBUTIONS Distributions paid/payable during the half-year by the Scheme were as follows: Annualised $ 000 % rate 2015 September 8, December 7, , September 10, December December payable 10, , NOTE 4 EVENTS AFTER BALANCE DATE No significant events have occurred since balance date which would impact on the financial position of the Scheme disclosed in the Statement of Financial Position as at 31 December 2015 or on the results and cash flows of the Scheme for the half-year ended on that date. NOTE 5 - COMMITMENTS AND CONTINGENT LIABILITIES The Scheme had no known commitments or contingent liabilities as at 31 December 2015 (2014: Nil). -8-

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12 Ernst & Young 680 George Street Sydney NSW 2000 Australia GPO Box 2646 Sydney NSW 2001 Tel: Fax: ey.com/au Report on the Half-Year Financial Report of the : We have reviewed the accompanying half-year financial report of the (the Scheme ), which comprises the statement of financial position as at 31 December 2015, the statement of profit or loss and other comprehensive income, statement of changes in net assets attributable to unitholders and statement of cash flows for the half-year ended on that date, notes comprising a summary of significant accounting policies and other explanatory information, and the Directors Declaration. Directors Responsibility for the Half-Year Financial Report The Directors of the Responsible Entity are responsible for the preparation of the half-year financial report that gives a true and fair view in accordance with Australian Accounting Standards and the Corporations Act 2001 and for such internal controls as the Directors determine are necessary to enable the preparation of the half-year financial report that is free from material misstatement, whether due to fraud or error. Auditor s Responsibility Our responsibility is to express a conclusion on the half-year financial report based on our review. We conducted our review in accordance with Auditing Standard on Review Engagements ASRE 2410 Review of a Financial Report Performed by the Independent Auditor of the Entity, in order to state whether, on the basis of the procedures described, we have become aware of any matter that makes us believe that the accompanying financial report is not in accordance with the Corporations Act 2001 including: giving a true and fair view of the Scheme s financial position as at 31 December 2015 and its performance for the half-year ended on that date; and complying with Accounting Standard AASB 134 Interim Financial Reporting and the Corporations Regulations As the auditor of the Scheme, ASRE 2410 requires that we comply with the ethical requirements relevant to the audit of the annual financial report. A review of a half-year financial report consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Australian Auditing Standards and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. Independence In conducting our review, we have met the independence requirements of the Corporations Act We have given to the Directors of the Responsible Entity a written Auditor s Independence Declaration, a copy of which is attached to the Directors Report. A member firm of Ernst & Young Global Limited Liability limited by a scheme approved under Professional Standards Legislation -10-

13 Conclusion Based on our review, which is not an audit, we have not become aware of any matter that makes us believe that the half-year financial report of the is not in accordance with the Corporations Act 2001, including: i ii giving a true and fair view of the Scheme s financial position as at 31 December 2015 and of its performance for the half-year ended on that date; and complying with Accounting Standard AASB 134 Interim Financial Reporting and the Corporations Regulations Ernst & Young Rita Da Silva Partner 3 March 2016 A member firm of Ernst & Young Global Limited Liability limited by a scheme approved under Professional Standards Legislation -11-