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FNBEQF - Abridged Audited Results for the Year Ended 30 June 2023
FNB 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 2023
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 portfolio was initially listed on the JSE Limited ("JSE") on 6 October 2017.
STATEMENT OF FINANCIAL POSITION AS AT 30 JUNE 2023
Rand 2023 2022
ASSETS
Investments designated at fair value through profit or loss 1 682 451 855 1 324 325 560
Trade and other receivables 281 653 721 879
Cash and cash equivalents 13 859 638 11 779 457
Total assets 1 696 593 146 1 336 826 896
LIABILITIES
Net assets attributable to participatory interest holders 1 695 292 170 1 335 754 866
Trade and other payables 1 300 976 1 072 030
Total equity and liabilities 1 696 593 146 1 336 826 896
STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED
30 JUNE 2023
Rand 2023 2022
Interest income 80 026 14 434
Fair value gains/(losses) 469 476 624 (24 440 742)
Investment income/(loss) 469 556 650 (24 426 308)
Operating expenses (4 891 346) (4 282 062)
Interest expense (19 379) (17)
Profit before tax 379) (28 708 387)
464 645 925 925)
Taxation - -
Profit/(loss) before amounts attributable to participatory interest holders 464 645 925 (28 708 387)
(Increase)/decrease in net assets attributable to participatory interest holders (464 645 925) 28 708 387
Total comprehensive income for the year - -
STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 JUNE 2023
Rand 2023 2022
Cash flows from operating activities
Cash utilised by operations (4 642 471) (4 138 940)
Dividends received 29 107 476 21 921 134
Interest received 80 026 14 752
Interest paid (19 379) (17)
Proceeds from sales of investments designated at fair value through profit or
137 338 796 12 071 655
loss
Purchase of investments designated at fair value through profit or loss (54 656 267) (157 297 203)
Net cash inflow/(outflow) from operating activities 107 208 181 (127 428 619)
Cash flows from financing activities
Redemption of portfolio participatory interests (129 188 354) -
Creation of portfolio participatory interests 47 091 170 146 955 812
Distributions paid to participatory interest holders (23 011 437) (16 467 553)
Net cash (outflow)/inflow from financing activities (105 108 621) 130 488 259
Net increase in cash and cash equivalents 2 099 560 3 059 640
Cash and cash equivalents at the beginning of the year 11 779 457 8 719 817
Cash and cash equivalents at the end of the year 13 879 017 11 779 457
SUMMARISED ACCOUNTING POLICIES FOR THE YEAR ENDED 30 JUNE 2023
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 2022
There were no new or amended IFRS standards which became effective for the year ended 30 June 2023 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 parti-
cipatory 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 supple-
mental 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 par-
ticipatory interest does not meet the requirements to be classified as equity in terms of IAS 32 and is thus classi-
fied as a liability. Distributions are automatically reinvested in additional participatory interests other than distribu-
tions 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 cap-
ital 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 2023
Net assets attributable to participatory interest holders
Rand 2023 2022
Balance at the beginning of the year 1 335 754 866 1 233 974 994
Participatory interests created during the year 47 091 170 146 955 812
Participatory interests redeemed during the year (129 188 354) -
Increase/(decrease) in net assets attributable to participatory interest holders 464 645 925 (28 708 387)
Distributions paid (23 011 437) (16 467 553)
Balance at the end of the year 1 695 292 170 1 335 754 866
Distributions
Number of Distribution Number of Distribution
participatory participatory
interests interests
Rand 2023 2023 2022 2022
Declared 17 August 2022 and paid on 22 August 2022
(Declared 31 August 2021 and paid on 1 September 2021)
Class A: 29.11 cents per participatory interest (2022: 21.57
cents per participatory interest) 22 460 000 6 537 996 19 869 000 4 286 659
Declared 23 November 2022 and paid on 28 November
2022
(Declared 20 November 2021 and paid on 25 November
2021)
Class A: 30.09 cents per participatory interest (2022: 22.37
cents per participatory interest) 22 460 0000 6 757 909 19 869 000 4 445 178
Declared 22 February 2023 and paid 27 February 2023
(Declared 24 February 2022 and paid 25 February 2022)
Class A: 23.68 cents per participatory interest (2022: 21.79
cents per participatory interest) 21 260 000 5 033 416 20 128 000 4 385 484
Declared 24 May 2023 and paid on 29 May 2023
(Declared 13 May 2022 and paid on 18 May 2022)
Class A: 22.02 cents per participatory interest (2022: 15.17
cents per participatory interest) 21 260 000 4 682 116 22 080 000 3 350 232
23 011 437 16 467 553
The portfolio effects quarterly distributions made out of income received by the portfolio
These summarised annual financial statements have 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 2023
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: 31-10-2023 05:30:00
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