Value Partners “A” Fund - Offshore-Rebates

Value Partners “A” Fund
(A Cayman Islands Unit Trust)
NOTES TO THE ACCOUNTS OF THE FUND
1 GENERAL
Value Partners “A” Fund was established by the Trust Deed dated 26 October 1993, as amended,
and registered under section 4(3) of the Mutual Funds Laws of the Cayman Islands.
The Fund was authorised by the Securities and Futures Commission on 13 July 1994.
On 12 March 2002, Value Partners Limited issued a notice to notify all unitholders that with
effect from 12 April 2002, the acceptance of application for “A” units was suspended.
2 PRINCIPAL ACCOUNTING POLICIES
(a)
Accounting standards
The accounts have been prepared in accordance with International Accounting Standards.
(b)
Accounting convention
The accounts have been prepared under the historical cost convention, as modified by the
revaluation of investments.
(c)
Investments
Listed investments are stated at the last traded price where they are listed on a recognised
Stock Exchange. If no price is available, the Fund relies upon one or more brokers for
confirmation of the price. Unlisted investments are stated at fair value as deemed appropriate
by the Manager. Investments in open ended unit trusts and mutual funds are valued at their
respective net asset values.
Dividends on listed investments are stated net of withholding and other taxes and are included
in the Statement of Income and Expenditure when the relevant investments are first listed exdividend.
Other income is recognised on an accrual basis.
Profits and losses on realisation of investments together with the unrealised appreciation and
diminution on revaluation of investments at the balance sheet date are dealt with in the capital
account.
14