Brainworks_Capital_Management_2012_Annual_Report

2012 FINANCIAL STATEMENTS
NOTES TO THE FINANCIAL STATEMENTS
AS AT 31 DECEMBER 2012
37
31-DEC-12
US$
31-DEC-11
US$
7. NET GAIN FROM INSTRUMENTS AT FAIR VALUE
7. NET GAIN FROM THROUGH INSTRUMENTS PROFIT AND AT LOSS FAIR VALUE
THROUGH PROFIT AND LOSS
Gains on listed Gains investments on listed investments 2 268 016 695 799
Gains on unlisted Gains investments on unlisted investments - 523 561
2 268 016
1 219 360
8. OTHER 8. OPERATING OTHER OPERATING EXPENSES EXPENSES
Contributions Contributions to a defined contribution to a defined pension contribution plan pension plan 19 040 6 260
Pre-incorporation Pre-Incorporation expenses expenses - 130 567
Social security Social contributions security contributions 3 347 1 020
Other staff costs Other staff costs 351 140 244 220
Office rental Office rental 36 000 21 000
Administration Administration costs costs 259 122 230 830
Depreciation Depreciation 16 089 10 001
684 738
643 898
9. INTEREST 9. EXPENSE INTEREST EXPENSE
Interest on ABC Interest Holdings on ABC Limited Holdings facility facility (see Note 18) 255 654 179 678
Ever Prosperous Interest (Private) on Ecobank Limited facility Transnational Incorporated facility (see Note 118) 433 040
-
Interest on Ecobank Transnational Incorporated facility 323 556 164 444
2 012 250
344 122
10. TAX 10. CREDITTAX CREDIT
Current tax expense Current tax expense -
-
Deferred tax asset Deferred movement tax asset movement (255 024) (215 413)
TAX CREDIT TAX CREDIT (255 024) (215 413)
10.1 TAX RATE RECONCILIATION
10.1 TAX RATE RECONCILIATION
Profit before tax Profit before tax 317 734 195 702
Tax calculated Tax at 25.75% calculated at 25.75% 81 817 50 393
Tax effect of: Tax effect of:
Items not taxable/deductible Items taxed at different for tax purposes rates (336 841) (265 806)
INCOME TAX INCOME CREDIT TAX CREDIT (255 024) (215 413)
11. CASH AND CASH EQUIVALENTS
Cash and bank balances 16 354
513 153
BRAINWORKS CAPITAL MANAGEMENT (PRIVATE) LIMITED
2012 ANNUAL REPORT