Report - Nikko AM Asia Limited

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INDEPENDENT AUDITOR’S REPORT TO THE UNITHOLDERS OF NIKKO AM SHENTON EIGHT PORTFOLIOS (Constituted under a Trust Deed registered in the Republic of Singapore) We have audited the accompanying financial statements of Nikko AM Shenton Eight Portfolios (the “sub-funds”), which comprise the Statement of Financial Position and Statement of Portfolio as at 31 December 2013, the Statement of Total Return and Statement of Movements of Unitholders’ Funds for the year then ended, and a summary of significant accounting policies and other explanatory information, as set out on pages 16 to 47. Manager's Responsibility for the Financial Statements The sub-fund’s Manager (the “Manager”) is responsible for the preparation and fair presentation of these financial statements in accordance with the recommendations of Statement of Recommended Accounting Practice 7 “Reporting Framework for Unit Trusts” issued by the Institute of Singapore Chartered Accountants (formerly known as Institute of Certified Public Accountants of Singapore), and for such internal control as the Manager determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. Auditor’s Responsibility Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with Singapore Standards on Auditing. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgement, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the sub-fund’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the sub-fund’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the Manager, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Opinion In our opinion, the financial statements present fairly, in all material respects, the financial position of the sub-funds as at 31 December 2013 and the total returns/(deficits) for the financial year then ended in accordance with the recommendations of Statement of Recommended Accounting Practice 7 “Reporting Framework for Unit Trusts” issued by the institute of Singapore Chartered Accountants. PricewaterhouseCoopers LLP Public Accountants and Chartered Accountants Singapore 15
NIKKO AM SHENTON EIGHT PORTFOLIOS (Constituted under a Trust Deed registered in the Republic of Singapore) STATEMENTS OF TOTAL RETURN For the financial year ended 31 December 2013 Eight Portfolio A Eight Portfolio B Note 2013 2012 2013 2012 S$ S$ S$ S$ Income Dividends 15,380 7,552 40,914 19,725 15,380 7,552 40,914 19,725 Less: Expenses Management fee 47,419 46,663 152,689 143,678 Management fee rebate (44,727) (42,806) (128,829) (119,931) Registration fee 11,663 19,761 12,820 20,037 Trustee fee 1,239 1,267 3,334 3,336 Custody fee 12,658 2,955 25,461 6,137 Audit fee 798 7,766 2,181 7,842 Valuation fee 1,736 1,796 4,704 4,722 Other expenses 12,622 11,366 16,679 23,462 43,408 48,768 89,039 89,283 Net losses (28,028) (41,216) (48,125) (69,558) Net gains or losses on value of investments Net gains on investments 69,651 316,588 692,342 823,213 69,651 316,588 692,342 823,213 Total return for the financial year before income tax 41,623 275,372 644,217 753,655 Less: Income tax 3 (736) - (1,981) - Total return for the financial year after income tax 40,887 275,372 642,236 753,655 Eight Portfolio C Eight Portfolio D Note 2013 2012 2013 2012 S$ S$ S$ S$ Income Dividends 899,760 438,863 205,858 115,052 899,760 438,863 205,858 115,052 Less: Expenses Management fee 1,837,081 1,693,658 421,200 425,243 Management fee rebate (1,616,247) (1,479,685) (399,075) (393,159) Registration fee 31,696 23,509 14,456 16,429 Trustee fee 39,917 39,498 8,952 9,704 Custody fee 98,168 34,721 49,168 12,594 Audit fee 26,069 8,508 5,506 7,838 Valuation fee 56,373 55,498 12,797 13,881 Other expenses 101,971 123,479 39,365 42,921 575,028 499,186 152,369 135,451 Net income/(losses) 324,732 (60,323) 53,489 (20,399) Net gains or losses on value of investments Net gains on investments 13,122,745 10,826,723 4,796,443 2,785,603 13,122,745 10,826,723 4,796,443 2,785,603 Total return for the financial year before income tax 13,447,477 10,766,400 4,849,932 2,765,204 Less: Income tax 3 (47,543) - (12,688) - Total return for the financial year after income tax 13,399,934 10,766,400 4,837,244 2,765,204 The accompanying notes form an integral part of these financial statements. 16
Page 1 and 2: ANNUAL REPORT For the financial yea
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NIKKO AM SHENTON EIGHT PORTFOLIOS (
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ANNUAL REPORT For the financial yea
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external environment resulted in el
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IMPORTANT INFORMATION This document
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