2011 Report.pdf - Fortress Fund Managers
2011 Report.pdf - Fortress Fund Managers
2011 Report.pdf - Fortress Fund Managers
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<strong>Fortress</strong> Caribbean High Interest <strong>Fund</strong> Limited<br />
Statement of Comprehensive Income<br />
For the year ended September 30, <strong>2011</strong><br />
(expressed in Barbados dollars)<br />
<strong>2011</strong><br />
$<br />
2010<br />
$<br />
Revenue<br />
Interest income 3,815,133 3,396,502<br />
Net fair value (losses)/gains on investments (note 5) (425,138) 2,348,570<br />
Amortisation of discounts 56,879 338,657<br />
Dividend income 211 291<br />
Total investment income 3,447,085 6,084,020<br />
Expenditure<br />
Management fees (note 8) 801,190 636,832<br />
Administrator and custodian fees (note 8) 187,738 154,746<br />
Other operating expense 125,452 70,937<br />
Audit fees 39,500 36,868<br />
Trade fees 11,867 5,486<br />
Operating expenditure 1,165,747 904,869<br />
Total comprehensive income 2,281,338 5,179,151<br />
Net income on ordinary activities allocated to:<br />
Holders of redeemable mutual fund distribution shares 132,328 343,610<br />
Holders of redeemable mutual fund accumulation shares 2,149,010 4,835,541<br />
Total comprehensive income 2,281,338 5,179,151<br />
The accompanying notes form an integral part of these financial statements.
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