"ll lCi1 <fS Pt ~~ '€ ~, 15~ ~<fSl\9~Cb-&)t CH, DACCOUNTANTS ~-1%f' ~ ~ l!)a,m, 1,f<!ST -~QQQ Mal ek Siddiqui Wali CHARTERE D ACCOUN TANTS 9-G, Moti jheel C/A, 2nd Floor, Dhaka-1000, Bangladesh. Extension Office : Property Heights, i= Floor 12, R.K. Mission Road, Dhaka-1000. PHONE: 9513471, 9569867 PABX: 9576118-9, 9576128 FAX: +88-02-9516236 Email: wali@satcombd.com Web: www.msw-bd.com Independent Auditor's Report To The Trustee of ICB AMCL Converted First Unit Fund Report on the Audit of the Financial Statements Qualified Opinion: We have audited the financial statements of !CB Converted First Unit Fund, which comprise the Statement of Financial Position as at June 30, 2021, the Statement of Profit or Loss and Other Comprehensive Income, Statement of Changes in Equity and Statement of Cash Flows for the year then ended and notes to the financial statements, incl uding a summary of significant accounting policies. In our opinion, except the effect described in the Basis for Qualified Opinion paragraph, the accompanying financial statements present fairly, in all material respects, the financial position of the fund as at June 30, 2021, and its fi nancial perf ormance and its cash flows for the year then ended in accordance with International Financial Reporting Standards (IFRSs), Bangladesh Securities and Exchange Commission Mutual Fund Bidhimala (Rules), 2001 and other applicable laws and regulations. Basis for Qualifi ed Opinion: 1. The Rules 67 of Bangladesh Securities and Exchange Commission Mutual Fund Bidhimala (Rules), 2001 requires to maintain provision as a result of diminution losses for investments by charging against the profit for the year. The fund did not provide any provision in respect of diminution of shortf all of losses of investment during the year. The short fall of provision is stood of TK. 28,745,544. If the whole provision is charged to profit or loss statements than profit for the year will turn into loss of (Tk. 15,72 5,498) and negative EPU (Tk. 0.45) instated of current disclosed profit TK. 13,020,046 and EPU TK. 0.37. 2. According to the accounting policies of the fund, the whole unrealised loss of investment of TK. 88,924,102 is recognised through the Other Comprehensive Income. On the other hand, part of such unrealised loss (TK. 60.178.558 out of total unr ealised loss of TK. 88,924,102) has also been recognised as provision. As such, net asset value has been understated by that amount (Tk. 60,178,558). 3. The Fund recognize Premium on sale of units as its operating income, based on nature of its operation, premium on units sale should be part of equity. 4. The Note no. 2.02.01 of these financial statements which describes that the Fund recognizes the Fair Value loss of investment in securities in the Other Comprehensive Income. However, the nature of the investment suggests that the said investment shall be fallen in the category of "Fair value through Profi t and Loss" as per paragraph 4.1.2A and 4.1.4 of IFRS 09 and both the fair value gain/ (loss) should be shown in profit or loss statement. We conducted our audit in accordance with International Standards on Auditing (ISAs). Our responsibilities under those standards are furt her described in the Auditors' Responsibilities for the Audit of the Financial Statements section of our report . We are independent of both the Fund and Asset Management Company in accordance with the International Ethics Standards Board for Accountants' Code of Ethics for Professional Accountants (IESBA Code) together with the ethical requirements that are relevant to our audit of the financi al statements in Bangladesh, and we have fulfi lled our other ethical responsibilities in Associated fi rm of Reddy Siddi qui LLP, Chart ered Accoun tan ts & Business Advi sors, Park View, 183-189 The V ale, London, W3 7RW, UK E-mail : mail@reddysiddiqui.com, Website: www .reddysidiqui.com
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Independent Auditor's Report To The Trustee of ICB AMCL Converted First Unit Fund
Report on the Audit of the Financial Statements
Qualified Opinion:
We have audited the financial statements of !CB Converted First Unit Fund, which comprise the Statement of Financial Position as at June 30, 2021, the Statement of Profit or Loss and Other Comprehensive Income, Statement of Changes in Equity and Statement of Cash Flows for the year then ended and notes to the financial statements, including a summary of significant accounting policies.
In our opinion, except the effect described in the Basis for Qualified Opinion paragraph, the accompanying financial statements present fairly, in all material respects, the financial position of the fund as at June 30, 2021, and its financial performance and its cash flows for the year then ended in accordance with International Financial Reporting Standards (IFRSs), Bangladesh Securities and Exchange Commission Mutual Fund Bidhimala (Rules), 2001 and other applicable laws and regulations.
Basis for Qualified Opinion:
1. The Rules 67 of Bangladesh Securities and Exchange Commission Mutual Fund Bidhimala (Rules), 2001 requires to maintain provision as a result of diminution losses for investments by charging against the profit for the year. The fund did not provide any provision in respect of diminution of shortfall of losses of investment during the year. The short fall of provision is stood of TK. 28,745,544. If the whole provision is charged to profit or loss statements than profit for the year will turn into loss of (Tk. 15,725,498) and negative EPU (Tk. 0.45) instated of current disclosed profit TK. 13,020,046 and EPU TK. 0.37.
2. According to the accounting policies of the fund, the whole unrealised loss of investment of TK. 88,924,102 is recognised through the Other Comprehensive Income. On the other hand, part of such unrealised loss (TK. 60.178.558 out of total unrealised loss of TK. 88,924,102) has also been recognised as provision. As such, net asset value has been understated by that amount (Tk. 60,178,558).
3. The Fund recognize Premium on sale of units as its operating income, based on nature of its operation, premium on units sale should be part of equity.
4. The Note no. 2.02.01 of these financial statements which describes that the Fund recognizes the Fair Value loss of investment in securities in the Other Comprehensive Income. However, the nature of the investment suggests that the said investment shall be fallen in the category of "Fair value through Profit and Loss" as per paragraph 4.1.2A and 4.1.4 of IFRS 09 and both the fair value gain/ (loss) should be shown in profit or loss statement.
We conducted our audit in accordance with International Standards on Auditing (ISAs). Our responsibilities under those standards are further described in the Auditors' Responsibilities for the Audit of the Financial Statements section of our report. We are independent of both the Fund and Asset Management Company in accordance with the International Ethics Standards Board for Accountants' Code of Ethics for Professional Accountants (IESBA Code) together with the ethical requirements that are relevant to our audit of the financial statements in Bangladesh, and we have fulfilled our other ethical responsibilities in
Associated firm of Reddy Siddiqui LLP, Chartered Accountants & Business Advisors, Park View, 183-189 The Vale, London, W3 7RW, UK E-mail : [email protected], Website: www.reddysidiqui.com
CHARTERED ACCOUNTANTS
"' accordance with the IESBA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our Qualified opinion.
Responsibilities of Management and Those Charged with Governance for the Financial Statements and Internal Controls:
Management is responsible for the preparation and fair presentation of the financial statements in accordance with IFRSs, Bangladesh Securities and Exchange Commission Mutual Fund Bidhimala (Rules), 2001 and other applicable laws and regulations and for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, management is responsible for assessing the Fund's ability to continue as a going concern, disclosing, as applicable matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Fund or to cease operations or has no realistic alternative but to do so. Those charged with governance are responsible for overseeing the Fund's financial reporting process.
Auditor's Responsibilities for the Audit of the Financial Statements:
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. As part of an audit in accordance with ISAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:
o Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal control.
D Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances.
D Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.
D Conclude on the appropriateness of management's use of the going concern basis of accounting and based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Fund's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Fund to cease to continue as a going concern.
D Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
CHARTERED ACCOUNTANTS
" Report on other Legal and Regulatory Requirements:
In accordance with the Bangladesh Securities and Exchange Commission Mutual Fund Bidhimala (Rules), 2001, we also report that:
a) We have obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purpose of our audit and made due verification thereof;
b) In our opinion, proper books of accounts, records and other statutory books as required by law have been kept by the Fund so far as it appeared from our examinations of those books;
c) The Statement of Financial Position and Statement of profit and loss and other comprehensive Income of the Fund dealt with by the report are in agreement with the books of account and
returns; and d) The investment was made both as per Rule 56 and Fifth (5th) Schedule of Bangladesh Securities
and Exchange Commission Mutual Fund Bidhimala (Rules), 2001.
Dated, Dhaka August 11, 2021 Data Verification Code (DVC) No.
Malek Siddiqui Wali,
Chartered Accountants
~lFCA Enrolment No: 0247
2109020247AS983349
ICB AMCL CONVERTED FIRST UNIT FUND Statement of Financial Position
As at June 30, 2021 As at June 30,
2021 As at June 30,
2020 As at June 30,
2019 Particulars Notes Taka Taka Taka
Assets Marketable Investments - at Market (Re-stated) Cash & Cash Equivalents Other current assets Deferred revenue expenditure
Net Asset Value (NAV) per unit At cost 12.00 At market price 13.00 The annexed es from 1 to 22 form an integral part of these Financial Statements.
Asset ager ICB Asset Management Company Limited
ta ments we approvec by the Board of trustees on July 29, 2021 and were signed on rbehalf--.by. w Investment Corporation of Bangladesh
/~ ~ddiqui Wali
Chartered Accountants
The financial
Signed in terms of our separate report of even date.
Dated, Dhaka August 11,2021
ICB AMCL CONVERTED FIRST UNIT FUND Statement of Profit or Loss and Other Comprehensive Income
For the year ended June 30, 2021 ended June For the year ended
s 30,2021 June 30, 2020 Particulars Notes Taka Taka
Income Profit on sale of investments (Annexure-D) 23,155,029 9,262,804 Dividend from investment in securities (Annexure-A) 12,000,857 9,940,778 Interest on bank deposits and bonds 14.00 1,634,513 1,928,553 Premium on sale of units 227,035 553,660 Other income 6 Total income 37,017,434 21,685,801
Expenses Management fee 6,062,966 5,512,423 Trustee fee 304,198 267,495 Custodian fee 304,775 274,326 Annual BSEC fee 371,616 241,225 Audit fee 23,000 23,000 Commission to agents 5,818 6,064 Other operating expenses 15.00 425,015 406,462 Preliminary expenses written off 362,550
7,497,388 7,093,545 Profit before provision 29,520,046 14,592,256 Provision for marketable investments 10.00 16,500,000 1,000,000 Net Income for the year 13,020,046 13,592,256
Other comprehensive income/ (loss) for the year Unrealized gain/ (losses) on investments 16.00 115,811,841 (86,158,869) Total comprehensive income/ (loss) for the year 128,831,887 (72,566,613)
Earnings Per Unit 17.00 0.37 0.39
The annexed notes from 1 to 2 orm an integral part of these Financial Statements.
nager ICB Asset Management Company Limited
aoard of trustees on July 29, 2021 and were signre-it1ehalf by
~
Signed in terms of our separate report of even date.
Investment Corporation of Bangladesh
~
~~iWali Chartered Accountants
Dated, Dhaka August 11,2021
Particulars
Balance as at July 01, 2020 Unit Capital Unit Premium reserve Unrealized gain/ (losses) on investments Dividend paid for FY 2019-2020 Net Income for the year Balance as at June 30, 2021
Particulars
Balance as at July 01, 2019 Prior year error adjustment Restated Opening balance Unit Capital Unit Premium reserve Unrealized gain/ (losses) on investments Dividend paid for FY 2018-2019 Net Income for the year Balance as at June 30, 2020
ICB AMCL CONVERTED FIRST UNIT FUND Statement of Changes in Equity For the year ended June 30, 2021
Amount in BOT
Unit Premium Unrealized gain/ Retained Unit Capital reserve (losses) on Earnings Total Equity investments
The tinancial statements wer a proved by e Board of trustees on July 29, 2021 and were signed on its b?alfoy\
Asset ager ~ ICB Asset Management Company Limited Investment Corporation of Bangladesh
~
11r.:£w.i; Signed in terms of our separate report of even date.
Dated, Dhaka August 11,2021 Chartered Accountants
ICB AMCL CONVERTED FIRST UNIT FUND Statement of Cash Flow
For the year ended June 30, 2021
For the year ended For the year ended June 30, 2021 June 30, 2020 Particulars Notes Taka Taka
A. Cash flow from operating activities Uividend from investment in shares 11,809,099 10,217,265 Interest on bank deposits and bonds 1,240,513 2,379,553 Premium income on unit sold 227,035 553,660 Others income 6 Expenses (7,228,989~ (10,826,383) Net cash inflow/(outflow) from operating activities 6,047,658 2,324,101
B. Cash flow from investing activities Sale of Securitiess 105,755,766 90,253,542 Purchase of Securities (91,548,643) (63,221,892) Share application money (33,380,000) (9,000,000) Refund of Share application money 33,380,000 9,000,000 t iet cash inflow/(outflow) from investing activities 14,207,123 27,031,650
C. Cash flow from financing activities Units sold 7,567,840 18,455,330 Units surrendered (8,431,380) (31,852,180) Adjustment of Premium on Surrendered of Units 1,574,439 3,202,033 Adjustment of Premium on sales of Units (1,728,366) (3,231,256) Dividend paid for the period (14,373,394) (16,944,360) Net cash inflow/(outflow) from financing activities (15,390,860) (30,370,433)
D. Net cash flows (A+B+C) 4,863,921 (1,014,682) Cash and cash equivalents at the beginning of the year 13,494,018 14,508,700 Cash & cash equivalents at the end of the year 18,357,939 13,494,018
Net Operating Cash Flow Pe Unit (NOCFPU) 18.00 0.17 0.07
The annexed notes from 1 to 2 orm an integr. I part of these Financial Statements.
The financial statements were ap roved by e'Board of trustees on July 29, 2021 and were ~~ts behalf by:
ager ~ ICB Asset Management Company Limited Investment Corporation of Bangladesh
~
m{.,wali Chartered Accountants
~igned in terms of our separate report of even date.
Dated, Dhaka August 11,2021
r
ICB AMCL CONVERTED FIRST UNIT FUND Notes to the financial statements
As at and the year ended June 30, 2021
1.00 Legal status and nature of business
ICB AMCL Converted First Unit Fund was established under a Trust Deed executed between the ICB Capital Management Limited as 'Sponsor' and Investment Corporation of Bangladesh as "Trustee". The Trust Deed was executed on 20 January 2014 The Fund was registered with the Bangladesh Securities and Exchange Commission (BSEC) on 03 February 2014 under the f\-!f4>J;ffifGSi '3 j~3J ~ (fJi;sk_\:<11<'1 ~) f<rf!:f1WIT <oo'::.,. The prospectus was approved by the BSEC on 19 February 2014 in accordance with the f\-!f4>J;ffifG;s\ '3 j~3J ~ (fJiJ;li,l:<WI ~ f<rf!:f1WIT <oo'::.,. The operation of the Fund commenced on 19 February 2014.
ICB Asset Management Company Ltd (ICB AMCL) is the Manager of the Fund. ICB AMCL was created as part of the restructuring programme of ICB under Capital Market Development Programme (CMDP) initiated by the Government of the People's Republic of Bangladesh and the Asian Development Bank (ADB). The Company was incorporated as a public limited company under the Companies Act 1994 with the Registrar of Joint Stock Companies and Firms on 5 December, 2000 with an authorized capital of Tk 100.00 crore and a nominal paid-up capital of Tk 2.00 lac which was subsequently increased to Tk 39.37 crore. Registration of the Company with the BSEC has been completed on 14 October 2001. The Company became operational from 1 July 2002 as per government gazette notification.
ICB AMCL Converted First Unit Fund is an open-end mutual fund. The objective of the Fund is to provide attractive dividend to the unit holders by investing the proceeds in the capital market and money market. The Units are transferable and can be redeemed by surrendering them to Fund.
2.00 Significant Accounting Policies
2.01 Basis of preparation of accounts
These financial statements have been prepared under historical cost convention in accordance with generally accepted accounting principles as laid down in the International Accounting Standards (IASs)/lnternational Financial Reporting Standards (IFRSs), applicable to the Fund so far adopted by the Institute of Chartered Accountants of Bangladesh . The disclosures of information made in accordance with the requirements of Trust Deed , Securities and Exchange Rules 1987, f\-!f4>J;ffifG;si '3 j~3J ~ (fJ1J;1?y•1111 ~) f<rf!:f1WIT <oo':, and other applicable Rules and regulations.
2.02 Financial instruments
IFRS 9 sets out requirements for recognizing and measuring financial assets, financial liabilities and some contracts to buy or sell non-financial items. This standard replaces !AS 39 Financial Instruments: Recognition and Measurement.
2.02.01: Investments in shares which are actively traded on a quoted market are designated at fair value (market price) through other comprehensive income (FVTOCI). Gains or losses arising from a change in the fair value of such financial assets are recognized in other comprehensive income of statement of profit or loss and other comprehensive income.
2.02.02: The market value of listed securities are valued at average closing quoted market price on the Dhaka and Chittagong stock exchanges on the date of valuation i.e., on June 30, 2021
2.03 Comparative Figures
Relevant Notes and disclosures are also presented in a comparative way for better understanding. Previous year's figure has been presented whenever considered necessary to ensure comparability with the current year presentation as per "IAS-8: Accounting Policies, Changes in Accounting Estimates and Errors". Financial Statements has been re-stated for the year ended June 30, 2020.
2.04 Reporting period
These financial statements Cover 1 year from July 01, 2020 to June 30, 2021.
2.05 Provision for unrealized losses on Marketable Investments As per f\-!f4>J;ffifG;s\ '3 j~3J ~ (fJi;sk_\311<'1 ~) f<!f!:f1WIT <oo':, to meet any future unforeseen diminution in the value of the investment portfolio over the cost, the management has established a policy of making a provision out of its current year profit Tk. 165,00,000.00 and has set up an accumulated general provision for Tk 6,01, 78,558.00
2.06 Pricing of Units
Units issued are recorded at the offer price, determined by the Company for the applications received during business hours on that date/week. The offer price represents the Net Asset Value per unit (NAV) as of the close of the business day of each week plus the allowable difference between sale and repurchase prices (at present Tk 0.30 only). Units redeemed are recorded at the redemption price. The redemption price represents Net Asset Value (NAV).
2.07 Premium on sale of units
This indicates the difference between sales and repurchase price, which at present is Tk 0.30 per unit.
2.08 Dividend policy As per Rule 66 of the 111Rs~ffil'&'5'i '3 j~3l ~ (~~§_\?WI 1.j;]iS ) fcrf~ ~oo':,, the Fund is required to distribute in the form
of dividend to its unit holders an amount which shall not be less than 50% of annual profit for the period, net of provisions.
2.09 Management fee
ICB Asset Management Company Ltd, the management company of the Fund is to be paid an annual management fees-on weekly average Net Asset Value (NAV) as per Rule 65 of Securities and Exchange Commission (Mutual Fund) Bidhimala (Rules) 2001 and Trust Deed at the following rates:
NAV {Takal
Not exceeding Taka 5.00 crore Exceeding Taka 5.00 crore and up to Taka 25.00 crore Exceeding Taka 25.00 crore and up to Taka 50.00 crore Exceeding Taka 50.00 crore
Rate(%)
2.50% 2 00% on additional amount 1.50% on additional amount 1.00% on additional amount
2.10 Trustee fee
The Trustee is entitled to an annual Trustee Fee of @ 0.10% on weekly average NAV of the Fund on semi annual in advance basis during the entire life of the Fund.
2.11 Custodian fee
The Custodian is entitled to receive a safekeeping fee @ 0.10% on the balance of securities calculated on the average month end value per annum.
2.12 Annual BSEC fee
As per Rule 11 of the 111Rs~ffif&'5'! '3 j~3l ~ (~~§_\?WI 1.j)]iS) fcrf~ ~oo':,,, Fund is required to pay an annual fee to BSEC an amount equal to @ 0.10% of the Net Asset Value (NAV) of the Fund or Tk 50,000.00 whichever is higher.
2.13 Revenue Recognization (a) Gains/losses arising on sale of investment are included in the Revenue Account on the date at which the transaction
takes place.
(b) Dividend and Interest Income are recognized on accrual basis.
For the year CHAR
ended June 30, 2021 Taka Taka
3.00 Marketable Investments - at Market
Total Investment 370,097,018 245,337,271
370,097,018 245,337,271
3.01 Restated Statement The investment in securities was presented historically at cost in asset section and related provision for unrealized loss (not fully) shown as liability. During the year the Marketable Investments has valued at 'Fair Value Through Profit or Loss' as per as per Securities and Exchange Commission (Mutual Fund) Bidhimala, 2001 and unrealized gain has been recognized in other comprehensive income through in the Statement of changes in equity. The comparative information has also been restated in this
respect.
3.01 Sector wise break up of investments in securities is as follows:
Sector/category I I Total cost I
Total market II Difference orice ITkl price ITkl Surplus/(Deficitl
TITAS GAS 38,373,793.00 25,764,927.60 (12,608,865)
Corporate Bond 4,751,372.19 5,000,000.00 248,628
Miscellaneous 1,000,091.07 1,105,950.00 105,859
459,021,120 370,097,018 (88,924,102)
4.00 Cash & Cash Equivalents IFIC Bank, Principal STD A/C 1001-000546-041 Dhaka Bank Ltd, Local Office STD A/C 201-150-1372 Dhaka Bank Ltd, Local Office Escrow account 201-153-1384 STD/SND Accounts with selling agent
IFIC Bank Limited,Barishal Br. 5064-609950-041 IFIC Bank Limited,Bogra Br. 6082-000546-041 IFIC Bank Limited,Agrabad Br. 2030-000550-041 IFIC Bank Limited,Rajshahi Br. 6080-000549-041 IFIC Bank Limited,Khulna Br. 4060-000552-041 IFIC Bank Limited,Sylhet Br. 3033-00560-041 IFIC Bank Limited,Nayapaltan Br. 1020-610603-041
IFIC Bank Ltd, Federation (0/A -03-04) 1008-111315-041 IFIC Bank Ltd, Federation (0/A -04-05) 1008-111331-041 IFIC Bank Ltd, Federation (O/A-05-06) 1008-111347-041 IFIC Bank Ltd, Federation (O/A-06-07) 1008-111357-041 IFIC Bank Ltd, Federation (D/A-07-08) 1008-000221-041 IFIC Bank Ltd, Federation (D/A-08-09) 1008-000216-041 IFIC Bank Ltd, Federation (O/A-09-10) 1008-000268-041 IFIC Bank Ltd, Federation (O/A-10-11) 1008-000358-041 Shahjalal lslami, Motijheel (O/A-11-12) 4015-13100001094 Shahjalal lslami, Motijheel (D/A-12-13) 4015-13100004078 IFIC Bank, Principal (D/A-13-14) 1001-000580-041 IFIC Bank, Principal (O/A-14-15) 1001-759350-041 IFIC Bank, Principal (O/A-15-16) 1001-095852-041 IFIC Bank, Principal (O/A-16-17) 0170140264041 IFIC Bank, Principal (D/A-17-18) 0170140264041 IFIC Bank, Principal (O/A-18-19) 0100100215041 Jamuna Bank, Shantinagar (0/A -19-20) 0090320000969
For the year CHAR"!: /5r't~e~'filTANTS ended June 30, d June 30,
2021 2020 Taka
5.00 Other current assets Dividend receivable Interest on Bond Suspense Advance payment of Annual Fee Advance payment of Trustee Fee
1,269,315 394,000
2,165,599
6,947 3,835,861
6.00 Unit capital Opening Balance Add: unit sold for the period
Less: unit surrender by holder Closing Balance as at June 30, 2021
The unit capital represents 3,47,20,608 number of units of Tk 1 O each.
348,069,620 7,567,840
355,637,460 8,431,380
347,206,080
7.00 Unit premium reserve Opening Balance Add: Premium on surrender of units for the period
Less: Adjustment against sale of units for the period Closing Balance as at June 30, 2021
15,467,685 1,574,439
17,042,124 1,728,366
15,313,758
8.00 Retained earnings Opening Balance Less: Dividend paid for FY 2018-2019 Add: Prior year error adjustment
Add: Net income for the period Closing Balance as at June 30, 2021
38,744,639 13,922,785
24,821,854 13,020,046 37,841,900
9.00 Unrealized gain/ (losses) on investments Opening Balance Adjustment of Last year gain/lossess Add/(Less): for the period Closing Balance as at June 30, 2021
10.00 Provision for unrealized losses on Marketable Investments Provision for Investment in Securities (10.01) Provision for Investment in Mutual Funds Closing Balance as at June 30, 2021
10.01 Provision for Investment in Securities (Others) Balance as at July 01, 2020 Addition during the year Closing Balance as at June 30, 2021
43,600,000 16,500,000 60,100,000
11.00 Current liabilities Management fee payable to ICB AMCL Custodian fee payable to ICB Audit fee payable Annual fee payable to BSEC Commission payable to unit sales agents Share application money refundable Other expenses payable Dividend payable (11.01) Total current liabilities
6,062,966
23,000 21,364 4,449
45,000 11,457
14,506,387 20,674,623
43,600,000 78,558
43,678,558
42,600,000 1,000,000
43,600,000
5,512,423 274,326· 23,000
6,064 45,000 48,513
14,956,996 20,866,322
Taka Taka
11.01 Dividend payable Dividend payable for FY 2003-04
39,420 39,420
Dividend payable for FY 2004-05 90,400 90,400
Dividend payable for FY 2005-06 295,120 295,120
Dividend payable for FY 2006-07 278,600 278,600
Dividend payable for FY 2007 -08 673,875 673,875
Dividend payable for FY 2008-09 776,925 776,925
Dividend payable for FY 2009-1 O 1,506,750 1,506,750
Dividend payable for FY 2010-11 805,450 805,450
Dividend payable for FY 2011-12 2,048,000 2,048,000
Dividend payable for FY 2012-13 1,225,630 1,225,630
Dividend payable for FY 2013-14 801,358 817,491
Dividend payable for FY 2014-15 741,999 749,448
Dividend payable for FY 2015-16 1,448,169 1,471,785
Dividend payable for FY 2016-17 1,222,074 1,250,114
Dividend payable for FY 2017 -18 1,105,365 1,666,071
Dividend payable for FY 2018-19 795,230 1,261,917
Dividend payable for FY 2019-20 652,022 14,506,387 14,956,996
12.00 Net Asset Value (NAV) Per Unit (At Cost Price) : Total Assets (Investment considered at cost price) 481,214,920 466,826,824
Less: Liabilities 20,674,623 20,866,322
Net Asset Value 460,540,297 445,960,502
Number of Units 34,720,608 34,806,962 13.26 12.81
1~.00 Net Asset Value (NAV) Per Unit (At Market Price) : Total Assets 392,290,818 262,090,881 ·
Less: Liabilities 20,674,623 20,866,322
Net Asset Value 371,616,195 241,224,559
Number of Units 34,720,608 34,806,962
NAV per Unit at Market Value 10.70 6.93
14.00 Interest on bank deposits and bonds Interest income on Short Term deposits 771,513 1,928,553
Interest income on Listed Bonds 863,000 1,634,513 1,928,553
15.00 Other operating expenses Printing and stationery 27,072 22,550
Postage and telegram 144
Bank charges & Excise duty 81,555 76,366
Publicity expenses 183,687 227,465
CDBL charges 24,085 18,599
Dividend distribution expenses 3,060 4,563
IPO application expenses 27,000 3,000
Others 78,556 53,775 425,015 406,462
16.00 Calculation of Unrealized gain/ (losses) on investments Unrealized Gain/(losses) as on June 30, 2020 (204,735,943) (118,577,074)
Unrealized Gain/(losses) as on June 30, 2021 (88,924,102) (204,735,943)
lncrease/(decrease) 115,811,841 (86,158,869)
17.00 Earnings Per Unit Net profit after Provision 13,020,046 13,592,256
Number of Units 34,720,608 34,806,962 0.37 0.39
18.00 Net Operating Cash Flow Per Unit (NOCFPU) Net cash inflow/(outflow) from operating activities 6,047,658 2,324,101
Number of Units 34,720,608 34,806,962 0.17 0.07
Taka Taka
19.00 Events after the reporting period
The Board of Trustees of the Fund has approved .50 tk dividend for the year ended on June 30, 2021 at the meeting held
on July 29, 2021.
20.00 Date of authorization
The Trustee Board has authorized these financial statements for issue on July 29, 2021.
21.00 Reconciliation between net profit to operating cash flow
Net Profit before provision less Profit on sale of investments Operating cash flow before changes in working capital
29,520,046 (23,155,029) 6,365,017
Changes in Working capital: Decrease/(lncrease) of accounts receivables lncrease/(Decrease) of account payables
(576,269) 258,910 (317,359)
6,047,658 Net operating cash flows
22.00 Related Party Disclosure
The mutual fund, in normal course of business, carried out a number of transactions with other entities that fall within the definition of related party contained in International Accounting Standard 24: Related party Disclosures. All transactions involving related parties arising in normal course of business are conducted on an arm's length basis at commercial rates on the same terms and conditions as applicable to the third parties. Details of transaction with related parties and balances with them as at June 30, 2021 were as follows:
Nature of Transaction during the year Balance AsseU(Liability)
Name of the Party Relationship Transaction Dr.I Cr.I 2021 2020 Adiustment Addition