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Guinness Flight Intl (77GY)

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Thursday 15 June, 2000

Guinness Flight Intl

Revenue Account to 31/3/2000

Guinness Flight Intl Acc Fund Ld
14 June 2000


Revenue Account
for the year ended 31st March, 2000


Year ended                                                              U.S.
31st March,                                                 2000      Dollar
      1999.                                                Total       Money
  Total US$                                      Notes       US$         US$
             REVENUE

    780,167  Dividends receivable            1(f),2(b)   773,784           -
  5,461,194  Income from fixed interest                                    
             securities                      1(f),2(b) 4,651,448           -
  8,512,651  Interest receivable             1(f),2(c) 8,349,153   2,132,037
 14,754,012  TOTAL REVENUE                            13,774,385   2,132,037

             EXPENSES

  2,175,326  Management fee                            2,142,535    194,242  
    239,173  Custodian fee                               220,322         -      
     58,000  Directors' fee                               58,000      7,748    
     33,206  Auditors' remuneration                       41,863      5,592   
    286,362  Promotional contribution                    263,863         -      
     34,109  Safe custody charges                         29,816         -     
    145,190  Registration expenses                       145,336     19,424     
    241,561  Administration, legal and other
             expenses                                    327,990     43,815     
      1,179  Guernsey exempt company fee                   1,120        150     
     24,570  Interest payable                             55,397      9,634     
  3,238,676                                            3,286,242    280,605     

  11,515,336 NET REVENUE FOR THE FINANCIAL            10,488,143  1,851,432    
             YEAR APPROPRIATION
     (1,283) Redemption of shares                            -          -    
             RETAINED REVENUE FOR
  11,514,053 THE FINANCIAL YEAR                       10,488,143  1,851,432    
 115,418,599 RETAINED REVENUE BROUGHT
             FORWARD                                 126,932,652  5,480,802   
$126,932,652 RETAINED REVENUE CARRIED
             FORWARD                                £137,420,795 $7,332,234  
                                                     
                                                                Swiss
                                     Sterling      Euro         Franc
                                     Money         Money        Money
                                     £             EUR           SwFr
REVENUE

Dividends receivable                 -               -             -
Income from fixed interest
securities                           -               -             -
Interest receivable                2,290,210     146,071        67,648  

TOTAL REVENUE                      2,290,210     146,071        67,648

EXPENSES                             
                                     
Management fee                       212,042      24,983        28,939
Custodian fee                        -                -           -
Directors' fee                        8,471         916          1,152
Auditors' remuneration                6,114         661            831
Promotional contribution             -                -              -
Safe custody charges                 -                -              -
Registration expenses                21,204        2,498         2,894
Administration, legal 
and other expenses                   47,901        5,802         6,519
Guernsey exempt company fee             164           17            22
Interest payable                        135           54         1,359

                                    296,031       34,931        41,716

NET REVENUE FOR THE FINANCIAL YEAR
APPROPRIATION                     1,994,179      111,140        25,932
Redemption of shares                -                 -              -
RETAINED REVENUE FOR                              
THE FINANCIAL YEAR                1,994,179      111,140        25,932
RETAINED REVENUE BROUGHT 
FORWARD                          17,996,694    1,301,524       863,106
RETAINED REVENUE CARRIED 
FORWARD                         £19,990,873 EUR1,412,664  SwFr889,038



                                            International    International     
                             Managed             Prime       High Yield   
                            Currency             Bond             Bond    
                                US$              US$              US$    
REVENUE

Dividends receivable                -                -                - 
Income from fixed interest  1,128,433        1,007,057          402,750
securities                
Interest receivable         1,792,938          121,645           14,346
TOTAL REVENUE               2,921,371        1,128,702          417,096

EXPENSES                             

Management fee                409,714          212,213           43,879
Custodian fee                  68,235           26,538            5,472
Directors' fee                 10,880            4,219              873
Auditors' remuneration          7,853            3,045              630
Promotional contribution       81,943           31,832            6,582
Safe custody charges            2,808            3,029              801
Registration expenses          27,314           10,611            2,194
Administration, legal 
and other expenses             61,528           23,857            4,934       
Guernsey exempt company fee       210               81               17
Interest payable                6,183           15,055                -

                              676,668          330,480           65,382

NET REVENUE FOR THE FINANCIAL YEAR
APPROPRIATION               2,244,703          798,222          351,714    
Redemption of shares                -                -                -
RETAINED REVENUE FOR                              
THE FINANCIAL YEAR          2,244,703          798,222          351,714      
RETAINED REVENUE BROUGHT 
FORWARD                    46,242,548       18,058,367        8,053,400     
RETAINED REVENUE CARRIED 
FORWARD                   $48,487,251      $18,856,589       $8,405,114     



                            European        U.S. Dollar        Sterling
                          High Yield         High Yield      High Yield
                                Bond               Bond            Bond
                              (Euros)               US$               £
REVENUE
Dividends receivable               -                  -               -         
Income from fixed interest   258,612            374,617         670,602
securities                   
Interest receivable           54,292             15,958          34,603
TOTAL REVENUE                312,904            390,575         705,205

EXPENSES                             
Management fee                34,917             37,296          72,169
Custodian fee                  4,380              6,228          12,028
Directors' fee                   666                992           1,917
Auditors' remuneration           481                716           1,383
Promotional contribution       5,238              7,459          14,434
Safe custody charges             504              1,111             837
Registration expenses          1,746              2,486           4,811
Administration, legal          3,990              5,611          10,842
and other expenses          
Guernsey exempt company fee       13                 19              37
Interest payable                 189              3,564           1,728
                              52,124             65,482         120,186
                            
                              
NET REVENUE FOR THE          260,780            325,093         585,019 
FINANCIAL YEAR APPROPRIATION               
Redemption of shares               -                  -               -
RETAINED REVENUE FOR                              
THE FINANCIAL YEAR           260,780            325,093         585,019
RETAINED REVENUE BROUGHT 
FORWARD                    2,796,297          2,739,911       4,340,709
RETAINED REVENUE CARRIED 
FORWARD              Euros 3,057,077        $ 3,065,004     £ 4,925,728

   

                              International  
                                   Balanced   International        European
                                     Growth          Equity          Equity
                                        US$             US$               £ 
REVENUE
Dividends receivable                153,709         356,292         165,350
Income from fixed interest 
securities                          421,314               -               -
Interest receivable                 315,154           4,479             414
TOTAL REVENUE                       890,177         360,771         165,764

EXPENSES
Management fee                      274,967         283,282          99,553
Custodian fee                        34,838          35,667          12,515
Directors' fee                        5,551           5,677           1,988
Auditors' remuneration                4,007           4,097           1,435
Promotional contribution             41,667          42,518          14,933
Safe custody charges                  6,640           8,050           3,485
Registration expenses                13,889          14,173           4,978
Administration, legal and
other expenses                       31,390          32,102          11,246
Guernsey exempt company fee             107             110              38
Interest payable                      2,059           1,827           8,182
                                    415,115         427,503         158,353

NET REVENUE FOR THE FINAL
YEAR APPROPRIATION                  475,062         (66,732)          7,411
Redemption of shares                      -               -             -
RETAINED REVENUE FOR THE 
FINANCIAL YEAR                      475,062         (66,732)          7,411
RETAINED REVENUE BROUGHT FORWARD  4,628,442         232,222         491,293
RETAINED REVENUE CARRIED FORWARD $5,103,504        $165,490        £498,704



                                                                                
                                                                                
                    

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