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Investec Intl. Acc (77GY)

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Tuesday 23 July, 2002

Investec Intl. Acc

Final Results

Investec Intl. Accumulation Fund Ld
23 July 2002


LETTER TO RNS 

We are pleased to advise that the Annual Report to 31st March 2002 of the 
Investec International Accumulation Fund Limited has been agreed with the 
Company's auditors and was approved by a Directors sub-committtee (as requested 
at a Board Meeting of the above-named company held in Dublin on Wednesday 29th
May 2002).

Below is a copy of the Revenue Account (Final Results) which contains 
comparative figures for the equivalent period in 2001.

FROM INVESTEC ASSET MANAGEMENT GUERNSEY LIMITED

                                                                                                               Sterling
Year Ended                                                                 Swiss                                   High 
31st March                                                                 Franc      Managed        Global       Yield
2001                                                                       Money     Currency          Bond        Bond
Total US$                                                   Notes           Swfr          US$           US$           £ 
   
                Revenue
     815,777    Dividends receivable                     1(f),2(b)             -            -             -           - 
   4,925,462    Income from fixed interest interest 
                securities                               1(f),2(b)             -    1,038,731    1,023,479      582,944 
   7,491,050    Interest receivable                      1(f),2(c)       144,923      316,039       24,468        4,888
  
  13,232,289    Total revenue                                            144,923    1,384,770    1,047,947      587,832

                Expenses       
   2,030,237    Management fee                                            30,381      235,832      217,405       50,621
     199,129    Custodian fee                                                  -       18,588       12,487        3,429
      58,000    Directors' fee                                             1,172        6,113        4,111        1,146
      30,568    Auditors' remuneration                                       530        2,766        1,860          519 
     238,609    Promotional contribution                                       -       47,037       32,521        8,665 
      32,286    Safe custody charges                                         (1)        3,155        3,617        1,567
     135,075    Registration expenses                                      3,029       15,679       25,460        6,688
     338,574    Administration, legal and other expenses                   4,718       24,583       16,535        4,610 
       1,003    Guernsey exempt company fee                                   18           94           63           18
       9,264    Interest payable                                             828        2,544        4,536         (552)

   3,072,745                                                              40,675      356,391      318,595       76,711

  10,159,544    Net revenue/(deficit) before tax                         104,248    1,028,379      729,352      511,121
     213,271    Taxation                                      1(f)             -            -       16,547        1,045

   9,946,273    Net revenue for the financial year                       104,248    1,028,379      712,805      510,076

                Appropriation 

 (14,376,663)   Redemption of shares                                           -   (3,400,926)           -            -

  (4,430,390)   Retained (deficit)/revenue for the financial year        104,248   (2,372,547)     712,805      510,076
 137,420,795    Retained revenue brought forward                       1,017,076   50,575,604   19,808,939    5,352,563

$132,990,405    Retained revenue carried forward                   SwFr1,121,326  $48,203,057  $20,521,744   £5,862,639



Year Ended                                                                Global      Global     Pan
31st March                                                              Balanced      Growth     European  
2001                                                                         US$         US$            £
Total US$                                                   Notes            
                Revenue
     815,777    Dividends receivable                     1(f),2(b)       234,771     404,330      233,309
   4,925,462    Income from fixed interest interest                                             
                securities                               1(f),2(b)       594,943           -            -
   7,491,050    Interest receivable                      1(f),2(c)        74,614      36,788       25,857
  
  13,232,289    Total revenue                                            904,328     441,118      259,166

                Expenses       
   2,030,237    Management fee                                           294,603     289,820      149,831
     199,129    Custodian fee                                             15,588      15,815        8,055
      58,000    Directors' fee                                             5,097       4,933        2,546
      30,568    Auditors' remuneration                                     2,306       2,232        1,152
     238,609    Promotional contribution                                  39,760      37,529       19,365
      32,286    Safe custody charges                                       4,362       3,847        4,419
     135,075    Registration expenses                                     30,835      28,042       14,578
     338,574    Administration, legal and other expenses                  20,498      19,839       10,235
       1,003    Guernsey exempt company fee                                   78          76           39
       9,264    Interest payable                                           6,458       5,821        1,477

   3,072,745                                                             419,785     407,954      211,697

  10,159,544    Net revenue/(deficit) before tax                         484,543      33,164       47,469
     213,271    Taxation                                      1(f)        60,439      99,883       45,646

   9,946,273    Net revenue for the financial year                       424,104     (66,719)       1,823

                Appropriation 

 (14,376,663)   Redemption of shares                                           -           -            -

  (4,430,390)   Retained (deficit)/revenue for the financial year        424,104     (66,719)       1,823
 137,420,795    Retained revenue brought forward                       5,601,879     111,174      445,445

$132,990,405    Retained revenue carried forward                      $6,025,983     $44,455     £447,268






REVENUE ACCOUNT

Year Ended                                                        US
31st March                                      2002            Dollar         Sterling       Euro
 2001                                           Total           Money           Money         Money
Total US$                            Notes       US$             US$             £             €

              Revenue
   815,777    Dividends receivable  1(f),2(b)      971,333            -              -            -
 4,925,462    Income from fixed
              interest securities   1(f),2(b)    5,453,632       862,069       599,607      287,091
 7,491,050    Interest receivable   1(f),2(c)    7,056,882     2,269,727     2,171,353    1,241,732

13,232,289    Total revenue                     13,481,847     3,131,796     2,770,960    1,528,823

              Expenses

 2,030,237    Management fee                     2,393,206       473,204       282,359      202,378
   199,129    Custodian fee                         78,831             -             -            -
    58,000    Directors' fee                        65,000        16,903        10,848        7,382
    30,568    Auditors' remuneration                29,406         7,647         4,907        3,340
   238,609    Promotional Contribution             196,762             -             -            -
    32,286    Safe custody charges                  34,827         5,380         2,776        2,281
   135,075    Registration expenses                236,889        47,144        28,142       20,141
   338,574    Administration, legal                
              and other expenses                   261,400        67,978        43,626       29,688

   1,003      Guernsey exempt company fee            1,000           260           167          113

   9,264      Interest payable                      54,249         5,000         8,000       19,130

3,072,745                                        3,351,570       623,516       380,825      284,453

10,159,544    Net revenue(deficit)before tax    10,130,277     2,508,280     2,390,135    1,244,370

   213,271    Taxation                    1(f)     243,357             -             -            -

 9,946,273    Net revenue for the financial 
              year                               9,886,920     2,508,280     2,390,135    1,244,370


             Appropriation

(14,376,663) Redemption of shares              (3,400,926)             -             -            -

 (4,430,390) Retained(deficit)/revenue for
             the financial year                 6,485,994      2,508,280     2,390,135    1,244,370

137,420,795  Retained revenue brought
             forward                          132,990,405      9,666,084    22,058,105    1,844,772

$132,990,405 Retained revenue carried
             forward                         $139,476,399    $12,174,364   £24,448,240   €3,089,142
             

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