BY ORDER OF THE BOARD
Director: Walid Chatila Director: Rupert Evans
30 June 2011 30 June 2011
INDEPENDENT AUDITOR'S REPORT TO THE SHAREHOLDERS OF ORYX
INTERNATIONAL GROWTH FUND LIMITED
We have audited the consolidated financial statements (the
'financial statements') of Oryx International Growth Fund Limited
(the 'Company') and its subsidiaries (together, the 'Group') for
the year ended 31 March 2011 which comprise the consolidated
statement of comprehensive income, the consolidated statement of
financial position, the consolidated statement of changes in
equity, the consolidated statement of cash flows and the related
notes. The financial reporting framework that has been applied in
their preparation is applicable law and International Financial
Reporting Standards as adopted by the EU.
This report is made solely to the Company's members, as a body,
in accordance with section 262 of the Companies (Guernsey) Law,
2008. Our audit work has been undertaken so that we might state to
the Company's members those matters we are required to state to
them in an auditor's report and for no other purpose. To the
fullest extent permitted by law, we do not accept or assume
responsibility to anyone other than the Company and the Company's
members as a body, for our audit work, for this report, or for the
opinions we have formed.
Respective responsibilities of directors and auditor
As explained more fully in the Statement of Directors'
Responsibilities set out on pages 15 and 16, the directors are
responsible for the preparation of the financial statements and for
being satisfied that they give a true and fair view. Our
responsibility is to audit and express an opinion on the financial
statements in accordance with applicable law and International
Standards on Auditing (UK and Ireland). Those standards require us
to comply with the Auditing Practices Board's (APB's) Ethical
Standards for Auditors.
Scope of the audit of the financial statements
An audit involves obtaining evidence about the amounts and
disclosures in the financial statements sufficient to give
reasonable assurance that the financial statements are free from
material misstatement, whether caused by fraud or error. This
includes an assessment of: whether the accounting policies are
appropriate to the Company's circumstances and have been
consistently applied and adequately disclosed; the reasonableness
of significant accounting estimates made by the Board of Directors;
and the overall presentation of the financial statements. In
addition, we read all the financial and non-financial information
in the annual report to identify material inconsistencies with the
audited financial statements. If we become aware of any apparent
material misstatements or inconsistencies we consider the
implications for our report.
Opinion on financial statements
In our opinion the financial statements:
-- give a true and fair view of the state of the Group's affairs
as at 31 March 2011 and of its result for the year then ended;
-- are in accordance with International Financial Reporting
Standards as adopted by the EU; and
-- comply with the Companies (Guernsey) Law, 2008.
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters
where the Companies (Guernsey) Law 2008 requires us to report to
you if, in our opinion:
-- the Company has not kept proper accounting records, or
-- the financial statements are not in agreement with the
accounting records; or
-- we have not received all the information and explanations,
which to the best of our knowledge and belief are necessary for the
purpose of our audit.
We have nothing to report with respect to the following:
Under the Listing Rules we are required to review the part of
the Corporate Governance Statement relating to the Company's
compliance with the nine provisions of the June 2008 Combined Code
specified for our review.
Dermot Dempsey
for and on behalf of KPMG Channel Islands Limited
Chartered Accountants and Recognised Auditors
30 June 2011
The maintenance and integrity of the Oryx International Growth
Fund Limited website is the responsibility of the directors; the
work carried out by the auditors does not involve consideration of
these matters and, accordingly, the auditors accept no
responsibility for any changes that may have occurred to the
financial statements or auditreport since they were initially
presented on the website.
Legislation in Guernsey governing the preparation and
dissemination of financial statements may differ from legislation
in other jurisdictions.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
for the year ended 31 March 2011, expressed in GBP sterling
2011 2010
Notes GBP GBP
Income
Interest 3 311,423 451,310
Dividends 4 879,884 1,766,236
Other Income 48,886 -
------------ ------------
1,240,193 2,217,546
Realised losses on investments 11 (3,369,053) (1,480,675)
Unrealised gain on revaluation of
investments 11 12,904,723 13,432,513
Gain/(loss) on foreign currency
translation 129,818 (18,297)
Income from investments 10,905,681 14,151,087
------------ ------------
Expenses
Management and investment adviser's fee 5 577,525 523,255
Performance fee 6 100,000 -
Custodian fees 7 17,317 17,894
Administration fees 8 55,120 51,496
Registrar and transfer agent fees 14,973 14,763
Transaction costs 164,589 132,580
Directors' fees and expenses 9 130,451 132,580
Audit fees 31,260 36,500
Insurance 9,637 10,500
Legal and professional fees 218,226 225,544
Other expenses 142,562 492,593
Total expenses 1,461,660 1,637,705
------------ ------------
Net income for the year before taxation 9,444,021 12,513,382
Withholding tax on dividends 111,532 275,063
Net income for the year 9,332,489 12,238,319
------------ ------------
Income per share - basic and diluted:
Ordinary 17 GBP0.44 GBP0.54
------------ ------------
All items in the above statement are derived from continuing
operations.
The accompanying notes on pages 24 to 40 form an integral part
of these financial statements.
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
as at 31 March 2011, expressed in GBP sterling
2011 2010
Notes GBP GBP
Non-current assets
Listed investments designated at fair
value through profit or loss (Cost -
GBP57,324,121: 2010 - GBP65,081,145) 11 44,948,567 39,996,704
Unlisted investments designated at fair
value through profit or loss (Cost -
GBP6,462,434: 2010 - GBP8,306,047) 11 9,518,017 11,165,794
54,466,584 51,162,498
----------- ------------
Current assets
Other receivables 75,185 102,333
Dividends and interest receivable 24 173,230
Amounts due from brokers 1,024,781 12,687
Cash and cash equivalents 880,745 195,000
1,980,735 483,250
----------- ------------
Total assets 56,447,319 51,645,748
----------- ------------
Current liabilities
Overdraft - 1,116,352
Amounts due to brokers - 34,632
Other payables and accrued expenses 565,424 456,761
565,424 1,607,745
----------- ------------
Net assets 55,881,895 50,038,003
----------- ------------
Shareholders' equity
Called up share capital 12 10,280,385 11,252,912
Share premium 12 42,696,509 42,696,509
Capital redemption reserve 1,246,500 1,246,500
Other reserves 13 1,658,501 (5,157,918)
Total equity shareholders' funds 55,881,895 50,038,003
Net Asset Value per Share - basic and 17 GBP2.72 GBP2.22
diluted
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