----------- ------------
The consolidated financial statements on pages 20 to 40 were
approved by the Board of Directors on 30 June 2011 and are signed
on its behalf by:
Director: Walid Chatila Director: Rupert Evans
The accompanying notes on pages 24 to 40 form an integral part
of these financial statements.
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
for the year ended 31 March 2011, expressed in GBP sterling
Capital
Share Share redemption Other
Notes Capital Premium reserve reserves Total
GBP GBP GBP GBP GBP
Balance at 1
April 2010 11,252,912 42,696,509 1,246,500 (5,157,918) 50,038,003
----------- ----------- ----------- ------------ ------------
Total
Comprehensive
Income
For the Year - - - 9,332,489 9,332,489
----------- ----------- ----------- ------------ ------------
Transactions
with owners,
recorded
directly in
equity
Contributions,
redemptions and
distributions
to
shareholders
- Cancellation
of shares 12,13 (972,527) - - (2,516,070) (3,488,597)
Total
transactions
with owners (972,527) - - (2,516,070) (3,488,597)
----------- ----------- ----------- ------------ ------------
Balance at 31
March 2011 10,280,385 42,696,509 1,246,500 1,658,501 55,881,895
----------- ----------- ----------- ------------ ------------
Capital
Share Share redemption Other
Notes Capital Premium reserve reserves Total
GBP GBP GBP GBP GBP
Balance at 1
April 2009 11,888,325 42,696,509 1,246,500 (16,066,313) 39,765,021
----------- ----------- ----------- ------------- ------------
Total
Comprehensive
Income
For the Year - - - 12,238,319 12,238,319
----------- ----------- ----------- ------------- ------------
Transactions
with owners,
recorded
directly in
equity
Contributions,
redemptions and
distributions
to
shareholders
- Cancellation
of shares 12,13 (635,413) - - (1,329,924) (1,965,337)
Total
transactions
with owners (635,413) - - (1,329,924) (1,965,337)
----------- ----------- ----------- ------------- ------------
Balance at 31
March 2010 11,252,912 42,696,509 1,246,500 (5,157,918) 50,038,003
----------- ----------- ----------- ------------- ------------
The accompanying notes on pages 24 to 40 form an integral part
of these financial statements. CONSOLIDATED STATEMENT OF CASH
FLOWS
for the year ended 31 March 2011, expressed in GBP sterling
2011 2010
Notes GBP GBP
Net cash inflow from operating activities 15 5,160,876 156,185
------------ ------------
Financing Activities
Cancellation of shares (3,488,597) (1,965,337)
Proceeds of borrowings 990,000 -
Repayment of borrowings (990,000) -
Bank overdraft (repaid)/drawn down (1,116,352) 1,116,352
------------ ------------
Cash outflow from financing activities (4,604,949) (848,985)
------------ ------------
Net increase/(decrease) in cash and cash
equivalents 555,927 (692,800)
Cash and cash equivalents at beginning of
year 195,000 906,097
Effect of exchange rate fluctuations on
cash and cash equivalents 129,818 (18,297)
Cash and cash equivalents at end of year 880,745 195,000
------------ ------------
The accompanying notes on pages 24 to 40 form an integral part
of these financial statements.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
1. General
Oryx International Growth Fund Limited (the "Company") was
incorporated in Guernsey on 2 December 1994 and commenced
activities on 3 March 1995. The Company was listed on the London
Stock Exchange on 3 March 1995.
The Company is a Guernsey Authorised Closed-Ended Investment
Scheme and is subject to the Authorised Closed-Ended Investment
Scheme Rules 2008.
The investment activities of the Company are managed by North
Atlantic Value LLP ('the Investment Manager') and the
administration of the Company is delegated to BNP Paribas Fund
Services (Guernsey) Limited ('the Administrator').
The Group comprises the parent Company, Oryx, and its wholly
owned subsidiaries Baltimore plc and American Opportunity Trust
plc.
The Annual Report and Circular will be available to view and
download at the Company's website
www.oryxinternationalgrowthfund.co.uk and copies may also be
obtained from the Company's registered office at BNP Paribas House,
1 St Julian's Avenue, St Peter Port, Guernsey GY1 1WA.
2. Accounting Policies
Basis of Preparation
The consolidated financial statements of the Group, which give a
true and fair view have been prepared in accordance with
International Financial Reporting Standards ("IFRS"), as adopted by
the EU. This comprises of standards and interpretations approved by
the International Accounting Standards Board (the "IASB"), and
International Accounting Standards and Standing Interpretations
Committee interpretations approved by the International Accounting
Standards Committee ("IASC") that remain in effect and comply with
the Companies (Guernsey) Law, 2008.
The financial statements have been prepared on the going concern
basis (refer to note 23).
The consolidated financial statements have been prepared on the
historical cost basis except for the inclusion at fair value of
certain financial instruments. The principal accounting policies
are set out below.
Use of estimates and judgements
The preparation of consolidated financial statements in
accordance with IFRS adopted by the EU requires management to make
judgements, estimates and assumptions that affect the application
of accounting policies and the reported amounts of assets,
liabilities, income and expenses. These estimates and associated
assumptions are based on historical experience and other factors
that are considered to be relevant. Actual results may vary from
these estimates. Judgement is exercised in terms of whether the
price of recent transaction remains the best indicator of fair
value for financial instruments at the consolidated statement of
financial position date. The manager reviews sector and market
information and the circumstances of the investee company to
determine if the valuation adopted at the consolidated statement of
financial position date remains the best indicator of fair
value.
The estimates and underlying assumptions are reviewed on an
ongoing basis. Revisions to accounting estimates are recognised in
the period in which the estimate is revised if the revision affects
only that period, or in the period of the revision and future
periods, if the revision affects both current and future
periods.
Information about significant areas of estimation uncertainty
and critical judgements in applying accounting policies that have
the most significant effect on the amounts recognised in the
financial statements are set out in Note 2(b).
New standards and interpretations not yet adopted
A number of new standards, amendments to standards and
interpretations are not yet effective for the year ended 31 March
2011, and have not been applied in preparing these financial
statements. None of these will have an effect on the financial
statements of the Group, with the exception of the following:
IFRS 9 Financial Instruments, published on 12 November 2009 as
part of phase I of the IASB's comprehensive project to replace IAS
39, deals with classification and measurement of financial assets.
The requirements of this standard represent a significant change
from the existing requirements in IAS 39 in respect of financial
assets. The standard contains two primary measurement categories
for financial assets: amortised cost and fair value. A financial
asset would be measured at amortised cost if it is held within a
business model whose objective is to hold assets in order to
collect contractual cash flows, and the asset's contractual terms
give rise on specified dates to cash flows that are solely payments
of principal and interest on the principal outstanding. All other
financial assets would be measured at fair value. The standard
eliminates the existing IAS 39 categories of held to maturity,
available for sale and loans and receivables. For an investment in
an equity instrument which is not held for trading, the standard
permits an irrevocable election, on initial recognition, on an
individual share-by-share basis, to present all fair value changes
from the investment in other comprehensive income. No amount
recognised in other comprehensive income would ever be
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