GFL Environmental
Annual Report 2018

Plain-text annual report

Global Masters Fund Limited ABN 84 109 047 618 Level 12, Corporate Centre One 2 Corporate Court BUNDALL QLD 4217 www.globalmastersfund.com.au Annual Report 30 June 2018 FINANCIAL YEAR END 30 June 2018 ANNUAL GENERAL MEETING The Annual General Meeting of Global Masters Fund Limited: WILL BE HELD AT: The office of Bentleys NSW Pty Ltd Level 14 60 Margaret Street Sydney NSW 2000 TIME: 2.00pm (NSW Time) DATE: Friday 9 November 2018 INVESTING IN GLOBAL MASTERS FUND LIMITED Investors can purchase shares in Global Masters Fund Limited through the Australian Securities Exchange. ASX code: GFL Global Masters Fund Limited ABN 84 109 047 618 Registered in NSW 12 May 2004 GLOBAL MASTERS FUND LIMITED DIRECTORS (from left to right) Dr Emmanuel (Manny) Pohl, Murray d’Almeida, Jonathan Addison and Patrick Corrigan AM 5 6 11 12 16 31 32 36 37 39 TABLE OF CONTENTS Chairman’s Report Directors’ Report Auditor’s Independence Declaration Corporate Governance Statement Financial Report Directors’ Declaration Independent Auditor’s Report Shareholder Information Investments Corporate Directory Global Masters Fund HIGHLIGHTS FOR 2018 Highlights for the year ending June 2018  The Net Tangible Assets (NTA) value of the Company per share increased by 11.5% before recognising the deferred tax liability on unrealised gains, whilst the All Ordinaries Index of ASX increased by 9.1% over the twelve months ended 30 June 2018.  The Company initiated a 1 for 4 Rights Issue that realised $4,262,788 (after costs) to extend investments into international equities.  Total Comprehensive Income increased from $1,418,916 in 2017 to 1,805,885 in 2018 and comparable income earnings per share increased from $16.54 to $18.08. Major Investments June 2018 ALLOCATION BRK FSI ATY Other UK Cash OVERVIEW COMPANY PROFILE Global Masters Fund Limited (the “Company”) was listed on the ASX in 2006 with the strategy to provide a vehicle for Australian investors, seeking long-term capital growth through investing in Berkshire Hathaway Inc listed on the New York Stock Exchange (NYSE) and other global investments. The Company’s policy is not to hedge the underlying currencies of its portfolio of global investments. The portfolio is managed by EC Pohl & Co Pty Ltd which has a strong funds management investment team. The composition and performance of the investment portfolio is monitored by the Board of Directors, which comprises business people with many years of experience in business, investment and funds management. There is no fixed management fee and no performance fee payable to the Manager for the administration of the Company and the existing investments in Berkshire Hathaway, Athelney and FSI. However, for the new mandate given to the Manager (excluding the existing investments), there will be a fee payable for good performance and active management in terms of a pre-determined formula. OBJECTIVES The investment objectives of Global Masters Fund Limited are:  To achieve medium to long-term capital growth and income through investing in listed international companies, including Berkshire Hathaway Inc (NYSE), Athelney Unit Trust Plc (LSE) and Flagship Investments Limited (ASX); and  To preserve and enhance the NTA backing per share after allowing for inflation. INVESTOR BENEFITS The benefits for investors in Global Masters Fund Limited are:  Reduced share investment risk through a diversified investment portfolio;  Professional and disciplined management of an investment portfolio;  No entry or exit charges made by the Company; and  Easy access to information via the Company’s website www.globalmastersfund.com.au. INVESTMENT MANAGER The management of the Company’s investment portfolio is undertaken by EC Pohl & Co Pty Ltd, which also provides administration support. Dr Manny Pohl is the Managing Director and major shareholder of EC Pohl & Co Pty Ltd. Information on the Investment Manager is available from www.ecpohl.com. Global Masters Fund Limited 4 CHAIRMAN’S REPORT Dear Shareholder, I am pleased to present the 13th Annual Chairman’s Report of Global Masters Fund Limited for the 2017/18 financial year. THE YEAR IN REVIEW: The Company has enjoyed good growth over the past 12 months with the Net Tangible Asset (NTA) value per share (before tax on unrealised gains/losses) increasing by 11.5 %, driven mainly by an increase in value of its major investment, Berkshire Hathaway, listed on the New York Stock Exchange. Berkshire Hathaway, which owns businesses ranging from insurers to railroads to retailers like Dairy Queen, recently reported net earnings of $12 billion in the April- through-June quarter. That profit was nearly triple last year's results and marked a strong rebound from a rare loss of $1.1 billion in the first three months of the year. On an adjusted basis, which removes certain items like investment results, Berkshire posted earnings of $6.9 billion, up more than 67 percent from $4.1 billion in last year's second quarter. Berkshire's top holding is Apple, a company that this past week became the first U.S. publicly traded stock to surpass a market value of $1 trillion on the strength of its iPhone success. Other big stock holdings include Coca-Cola, Wells Fargo and American Express. Despite the company's board loosening rules last month that gives Buffett, the Chairman and CEO of Berkshire, the freedom to buy back shares of Berkshire stock whenever he feels it makes financial sense, Berkshire did not announce a stock repurchase plan. Berkshire represents approximately 60% of the portfolio and continues its upward trend. This increase in NTA was also supported by a fall in the Australian dollar compared to the US currency. As mentioned in previous years, your Board does not hedge the currency. During the year, your Company raised additional capital and invested the proceeds into the UK market. Since we are limited by close corporation rules in the UK from acquiring additional shares in Athelney Trust, a decision was taken to buy other shares directly on the London Stock Exchange, after the British pound declined following the BREXIT decision. UK investments comprise now 28.5% of the portfolio and while we are confident that the companies we have invested in will continue to grow their economic footprint, the, as yet, unquantified risk in this is the final impact of BREXIT, which remains uncertain. We are confident that commercial reality will result in some kind of trade deal with the EU and the likelihood of deals around the world. There is still an inherent risk for the London Financial markets. Your Board, as well as the management of Athelney Trust and EC Pohl & Co Pty Ltd will continually monitor these matters so as to be in a position to react if necessary. The United States economy continues to show good growth, underpinned by tax cuts, strong corporate earnings and a strong job market. The Chinese economy is growing at an annual pace in excess of 6.5% although authorities are focused on shoring up the financial system. The risks associated with a Trade War cannot be underestimated and could affect economic prospects around the world, including the USA. Hopefully these matters can be resolved by negotiations and commercial necessity. Global Masters Fund Limited 5 The Australian economy is currently growing and surveys indicate that business conditions and the strength of business activity are good. There are also potential risks associated with low wages growth; many commentators including the Reserve Bank of Australia have raised these concerns. There are signs of an easing in consumer spending and confidence. THE MARKET OUTLOOK The main story for markets continues to be the re-pricing of future economic growth, with China leading emerging market equity performance significantly lower. The Chinese market has been worried by contracting liquidity (also a global phenomenon), and the escalating trade war rhetoric. China’s currency, the RMB, has devalued leading to renewed fear of another run of funds from the mainland and a resultant popping of the debt bubble there. Having said that, the unprecedented growth in China over recent years still sees that economy to overtake the US economy as the largest by 2029 if not sooner. Chinese shares have broken a four-year uptrend and the Global Emerging Market share index (of which China is a major part) has broken a two-year bull-market trend too. Other proxies for global growth such as copper, US government bonds and key cyclical indices such as the European auto-manufacturers are all pointing to genuine fears insofar as the impact of a trade war on growth. As the cracks begin to emerge in the various ‘economic growth proxies’ that I follow, so too are cracks emerging in the nearest asset class to equities, which is corporate debt. European and US corporate debt spreads from high yield issues through to investment grade have all been pushing higher, indicating to compensate for rising risks. As the closest asset class to equity, this move will continue to restrain the broad equity markets at best, or bring about outright downward pressure at worst. require higher promised investors returns THE BOARD As always I thank my fellow Directors (Manny Pohl, Managing Director, Patrick Corrigan and Murray d’Almeida) and our Company Secretary (Mr Brian Jones) for their hard work and engagement throughout the year and I also thank you as Shareholders, for your support and loyalty for many years. Yours sincerely Jonathan Addison Chairman DIRECTORS' REPORT Your Directors present their report on Global Masters Fund Limited for the financial year ended 30 June 2018. 1. DIRECTORS The following persons were Directors of Global Masters Fund Limited from the beginning of the financial year until the date of this report, unless otherwise stated: J Addison, Dr E Pohl, P Corrigan AM, M d’Almeida and Jason Pohl is an Alternate Director to Dr Manny Pohl. 2. INFORMATION ON DIRECTORS Jonathan L Addison B Ec, CFTP (Snr), FGIA, FCIS, MAICD Dr Emmanuel (Manny) C Pohl B.Sc (Eng), MBA, DBA, FAICD, MSAFAA, F Fin Non-Executive Chairman Member of Audit and Risk Committee Managing Director Member of Audit and Risk Committee Experience and expertise Non-Executive Chairman since 19 April 2005 Over 32 years experience in the investment management industry. Investment consultant and former CEO of the Meat Industry Employees Superannuation Fund. Previous experience includes Director and Asset consultant with the Corporate Finance Section of Pricewaterhouse Coopers and Manager at Sedgwick Noble Lowndes. Other Current directorships Chairman of Gardior Pty Ltd Chairman of Investment Committee of Centaur Property Funds Management Ltd Member of Investment Committee for Diversa Trustees Ltd Former Listed Company directorships in last 3 years Retired International Chairman of African Enterprise International (July 2016) Interest in Shares Nil Experience and expertise Managing Director since the inception of the Company in April 2005. Extensive experience in the funds management industry. Other current directorships Managing Director of Flagship Investments Limited Chairman of Athelney Trust Plc Chairman of EC Pohl & Co Pty Ltd and its subsidiaries Chairman and President of Bond University Rugby Club Director of Bond University Limited Director of Huysamer International Holdings (Pty) Ltd Trustee of Currumbin Wildlife Hospital Foundation Former Listed Company directorships in last 3 years Executive Director of Barrack St Investments Limited (retired June 2017) Interest in Shares Directly Held: 6,250 5,755,061 ordinary shares Has a relevant interest in shares in the Company over which he holds a Power of Attorney arrangement with a number of Shareholders. Global Masters Fund Limited 6 Patrick Corrigan AM HonD (Bond University) Murray H d’Almeida FAICD Non-Executive Director Chairman of Audit and Risk Committee Non-Executive Director Member of Audit and Risk Committee Experience and expertise Director since 29 November 2006. Experience and expertise Director since 3 November 2016. Extensive experience in accounting, financial management and other commercial acumen, including investments. Chairman of an international freight forwarding company for numerous years. Other current directorships Emeritus Chairman of Gold Coast Regional Art Gallery Chairman of Qantas Art Scholarship Committee Director of Aboriginal Benefits Foundation Limited Director of National Portrait Gallery in Canberra Former Listed Company directorships in last 3 years Director Flagship Investments Limited (Retired 6/11/15) Non-Executive Chairman of UBI Logistics (Australia) Pty Ltd (Retired 28/2/2016) Deputy Chair of Air Freight Export Council of NSW Inc Interest in Shares 1,000 Over 36 years of diverse national and international business experience. Founded the Retail Food Group and developed a presence in seven overseas countries. Subsequently has maintained operating and board positions within a range of financial services, mining, commercial, academic, government and sporting businesses and organisations. Other Current directorships Chairman of Barrack St Investments Limited Non-Executive Chairman of Incentia Pay Limited Director Triple Energy Limited Deputy Chancellor Southern Cross University Trustee of Currumbin Wildlife Foundation Member of Gold Coast Light Rail Business Advisory Board Former Listed Company directorships in last 3 years Chairman EnviroSuite Limited Chairman of Management Resource Solutions PLC Interest in Shares 2,578 indirect Jason C Pohl B.Com, LLB Alternate Director Experience and expertise Appointed an Alternate Director to Dr Manny Pohl on 20 June 2016. Jason has six years of professional experience in fundamental bottom-up investment research at ECP Asset Management Pty Ltd. Originally pursuing a legal career, Jason spent his initial stages of his professional career working for Ashurst (previously Blake Dawson) before being admitted as a Legal Practitioner in the NSW Supreme Court. Other current directorships Director of The Tabu Vodka Co Pty Ltd Athelney Trust PLC (Alternate to Dr E C Pohl) Former Listed Company directorships in last 3 years Interest in Shares 1,000 Global Masters Fund Limited 7 DIRECTORS’ REPORT (Continued) 3. PRINCIPAL ACTIVITIES The principal activity of the Company is investing in Berkshire Hathaway Inc on NYSE, Athelney Unit Trust Plc on LSE and Flagship Investments Limited on the ASX. Since the capital raising in November 2017, the Company has expanded its investments to include a selection of UK investments. 4. REVIEW OF OPERATIONS The highlight of the year for Global Masters Fund was the rights offer completed in November 2017. The support from Shareholders and other Investors has allowed the Company to broaden its investments in-line with the underlying investment objectives. Certainly, with international relations in a constant state of flux, it makes sense that Australian investors are turning to the experience and knowledge of professional fund managers to uncover opportunities in foreign markets. During the year, revenue from dividends and interest has increased $39,905 compared to FY17, with the contribution from UK investments offsetting a reduced entitlement to Flagship dividends. The reduction from Flagship Investments has come about after the sale of 821,325 shares during FY17, this stimulated realised gains in FY17 that were not repeated in FY18. It is positive to observe that the Company can now generate sustainable income from a spread of investments and can hold on to its core portfolio of Berkshire Hathaway, Athelney and Flagship Investments. Excluding Management and Performance Fees, expenses increased on prior year by $116,393. A key driver of the increase was the Rights offer which cost $41,000. This is the first year that Global Masters Fund have made payment for Management Fees and Performance Fees, which is based on the management of active investments, a detailed explanation is provided in Management Services Agreement Note 22. For the full year, our portfolio performed well resulting in the NTA per share, before tax on unrealised gains/losses, increasing by 11.5% over the past twelve months. When compared to the ASX benchmark, the All Ordinaries Index which increased by 9.1%, our Company has continued to achieve our objective of enhancing the NTA backing per share. 5. SIGNIFICANT CHANGES IN THE STATE OF AFFAIRS Significant changes in the state of affairs of the Company during the financial year were as follows:   Portfolio return for the 12 months was 15.5%. The 1 for 4 Rights offer raised $4,262,788 (after costs) (a 49.5% increase in contributed equity) which has been invested in a selection of equities listed on the London Stock Exchange. 6. MATTERS SUBSEQUENT TO THE END OF THE FINANCIAL YEAR No other matter or circumstance not otherwise dealt with in the Director’s Report or Financial Report, which has arisen since the end of the year that has significantly affected, or may significantly affect the operations of the Company, the results of those operations or the state of affairs of the Company in future financial years. Global Masters Fund Limited 8 7. LIKELY DEVELOPMENTS AND EXPECTED RESULTS OF OPERATIONS There are no planned changes to principal activities. Any general decline in equity markets may have an adverse effect on results in future years. 8. ENVIRONMENTAL ISSUES The Company’s operations are not regulated by any significant environmental regulation under a law of the Commonwealth or of a State or Territory. 9. EARNINGS PER SHARE Based on profit after income tax. Basic earnings per share Diluted earnings per share 2018 Cents (1.26) (1.26) 2017 Cents 0.80 0.80 As a result of moving to AASB 9 Total Comprehensive Income is a more appropriate base for detailing earnings per share. 2018 Cents 18.08 18.08 2017 Cents 16.54 16.54 Basic earnings per share Diluted earnings per share See Note 16 of the Financial Report. 10. COMPANY SECRETARY Brian Jones B.Com, FCA Brian Jones is a member of the Institute of Chartered Accountants and is a registered tax agent. He has been Company Secretary of Global Masters Fund Limited since 1 March 2007. He has over 36 years’ experience in the accounting and finance industries and is currently Company Secretary of one other listed Company. 11. MEETINGS OF DIRECTORS The number of Directors’ meetings attended by each of the Directors of the Company during the financial year are: Board Audit and Risk Committee Director Eligible to attend Attend Eligible to attend Attend J L Addison Dr E C Pohl P Corrigan AM M H d’Almeida 5 5 5 5 5 5 5 5 4 4 4 4 4 4 4 4 12. REMUNERATION REPORT (AUDITED) The remuneration report is set out under the following main headings: (A) Principles used to determine the nature and amount of remuneration (B) Details of remuneration (C) Service agreements (D) Share-based compensation (E) Related Party Transactions (F) Equity Instrument Disclosure relating to Key Management Personnel (A) Principles used to determine the nature and amount of remuneration Fees and payments to Directors reflect the demands which are made on, and the responsibilities of, the Directors. No remuneration consultants were engaged during the year. The per annum remuneration of the Directors remains unchanged from the previous year:  Chairman  Other Directors $45,000 $40,000 There is no performance based remuneration for Directors. (B) Details of remuneration Details of the remuneration of each Director of Global Masters Fund Limited and the executives of the Company are set out in the following table. DETAILS OF REMUNERATION Short-term Benefits Director Year Fees Performance Fees J L Addison* Non-executive Chairman Dr E C Pohl Managing Director P Corrigan AM * Non-executive Director M d’Almeida * Non-executive Director Total Directors Remuneration 2018 2017 2018 2017 2018 2017 2018 2017 2018 2017 $ 46,125 46,125 50,500 31,000 41,000 41,000 41,000 30,750 178,625 148,875 $ - - - - - - - - Non- monetary Benefits $ - - - - - - - - Post- Employment Super Equity Shares Option s Total $ - - - - - - - - $ - - - - - - - - $ - - - - - - - - $ 46,125 46,125 50,500 31,000 41,000 41,000 41,000 30,750 178,625 148,875 * Inclusive of non-claimable GST amount (C) Service agreements As the Company does not employ any staff, there are no employment service agreements entered into by the Company. The Company Secretary is a self-employed Contractor and the Managing Director is employed by the Investment Manager – EC Pohl & Co Pty Ltd. (D) Share-based compensation No share-based compensation exists. (E) Related Party Transactions The following transactions occurred with other related parties: Expenses paid or payable by the Company to: – – – – A Performance Fee and Management Fee was payable in accordance with the Management Services Agreement as detailed in Note 21. Dr E C Pohl has an interest in the transaction as during the year Dr E C Pohl was a Director of EC Pohl & Co Pty Ltd EC Pohl & Co Pty Ltd for Performance Fee EC Pohl & Co Pty Ltd for Management Fee. All related party transactions are made on an arm’s length basis using the standard terms and conditions. 2018 $ 2017 $ 67,918 35,898 - - Global Masters Fund Limited 9 DIRECTORS’ REPORT (Continued) (F) Equity Instrument Disclosure relating to Key Management Personnel The number of shares in the Company held during the financial year by each Director of Global Masters Fund Limited, including their related parties is set out below. There were no shares granted during the year as compensation. 2018 Balance At The Start Of The Year Received During The Year By Exercise Of Rights Other Changes During The Year Balance At the End Of The Year J L Addison Dr E C Pohl * P Corrigan AM M H d’Almeida NIL 5,000 NIL NIL - - - - - 1,250 1,000 2,578 NIL 6,250 1,000 2,578 * In addition to the securities owned directly by Dr EC Pohl, there are 5,755,061 shares registered in entities associated with EC Pohl & Co Pty Ltd, of which he is a Director and Shareholder. END OF REMUNERATION REPORT (AUDITED) 13. GENERAL TRANSACTIONS 18. NON-AUDIT SERVICES Other than the Director’s remuneration, the Company does not directly contract with any of the Directors. 14. LOANS There are no loans issued to any of the Directors (30 June 2017 – Nil). 15. OPTIONS No options have been issued during or since the financial year (30 June 2017 – Nil). 16. INSURANCE OF OFFICERS AND/OR AUDITORS During the financial year the Company insured the Directors and Officers against certain liabilities as permitted by the Corporations Act 2001. The insurance policy prohibits disclosure of the nature of the cover, the amount of the premium, the limit of liability and other terms. The Company has entered into an agreement for the purpose of indemnifying Directors and Officers, to the extent permitted by law, against any liability (including the costs and expenses of defending actions for an actual or alleged liability) incurred in their capacity as a Director and Officer of the Company. The Company has not during or since the financial year indemnified or paid any insurance premiums to indemnify the auditors. 17. PROCEEDINGS ON BEHALF OF THE COMPANY No person has applied to the Court under Section 237 of the Corporations Act 2001 for leave to bring proceedings on behalf of the Company, or to intervene in any proceeding to which the Company is a party, for the purpose of taking responsibility on behalf of the Company for all or part of those proceedings. No proceedings have been brought or intervened in on behalf of the Company with leave of the Court under Section 237 of the Corporations Act 2001. The Company may decide to employ the auditor on assignments additional to their statutory audit duties where the auditor’s expertise and experience with the Company are important. There have been no amounts paid or payable to the auditors for non-audit services provided during the year. The Directors have considered the position and are satisfied that the provision of any non-audit services (if necessary in future) is compatible with the general standard of independence for auditors imposed by the Corporations Act 2001. The Audit and Risk Committee is satisfied that the provision of any non-audit services by the auditor, would not compromise the auditor independence requirements of the Corporations Act 2001 for the following reasons:  All non-audit services would be reviewed by the Audit and Risk Committee to ensure they do not impact the impartiality and objectivity of the auditor; and  None of the services undermine the general principles relating to auditor independence as set out in APES 110, including reviewing or auditing the auditor’s own work, acting in a management or a decision-making capacity for the Company, acting as advocate for the Company or jointly sharing economic risk and rewards. A copy of the Auditor’s Independence Declaration as required under section 307C of the Corporation Act 2001 is set out on page 11. Dr Emmanuel (Manny) C Pohl Managing Director 24 August 2018 Global Masters Fund Limited 10 AUDITOR’S INDEPENDENCE DECLARATION Global Masters Fund Limited 11 CORPORATE GOVERNANCE STATEMENT: FOR THE YEAR ENDED 30 JUNE 2018 Recommendation 1.3: Written agreement with each Director and Senior Executive setting out the terms of their appointment Compliant Upon appointment, each Director receives a letter of appointment which sets out the formal terms of their appointment, along with a deed of indemnity, insurance and access. Recommendation 1.4: The Company Secretary of a listed entity should be accountable directly to the Board, through the Chair, on all matters to do with the proper functioning of the Board Compliant The Company Secretary is directly accountable to the Board on matters relating to the proper functioning of the Board. Details regarding the Company Secretary, including experience and qualifications, are set out in the Directors’ Report. Recommendation 1.5: Gender Diversity Not Compliant In respect of diversity, the Board considers that diversity includes differences that relate to gender, age, ethnicity and cultural background. It also includes differences in background and life experience, communication styles, interpersonal skills, education and problem solving skills. The Board seeks to develop a culture of diversity whereby a mix of skills and diverse backgrounds are employed by the Company at all levels, through structuring the recruitment processes at all levels, so that a diverse range of candidates are considered and there are no excuses or unconscious biases that might discriminate against certain candidates. However, as the Company is an externally managed entity, this recommendation is not applicable. Recommendations 1.6 and 1.7: Board and Senior Executive Evaluation Compliant The Board is committed to formally evaluating its performance and the performance of the Audit and Risk Committee and individual Directors, as well as the governance processes supporting the Board. The Board does this through an annual assessment process. Any issues identified are addressed at subsequent Board meetings. PRINCIPLE 2: Structure the Board to add value Recommendation 2.1: Establish a Nomination Committee Non-Compliant The Company has not established a formal Nomination Committee, as the Board considers that, due to the scope and nature of the Company’s activities, the whole Board should undertake the responsibility. This statement outlines the main corporate governance practices that were in place for the year ended 30 June 2018. The statement explains the extent to which the Company complies with the ASX Corporate Governance Principles and Recommendations, including explanations of why certain recommendations have not been For ease of comparison with the Principles and followed. Recommendations, the Company’s compliance with each of the specific recommendations as follows. this section summarises PRINCIPLE 1: Lay solid foundations for management and oversight Recommendation 1.1: Respective roles and responsibilities of its Board and Management Compliant The Board is responsible for the overall corporate governance of the entity and its overriding objective is to protect and increase Shareholder value. The Board guides and monitors the business to ensure that the Company is properly managed in the best interest of Shareholders. The Board is accountable to its Shareholders. It is responsible for a broad range of matters including:  monitoring the Investment Manager and the composition and performance of the investment portfolio;  monitoring and assessing the performance of the Managing Director;     undertaking Director nomination matters including succession planning for the Board to ensure an appropriate mix of skills, experience, expertise and diversity is maintained; approving and maintaining appropriate risk management and internal control systems to identify, assess, monitor and manage the Company’s business risks on an ongoing basis; overseeing the Company’s process communications; and for disclosure and developing and approving appropriate Company policies, procedures and codes of behaviour as required to maintain a culture of integrity and a strong framework of corporate governance. The Board has adopted a formal Board Charter that details the Board’s role, authority, responsibilities, membership and operations, and is available on the Company’s website: www.globalmastersfund.com.au The Charter sets out the matters specifically reserved for the Board and the powers delegated to its Committees. Recommendation 1.2: election/re-election Compliant Information prior to Director Before the Board appoints a new Director or puts forward a candidate for election, the Board will ensure that appropriate background checks are undertaken. Shareholders are provided with all material information in our possession that is relevant to their decision on whether or not to elect or re-elect a Director through a number of channels, including via the Notice of Meeting, the Director Resumés and other information contained in the Annual Report. Global Masters Fund Limited 12 Recommendation 2.2: Have and disclose a Board skills matrix Compliant The Company’s objective is to have an appropriate mix of expertise and experience on our Board and its Committees so that the Board can effectively discharge its corporate governance and oversight responsibilities. This mix is described in the Board skills matrix below. Expertise  Financial knowledge and experience  Legal, governance and compliance  Commercial acumen  Risk management Experience Industry Finance Superannuation Market Australian Listed Securities Geographic Australia Recommendation 2.3: Independent Directors Compliant The Board has accepted that an Independent Director is as defined in Box 2.3 of the ASX Corporate Governance Principles and Recommendations (3rd Edition). Of the current Board members, Mr Jonathan Addison, Mr Patrick Corrigan AM and Mr Murray d’Almeida are considered to be independent Directors. The length of service of each Director is set out in the Directors Report. Recommendation 2.4: A majority of the Board of a listed entity should be independent Directors Compliant The structure of the Board does comply with this recommendation in (refer the Directors are that a majority of recommendation 2.3). independent Recommendation 2.5: The Chair of the Board of a listed entity should be an independent Director and, in particular, should not be the same person as the CEO of the entity Complaint The Company’s Chairman is Mr Jonathan Addison an independent Director. Recommendation 2.6: Director induction and professional development Compliant New Directors are inducted into the Company’s processes and policies in a suite of ways, including the provision of a ‘Board manual’, interviews with senior management of the Investment Manager and out of session meetings with other Directors. All Directors are encouraged to undertake ongoing professional development both in their area of technical expertise and in the skills required to effectively execute the role of Director. PRINCIPLE 3: Act ethically and responsibly Recommendation 3.1: Code of Conduct Compliant The Company has developed a Code of Conduct (the Code) which has been fully endorsed by the Board and applies to all Directors and officers. The Code is reviewed annually and updated as necessary to ensure it reflects the highest standards of behaviour and professionalism and the practices necessary to maintain confidence in the Company’s integrity. A summary of the Code is available on the Company’s website: www.globalmastersfund.com.au The Code sets out the Company’s commitment to conducting its business in accordance with all applicable laws and regulations while demonstrating and promoting the highest ethical standards. PRINCIPLE 4: Safeguard integrity in corporate reporting Recommendation 4.1: Audit Committee Compliant The Company has an Audit and Risk Committee which comprises three independent Directors. The composition of the Committee, a record of its meetings, and the relevant experience of each member of the Committee is set out in the Directors Report. The Audit and Risk Committee charter is available on the Company’s website: www.globalmastersfund.com.au Recommendation 4.2: CEO and CFO declaration on the financial records Compliant The Board has received a declaration from the CEO and CFO that the Company’s financial records have been properly maintained and that the financial statements comply with the appropriate accounting standards and give a true and fair view of the financial position and performance of the Company and that the opinion has been formed on the basis of a sound system of risk management and internal control which is operating effectively. A summary of the Code is available on the Company’s website: www.globalmastersfund.com.au Recommendation 4.3: The external auditor should attend the AGM and be available to answer questions from security holders relevant to the audit Compliant Joe Pien, Chartered Accountant, the Company’s auditor, was available at the most recent AGM and will be available at the next AGM to answer questions from Shareholders. It is the policy of the Board to always request auditor presence at AGMs. Global Masters Fund Limited 13 CORPORATE GOVERNANCE STATEMENT: FOR THE YEAR ENDED 30 JUNE 2018 (Continued) Recommendation 6.3: Disclose the policies and processes it has in place to facilitate and encourage participation at meetings of security holders Compliant The Company facilitates and encourages participation at meetings of security holders by having sections of each meeting dedicated to questions from the floor. Shareholders are given at least 30 days’ notice of security holder meetings and those that are unable to attend in person may email or fax questions they would like answered. The Company provides a direct voting facility to allow security holders to vote ahead of AGMs without having to attend or appoint a proxy. Recommendation 6.4: Give security holders the option to receive communications from, and send communications to, the entity and its security registry electronically Compliant Quarterly reports and other information required to be sent to Shareholders are sent by email to all persons who have requested their name to be added to the Company’s email list. If requested, the Company will provide general information by email, facsimile or post. PRINCIPLE 7: Recognise and manage risk Recommendation 7.1: Risk Committee Compliant The Audit and Risk Committee monitors the Company’s business risks. The composition of the Committee and a record of its meetings is set out in the Directors Report. The Audit and Risk Committee charter is available on the Company’s website: www.globalmastersfund.com.au Recommendation 7.2: Annual risk management framework review Compliant Each year, the Audit and Risk Committee, reviews the Company’s risk management framework. Ad hoc reviews may also be conducted when the Board perceives that the risk environment has shifted significantly. A review was conducted during the year. Recommendation 7.3: Internal audit function Non-Compliant The Company does not have an internal audit function as the Board has deemed it is not necessary giving consideration to the size and nature of the Company. Instead, the full Board through the Audit and Risk Committee liaises closely with the Company’s external auditor to identify potential improvements to the risk management and internal control processes. PRINCIPLE 5: Make timely and balanced disclosure Recommendation 5.1: Continuous Disclosure Policy Compliant The Company has a Continuous Disclosure Policy which sets out the obligations of the Company’s Directors and officers in relation to continuous disclosure as well as the Company’s obligations under the Corporations Act and the ASX Listing Rules. The policy also contains procedures for internal notification and external disclosure, as well as procedures for promoting understanding of compliance with the disclosure requirements and for the monitoring of Company compliance. The Disclosure Policy is available on the Company’s website: www.globalmastersfund.com.au PRINCIPLE 6: Respect the rights of security holders Recommendation 6.1: A listed entity should provide information about itself and its governance to investors via its website Compliant Investors and other stakeholders can find information about the Company on its website: www.globalmastersfund.com.au Information on the Company’s corporate governance practices can also be found at www.globalmastersfund.com.au Recommendation 6.2: A listed entity should design and implement an investor relations program to facilitate effective two-way communication with investors Compliant The Company’s Communications Policy sets out how the Company will communicate with Shareholders. to Shareholders is communicated Information the distribution of a quarterly report, annual and half yearly financial reports, announcements through the ASX and the media, on the Company’s website and through the Chairman’s address at the Annual General Meeting. through If requested, the Company will provide general information by email, facsimile or post. Through the Company’s information email address and phone number, and at AGMs, the Company encourages two-way communication with Shareholders. The Communication Policy is available on the Company’s website: www.globalmastersfund.com.au Global Masters Fund Limited 14 Recommendation 7.4: Exposure to economic, environmental and social sustainability risks Compliant The Board monitors the business risk and guides the affairs of the Company in the discharge of its stewardship responsibilities. The Board meeting agendas and reports advise the Board of current and forthcoming issues relevant to the Company’s operations and performance. The Board reviews the investment portfolio at their regular meetings. Management has designed and implemented a risk management and internal control system through a Risk Management Framework. The Framework is monitored by the Audit and Risk Committee with regular reporting to Committee meetings. The Framework is reviewed yearly by the Committee. The identified risks are grouped within the Framework under the following headings:     Strategic Operational External Macro Environmental PRINCIPLE 8: Remunerate fairly and responsibly Recommendation 8.1: Remuneration Committee Non-Compliant Given the size of the Company and the nature of its activities, these functions are undertaken by the Board. Recommendation 8.2: Disclose its policies and practices regarding the remuneration of non-executive Directors and the remuneration of executive Directors and other senior executives Compliant The maximum amount of Directors’ fees is fixed by Shareholders at the Annual General Meeting and can only be varied by Shareholders in a similar manner. In determining the allocation of fees, the Board takes into account the time demands on each Director, together with the responsibilities undertaken by them and market practices of similar sized businesses in the Listed Investment Company sector. It is the policy of the Board not to issue Directors incentive shares or options. The details of the remuneration received by Directors in the 2017/2018 year are included in the Remuneration Report contained within the Directors’ Report. Recommendation 8.3: Equity-based remuneration Non-Compliant As the Company does not have an equity-based remuneration scheme, Recommendation 8.3 is not applicable. Global Masters Fund Limited 15 FINANCIAL REPORT CONTENTS OF FINANCIAL REPORT Page Financial Report  Statement of Profit or Loss and Other Comprehensive Income  Statement of Financial Position  Statement of Changes in Equity  Statement of Cash Flows  Notes to the Financial Statements  Directors’ Declaration Independent Auditor’s Report Shareholder Information Investments Corporate Directory 17 18 19 20 21 31 32 36 37 39 This financial report covers Global Masters Fund Limited as an individual entity. There are no controlled entities. Global Masters Fund Limited is a company limited by shares, incorporated and domiciled in Australia. Its registered office and principal place of business is: Global Masters Fund Limited Level 12 Corporate Centre One 2 Corporate Court BUNDALL QLD 4217 The financial report was authorised for issue by the Directors on 24 August 2018. A description of the nature of the entity’s operations and its principal activities is included in the Operating and Financial Review. Through the use of the internet, we have ensured that our corporate reporting is timely, complete and available globally at minimum cost to the Company. All media releases, financial reports and other information are available from the Company at the above address or from our website: www.globalmastersfund.com.au Global Masters Fund Limited 16 GLOBAL MASTERS FUND LIMITED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE YEAR ENDED 30 JUNE 2018 Revenue Other expenses Profit /(Loss) before income tax Income tax benefit/(expense) Net Profit for the year Other Comprehensive Income Notes 2018 $ 2017 $ 5 6 7 307,204 369,162 (521,104) (300,895) (213,900) 68,267 88,194 - (125,706) 68,267 Changes in fair value of available-for-sale Financial Assets, net of tax 7c 1,931,591 1,350,649 Total Comprehensive Income for the year 1,805,885 1,418,916 Earnings per share: Basic earnings per share Diluted earnings per share Comprehensive Income: Comprehensive earnings per share Cents (1.26) (1.26) Cents 0.80 0.80 16 16 16 18.08 16.54 The accompanying Notes form part of these Financial Statements. Global Masters Fund Limited 17 FINANCIAL REPORT GLOBAL MASTERS FUND LIMITED STATEMENT OF FINANCIAL POSITION AS AT 30 JUNE 2018 ASSETS CURRENT ASSETS Cash and Cash Equivalents Trade and Other Receivables Other Assets TOTAL CURRENT ASSETS NON-CURRENT ASSETS Financial Assets TOTAL NON-CURRENT ASSETS TOTAL ASSETS LIABILITIES CURRENT LIABILITIES Trade and Other Payables TOTAL CURRENT LIABILIITES NON-CURRENT LIABILITIES Deferred Tax Liabilities TOTAL NON-CURRENT LIABILITIES TOTAL LIABILITIES NET ASSETS EQUITY Issued Capital Reserves Accumulated losses TOTAL EQUITY . Notes 2018 $ 2017 $ 8 9 10 11 12 13 14 15 497,002 25,404 17,530 539,936 1,012,558 2,364 26,846 1,041,768 23,025,341 23,025,341 15,824,624 15,824,624 23,565,277 16,866,392 91,122 91,122 28,513 28,513 2,480,404 2,480,404 2,571,526 1,912,801 1,912,801 1,941,314 20,993,751 14,925,078 12,871,873 8,626,576 (504,698) 20,993,751 8,609,085 6,814,525 (498,532) 14,925,078 The accompanying Notes form part of these Financial Statements. Global Masters Fund Limited 18 GLOBAL MASTERS FUND LIMITED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 30 JUNE 2018 2017 Balance at 1 July 2016 Total Comprehensive Income Profit/(Loss) for the Year Other Comprehensive Income Total Comprehensive Income Issued Share Capital $ Retained Profits/ (Accumulated Losses) $ Reserves $ Total Equity $ 8,609,085 (566,799) 5,463,876 13,506,162 - - - 68,267 - 68,267 - 1,350,649 1,350,649 68,267 1,350,649 1,418,916 Balance at 30 June 2017 8,609,085 (498,532) 6,814,525 14,925,078 2018 Balance at 1 July 2017 Total Comprehensive Income Profit/(Loss) for the Year Other Comprehensive Income Total Comprehensive Income Issued Share Capital $ Retained Profits/ (Accumulated Losses) $ Reserves $ Total Equity $ 8,609,085 (498,532) 6,814,525 14,925,078 - - - (125,706) - (125,706) - 1,931,591 1,931,591 (125,706) 1,931,591 1,805,885 Transactions with Owners in their capacity as owners Shares issued as a result of Rights Issue Less: Capital Raising costs Total Transactions with Owners Other Transfer from reserves to accumulated losses 4,289,126 (26,338) 4,262,788 - - - - - - 4,289,126 (26,338) 4,262,788 - 119,540 (119,540) - Balance at 30 June 2018 12,871,873 (504,698) 8,626,576 20,993,751 The accompanying Notes form part of these Financial Statements. Global Masters Fund Limited 19 FINANCIAL REPORT GLOBAL MASTERS FUND LIMITED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 JUNE 2018 CASH FLOWS FROM OPERATING ACTIVITIES Distributions and Dividends received Interest received Payments to suppliers and employees Net cash provided by/(used in) operating activities 24 CASH FLOWS FROM INVESTING ACTIVITIES Proceeds from sale of Flagship Investments Limited Proceeds from sale of Other UK Investments Proceeds from sale of Colonial First State Units Purchase of shares in Athelney Trust Plc Purchase of Shares in Other UK Investments Net cash (used in)/provided by investing activities CASH FLOWS FROM FINANCTING ACTIVITIES Proceeds from Rights Issue – issue of new shares Capital Raising Costs Net cash provided by financing activities Notes 2018 $ 2017 $ 208,077 3,157 (416,911) (205,677) 188,064 1,830 (308,941) (119,047) - 1,296,539 461,978 - - (5,034,645) (4,572,667) 4,289,126 (26,338) 4,262,788 - 1,513 (222,749) - 1,075,303 - - - Net increase/(decrease) in cash and cash equivalents held Cash and cash equivalents at the beginning of the year (515,556) 1,012,558 956,256 56,302 Cash and cash equivalents at end of year 8 497,002 1,012,558 The accompanying Notes form part of these Financial Statements. Global Masters Fund Limited 20 Deferred tax assets and liabilities are measured at the tax rates that are expected to apply to the period when the asset is realised or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax assets are recognised for all deductible temporary differences and unused tax losses to the extent that it is probable that taxable profit will be available against which the deductible temporary differences and losses can be utilised. Current and deferred tax is recognised as income or an expense and included in profit or loss for the period except where the tax arises from a transaction which is recognised in other comprehensive income or equity, in which case the tax is recognised in other comprehensive income or equity respectively. (c) Goods and Services Tax (GST) Revenue, expenses and assets are recognised net of the amount of goods and services tax (GST), except where the amount of GST incurred is not recoverable from the Australian Taxation Office (ATO). Receivables and payable are stated inclusive of GST. The net amount of GST recoverable from, or payable to, the ATO is included as part of receivables or payables in the statement of financial position. Cash flows in the statement of cash flows are included on a gross basis and the GST component of cash flows arising from investing and financing activities which is recoverable from, or payable to, the taxation authority is classified as operating cash flows. (d) Cash and Cash Equivalents Cash and cash equivalents comprises cash on hand, demand deposits and short-term investments which are readily convertible to known amounts of cash and which are subject to an insignificant risk of change in value. (e) Financial Instruments Financial Assets At Fair Value Through Profit Or Loss Financial assets at fair value through Profit or Loss are Financial Instruments convertible in to Equity Instruments. A financial asset is classified in this category if it is so designated by management and within the requirement of AASB 9 Financial Instruments. Realised and unrealised gains and losses arising from changes in the fair value of these assets are included in the profit or loss in the period in which they arise. GLOBAL MASTERS FUND LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2018 The functional and presentation currency of Global Masters Fund Limited is Australian dollars. Its shares are publicly traded on the Australian Securities Exchange (“ASX”). 1. BASIS OF PREPARATION The financial statements are general purpose financial statements that have been prepared in accordance with the Australian Accounting Standards and the Corporations Act 2001. These financial statements and associated notes comply with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board. The financial statements have been prepared on an accruals basis and are based on historical costs modified, where applicable, by the measurement at fair value of selected non-current assets, financial assets and financial liabilities. Significant accounting policies adopted in the preparation of these financial statements are presented below and are consistent with prior reporting periods unless otherwise stated. 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (a) Revenue and Other Income Revenue is recognised when the amount of the revenue can be measured reliably, it is probable that economic benefits associated with the transaction will flow to the Company and specific criteria relating to the type of revenue as noted below, has been satisfied. Revenue is measured at the fair value of the consideration received or receivable and is presented net of returns, discounts and rebates. All revenue is stated net of the amount of goods and services tax (GST). Interest Revenue Interest is recognised using the effective interest method. Dividend Revenue Dividends are recognised when the entity’s right to receive payment is established. (b) Income Tax The income tax expense recognised in the statement of profit or loss and other comprehensive income comprises of current income tax expense plus deferred tax expense. Current tax is the amount of income taxes payable (recoverable) in respect of the taxable profit (loss) for the year and is measured at the amount expected to be paid to (recovered from) the taxation authorities, using the tax rates and laws that have been enacted or substantively enacted by the end of the reporting period. Current tax liabilities (assets) are measured at the amounts expected to be paid to (recovered from) the relevant taxation authority. Global Masters Fund Limited 21 FINANCIAL REPORT GLOBAL MASTERS FUND LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2018 (e) Financial Instruments (continued) Financial Assets At Fair Value Through Other Comprehensive Income The Company is a long-term investor in equity instruments. Under AASB 9, these investments are classified as fair value through Other Comprehensive Income. After initial recognition at fair value (being cost), the Company has elected to present in Other Comprehensive Income changes in fair value of equity instruments investments. Unrealised gains and losses on investments are recognised in the Asset Revaluation Reserve until the investment is sold or otherwise disposed of, at which time the cumulative gain or loss is transferred to the Profit and Loss Statement. Available-For-Sale Financial Assets These investments are measured at fair value. Unrealised gains and losses arising from changes in the fair value of these assets are taken directly to Other Comprehensive Income and accumulated in Equity. When these Financial Assets are sold, the accumulated fair value adjustments are reclassified from Equity to the profit or loss as gains and losses on sale. Available-For-Sale Financial Assets are assessed at each reporting date to determine whether there is an objective evidence that it is impaired. In the case of Available-For-Sale Financial Instruments, a significant or prolonged decline in the value of the instruments below cost is considered to be evidence of whether or not impairment has arisen. Any cumulative impairment loss in respect of an Available-For-Sale Financial Asset previously recognised in equity is reclassified to Profit or Loss. An impairment loss is reversed if the reversal can be related objectively to an event occurring after the impairment loss was recognised. For Available-For-Sale Financial Assets that are debt securities, the reversal is recognised in Profit or Loss. For equity securities, the reversal is recognised in Other Comprehensive Income. Loans and Receivables Loans and receivables are recognised initially at fair value and subsequently measured at amortised cost, less provision for doubtful debts. Trade receivables are due for settlement no more than 30 days from the date of recognition. Collectability of loans and receivables is reviewed on an ongoing basis. Debts which are known to be uncollectible are written off. A provision for impairment of trade receivables is established when there is objective evidence that the Company will not be able to collect all amounts due according to the original terms of the receivables. Global Masters Fund Limited 22 Significant financial difficulties of the debtor, probability that the debtor will enter bankruptcy or financial reorganisation, and default or delinquency in payments (more than 30 days overdue) are considered indicators that the trade receivable is impaired. The amount of the provision is the different between the asset's carrying amount and the present value of estimated future cash flows, discounted at the original effective interest rate. Cash flows relating to short-term receivables are not discounted if the effect of discounting is immaterial. The amount of the provision is recognised in the profit or loss in other expenses. Fair Value Estimation The fair value of financial instruments traded in active markets (such as publicly traded derivatives and securities) is based on quoted market prices at the Statement of Financial Position date. The quoted market price used for financial assets held by the Company is the current bid price. The appropriate quoted market price for financial liabilities is the current bid price. The nominal value less estimated credit adjustments of trade receivables and payables are assumed to approximate their fair values. The fair value of financial liabilities for disclosure purposes is estimated by discounting the future contractual cash flows at the current market interest rate that is available to the Company for similar financial instruments. (f) Trade and Other Payables Liabilities for trade payables and other amounts are carried at cost which is the fair value of the consideration to be paid in the future for goods and services received, whether or not billed to the Company. (g) Provisions Provisions are recognised when the Company has a legal or constructive obligation, as a result of past events, for which it is probable that an outflow of economic benefits will result and that outflow can be reliably measured. Provisions for Dividends Provision is made for the amount of any dividend declared, being appropriately authorised and no longer at the discretion of the entity, on or before the end of the reporting period but not distributed at the end of the reporting period. (h) Share Capital Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of ordinary shares and share options which vest immediately are recognised as a deduction from equity, net of any tax effects. As the Directors do not intend to dispose of the portfolio, the tax liability/benefit may not be crystallised at the amount disclosed in Note: 13. In addition, the tax liability/benefit that arises on the disposal of these securities may be impacted by changes in tax legislation relating to treatment of capital gains and the rate of taxation applicable to such gains/losses at the time of disposal. The Company has an investment process which is anticipated will deliver medium to long-term capital growth - minimum investment period is three to five years. The deferred tax asset has been carried forward as it believed that this process will deliver growth over this period to utilise the deferred tax asset. The Company does not hold any securities for short term trading purposes. Therefore, the investment portfolio is classified as Financial Assets at fair value through Other Comprehensive Income. 4. OPERATING SEGMENTS Segment Information The Company operates in the investment industry. Its core business focuses on investing in International equities to achieve medium to long-term capital growth and income. Operating segments have been determined on the basis of reports reviewed by the Managing Director. The Managing Director is considered to be the chief operating decision maker of the Company. The Managing Director considers the business from both a product and geographic perspective and assesses performance and allocates resources on this basis. The Managing Director considers the business to consist of just one reportable segment. GLOBAL MASTERS FUND LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2018 (i) New Accounting Standards and Interpretations The AASB has issued new and amended Accounting Standards and Interpretations that have mandatory application dates for future reporting periods. The following table summarises those future requirements, and their impact on the Company where the standard is relevant: AASB 9 Financial Instruments and amending standards AASB 2010-7 / AASB 2012-6 AASB 2014-7 Effective Date 1 January 2018 Changes to the classification and measurement requirements for financial assets and financial liabilities The impact of AASB 9 will not have a material impact on the Company. AASB 16 Leases Effective Date 1 January 2019 AASB 16 introduces a single lessee accounting model by eliminating the current requirement to distinguish leases as either operating leases or finance leases depending on the transfer of risks & rewards of ownership. The impact of AASB 16 will not have a material impact on the Company. 3. CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS (a) Key Estimates There are no key assumptions or sources of estimation uncertainty that have a risk of causing material adjustment to the carrying amounts of certain assets and liabilities within the next annual reporting period as investments are carried at their market value. (b) Key Judgements The preparation of financial reports in conformity with Australian Account Standards require the use of certain critical accounting estimates. This requires the Board to exercise their judgement in the process of applying the Company's accounting policies. The carrying amount of certain assets and liabilities are often determined based on estimates and assumptions of future events. In accordance with AASB 112 Income Taxes, deferred tax liabilities and deferred tax assets have been recognised for Capital Gains Tax (CGT) on the unrealised gains/losses in the investment portfolio at current tax rates. Global Masters Fund Limited 23 FINANCIAL REPORT GLOBAL MASTERS FUND LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2018 5. REVENUE AND OTHER INCOME Dividends Received Distributions Received Interest Received Gain on sale of Flagship Investments Gain on Sale of Other UK Investments Realised Foreign Exchange Loss Gain on Sale of Colonial Units 6. OTHER EXPENSES Auditors Remuneration ASX and Share Registry costs Management Fees Performance Fees Director Fees Administration Costs 7. INCOME TAX EXPENSE (a) Reconciliation of income tax to accounting profit Accounting profit/(loss) before tax Prima facie tax payable on ordinary activities before income tax rate at 27.5% (2017 – 27.5%) Adjust for tax effect of: - - Timing differences of transactions Fully Franked Dividends received Rebateable Fully Franked Dividends Tax losses not recognised Tax expense/(credit) shown in Profit and Loss statement (b) The components of tax benefit comprise: Deferred tax asset (c) Amounts recognised directly in Other Comprehensive Income Aggregate current and deferred tax arising in the reporting period and not recognised in Profit or Loss, but directly debited or credited in Other Comprehensive Income. Amount before tax Tax Expense at 27.5% (2017: 27.5%) Adjusted for tax effect of other transfers Amount Net of Tax 8. CASH AND CASH EQUIVALENTS Cash at bank and on hand Short-term deposits Balance as per Statement of Cash Flows Reconciliation of cash Cash and Cash Equivalents reported in the Statement of Cash Flows are reconciled to the equivalent items in the Statement of Financial Position as follows: Cash and Cash Equivalents Global Masters Fund Limited 24 2018 $ 2017 $ 226,642 - 3,157 - 31,839 45,566 - 307,204 18,593 72,385 35,898 67,918 178,625 147,685 521,104 (213,900) (58,823) 1,177 11,587 (42,135) - (88,194) 88,194 188,063 1 1,830 178,108 - - 1,160 369,162 10,250 22,231 - - 148,875 119,539 300,895 68,267 18,773 - - - (18,773) - - 2,587,388 (711,532) 55,735 1,931,591 1,862,964 (512,315) - 1,350,649 168,738 328,264 497,002 1,012,092 466 1,012,558 497,002 1,012,558 GLOBAL MASTERS FUND LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2018 9. TRADE AND OTHER RECEIVABLES CURRENT Dividends Receivable GST receivable Total current trade and other receivables 10. OTHER ASSETS CURRENT Prepayments Total Other Assets 11. FINANCIAL ASSETS Non-Current Available-for-sale Financial Assets Comprising Listed Investments Total Available-for-sale Financial Assets 12. TRADE AND OTHER PAYABLES CURRENT Trade payables Accrued expenses 13. TAX Deferred Tax Assets Deferred Tax Liabilities Net deferred tax liabilities adjusted for deferred tax assets (a) Deferred Tax Liabilities Assets attributable to: - Accruals - Tax losses (b) Deferred Tax Liabilities Attributable to: - Unrealised Gain on Financial Assets Global Masters Fund Limited 25 Notes 2018 $ 2017 $ 18,565 6,839 25,404 - 2,364 2,364 17,530 17,530 26,846 26,846 23,025,341 15,824,624 23,025,341 15,824,624 6,253 84,869 91,122 330 28,183 28,513 (575,299) 3,055,703 2,480,404 (3,369) (571,930) (575,299) (487,105) 2,399,906 1,912,801 (4,457) (482,648) (487,105) 3,055,703 2,399,906 13(a) 13(b) FINANCIAL REPORT GLOBAL MASTERS FUND LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2018 14. ISSUED CAPITAL (a) Share Capital 10,723,159 (2017: 8,578,596) Ordinary Shares (b) Ordinary Shares Ordinary shares entitle the holder to participate in dividends and the proceeds on winding up of the Company in proportion to the number of shares held. On a show of hands every holder of ordinary shares present at a meeting in person or by proxy, is entitled to one vote, and upon a poll each share is entitled to one vote. (c) Movements in ordinary share capital 2018 $ 2017 $ 12,871,873 8,609,085 711 Date Details Number of Shares Price $ 30 June 2016 Balance Nil Movement in the year 30 June 2017 Balance 8,578,596 - 8,578,596 October 2017 Rights Issue Capital Raising Costs 2,144,563 $2.00 30 June 2018 Balance 10,723,159 8,609,085 - 8,609,085 4,289,126 (26,338) 12,871,873 15. RESERVES Revaluation Reserve The investment revaluation reserve is used to accumulate unrealised capital profits and losses. The reserve can only be used in limited circumstances for payment of dividends. 16. EARNINGS PER SHARE Basic earnings per share is calculated by dividing the profit attributable to owners of the company by the weighted average number of ordinary shares outstanding during the year. Diluted earnings per share is calculated by dividing the profit attributable to owners of the company by the weighted average number of shares outstanding during the year. Including all convertible securities, for example convertible preferred shares, convertible debentures, stock options and warrants. Net gain/(loss) used in calculating basic and diluted earnings per share Total comprehensive income used in calculating total comprehensive income per share Weighted average number of ordinary shares on issue used in the calculation of basic earnings per share Weighted number of all shares, including convertible securities Basic earnings per share (cents per share) Diluted earnings per share (cents per share) Total Comprehensive Income per share (cents per share) Global Masters Fund Limited 26 (125,706) 1,805,885 68,267 1,418,916 9,987,737 9,987,737 8,578,596 8,578,596 Cents (1.26) (1.26) 18.08 Cents 0.80 0.80 16.54 GLOBAL MASTERS FUND LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2018 17. FINANCIAL RISK MANAGEMENT The Company is exposed to a variety of financial risks through its use of financial instruments. The Company’s overall risk management plan seeks to minimise potential adverse effects due to the unpredictability of financial markets. The Company does not speculate in financial assets. The most significant financial risks to which the Company is exposed to are described below: Specific risks Liquidity risk Credit risk    Market risk - currency risk, interest rate risk and price risk Financial instruments used (b) Currency Risk The Company‘s investment portfolio includes investments in USA and UK, cash on deposit and interest receivable denominated in US dollars and Pounds Sterling. As such, the Company's balance sheet can be affected significantly by movements in exchange rates. The Company's current policy is not to hedge its investment portfolio. The carrying value of these foreign currency denominated assets at balance date was as follows: Carrying Amount Cash and cash equivalents Investments Total 2018 AUD $ 328,151 2017 AUD $ 316 20,849,294 13,799,326 21,177,445 13,799,642 The principal categories of financial instrument used by the Company are: (c) Credit risk     Trade receivables Cash at bank Investments in listed shares Trade and other payables (a) Interest Rate Risk The Company's exposure to interest rate risk, which is the risk that a financial instruments value will fluctuate as a result of changes in market interest rates and the effective weighted average interest rates on classes of financial assets and financial liabilities, is as follows: Effective Interest Rate Financial Assets Cash and cash equivalents 6 Months or less Financial Assets Cash and cash equivalents Total Financial Assets 2018 % 2017 % 0.6 0.35 2018 $ 2017 $ 497,002 497,002 1,012,558 1,012,558 The Company does not rely on interest returns as a source of income, so the interest rate risk is deemed extremely low. All other financial assets and liabilities are non-interest bearing. The Company is not a trading entity. The maximum exposure to credit risk at balance date in relation to each class of financial assets (excluding investments) is the carrying amount of those assets as indicated in the balance sheet. The Company has no commercial debtors and receivables are due from reputable companies listed on the world's stock exchange or major financial banking institutions. With respect to credit risk on cash and investment, the Company's exposure to credit risk arises from default of the counter party, with a maximum exposure equal to the carrying amount of those investments. The Company's business activities do not necessitate the requirement for collateral. (d) Net Fair Value The following methods and assumptions are used to determine the net fair values of financial assets and liabilities: Cash, cash equivalents and short-term investments: The carrying amount approximates fair value because of their short term to maturity. Trade receivables and payables: The carrying amount approximates fair value as the time to receipt or payment is usually less than 30 days. Listed shares: The current quoted market bid price approximates fair value and the carrying amount. The carrying value of all the financial assets and liabilities of the Company as disclosed in the Statement of Financial Position and Notes to the Financial Statements is the same as the net fair value. Global Masters Fund Limited 27 FINANCIAL REPORT GLOBAL MASTERS FUND LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2018 17. FINANCIAL RISK MANAGEMENT (continued) 19. FAIR VALUE MEASUREMENTS (e) Sensitivity Analysis The following table illustrates sensitivities to the Company’s exposure to changes in interest rates, exchange rates and commodity and equity process. The table indicates the impact on how profit and equity values reported at balance date would have been affected by changes in the relevant risk variable that management considers to be reasonably possible. These sensitivities assume that the movement in a particular variable is independent of other variables. At 30 June 2018, the effect on profit and equity as a result of changes in the interest rate, with all other variables remaining constant would be as follows: 6 Months or less Change in profit +/- 2% in interest rates Change in equity +/- 5% in $A/US$ 2018 $ 2017 $ +/- 2,514 +/- 1,165 +/- 1,049,688 +/- 736,833 +/- 10% in listed investments +/- 2,302,534 +/- 1,582,463 (f) Liquidity Risk Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they fall due. The objective of the Company is to ensure as far as possible that it will always have sufficient liquidity to meet its liabilities when due, under both normal and distressed conditions. Prudent liquidity risk management implies maintaining sufficient cash and marketable Australian listed equity securities. The Manager controls liquidity risk by continuously monitoring the balance between equity securities and cash or cash equivalents and the maturity profiles of assets and liabilities to ensure this risk is minimal. 18. CAPITAL MANAGEMENT The Board’s policy is to maintain a strong capital base so as to maintain investor, creditor and market confidence and to sustain future development of the business. The capital structure of the Company consists of equity attributable to members of the Company. The Board monitors the return on capital, which is defined as net operating income divided by total Shareholders’ Equity. The Board also monitors the level of dividends to Shareholders. The capital of the Company is invested by the Investment Manager in accordance with the investment policy established by the Board. The Company has no borrowings. It is not subject to any externally imposed capital requirements. There were no changes in the Company’s approach to capital management during the year. Global Masters Fund Limited 28 The Company measures the following assets and liabilities at fair value on a recurring basis: - Financial Assets at fair value through Other Comprehensive Income. - Financial Assets At fair value through Profit or Loss. - Available-for-sale Financial Assets. Fair value hierarchy AASB 13 Fair Value Measurement requires all assets and liabilities measured at fair value to be assigned to a level in the fair value hierarchy as follows: Level 1 Unadjusted quoted prices in active markets for identical assets or liabilities that the entity can access at the measurement date. Level 2 Inputs other than quoted prices included with level 1 that are observable for the asset or liability, either directly or indirectly. Level 3 Unobservable inputs for the asset or liability. The table below shows the assigned level for each asset and liability held at fair value by the Company: Level 1 $ Level 2 $ Level 3 $ TOTAL $ 30 June 2018 Recurring fair value measurements. Financial Assets - Listed Equity Securities 23,025,341 23,025,341 Level 1 $ Level 2 $ Level 3 $ TOTAL $ 30 June 2017 Recurring fair value measurements. Financial Assets - Listed Equity Securities 15,824,624 15,824,624 Transfers between levels of hierarchy There were no transfers between levels of the fair value hierarchy. Highest and best use The current use of each asset measured at fair value is considered to be its highest and best use. GLOBAL MASTERS FUND LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2018 20. AUDITORS REMUNERATION Remuneration of the auditor of the Company for: Audit or reviewing the financial statements Total remuneration of auditors 21. RELATED PARTY TRANSACTIONS Transactions between related parties are on normal commercial terms and conditions no more favourable than those available to other parties unless otherwise stated. The following transactions occurred with related parties: EC Pohl & Co Pty Ltd for Management Fee and Performance Fee (payable in accordance with the Management Services Agreement as detailed in Note 22).  Management Fee  Performance Fee Total Fees Paid Dr E C Pohl has an interest in the transaction as during the year Dr E C Pohl was a Director, employee and Shareholder of EC Pohl & Co Pty Ltd. 22. MANAGEMENT SERVICES AGREEMENT 2018 $ 2017 $ 18,593 18,593 10,250 10,250 35,898 67,918 103,816 - - - In accordance with a Management Services Agreement which was signed in May 2017, the Company agreed to engage the Manager to provide primary and secondary management services. Primary services are only provided for the actively managed portion of the portfolio and include: 1) managing the investment of the Company’s portfolio, including keeping it under review; 2) ensuring investments by the Company are only made in authorised investments; 3) complying with the investment policy of the Company; and 4) identifying, evaluating and implementing the acquisition and disposal of authorised investments. Secondary management services include: (i) provide the Company with quarterly investment performance reporting; (ii) promoting investment in the Company by the general investment community; (iii) providing investor relationship services; and (iv) provision of accounting, human resources, corporate and information technology services support. The agreement may be terminated if: a) b) c) d) e) either party ceases to carry on business, or either party enters into liquidation voluntarily or otherwise, or either party passes any resolution for voluntary winding-up, or a receiver of the property of either party, or any part thereof, is appointed, or the Shareholders of the Company at an abnormal meeting called in for that purpose, resolve by binding resolution to terminate the operations, or if the Company provides written notes to the Manager in the event of any material and substantial breach of the agreement by the Manager or if the Manager fails to remedy a breach of this agreement within 14 days following written notice of the breach. if the Manager provides written notice to the Company in the event of any material and substantial breach of the agreement by the Company or if the Company fails to remedy a breach of this agreement within 14 days following written notice of the breach. f) g) Under the agreement the Manager will receive a management fee of 1% per annum on the actively managed portion of the portfolio. In addition, a performance fee, payable annually in arrears, equal to 20% of the amount by which the Company’s net performance before tax (that is, after all costs and outlays but before the calculation of the performance fee) exceeds the performance of the FTSE, subject to a high water mark. If the Company’s net performance in the year is less than the Benchmark, then no performance fee will be payable. Global Masters Fund Limited 29 FINANCIAL REPORT GLOBAL MASTERS FUND LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2018 2018 $ 2017 $ 23. KEY MANAGEMENT PERSONNEL DISCLOSURES The Company has no staff and therefore has no Key Management Personnel other than the Directors. No member of Key Management Personnel held options over shares in the Company during the year. There have been no other transactions with Key Management Personnel or their related entities other than those disclosed in Note 21. The compensation of Non-executive Directors (including the Managing Director) for the year ending 30 June 2018 is shown in the table of detailed remuneration disclosures, provided in section 12 (A) to (F) of the Remuneration Report on pages 9 and 10. The total remuneration paid is as follows: Short-term employment benefit 178,625 148,875 The Company’s Secretary, Brian Jones, was contracted through Rothsay Chartered Accountants from July 17 to January 18 (FY17, July 16 – June 17). From February 18 – June 18, Brian was contracted directly. 24. CASH FLOW INFORMATION (a) Reconciliation of result for the year to cash flows from operating activities Profit/(Loss) for the year Cash flows excluded from profit attributable to operating activities Non-cash flows in profit - net (gain)/loss on disposal of investments - net gain/loss on foreign exchange Changes in assets and liabilities, net of the effects of purchase and disposal of subsidiaries: - (increase)/decrease in prepayments - (increase)/decrease in trade and other receivables - increase/(decrease) in trade and other payables - increase/(decrease) in Deferred Tax Cash flow from operations (125,706) 68,267 (31,839) (8,823) (179,268) (2,305) 9,316 (23,040) 62,609 (88,194) (20,270) (576) 15,105 - (205,677) (119,047) 25. CONTINGENCIES In the opinion of the Directors, the Company did not have any contingencies at 30 June 2018 (30 June 2017: None). 26. EVENTS OCCURRING AFTER THE REPORTING DATE No matters or circumstances have arisen since the end of the financial year which significantly affected or may significantly affect the operations of the Company, the results of those operations, or the state of affairs of the Company in future financial years. Global Masters Fund Limited 30 DIRECTORS’ DECLARATION The Directors of the Company declare that: (a) the Financial Statements and Notes set out on pages 16 to 30 are in accordance with the Corporations Act 2001, including: (i) (ii) complying with Accounting Standards, which, as stated in accounting policy Note 1 to the financial statements, constitutes compliance with International Financial Reporting Standards (IFRS); and give a true and fair view of the financial position as at 30 June 2018 and of the performance for the year ended on that date; and in the Directors’ opinion, (b) (c) there are reasonable grounds to believe that the Company will be able to pay its debts as and when they become due and payable; and the remuneration disclosures set out on pages 9 and 10 of the Directors’ Report (as part of the audited remuneration report) for the year ended 30 June 2018 comply with section 300A of the Corporations Act 2001. The Directors have been given the declarations by the Chief Executive Officer and Chief Financial Officer required by section 295A of the Corporations Act 2001. This declaration is made in accordance with a resolution of the Directors and is signed for and on behalf of the Directors by: Dr Emmanuel (Manny) C Pohl Managing Director 24 August 2018 Global Masters Fund Limited 31 INDEPENDENT AUDITOR’S REPORT Global Masters Fund Limited 32 INDEPENDENT AUDITOR’S REPORT (continued) Global Masters Fund Limited 33 INDEPENDENT AUDITOR’S REPORT (continued) Global Masters Fund Limited 34 INDEPENDENT AUDITOR’S REPORT (continued) Global Masters Fund Limited 35 SHAREHOLDER INFORMATION The Shareholder information set out below was applicable as at 10 August 2018. 1. TWENTY LARGEST SHAREHOLDERS 2. DISTRIBUTION OF SECURITIES Shareholders Last year’s figures Ordinary Shares % Distributions No. of Shareholders CITICORP NOMINEES PTY LIMITED 5,757,863 53.7% BOND STREET CUSTODIANS LIMITED BOND STREET CUSTODIANS LIMITED ESKDALE INVESTMENT CO PTY LTD ROSETTA PTY LTD PETER I H WONG PTY LTD MR PETER LEECE EMSDALE HOLDINGS PTY LTD J BARLOW CONSULTANTS PTY LTD JACOBEAN PTY LTD MRS SYLVIA MARIA VALMADRE DAYTON ENTERPRISES PTY LTD MR IAN LESLIE POLLARD SECURITIES & ESTATES PTY LTD RITCHIE FAMILY SUPER PTY LTD TIDALBAY PTY LTD KAJJA PTY LTD JAJEAN PTY LTD DR JEFFERY MARK PEEREBOOM & MRS HELEN LYNETTE PEEREBOOM MR WILLIAM PAUL CHUN TIE & MS ORLEENA MOO 303,227 2.8% 180,000 1.7% 157,000 1.5% 155,700 1.5% 150,000 1.4% 120,737 106,000 102,317 80,000 60,000 1.1% 1.0% 1.0% 0.7% 0.6% 59,432 0.6% 51,981 0.5% 50,034 0.5% 50,000 0.5% 50,000 0.5% 50,000 49,000 0.5% 0.5% 46,296 0.4% 1 1,001 5,001 10,001 100,001 to to to to 1,000 5,000 10,000 100,000 and over Total Holdings of less than a marketable parcel 129 175 101 101 9 515 43 3. SUBSTANTIAL SHAREHOLDINGS The names of the Shareholders who have notified the Company of a substantial holding in accordance with section 671B of the Corporations Act 2001 are: Substantial Shareholder Dr E C Pohl * Number of Shares % of Total 5,761,311 53.7 * Has the power to control voting and/or the disposal of securities in accordance with a Power Of Attorney in relation to 5,755,061 shares. 4. VOTING RIGHTS On a show of hands every Shareholder present in person or by proxy shall have one vote and upon a poll each share shall have one vote. 40,778 0.4% 5. ON-MARKET BUY BACK Total 7,620,365 71.4% There is no current on-market buy back. Global Masters Fund Limited 36 INVESTMENTS (1) HOLDINGS OF SECURITIES AT 30 JUNE 2018 Individual investments at 30 June 2018 are listed below. The list should not, however, be used to evaluate portfolio performance or to determine the net asset backing per share at other dates. Individual holdings in the portfolio may change during the course of the year. Company Shares Market Value $ % ABC AHT ATY BA BNZL BOO BRBY BRK.A BRK.B CBG DOM DPLM FSI HLMA JD LIO MERL MONY NG QTX REL RMV RWA SMS SPX STHR TED TEP ORDINARY SHARES ABCAM PLC ASHTEAD GROUP PLC ATHELNEY TRUST PLC BAE SYSTEMS PLC BUNZL PLC BOOHOO GROUP PLC BURBERRY GROUP PLC BERKSHIRE HATHAWAY INC NEW BERKSHIRE HATHAWAY INC NEW CLOSE BROTHERS GROUP PLC DOMINO'S PIZZA GROUP PLC DIPLOMA PLC FLAGSHIP INVESTMENTS LIMITED HALMA PLC JD SPORTS FASHION PLC LIONTRUST ASSET MANAGEMENT PLC MERLIN ENTERTAINMENTS PLC MONEYSUPERMARKET.COM GROUP PLC NATIONAL GRID PLC QUARTIX HOLDINGS PLC RELX PLC RIGHTMOVE PLC ROBERT WALTERS PLC SMART METERING SYSTEMS PLC SPIRAX-SARCO ENGINEERING PLC STHREE PLC TED BAKER PLC TELECOM PLUS PLC CASH (INCLUDING DIVIDENDS) Cash- Australian Dollar (AUD) Cash - Great British Pound (GBP) 4,680 7,527 349,640 17,000 5,700 30,900 7,000 27 15,300 2,500 66,700 1,800 1,310,872 10,600 31,600 24,500 39,700 45,719 14,900 20,200 10,100 4,900 10,200 14,700 2,200 17,000 3,500 7,000 111,305.40 305,025.33 1,564,621.86 196,034.94 233,223.39 107,150.12 269,566.77 10,281,062.62 3,855,519.85 66,232.84 412,519.70 42,071.67 2,176,047.52 258,905.33 248,225.35 279,550.72 273,702.80 256,675.22 222,716.35 136,851.49 292,159.92 463,879.48 127,295.42 203,897.31 255,731.86 110,625.78 134,408.99 140,524.16 23,025,532.19 224,315.90 290,945.73 0.47 1.30 6.65 0.83 0.99 0.46 1.15 43.67 16.38 0.28 1.75 0.18 9.24 1.10 1.05 1.19 1.16 1.09 0.95 0.58 1.24 1.97 0.54 0.87 1.08 0.47 0.57 0.60 97.81 0.95 1.24 TOTAL 23,540,793.82 100.00 (2) TRANSACTIONS AND BROKERAGE There were 75 (2017: 17) transactions in securities during the year on which brokerage of $32,557 (2017: $13,887) was paid. Global Masters Fund Limited 37 NOTES Global Masters Fund Limited 38 CORPORATE DIRECTORY GLOBAL MASTERS FUND LIMITED ABN 84 109 047 618 REGISTERED IN NEW SOUTH WALES 12 MAY 2004. BOARD OF DIRECTORS Jonathan L Addison Non-Executive Chairman Dr Emmanuel (Manny) C Pohl Managing Director Patrick Corrigan AM Non-Executive Director Murray H d’Almeida Non-Executive Director Jason Pohl Alternate Director COMPANY SECRETARY Brian E Jones PRINCIPAL PLACE OF BUSINESS Level 12 Corporate Centre One 2 Corporate Court BUNDALL QLD 4217 MANAGER EC Pohl & Co Pty Ltd ACN 154 399 916 Level 12 Corporate Centre One 2 Corporate Court BUNDALL QLD 4217 Tel: Fax: +61 (0) 7 5644 4400 +61 (0) 7 5574 1457 SOLICITORS McCullough Robertson Lawyers Level 32 MLC Centre 19 Martin Place SYDNEY NSW 2000 AUDITORS WPIAS Pty Ltd 4 Helensvale Road HELENSVALE QLD 4210 SHARE REGISTRY Boardroom Pty Limited GPO Box 3993 SYDNEY NSW 2001 Toll Free: International: +61 (0) 2 9290 9600 +61 (0) 0 9279 0664 Fax: 1300 737 760 REGISTERED OFFICE Level 12 Corporate Centre One 2 Corporate Court BUNDALL QLD 4217 Toll Free: 1800 352 474 WEBSITE ADDRESS www.globalmastersfund.com.au Global Masters Fund Limited ABN 84 109 047 618 Level 12, Corporate Centre One 2 Corporate Court BUNDALL QLD 4217 www.globalmastersfund.com.au Annual Report 30 June 2018 

Continue reading text version or see original annual report in PDF format above