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Looking beyond the Horizon
1
Global Masters Fund Limited
Contents
FINANCIAL YEAR END
30 June 2021
Level 12, Corporate Centre One
ASX code: GFL
ANNUAL GENERAL MEETING
The Annual General Meeting of
Global Masters Fund Limited:
WILL BE HELD AT:
The office of
EC Pohl & Co
2 Corporate Court
Bundall QLD 4217
11.30am (QLD Time)
TIME:
DATE:
Thursday 18 November 2021
INVESTING IN GLOBAL
MASTERS FUND LIMITED
Investors can purchase shares in
Global Masters Fund Limited through
the Australian Securities Exchange.
Global Masters Fund Limited
ABN 84 109 047 618
Registered in NSW
12 May 2004
5
6
11
12
14
29
30
34
35
38
Chairman’s Report
Director’s Report
Auditor’s Independence Declaration
Corporate Governance Statement
Financial Report
Directors’ Declaration
Independent Auditor’s Report
Shareholder Information
Investments
Corporate Directory
Global Masters Fund Limited
Global Masters Fund Limited
2
2
GLOBAL MASTERS FUND LIMITED DIRECTORS (from left to right)
Dr Emmanuel (Manny) Pohl AM, Murray d’Almeida and Patrick Corrigan AM
Contents
FINANCIAL YEAR END
30 June 2021
ANNUAL GENERAL MEETING
The Annual General Meeting of
Global Masters Fund Limited:
WILL BE HELD AT:
The office of
EC Pohl & Co
Level 12, Corporate Centre One
2 Corporate Court
Bundall QLD 4217
TIME:
11.30am (QLD Time)
DATE:
Thursday 18 November 2021
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
5
6
11
12
14
29
30
34
35
38
Chairman’s Report
Director’s Report
Auditor’s Independence Declaration
Corporate Governance Statement
Financial Report
Directors’ Declaration
Independent Auditor’s Report
Shareholder Information
Investments
Corporate Directory
Global Masters Fund Limited
2
3
Global Masters Fund Limited
GLOBAL MASTERS FUND LIMITED DIRECTORS (from left to right)
Dr Emmanuel (Manny) Pohl AM, Murray d’Almeida and Patrick Corrigan AM
HIGHLIGHTS FOR 2021
CHAIRMAN’S REPORT
Highlights for
the year ending
June 2021
UK Portfolio Performance (in GBP terms) was a positive 35.2%,
Dear Shareholder,
outperforming the FTSE which increased by 14.1%.
Core investment in Berkshire Hathaway increased in value by 44.0%
The Net Tangible Assets (NTA) value of the Company per share increased by
37.8% before recognising the net deferred tax liability.
I am pleased to present the Annual Chairman’s Report of Global
Masters Fund Limited for the 2020/21 financial year.
over the long term.
Portfolio Performance
Portfolio^
ASX All Ordinaries Index
MSCI Index (AUD)
MSCI Index (USD)
^ Source: EC Pohl & Co Pty Ltd
1
year
3
years p.a.
5
years p.a.
10
years p.a.
40.4%
26.4%
26.2%
37.0%
13.6%
6.4%
12.6%
13.0%
14.0%
7.4%
12.6%
12.8%
15.0%
5.0%
12.5%
8.5%
Since Inception
(1 May 2006)
p.a.
8.6%
2.5%
5.4%
5.3%
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. In November 2017 the Company raised additional capital through a rights issue and deployed
that capital in an actively managed portfolio predominately focused in the UK. The active portfolio provides investment diversity
and meets a growing demand for active management to drive out-performance.
The UK portfolio is managed by EC Pohl & Co Pty Ltd which has a highly regarded funds management investment team. The
composition and performance of the overall investment portfolio is monitored by the Board of Directors, which comprises business
people with many years of experience in business, investment and funds management.
OBJECTIVES
The investment objectives of Global Masters Fund Limited are:
To preserve and enhance the NTA backing per share after allowing for inflation.
To achieve medium to long-term capital growth and income through investing in listed international companies; and
Reduced share investment risk through a diversified investment portfolio;
INVESTOR BENEFITS
The benefits for investors in Global Masters Fund Limited are:
No entry or exit charges made by the Company; and
Professional and disciplined management of an investment portfolio;
Easy access to information via the Company’s website www.globalmastersfund.com.au.
INVESTMENT MANAGER
The management of the Company’s UK investment portfolio is undertaken by EC Pohl & Co Pty Ltd, which also provides
administration support. Dr Manny Pohl AM is the Managing Director and major Shareholder of EC Pohl & Co Pty Ltd. Information
on the Investment Manager is available from www.ecpohl.com.
ENVIRONMENT, SOCIAL, GOVERNANCE
A business can only maintain a sustainable competitive advantage if it adequately respects all stakeholders in the business and
environment in which it operates. Companies which are not engaged in sustainable practices, will not be able to generate above
average economic returns throughout their life cycle. To this end, the Manager’s investment process scrutinises companies to see if
they have the appropriate, and sensible Governance structures in place as well as incorporating sustainable practices into their day
to day operations. Companies that don’t meet standards of respect and integrity with regard to compensation structures, internal
controls, accounting treatment, rules, relationships, systems and process throughout the organisation - are not included in the
portfolio.
Global Masters Fund Limited
Global Masters Fund Limited
4
4
Global Masters Fund Limited
5
an investment in GFL will provide investors with decent long term
capital growth and we encourage Shareholders to invest with us
In saying this, we do maintain a program to build awareness of
our Company and stimulate demand at a share trading level. This
activity aims to provide a fair price for both incoming and
outgoing Shareholders. During the year we continued our social
media campaigns and extended the reach of our monthly
newsletter. We have also invested in the SEO of our website and
look forward to some planned investor presentations now that
face-to-face conferences are being organised.
Our key focus remains on the investment performance of our
portfolio, because fundamentally a discount to NTA will not be a
detractor for Shareholders if the degree of the discount remains
consistent while the portfolio continues to grow. We find that
the issue with discussing discounts is that it detracts from the
conversation about performance and it is the view of the Board
that long term performance will ultimately provide the best
result for our Shareholders.
THE BOARD
I wish to record my appreciation for my fellow Board members
for their support and input throughout the past year. In
particular, I would like to thank Patrick Corrigan AM, who will not
be standing for re-election at the upcoming AGM. Patrick has
been a Director of GFL since 2006 and, given his extensive
business background, has played a vital part in steering the
successful strategy of the Company. He has been a valuable
member of the Board, a consummate professional and a good
friend. We wish him all the best in his future endeavours.
I would like to welcome Angela Obree, who joined the Board as
an Alternate Director in March 2021 and who will replace Patrick
in November 2021. Angela brings a diverse commercial
background and key governance skills which will be invaluable to
the Board.
I would also like to pass on my thanks and gratitude to Brian
Jones who resigned as Company Secretary in July 2021. Brian has
supported the Company for 14 years in the capacity of Company
Secretary and has also served as Chief Financial Officer. His
efficient maintenance of our Company has been greatly
appreciated.
Finally, the Board would like to thank all Shareholders for their
continued support and we warmly welcome all new
Shareholders who joined the Company over the financial year.
THE YEAR IN REVIEW
It is remarkable to consider the current market position against
the outlook from 12 months ago. Prior to July 2020, we
witnessed an unprecedented market decline against the
backdrop of a world-wide pandemic. The future prospects of the
economy, at home and abroad, relied heavily on development
and rollout of vaccines and the ongoing coordinated stimulus
from the governments and the central banks. Understandably,
health officials were nervous, businesses were defensive,
consumers were cautious and we all braced ourselves for an
unknown future.
In twelve months there has been tremendous progress in the
rollout of COVID vaccines, many nations hardest hit by
lockdowns are easing restrictions, key financial markets have
performed strongly and governments are committing to
packages designed to revive and boost economies. However we
are not out of the woods yet, the new delta strain provides
warning that we have not yet ‘conquered’ the virus and concerns
about inflation could mean a change in tact from central banks.
Coming to our core
investments, Berkshire Hathway has
performed exceptionally well through FY2021 compared to
FY2020, the share price of BRK:A stock in local currency terms
increased by 56.6% (last year decreased by 16.0%) and BRK:B
increased by 55.7% (last year decreased by 16.3%), the flow-on
effect to the GFL portfolio is significant, the value of our holding
has increased by AUD $6,334,473. After the May 2021 AGM of
Berkshire Hathaway, Warren Buffet answered one of the
recurring questions in the minds of Berkshire Shareholders – who
is next in line? His answer: “the directors are in agreement that
if something were to happen to me tonight, it would be Greg
(Greg Abel – Vice Chair of Non-Insurance Business) who’d take
over tomorrow morning”. The nomination of his successor in
such an offhand way suggests that it is a business continuity plan
only and that the legendary investor will continue doing what he
does for as long as possible.
The actively managed UK portfolio has continued to perform
well. Portfolio performance for the twelve months to June 2021
was positive 35.2% compared to the FTSE which increased 14.1%.
The performance of the year extends the since inception
performance to 15.9% versus the FTSE which declined by 1.4%,
this is an incredibly pleasing result and verifies the disciplined
application of the Manager’s investment process.
As a combined result of the Berkshire and UK Portfolio
performance the GFL share price has increased 46.6% from June
2020 to June 2021. This represents good performance off a
relatively low base, the important figure for the Board is the long
term annualised share price growth which is 5.9% compared to
the ASX All Ordinaries Index which has grown 2.5% per annum.
SHAREHOLDERS
Yours sincerely
The Board continues to receive enquiry regarding the share price
discount to NTA. I understand the concerns of Shareholders who
Murray d’Almeida
see the discount and are concerned about their investment exit
Chairman
strategy. Based on the growth highlighted above we believe that
Highlights for
the year ending
June 2021
outperforming the FTSE which increased by 14.1%.
Core investment in Berkshire Hathaway increased in value by 44.0%
The Net Tangible Assets (NTA) value of the Company per share increased by
37.8% before recognising the net deferred tax liability.
Portfolio Performance
Portfolio^
ASX All Ordinaries Index
MSCI Index (AUD)
MSCI Index (USD)
^ Source: EC Pohl & Co Pty Ltd
1
year
3
5
10
Since Inception
years p.a.
years p.a.
years p.a.
(1 May 2006)
40.4%
26.4%
26.2%
37.0%
13.6%
6.4%
12.6%
13.0%
14.0%
7.4%
12.6%
12.8%
15.0%
5.0%
12.5%
8.5%
p.a.
8.6%
2.5%
5.4%
5.3%
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. In November 2017 the Company raised additional capital through a rights issue and deployed
that capital in an actively managed portfolio predominately focused in the UK. The active portfolio provides investment diversity
and meets a growing demand for active management to drive out-performance.
The UK portfolio is managed by EC Pohl & Co Pty Ltd which has a highly regarded funds management investment team. The
composition and performance of the overall investment portfolio is monitored by the Board of Directors, which comprises business
people with many years of experience in business, investment and funds management.
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; 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 UK investment portfolio is undertaken by EC Pohl & Co Pty Ltd, which also provides
administration support. Dr Manny Pohl AM is the Managing Director and major Shareholder of EC Pohl & Co Pty Ltd. Information
on the Investment Manager is available from www.ecpohl.com.
ENVIRONMENT, SOCIAL, GOVERNANCE
A business can only maintain a sustainable competitive advantage if it adequately respects all stakeholders in the business and
environment in which it operates. Companies which are not engaged in sustainable practices, will not be able to generate above
average economic returns throughout their life cycle. To this end, the Manager’s investment process scrutinises companies to see if
they have the appropriate, and sensible Governance structures in place as well as incorporating sustainable practices into their day
to day operations. Companies that don’t meet standards of respect and integrity with regard to compensation structures, internal
controls, accounting treatment, rules, relationships, systems and process throughout the organisation - are not included in the
portfolio.
HIGHLIGHTS FOR 2021
CHAIRMAN’S REPORT
UK Portfolio Performance (in GBP terms) was a positive 35.2%,
Dear Shareholder,
I am pleased to present the Annual Chairman’s Report of Global
Masters Fund Limited for the 2020/21 financial year.
THE YEAR IN REVIEW
It is remarkable to consider the current market position against
the outlook from 12 months ago. Prior to July 2020, we
witnessed an unprecedented market decline against the
backdrop of a world-wide pandemic. The future prospects of the
economy, at home and abroad, relied heavily on development
and rollout of vaccines and the ongoing coordinated stimulus
from the governments and the central banks. Understandably,
health officials were nervous, businesses were defensive,
consumers were cautious and we all braced ourselves for an
unknown future.
In twelve months there has been tremendous progress in the
rollout of COVID vaccines, many nations hardest hit by
lockdowns are easing restrictions, key financial markets have
performed strongly and governments are committing to
packages designed to revive and boost economies. However we
are not out of the woods yet, the new delta strain provides
warning that we have not yet ‘conquered’ the virus and concerns
about inflation could mean a change in tact from central banks.
Coming to our core
investments, Berkshire Hathway has
performed exceptionally well through FY2021 compared to
FY2020, the share price of BRK:A stock in local currency terms
increased by 56.6% (last year decreased by 16.0%) and BRK:B
increased by 55.7% (last year decreased by 16.3%), the flow-on
effect to the GFL portfolio is significant, the value of our holding
has increased by AUD $6,334,473. After the May 2021 AGM of
Berkshire Hathaway, Warren Buffet answered one of the
recurring questions in the minds of Berkshire Shareholders – who
is next in line? His answer: “the directors are in agreement that
if something were to happen to me tonight, it would be Greg
(Greg Abel – Vice Chair of Non-Insurance Business) who’d take
over tomorrow morning”. The nomination of his successor in
such an offhand way suggests that it is a business continuity plan
only and that the legendary investor will continue doing what he
does for as long as possible.
The actively managed UK portfolio has continued to perform
well. Portfolio performance for the twelve months to June 2021
was positive 35.2% compared to the FTSE which increased 14.1%.
The performance of the year extends the since inception
performance to 15.9% versus the FTSE which declined by 1.4%,
this is an incredibly pleasing result and verifies the disciplined
application of the Manager’s investment process.
an investment in GFL will provide investors with decent long term
capital growth and we encourage Shareholders to invest with us
over the long term.
In saying this, we do maintain a program to build awareness of
our Company and stimulate demand at a share trading level. This
activity aims to provide a fair price for both incoming and
outgoing Shareholders. During the year we continued our social
media campaigns and extended the reach of our monthly
newsletter. We have also invested in the SEO of our website and
look forward to some planned investor presentations now that
face-to-face conferences are being organised.
Our key focus remains on the investment performance of our
portfolio, because fundamentally a discount to NTA will not be a
detractor for Shareholders if the degree of the discount remains
consistent while the portfolio continues to grow. We find that
the issue with discussing discounts is that it detracts from the
conversation about performance and it is the view of the Board
that long term performance will ultimately provide the best
result for our Shareholders.
THE BOARD
I wish to record my appreciation for my fellow Board members
for their support and input throughout the past year. In
particular, I would like to thank Patrick Corrigan AM, who will not
be standing for re-election at the upcoming AGM. Patrick has
been a Director of GFL since 2006 and, given his extensive
business background, has played a vital part in steering the
successful strategy of the Company. He has been a valuable
member of the Board, a consummate professional and a good
friend. We wish him all the best in his future endeavours.
I would like to welcome Angela Obree, who joined the Board as
an Alternate Director in March 2021 and who will replace Patrick
in November 2021. Angela brings a diverse commercial
background and key governance skills which will be invaluable to
the Board.
I would also like to pass on my thanks and gratitude to Brian
Jones who resigned as Company Secretary in July 2021. Brian has
supported the Company for 14 years in the capacity of Company
Secretary and has also served as Chief Financial Officer. His
efficient maintenance of our Company has been greatly
appreciated.
Finally, the Board would like to thank all Shareholders for their
continued support and we warmly welcome all new
Shareholders who joined the Company over the financial year.
SHAREHOLDERS
Yours sincerely
As a combined result of the Berkshire and UK Portfolio
performance the GFL share price has increased 46.6% from June
2020 to June 2021. This represents good performance off a
relatively low base, the important figure for the Board is the long
term annualised share price growth which is 5.9% compared to
the ASX All Ordinaries Index which has grown 2.5% per annum.
The Board continues to receive enquiry regarding the share price
discount to NTA. I understand the concerns of Shareholders who
see the discount and are concerned about their investment exit
strategy. Based on the growth highlighted above we believe that
Murray d’Almeida
Chairman
Global Masters Fund Limited
4
Global Masters Fund Limited
5
5
Global Masters Fund Limited
DIRECTORS' REPORT
Your Directors present their report on Global Masters Fund Limited for the financial year ended 30 June 2021.
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: M d’Almeida, Dr E Pohl AM, P Corrigan AM, J Addison until 30 October 2020, J Pohl is an
Alternate Director to Dr E Pohl AM and A Obree was appointed an Alternate Director to P Corrigan AM on 11 March 2021.
2.
INFORMATION ON DIRECTORS
Murray H d’Almeida
FAICD
Dr Emmanuel (Manny) C Pohl AM
B.Sc (Eng), MBA, DBA, FAICD, MSAFAA, F Fin
Chairman, Non-Executive Director
Managing Director
Patrick Corrigan AM
HonD (Bond University)
Non-Executive Director
Jason C Pohl
B.Com, LLB, MBA
Alternate Director
Angela Obree
B.Compt, MBA, MAICD
Alternate Director
Experience and expertise
Director since 3 November 2016
Chairman since 9 November 2018.
Over 37 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 ECP Emerging Growth Limited
Director of Triple Energy Limited
Deputy Chancellor Southern Cross University
Chairman of Board of Trustees of Currumbin
Wildlife Foundation
Member of Gold Coast Light Rail Business
Advisory Board
Chairman of Zooz Pty Ltd
Former Listed Company directorships
in last 3 years
Chairman IncentiaPay Limited (Sept 2019)
Interest in Shares
2,578 indirect
Experience and expertise
Managing Director since the inception of the
Company.
Extensive experience in the funds management
industry.
Other current directorships
Managing Director of Flagship Investments Limited
Managing Director of Athelney Trust Plc
Chairman of EC Pohl & Co Pty Ltd
Chairman of ECP Asset Management Pty Ltd
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
None
Interest in Shares
Directly Held: 6,250
Indirect: 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.
Experience and expertise
Director since 29 November 2006.
Extensive experience in accounting,
financial management and other
commercial acumen, including
investments. Chairman of an international
freight forwarding company for numerous
Other current directorships
Emeritus Chairman of Gold Coast Regional
Chairman of Qantas Art Scholarship
Director of Aboriginal Benefits Foundation
years.
Art Gallery
Committee
Limited
Canberra
Former Listed Company directorships
in last 3 years
None
Interest in Shares
1,000
Experience and expertise
Experience and expertise
Appointed an Alternate Director to
Appointed an Alternate Director to
Dr Manny Pohl on 16 June 2016.
Patrick Corrigan AM since 11 March 2021.
Jason has eight years of professional
Angela has almost 25 years’ experience in
experience in fundamental bottom-up
management consulting in the UK, South
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.
Africa, Ireland and Germany. She is a
highly experienced commercial mediator,
negotiation expert, and corporate crisis
leader.
Other current directorships
Director of Congrua Limited
Alternate Director of Flagship Investments
Limited.
Interest in Shares
Nil
Former Listed Company
directorships
in last 3 years
None
Interest in Shares
1,000
Director of National Portrait Gallery in
Other current directorships
Former Listed Company directorships
Director of The Tabu Vodka Co Pty Ltd
Alternate Director of Athelney Trust Plc
in last 3 years
None
Global Masters Fund Limited
Global Masters Fund Limited
6
6
Global Masters Fund Limited
7
DIRECTORS' REPORT
1. DIRECTORS
Your Directors present their report on Global Masters Fund Limited for the financial year ended 30 June 2021.
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: M d’Almeida, Dr E Pohl AM, P Corrigan AM, J Addison until 30 October 2020, J Pohl is an
Alternate Director to Dr E Pohl AM and A Obree was appointed an Alternate Director to P Corrigan AM on 11 March 2021.
2.
INFORMATION ON DIRECTORS
Murray H d’Almeida
FAICD
Dr Emmanuel (Manny) C Pohl AM
B.Sc (Eng), MBA, DBA, FAICD, MSAFAA, F Fin
Chairman, Non-Executive Director
Managing Director
Experience and expertise
Director since 3 November 2016
Chairman since 9 November 2018.
Over 37 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 ECP Emerging Growth Limited
Director of Triple Energy Limited
Deputy Chancellor Southern Cross University
Chairman of Board of Trustees of Currumbin
Wildlife Foundation
Member of Gold Coast Light Rail Business
Advisory Board
Chairman of Zooz Pty Ltd
Former Listed Company directorships
in last 3 years
Chairman IncentiaPay Limited (Sept 2019)
Interest in Shares
2,578 indirect
Experience and expertise
Managing Director since the inception of the
Extensive experience in the funds management
Company.
industry.
Other current directorships
Managing Director of Flagship Investments Limited
Managing Director of Athelney Trust Plc
Chairman of EC Pohl & Co Pty Ltd
Chairman of ECP Asset Management Pty Ltd
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
None
Interest in Shares
Directly Held: 6,250
Indirect: 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.
Patrick Corrigan AM
HonD (Bond University)
Non-Executive Director
Jason C Pohl
B.Com, LLB, MBA
Alternate Director
Angela Obree
B.Compt, MBA, MAICD
Alternate Director
Experience and expertise
Director since 29 November 2006.
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
None
Interest in Shares
1,000
Experience and expertise
Appointed an Alternate Director to
Dr Manny Pohl on 16 June 2016.
Experience and expertise
Appointed an Alternate Director to
Patrick Corrigan AM since 11 March 2021.
Jason has eight 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.
Angela has almost 25 years’ experience in
management consulting in the UK, South
Africa, Ireland and Germany. She is a
highly experienced commercial mediator,
negotiation expert, and corporate crisis
leader.
Other current directorships
Director of Congrua Limited
Alternate Director of Flagship Investments
Limited.
Other current directorships
Director of The Tabu Vodka Co Pty Ltd
Alternate Director of Athelney Trust Plc
Former Listed Company directorships
in last 3 years
None
Interest in Shares
Nil
Former Listed Company
directorships
in last 3 years
None
Interest in Shares
1,000
Global Masters Fund Limited
6
Global Masters Fund Limited
7
7
Global Masters Fund Limited
DIRECTORS’ REPORT (Continued)
3. PRINCIPAL ACTIVITIES
The principal activity of the Company is investing in Berkshire
Hathaway Inc on NYSE and a diversified global portfolio of
investments.
4. REVIEW OF OPERATIONS
At 30 June 2021, the Net Assets of the Company had increased by
6,237,153 (29.9%) over the twelve-month period. Investments
performed very well over the year in local currency terms: Berkshire
Hathaway (A&B) share price increased by 56%, Flagship Investments
share price increased by 33% and the UK managed portfolio
performance was positive 35%, while the US currency weakened over
the year by 8.6% which diminished some of the Berkshire gains.
Net profit which includes the realised and unrealised gains on the UK
portfolio increased by $866,215 on the prior year due to the
performance noted above. The performance fee payable reduced by
$100,602 as the out-performance of the FTSE reduced, in FY2021
Total
outperformance was 21.1%
Comprehensive Income increased by $7,919,627 due to the market
movement in the long term investment holdings particularly the
recovery in Berkshire Hathaway.
it was 29.2%.
in FY2020
The majority of GFL’s investments are passive and the performance
rests with the investee Managers and overarching market conditions.
The performance of the actively managed UK portfolio is a direct
result of the investment decisions of GFL’s manager, EC Pohl & Co Pty
Ltd. The investment strategy employed centres on the view that the
economics of business drives long-term investment returns and
investing in high quality business franchises that have the ability to
generate predictable, above-average economic returns will produce
superior investment performance.
5. SIGNIFICANT CHANGES IN THE STATE OF
AFFAIRS
During the year, the company sold its shares in Athelney Trust and
expanded its global exposure with an investment in an unlisted unit
trust. There were no other significant changes in the state of affairs
of the Company during the financial year.
6. MATTERS SUBSEQUENT TO THE END OF THE
FINANCIAL YEAR
No other matter or circumstance not otherwise dealt with in the
Directors’ 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.
7. LIKELY DEVLOPMENTS AND EXPECTED
RESULTS FROM OPERATIONS
There are no planned changes to the principle 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
2021
Cents
8.72
8.72
2020
Cents
0.64
0.64
its
The Company records fair value movement for some of
investments
in Other Comprehensive Income, therefore Total
Comprehensive Income is a more appropriate base for detailing
earnings per share.
2021
Cents
58.17
2020
Cents
(15.69)
Comprehensive 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. Brian resigned as
Company Secretary on 1 July 2021 and has been replaced by Scott
Barrett effective from that date.
11. MEETINGS OF DIRECTORS
The number of Directors’ meetings attended by each of the Directors
of the Company during the financial year were:
BOARD MEETINGS
Director
Eligible to attend
Attend
M H d’Almeida
E C Pohl AM
P Corrigan AM
J L Addison
4
4
4
2
4
4
4
2
12. REMUNERATION REPORT (AUDITED)
The remuneration report is set out under the following main
No remuneration consultants were engaged during the year.
(A) Principles used to determine the nature and amount of
from the previous year:
headings:
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
following table.
amount of remuneration
Fees and payments to Directors reflect the demands which are made
on, and the responsibilities of, the Directors.
DETAILS OF REMUNERATION
The per annum remuneration of the Directors remains unchanged
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
Director
Year
Fees
Performance
Non-
Super
Shares
Options
Total
Short-term Benefits
Post-
Employment
Equity
Fees
monetary
Benefits
2021
2020
2021
2020
2021
2020
2021
2020
2021
2020
$
46,125
46,125
40,000
40,000
13,629
41,000
41,000
41,000
140,754
168,125
$
-
-
-
-
-
-
-
-
$
-
-
-
-
-
-
-
-
$
-
-
-
-
-
-
-
-
$
$
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
$
46,125
46,125
40,000
40,000
13,629
41,000
41,000
41,000
140,754
168,125
M d’Almeida *
Non-executive Chairman
Dr E C Pohl AM
Managing Director
J L Addison *
Non-executive Director
P Corrigan AM *
Non-executive Director
Total Directors Remuneration
* Inclusive of non-claimable GST amount
(C) Service agreements
(D) Share-based compensation
No share-based compensation exists.
(E) Related Party Transactions
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.
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 22.
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.
2021
$
2020
$
193,310
293,912
57,738
51,608
Global Masters Fund Limited
Global Masters Fund Limited
8
8
Global Masters Fund Limited
9
DIRECTORS’ REPORT (Continued)
3. PRINCIPAL ACTIVITIES
The principal activity of the Company is investing in Berkshire
Hathaway Inc on NYSE and a diversified global portfolio of
investments.
4. REVIEW OF OPERATIONS
At 30 June 2021, the Net Assets of the Company had increased by
6,237,153 (29.9%) over the twelve-month period. Investments
performed very well over the year in local currency terms: Berkshire
Hathaway (A&B) share price increased by 56%, Flagship Investments
share price increased by 33% and the UK managed portfolio
performance was positive 35%, while the US currency weakened over
the year by 8.6% which diminished some of the Berkshire gains.
Net profit which includes the realised and unrealised gains on the UK
portfolio increased by $866,215 on the prior year due to the
performance noted above. The performance fee payable reduced by
outperformance was 21.1%
in FY2020
it was 29.2%.
Total
Comprehensive Income increased by $7,919,627 due to the market
movement in the long term investment holdings particularly the
recovery in Berkshire Hathaway.
The majority of GFL’s investments are passive and the performance
rests with the investee Managers and overarching market conditions.
The performance of the actively managed UK portfolio is a direct
result of the investment decisions of GFL’s manager, EC Pohl & Co Pty
Ltd. The investment strategy employed centres on the view that the
economics of business drives long-term investment returns and
investing in high quality business franchises that have the ability to
generate predictable, above-average economic returns will produce
superior investment performance.
5. SIGNIFICANT CHANGES IN THE STATE OF
AFFAIRS
During the year, the company sold its shares in Athelney Trust and
expanded its global exposure with an investment in an unlisted unit
trust. There were no other significant changes in the state of affairs
of the Company during the financial year.
7. LIKELY DEVLOPMENTS AND EXPECTED
RESULTS FROM OPERATIONS
There are no planned changes to the principle 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.
Diluted earnings per share
The Company records fair value movement for some of
its
investments
in Other Comprehensive Income, therefore Total
Comprehensive Income is a more appropriate base for detailing
earnings per share.
2021
Cents
8.72
8.72
2020
Cents
0.64
0.64
2021
Cents
58.17
2020
Cents
(15.69)
Comprehensive 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. Brian resigned as
Company Secretary on 1 July 2021 and has been replaced by Scott
Barrett effective from that date.
$100,602 as the out-performance of the FTSE reduced, in FY2021
Basic earnings per share
6. MATTERS SUBSEQUENT TO THE END OF THE
11. MEETINGS OF DIRECTORS
FINANCIAL YEAR
The number of Directors’ meetings attended by each of the Directors
No other matter or circumstance not otherwise dealt with in the
of the Company during the financial year were:
Directors’ 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.
BOARD MEETINGS
Director
Eligible to attend
Attend
M H d’Almeida
E C Pohl AM
P Corrigan AM
J L Addison
4
4
4
2
4
4
4
2
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
No remuneration consultants were engaged during the year.
The per annum remuneration of the Directors remains unchanged
from the previous year:
remuneration
(B) Details of remuneration
Service agreements
(C)
(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.
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
M d’Almeida *
Non-executive Chairman
Dr E C Pohl AM
Managing Director
J L Addison *
Non-executive Director
P Corrigan AM *
Non-executive Director
Total Directors Remuneration
2021
2020
2021
2020
2021
2020
2021
2020
2021
2020
$
46,125
46,125
40,000
40,000
13,629
41,000
41,000
41,000
140,754
168,125
$
-
-
-
-
-
-
-
-
* Inclusive of non-claimable GST amount
Non-
monetary
Benefits
$
-
-
-
-
-
-
-
-
Post-
Employment
Super
Equity
Shares
Options
Total
$
-
-
-
-
-
-
-
-
$
-
-
-
-
-
-
-
-
$
-
-
-
-
-
-
-
-
$
46,125
46,125
40,000
40,000
13,629
41,000
41,000
41,000
140,754
168,125
(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 22.
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.
2021
$
2020
$
193,310
57,738
293,912
51,608
Global Masters Fund Limited
8
Global Masters Fund Limited
9
9
Global Masters Fund Limited
DIRECTORS’ REPORT (Continued)
AUDITOR’S INDEPENDENCE DECLARATION
(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.
DIRECTOR
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
M H d’Almeida
E C Pohl AM *
P Corrigan AM
J L Addison
2,578
6,250
1,000
NIL
-
-
-
-
-
-
-
-
2,578
6,250
1,000
NIL
*
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 Directors’ 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 2020 –
Nil).
15. OPTIONS
No options have been issued during or since the financial year (30
June 2020 – 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
25 August 2021
Global Masters Fund Limited
Global Masters Fund Limited
10
10
Global Masters Fund Limited
11
DIRECTORS’ REPORT (Continued)
AUDITOR’S INDEPENDENCE DECLARATION
(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.
DIRECTOR
Balance At The Start Of
Received During The Year By
Other Changes During
Balance At the End
The Year
Exercise Of Rights
The Year
Of The Year
M H d’Almeida
E C Pohl AM *
P Corrigan AM
J L Addison
2,578
6,250
1,000
NIL
-
-
-
-
-
-
-
-
2,578
6,250
1,000
NIL
*
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 Directors’ remuneration, the Company does not
The Company may decide to employ the auditor on assignments
directly contract with any of the Directors.
14. LOANS
Nil).
15. OPTIONS
June 2020 – Nil).
There are no loans issued to any of the Directors (30 June 2020 –
No options have been issued during or since the financial year (30
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.
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
25 August 2021
Global Masters Fund Limited
10
Global Masters Fund Limited
11
11
Global Masters Fund Limited
CORPORATE GOVERNANCE STATEMENT: FOR THE YEAR ENDED 30 JUNE 2021
decision:
The Directors of Global Masters Fund Limited are committed to excellence in corporate governance. By adopting the ASX
Corporate Governance Council’s Corporate Governance Principles and incorporating industry best practice the Company has
built a framework that supports our business performance and enhances transparency and accountability which ultimately
protects the interests of Shareholders.
Below is a list of the Company’s Corporate Governance Framework documents set out against the relevant ASX Governance
Principles and Recommendations, the details of which are available on the Company’s Website. The full Corporate Governance
Statement for the year ending 30 June 2021 is also available on the website, at
http://www.globalmastersfund.com.au/corporategovernance/
ASX GOVERNANCE PRINCIPLES
RELEVANT DOCUMENT/INFORMATION
Principle 1:
Lay solid foundation for management oversight
Board Charter
Whistleblower Policy
Principle 2:
Structure the Board to be effective and add value
Board Charter
Diversity Policy
Principle 3:
Instil a culture of acting lawfully, ethically and responsibly
Principle 4:
Safeguard the integrity of corporate reports
Principle 5:
Make timely and balanced disclosure
Values Statement
Code of Conduct
Share Trading Policy
Board Charter
Code of Conduct
Disclosure Policy
Principle 6:
Respect the rights of security holders
Communications Policy
Privacy Policy
Principle 7:
Recognise and manage risk
Principle 8:
Remunerate fairly and responsibly
Board Charter
Board Charter
The Corporate Governance Statement explains the extent to which the Company complies with the ASX Corporate Governance
Principles and Recommendations including how the policies above support Corporate Governance in the Company. Under the “if not,
why not” approach the Board provide explanations as to why a particular recommendation is not appropriate to its circumstances.
For clarity, the Board would like to highlight below the recommendations that have not been adopted and the reasons behind the
ASX GOVERNANCE PRINCIPLES
COMPLIANCE STATEMENT
Note 2.1: The Company has not established a formal Nomination Committee, as the Board
considers that, due to the specific scope and nature of the Company’s activities, the whole
Board should undertake the responsibility.
Recommendation 4.1:
Establish an Audit Committee
Note 4.1: The Company has not established an Audit Committee. The full Board is
responsible for appointment and removal of the external auditor and the rotation of the
Principle 1:
oversight
Lay solid foundations for management and
Principle 2:
Structure the Board to add value
Recommendation 2.1:
Establish a Nomination Committee
Compliant
Compliant
Principle 3:
Act ethically and responsibly
Compliant
Principle 4:
Safeguard integrity in corporate reporting
Compliant
audit partner.
Compliant
Principle 5:
Make timely and balanced disclosure
Principle 6:
Respect the rights of security-holders
Compliant
Principle 7: Recognise and manage risk
Compliant
Recommendation 7.1:
Risk Committee
Recommendation 7.3:
Internal audit function
responsibly
Recommendation 8.1 :
Remuneration Committee
Recommendation 8.3:
Equity-based remuneration
Note 7.1: The Board dissolved the Audit & Risk Committee, citing that the benefits of a
separate committee were not being realised due to the composition of the committee and
overlap with the Board. The Board has reviewed the Board Charter and its processes to
ensure risk management is thoroughly managed.
Note 7.3: The Company does not have an internal audit function given the size and nature
of the Company. Instead, the Board liaises closely with the Company’s external auditor to
identify potential improvements to the financial risk management and internal control
process. The Board also interrogates the internal compliance and external audit of the
Manager.
Note 8.1: The Company does not have a Remuneration Committee, instead the full Board
develops the remuneration policy balancing the need to attract high quality Directors,
establishing appropriate incentives and commercial control of expenses. The
establishment of a committee would not provide further efficiency to the operation of the
Board given the Board size.
Not Applicable
The Company does not have an equity-based remuneration scheme and does not intend to
establish one. Recommendation 8.3 is not applicable.
Principle 8: Remunerate fairly and
Compliant
Global Masters Fund Limited
Global Masters Fund Limited
12
12
Global Masters Fund Limited
13
CORPORATE GOVERNANCE STATEMENT: FOR THE YEAR ENDED 30 JUNE 2021
The Directors of Global Masters Fund Limited are committed to excellence in corporate governance. By adopting the ASX
Corporate Governance Council’s Corporate Governance Principles and incorporating industry best practice the Company has
built a framework that supports our business performance and enhances transparency and accountability which ultimately
protects the interests of Shareholders.
Below is a list of the Company’s Corporate Governance Framework documents set out against the relevant ASX Governance
Principles and Recommendations, the details of which are available on the Company’s Website. The full Corporate Governance
Statement for the year ending 30 June 2021 is also available on the website, at
http://www.globalmastersfund.com.au/corporategovernance/
ASX GOVERNANCE PRINCIPLES
RELEVANT DOCUMENT/INFORMATION
Principle 1:
Lay solid foundation for management oversight
Board Charter
Whistleblower Policy
Principle 2:
Structure the Board to be effective and add value
Board Charter
Diversity Policy
Principle 3:
Instil a culture of acting lawfully, ethically and responsibly
Principle 4:
Safeguard the integrity of corporate reports
Principle 5:
Make timely and balanced disclosure
Principle 7:
Recognise and manage risk
Principle 8:
Remunerate fairly and responsibly
Principle 6:
Respect the rights of security holders
Communications Policy
Privacy Policy
Values Statement
Code of Conduct
Share Trading Policy
Board Charter
Code of Conduct
Disclosure Policy
Board Charter
Board Charter
The Corporate Governance Statement explains the extent to which the Company complies with the ASX Corporate Governance
Principles and Recommendations including how the policies above support Corporate Governance in the Company. Under the “if not,
why not” approach the Board provide explanations as to why a particular recommendation is not appropriate to its circumstances.
For clarity, the Board would like to highlight below the recommendations that have not been adopted and the reasons behind the
decision:
ASX GOVERNANCE PRINCIPLES
COMPLIANCE STATEMENT
Principle 1:
Lay solid foundations for management and
oversight
Principle 2:
Structure the Board to add value
Recommendation 2.1:
Establish a Nomination Committee
Compliant
Compliant
Note 2.1: The Company has not established a formal Nomination Committee, as the Board
considers that, due to the specific scope and nature of the Company’s activities, the whole
Board should undertake the responsibility.
Principle 3:
Act ethically and responsibly
Compliant
Principle 4:
Safeguard integrity in corporate reporting
Compliant
Recommendation 4.1:
Establish an Audit Committee
Note 4.1: The Company has not established an Audit Committee. The full Board is
responsible for appointment and removal of the external auditor and the rotation of the
audit partner.
Principle 5:
Make timely and balanced disclosure
Principle 6:
Respect the rights of security-holders
Compliant
Compliant
Principle 7: Recognise and manage risk
Compliant
Recommendation 7.1:
Risk Committee
Recommendation 7.3:
Internal audit function
Note 7.1: The Board dissolved the Audit & Risk Committee, citing that the benefits of a
separate committee were not being realised due to the composition of the committee and
overlap with the Board. The Board has reviewed the Board Charter and its processes to
ensure risk management is thoroughly managed.
Note 7.3: The Company does not have an internal audit function given the size and nature
of the Company. Instead, the Board liaises closely with the Company’s external auditor to
identify potential improvements to the financial risk management and internal control
process. The Board also interrogates the internal compliance and external audit of the
Manager.
Principle 8: Remunerate fairly and
responsibly
Compliant
Recommendation 8.1 :
Remuneration Committee
Recommendation 8.3:
Equity-based remuneration
Note 8.1: The Company does not have a Remuneration Committee, instead the full Board
develops the remuneration policy balancing the need to attract high quality Directors,
establishing appropriate incentives and commercial control of expenses. The
establishment of a committee would not provide further efficiency to the operation of the
Board given the Board size.
Not Applicable
The Company does not have an equity-based remuneration scheme and does not intend to
establish one. Recommendation 8.3 is not applicable.
Global Masters Fund Limited
12
Global Masters Fund Limited
13
13
Global Masters Fund Limited
GLOBAL MASTERS FUND LIMITED
FOR THE YEAR ENDED 30 JUNE 2021
STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
Net unrealised gains/(losses) on investments through profit or loss
Revenue
Other expenses
Profit/(Loss) before income tax
Income tax benefit/(expense)
Net Profit for the year
Other Comprehensive Income
Earnings per share:
Basic earnings per share
Diluted earnings per share
Comprehensive Income:
Comprehensive earnings per share
Notes
2021
$
2020
$
5
6
7
346,315
1,633,887
(577,765)
1,402,437
(467,641)
934,796
326,549
361,158
(679,798)
7,909
60,672
68,581
Cents
8.72
8.72
Cents
0.64
0.64
16
16
16
58.17
(15.69)
Realised and Unrealised gains/(loss) on Financial Assets taken to equity, net of tax
7c
5,302,357
(1,751,055)
Total Comprehensive Income for the year
6,237,153
(1,682,474)
FINANCIAL REPORT
CONTENTS OF FINANCIAL REPORT
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
Page
15
16
17
18
19
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 25 August 2021.
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
Global Masters Fund Limited
14
14
Global Masters Fund Limited
15
The accompanying Notes form part of these Financial Statements.
GLOBAL MASTERS FUND LIMITED
STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2021
Revenue
Net unrealised gains/(losses) on investments through profit or loss
Other expenses
Profit/(Loss) before income tax
Income tax benefit/(expense)
Net Profit for the year
Other Comprehensive Income
Notes
2021
$
2020
$
5
6
7
346,315
1,633,887
(577,765)
1,402,437
(467,641)
934,796
326,549
361,158
(679,798)
7,909
60,672
68,581
Realised and Unrealised gains/(loss) on Financial Assets taken to equity, net of tax
7c
5,302,357
(1,751,055)
Total Comprehensive Income for the year
6,237,153
(1,682,474)
Earnings per share:
Basic earnings per share
Diluted earnings per share
Comprehensive Income:
Comprehensive earnings per share
Cents
8.72
8.72
Cents
0.64
0.64
16
16
16
58.17
(15.69)
FINANCIAL REPORT
CONTENTS OF FINANCIAL REPORT
Financial Report
Income
Statement of Profit or Loss and Other Comprehensive
Statement of Financial Position
Statement of Changes in Equity
Statement of Cash Flows
Notes to the Financial Statements
Page
15
16
17
18
19
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 25 August 2021.
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
14
Global Masters Fund Limited
15
15
Global Masters Fund Limited
The accompanying Notes form part of these Financial Statements.
FINANCIAL REPORT
GLOBAL MASTERS FUND LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2021
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
Retained Profits/(Accumulated losses)
TOTAL EQUITY
GLOBAL MASTERS FUND LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2021
Notes
2021
$
2020
$
2020
8
9
10
11
12
13
14
15
414,284
21,428
30,503
466,215
133,283
14,109
21,422
168,814
32,109,546
32,109,546
23,634,995
23,634,995
32,575,761
23,803,809
224,647
224,647
315,476
315,476
5,267,465
5,267,465
2,641,837
2,641,837
5,492,112
2,957,313
27,083,649
20,846,496
Profit/(Loss) for the Year
12,871,873
13,339,636
872,140
27,083,649
12,871,873
8,037,279
(62,656)
20,846,496
934,796
-
-
5,302,357
934,796
5,302,357
-
-
-
934,796
5,302,357
6,237,153
-
47,746
(47,746)
-
12,871,873
872,140
13,062,256
277,380
27,083,649
Issued
Share
Capital
$
Retained Profits/
Asset
Asset
(Accumulated
Revaluation
Realisation
Losses)
$
Reserve
Reserve
$
$
Total
Equity
$
12,871,873
(131,237)
9,788,334
22,528,970
68,581
-
-
(1,751,055)
68,581
(1,751,055)
-
-
-
-
68,581
(1,751,055)
(1,682,474)
Transfer to realisation reserve
-
(325,126)
325,126
-
Balance at 30 June 2020
12,871,873
(62,656)
7,712,153
325,126
20,846,496
2021
Note
Issued
Share
Capital
$
Retained Profits/
Asset
Asset
(Accumulated
Revaluation
Realisation
Losses)
$
Reserve
Reserve
$
$
Total
Equity
$
12,871,873
(62,656)
7,712,153
325,126
20,846,496
Balance at 1 July 2019
Total Comprehensive Income
Profit/(Loss) for the Year
Other Comprehensive Income
Total Comprehensive Income
Other
Balance at 1 July 2020
Total Comprehensive Income
Other Comprehensive Income
Total Comprehensive Income
Other
Transfer to realisation reserve
Balance at 30 June 2021
-
-
-
-
-
-
-
-
The accompanying Notes form part of these Financial Statements.
The accompanying Notes form part of these Financial Statements.
Global Masters Fund Limited
Global Masters Fund Limited
16
16
Global Masters Fund Limited
17
FINANCIAL REPORT
GLOBAL MASTERS FUND LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2021
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
TOTAL EQUITY
Retained Profits/(Accumulated losses)
8
9
10
11
12
13
14
15
414,284
21,428
30,503
466,215
133,283
14,109
21,422
168,814
32,109,546
32,109,546
23,634,995
23,634,995
32,575,761
23,803,809
224,647
224,647
315,476
315,476
5,267,465
5,267,465
2,641,837
2,641,837
5,492,112
2,957,313
12,871,873
13,339,636
872,140
27,083,649
12,871,873
8,037,279
(62,656)
20,846,496
GLOBAL MASTERS FUND LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2021
Notes
2021
$
2020
$
2020
Issued
Share
Capital
$
Retained Profits/
(Accumulated
Losses)
$
Asset
Revaluation
Reserve
$
Asset
Realisation
Reserve
$
Balance at 1 July 2019
Total Comprehensive Income
Profit/(Loss) for the Year
Other Comprehensive Income
Total Comprehensive Income
Other
Transfer to realisation reserve
12,871,873
(131,237)
9,788,334
68,581
-
-
(1,751,055)
68,581
(1,751,055)
-
-
-
-
-
(325,126)
325,126
-
Total
Equity
$
22,528,970
68,581
(1,751,055)
(1,682,474)
-
-
-
-
Balance at 30 June 2020
12,871,873
(62,656)
7,712,153
325,126
20,846,496
2021
Note
27,083,649
20,846,496
Profit/(Loss) for the Year
Balance at 1 July 2020
Total Comprehensive Income
Other Comprehensive Income
Total Comprehensive Income
Other
Transfer to realisation reserve
Balance at 30 June 2021
Issued
Share
Capital
$
Retained Profits/
(Accumulated
Losses)
$
Asset
Revaluation
Reserve
$
Asset
Realisation
Reserve
$
Total
Equity
$
12,871,873
(62,656)
7,712,153
325,126
20,846,496
-
-
-
-
934,796
-
-
5,302,357
934,796
5,302,357
-
-
-
934,796
5,302,357
6,237,153
-
47,746
(47,746)
-
12,871,873
872,140
13,062,256
277,380
27,083,649
The accompanying Notes form part of these Financial Statements.
The accompanying Notes form part of these Financial Statements.
Global Masters Fund Limited
16
Global Masters Fund Limited
17
17
Global Masters Fund Limited
Notes
2021
$
2020
$
The functional and presentation currency of Global Masters Fund
Deferred tax assets and liabilities are measured at the tax rates that
Limited is Australian dollars. Its shares are publicly traded on the
are expected to apply to the period when the asset is realised or the
FINANCIAL REPORT
GLOBAL MASTERS FUND LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2021
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 Investments
Payments for Investments
Net cash (used in)/provided by investing activities
CASH FLOWS FROM FINANCING ACTIVITIES
Net cash provided by financing activities
Net increase/(decrease) in cash and cash equivalents held
Effects of foreign currency exchange rate changes on cash and cash equivalents
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at end of year
8
245,695
16
(677,616)
(431,905)
257,360
44
(456,843)
(199,439)
1,679,196
(979,882)
699,314
2,257,577
(2,576,035)
(318,458)
-
-
267,409
13,592
133,283
414,284
(517,897)
18,439
632,741
133,283
GLOBAL MASTERS FUND LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2021
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, have 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
Dividend Revenue
is established.
(b)
Income Tax
Interest is recognised using the effective interest method.
Dividends are recognised when the entity’s right to receive payment
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.
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
The company holds investments in listed equities as its principle
business, these investments are classified as either financial assets
at fair value through profit or loss (FVPL) or financial assets at fair
value through other comprehensive income (FVOCI). The election is
on the basis of two primary criteria:
The contractual cash flow characteristics of the financial
asset; and
-
-
The business model for managing financial assets
Investments held in the actively managed UK portfolio have been
designated as financial assets at fair value through profit or loss
while all other investments, which are held for medium to long term
capital appreciation, have been designated as financial assets at fair
value through other comprehensive income.
The accompanying Notes form part of these Financial Statements.
Global Masters Fund Limited
Global Masters Fund Limited
18
18
Global Masters Fund Limited
19
FINANCIAL REPORT
GLOBAL MASTERS FUND LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2021
CASH FLOWS FROM OPERATING ACTIVITIES
Distributions and Dividends received
Interest received
Payments to suppliers and employees
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from sale of Investments
Payments for Investments
Net cash (used in)/provided by investing activities
CASH FLOWS FROM FINANCING ACTIVITIES
Net cash provided by financing activities
Net cash provided by/(used in) operating activities
24
Net increase/(decrease) in cash and cash equivalents held
Effects of foreign currency exchange rate changes on cash and cash equivalents
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at end of year
8
Notes
2021
$
2020
$
245,695
16
(677,616)
(431,905)
257,360
44
(456,843)
(199,439)
1,679,196
(979,882)
699,314
2,257,577
(2,576,035)
(318,458)
-
-
267,409
13,592
133,283
414,284
(517,897)
18,439
632,741
133,283
GLOBAL MASTERS FUND LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2021
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
in accordance with the Australian
that have been prepared
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, have 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.
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
The company holds investments in listed equities as its principle
business, these investments are classified as either financial assets
at fair value through profit or loss (FVPL) or financial assets at fair
value through other comprehensive income (FVOCI). The election is
on the basis of two primary criteria:
-
-
The contractual cash flow characteristics of the financial
asset; and
The business model for managing financial assets
Investments held in the actively managed UK portfolio have been
designated as financial assets at fair value through profit or loss
while all other investments, which are held for medium to long term
capital appreciation, have been designated as financial assets at fair
value through other comprehensive income.
The accompanying Notes form part of these Financial Statements.
Global Masters Fund Limited
18
Global Masters Fund Limited
19
19
Global Masters Fund Limited
(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.
GLOBAL MASTERS FUND LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2021
(i) New Accounting Standards and Interpretations
(b) Key Judgements
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:
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.
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 recognised as a result of tax losses has been
carried forward as it is believed that the investment process will
deliver taxable profits over the investment period, this will allow the
Company to utilise the deferred tax asset over time.
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.
AASB 1060 General Purpose Financial Statements
Effective
AASB 1060 is a single standard containing all the
disclosure requirements for an entity preparing
General Purpose Financial Statements under
date
1 July
2021
Tier 2.
AASB 1060 is not applicable to the Company.
AASB 17 Insurance Contracts
Effective
AASB 17 Insurance replaces three standards that
Date
currently deal with insurance: definitions of
1 January
2023
insurance (AASB 4), general insurance (AASB
1023) and life insurance (AASB 1038). The
concept behind the standard is to account for
profit from insurance contracts in a way that
considers risk associated with an
insurance
contract. There are three methods of accounting
under the new standard, with the applicable
method determined by the nature of the
insurance contracts issued.
The introduction of AASB 17 will not have an
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.
FINANCIAL REPORT
GLOBAL MASTERS FUND LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2021
(e) Financial Instruments (continued)
Financial Assets - Recognition
The Company’s investments are recognised on the date that the
company commits itself to the purchase of the asset (ie trade date
accounting is adopted).
Investments are measured at fair value, which is determined by
quoted prices in an active market.
Financial Assets - Subsequent Measurement
Securities held in the portfolio are revalued to market values at each
reporting date. For investments designated as financial assets at fair
value through profit or loss the realised and unrealised net gains or
losses on the portfolio are recognised each period in the profit or
loss. For investments designated as financial assets at fair value
through other comprehensive income the realised and unrealised
net gains or losses on the portfolio are 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.
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.
Global Masters Fund Limited
Global Masters Fund Limited
20
20
Global Masters Fund Limited
21
(e) Financial Instruments (continued)
(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.
FINANCIAL REPORT
GLOBAL MASTERS FUND LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2021
Financial Assets - Recognition
The Company’s investments are recognised on the date that the
company commits itself to the purchase of the asset (ie trade date
accounting is adopted).
Investments are measured at fair value, which is determined by
quoted prices in an active market.
Financial Assets - Subsequent Measurement
Securities held in the portfolio are revalued to market values at each
reporting date. For investments designated as financial assets at fair
value through profit or loss the realised and unrealised net gains or
losses on the portfolio are recognised each period in the profit or
loss. For investments designated as financial assets at fair value
through other comprehensive income the realised and unrealised
net gains or losses on the portfolio are 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.
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.
GLOBAL MASTERS FUND LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2021
(i) New Accounting Standards and Interpretations
(b) Key Judgements
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 1060 General Purpose Financial Statements
Effective
date
1 July
2021
AASB 1060 is a single standard containing all the
disclosure requirements for an entity preparing
General Purpose Financial Statements under
Tier 2.
AASB 1060 is not applicable to the Company.
AASB 17 Insurance Contracts
Effective
Date
1 January
2023
AASB 17 Insurance replaces three standards that
currently deal with insurance: definitions of
insurance (AASB 4), general insurance (AASB
1023) and life insurance (AASB 1038). The
concept behind the standard is to account for
profit from insurance contracts in a way that
insurance
considers risk associated with an
contract. There are three methods of accounting
under the new standard, with the applicable
method determined by the nature of the
insurance contracts issued.
The introduction of AASB 17 will not have an
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.
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.
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 recognised as a result of tax losses has been
carried forward as it is believed that the investment process will
deliver taxable profits over the investment period, this will allow the
Company to utilise the deferred tax asset over time.
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
20
Global Masters Fund Limited
21
21
Global Masters Fund Limited
FINANCIAL REPORT
GLOBAL MASTERS FUND LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2021
5. REVENUE AND OTHER INCOME
Dividends Received
Interest Received
Gain on Sale of Other UK Investments
Realised Foreign Exchange Gain/(Loss)
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 30.0% (2020 – 30.0%)
Adjust for tax effect of:
-
-
-
-
Timing differences of transactions
Fully Franked Dividends received
Carried forward losses
Capital raising costs
Rebateable Fully Franked Dividends
Tax expense/(credit) shown in Profit and Loss statement
(b) The components of tax benefit comprise:
(Decrease)/increase in deferred tax asset
Decrease/(increase) in deferred tax liability
Income tax (expense)/credit
(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)/Credit at 30.0% (2020: 30.0%)
Adjusted for tax effect of available losses
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
2021
$
2020
$
253,073
16
110,396
(17,170)
346,315
15,375
46,260
57,738
193,310
140,754
124,328
577,765
1,402,437
420,731
-
12,799
79,891
(3,118)
(42,662)
467,641
249,988
44
19,663
56,854
326,549
15,391
48,307
51,608
293,912
168,125
102,455
679,798
7,909
2,373
(27,528)
14,129
-
(3,118)
(46,528)
(60,672)
45,201
(512,843)
(467,641)
27,667
33,005
60,672
7,460,344
(2,238,103)
80,117
(2,462,709)
738,813
(27,159)
5,302,357
(1,751,055)
54,116
360,168
414,284
52,330
80,953
133,283
414,284
133,283
GLOBAL MASTERS FUND LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2021
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 Financial Assets
12. TRADE AND OTHER PAYABLES
CURRENT
Trade payables
Accrued expenses
13. DEFERRED TAX
Deferred Tax Assets
Deferred Tax Liabilities
Net deferred tax liabilities adjusted for deferred tax assets
(a) Deferred Tax Assets attributable to:
- Accruals
-
Tax losses
(b) Deferred Tax Liabilities attributable to:
- Unfranked dividend receivable
- Unrealised Gain on Financial Assets
Notes
2021
$
2020
$
14,482
6,946
21,428
7,104
7,005
14,109
30,503
30,503
21,422
21,422
19,413
205,234
224,647
8,663
306,813
315,476
13(a)
13(b)
(793,227)
6,060,692
5,267,465
(667,909)
3,309,746
2,641,837
(3,555)
(789,672)
(793,227)
(3,645)
(664,264)
(667,909)
4,345
6,056,347
6,060,692
2,131
3,307,615
3,309,746
Listed Investments classified as fair value through profit or loss
Listed Investments classified as fair value through other comprehensive income
19
19
Total Available-for-sale Financial Assets
6,545,547
25,563,999
5,001,752
18,633,243
32,109,546
23,634,995
Global Masters Fund Limited
Global Masters Fund Limited
22
22
Global Masters Fund Limited
23
GLOBAL MASTERS FUND LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2021
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 Financial Assets
Notes
2021
$
2020
$
14,482
6,946
21,428
7,104
7,005
14,109
30,503
30,503
21,422
21,422
(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 30.0% (2020 – 30.0%)
Listed Investments classified as fair value through profit or loss
Listed Investments classified as fair value through other comprehensive income
19
19
Total Available-for-sale Financial Assets
6,545,547
25,563,999
5,001,752
18,633,243
32,109,546
23,634,995
12. TRADE AND OTHER PAYABLES
CURRENT
Trade payables
Accrued expenses
13. DEFERRED TAX
Deferred Tax Assets
Deferred Tax Liabilities
Net deferred tax liabilities adjusted for deferred tax assets
(a) Deferred Tax Assets attributable to:
- Accruals
-
Tax losses
(b) Deferred Tax Liabilities attributable to:
- Unfranked dividend receivable
- Unrealised Gain on Financial Assets
19,413
205,234
224,647
8,663
306,813
315,476
13(a)
13(b)
(793,227)
6,060,692
5,267,465
(667,909)
3,309,746
2,641,837
(3,555)
(789,672)
(793,227)
(3,645)
(664,264)
(667,909)
4,345
6,056,347
6,060,692
2,131
3,307,615
3,309,746
FINANCIAL REPORT
GLOBAL MASTERS FUND LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2021
5. REVENUE AND OTHER INCOME
Dividends Received
Interest Received
Gain on Sale of Other UK Investments
Realised Foreign Exchange Gain/(Loss)
6. OTHER EXPENSES
Auditors Remuneration
ASX and Share Registry costs
Management Fees
Performance Fees
Director Fees
Administration Costs
7.
INCOME TAX EXPENSE
(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.
Adjust for tax effect of:
-
-
-
-
Timing differences of transactions
Fully Franked Dividends received
Carried forward losses
Capital raising costs
Rebateable Fully Franked Dividends
Tax expense/(credit) shown in Profit and Loss statement
(b) The components of tax benefit comprise:
(Decrease)/increase in deferred tax asset
Decrease/(increase) in deferred tax liability
Income tax (expense)/credit
Amount before tax
Tax (Expense)/Credit at 30.0% (2020: 30.0%)
Adjusted for tax effect of available losses
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
2021
$
2020
$
253,073
16
110,396
(17,170)
346,315
15,375
46,260
57,738
193,310
140,754
124,328
577,765
1,402,437
420,731
-
12,799
79,891
(3,118)
(42,662)
467,641
249,988
44
19,663
56,854
326,549
15,391
48,307
51,608
293,912
168,125
102,455
679,798
7,909
2,373
(27,528)
14,129
-
(3,118)
(46,528)
(60,672)
45,201
(512,843)
(467,641)
27,667
33,005
60,672
7,460,344
(2,238,103)
80,117
(2,462,709)
738,813
(27,159)
5,302,357
(1,751,055)
54,116
360,168
414,284
52,330
80,953
133,283
414,284
133,283
Global Masters Fund Limited
22
Global Masters Fund Limited
23
23
Global Masters Fund Limited
GLOBAL MASTERS FUND LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2021
2021
$
2020
$
12,871,873
12,871,873
FINANCIAL REPORT
GLOBAL MASTERS FUND LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2021
14. ISSUED CAPITAL
(a) Share Capital
10,723,159 Ordinary Shares (2020: 10,723,159)
(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
Date
Details
30 June 2019
Balance
Nil Movement in the year
30 June 2020
Balance
Number of
Shares
10,723,159
-
10,723,159
Nil Movement in the year
-
Price
$
12,871,873
-
12,871,873
-
-
-
30 June 2021
Balance
10,723,159
12,871,873
15. RESERVES
(a) Asset Revaluation Reserve
The asset revaluation reserve records the unrealised capital profits and losses, net of deferred tax, on
investments classified as fair value through other comprehensive income.
(b) Asset Realisation Reserve
The asset realisation reserve records realised gains and losses from the sale of investments, net of tax,
which are transferred from the Asset Revaluation Reserve, net of dividends paid from reserves
13,062,256
7,712,153
277,380
325,126
Total Reserves
13,339,636
8,037,279
16. EARNINGS PER SHARE
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)
934,796
68,581
6,237,153
(1,682,474)
10,723,159
10,723,159
10,723,159
10,723,159
Cents
8.72
8.72
58.17
Cents
0.64
0.64
(15.69)
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.
(b) Currency Risk
The Company‘s investment portfolio includes investments in USA, UK
and South Africa, 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
The Company does not speculate in financial assets.
investment portfolio.
The most significant financial risks to which the Company is
The carrying value of these foreign currency denominated assets at
exposed to are described below:
balance date was as follows:
Market risk - currency risk, interest rate risk and price risk
The principal categories of financial instruments used by the
Investments in listed shares, listed unit trusts and unlisted
Specific risks
Liquidity risk
Credit risk
Financial instruments used
Company are:
Trade receivables
Cash at bank
unit trusts
Trade and other payables
(a)
Interest Rate Risk
The Company's exposure to interest rate risk, which is the risk that a
financial instrument’s 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:
Carrying Amount
Cash and cash equivalents
Investments
Total
(c) Credit risk
2021
AUD $
360,168
2020
AUD $
80,898
29,399,946
21,425,726
29,760,114
21,506,624
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
Effective Interest Rate
Financial Assets
Cash and cash equivalents
6 Months or less
Financial Assets
Cash and cash equivalents
Total Financial Assets
2021
%
0.0
2021
$
the requirement for collateral.
(d) Net Fair Value
2020
%
2020
$
The following methods and assumptions are used to determine the
net fair values of financial assets and liabilities:
0.0
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.
414,284
414,284
133,283
133,283
Investments:
carrying amount.
The closing quoted market price approximates fair value and the
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.
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.
Global Masters Fund Limited
Global Masters Fund Limited
24
24
Global Masters Fund Limited
25
FINANCIAL REPORT
GLOBAL MASTERS FUND LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2021
14. ISSUED CAPITAL
(a) Share Capital
(b) Ordinary Shares
10,723,159 Ordinary Shares (2020: 10,723,159)
12,871,873
12,871,873
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
Date
Details
Price
$
Number of
Shares
10,723,159
30 June 2019
Balance
12,871,873
30 June 2020
Balance
10,723,159
12,871,873
Nil Movement in the year
Nil Movement in the year
-
-
-
-
-
-
30 June 2021
Balance
10,723,159
12,871,873
15. RESERVES
(a) Asset Revaluation Reserve
The asset revaluation reserve records the unrealised capital profits and losses, net of deferred tax, on
investments classified as fair value through other comprehensive income.
(b) Asset Realisation Reserve
277,380
325,126
The asset realisation reserve records realised gains and losses from the sale of investments, net of tax,
which are transferred from the Asset Revaluation Reserve, net of dividends paid from reserves
Total Reserves
13,339,636
8,037,279
13,062,256
7,712,153
16. EARNINGS PER SHARE
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)
934,796
68,581
6,237,153
(1,682,474)
10,723,159
10,723,159
10,723,159
10,723,159
Cents
8.72
8.72
58.17
Cents
0.64
0.64
(15.69)
GLOBAL MASTERS FUND LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2021
2021
$
2020
$
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.
(b) Currency Risk
The Company‘s investment portfolio includes investments in USA, UK
and South Africa, 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 most significant financial risks to which the Company is
exposed to are described below:
The carrying value of these foreign currency denominated assets at
balance date was as follows:
Specific risks
Liquidity risk
Credit risk
Market risk - currency risk, interest rate risk and price risk
Financial instruments used
The principal categories of financial instruments used by the
Company are:
Trade receivables
Cash at bank
Investments in listed shares, listed unit trusts and unlisted
unit trusts
Trade and other payables
(a)
Interest Rate Risk
The Company's exposure to interest rate risk, which is the risk that a
financial instrument’s 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
2021
%
0.0
2021
$
2020
%
0.0
2020
$
414,284
414,284
133,283
133,283
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.
Carrying Amount
Cash and cash equivalents
Investments
Total
(c) Credit risk
2021
AUD $
360,168
2020
AUD $
80,898
29,399,946
21,425,726
29,760,114
21,506,624
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.
Investments:
The closing quoted market 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
24
Global Masters Fund Limited
25
25
Global Masters Fund Limited
FINANCIAL REPORT
GLOBAL MASTERS FUND LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2021
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 prices. 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 2021, the effect on profit and equity as a result of changes
in the interest rate, exchange rate or equity prices 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 exchange rates
2021
$
2020
$
+/- 18,696
+/- 1,372
The Company measures the following assets and liabilities at fair
value on a recurring basis:
- Financial Assets at fair value through Other Comprehensive
Income (FVTOCI).
- Financial Assets at fair value through Profit or Loss (FVTPL).
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.
+/- 1,488,006
+/- 1,075,331
Level 3 Unobservable inputs for the asset or liability.
GLOBAL MASTERS FUND LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2021
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.
2021
$
2020
$
15,375
15,375
15,391
15,391
57,738
193,310
251,048
51,608
293,912
345,520
In accordance with a Management Services Agreement dated 11 May 2017, the Company agreed to engage the Manager to
provide primary and secondary management services as listed below. The agreement is due to expire on 10 May 2022.
Primary services only provided for the actively managed portion of the portfolio include:
1) managing the investment of the Company’s portfolio, including keeping it under review;
ensuring investments by the Company are only made in authorised investments;
complying with the investment policy of the Company; and
identifying, evaluating and implementing the acquisition and disposal of authorised investments.
Additional Primary services include
+/- 10% in listed investments
+/- 3,210,955
+/- 2,363,500
The table below shows the assigned level for each asset and liability
held at fair value by the Company:
22. MANAGEMENT SERVICES AGREEMENT
(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.
30 June 2021
Recurring fair value measurements -
Listed Equity Securities
Level 1
Level 2
Level 3
Total
FVTPL
$6,545,547
FVTOCI
$25,563,999
-
-
-
-
$6,545,547
$25,563,999
(i)
provide the Company with quarterly investment performance reporting;
(ii) promoting investment in the Company by the general investment community; and
30 June 2020
Recurring fair value measurements -
Listed Equity Securities
(iii) providing investor relationship services
Secondary management services include:
Level 1
Level 2
Level 3
Total
FVTPL
$5,001,752
FVTOCI
$18,633,244
-
-
-
-
$5,001,752
$18,633,244
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.
1) provision of office services, corporate and information technology services support.
The agreement is for a term of 5 years, and may be terminated if:
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
after the initial term the Shareholders of the Company at a general meeting called for that purpose, resolve by ordinary
resolution to terminate this agreement, or
if the Company provides written notice 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
g)
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.
breach.
The Manager is paid a management fee of 1% per annum on the actively managed portion of the portfolio. In addition, the Manager is
paid a performance fee, payable annually in arrears, equal to 20% of the amount by which the Company’s actively managed portfolio
performance exceeds the performance of the FTSE100, 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.
2)
3)
4)
a)
b)
c)
d)
e)
f)
Global Masters Fund Limited
Global Masters Fund Limited
26
26
Global Masters Fund Limited
27
17. FINANCIAL RISK MANAGEMENT (continued)
19. FAIR VALUE MEASUREMENTS
(e) Sensitivity Analysis
The Company measures the following assets and liabilities at fair
+/- 1,488,006
+/- 1,075,331
Level 3 Unobservable inputs for the asset or liability.
+/- 10% in listed investments
+/- 3,210,955
+/- 2,363,500
held at fair value by the Company:
FINANCIAL REPORT
GLOBAL MASTERS FUND LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2021
The following table illustrates sensitivities to the Company’s exposure
to changes in interest rates, exchange rates and commodity and
equity prices. 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 2021, the effect on profit and equity as a result of changes
in the interest rate, exchange rate or equity prices 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 exchange rates
2021
$
2020
$
+/- 18,696
+/- 1,372
(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.
value on a recurring basis:
Income (FVTOCI).
- Financial Assets at fair value through Other Comprehensive
- Financial Assets at fair value through Profit or Loss (FVTPL).
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.
30 June 2021
Listed Equity Securities
Recurring fair value measurements -
FVTPL
FVTOCI
$6,545,547
$25,563,999
$6,545,547
$25,563,999
30 June 2020
Listed Equity Securities
Recurring fair value measurements -
FVTPL
FVTOCI
$5,001,752
$18,633,244
Level 1
Level 2
Level 3
Total
Level 1
Level 2
Level 3
Total
-
-
-
-
-
-
-
-
$5,001,752
$18,633,244
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 2021
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.
2021
$
2020
$
15,375
15,375
15,391
15,391
57,738
193,310
251,048
51,608
293,912
345,520
The table below shows the assigned level for each asset and liability
22. MANAGEMENT SERVICES AGREEMENT
provide the Company with quarterly investment performance reporting;
In accordance with a Management Services Agreement dated 11 May 2017, the Company agreed to engage the Manager to
provide primary and secondary management services as listed below. The agreement is due to expire on 10 May 2022.
Primary services only provided for the actively managed portion of the portfolio include:
1) managing the investment of the Company’s portfolio, including keeping it under review;
ensuring investments by the Company are only made in authorised investments;
2)
complying with the investment policy of the Company; and
3)
4)
identifying, evaluating and implementing the acquisition and disposal of authorised investments.
Additional Primary services include
(i)
(ii) promoting investment in the Company by the general investment community; and
(iii) providing investor relationship services
Secondary management services include:
1) provision of office services, corporate and information technology services support.
The agreement is for a term of 5 years, and 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
after the initial term the Shareholders of the Company at a general meeting called for that purpose, resolve by ordinary
resolution to terminate this agreement, or
if the Company provides written notice 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)
Global Masters Fund Limited
26
Global Masters Fund Limited
27
27
Global Masters Fund Limited
The Manager is paid a management fee of 1% per annum on the actively managed portion of the portfolio. In addition, the Manager is
paid a performance fee, payable annually in arrears, equal to 20% of the amount by which the Company’s actively managed portfolio
performance exceeds the performance of the FTSE100, 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.
FINANCIAL REPORT
GLOBAL MASTERS FUND LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2021
DIRECTORS’ DECLARATION
The Directors of the Company declare that:
2021
$
2020
$
(a)
the Financial Statements and Notes set out on pages 14 to 28 are in accordance with the Corporations Act 2001, including:
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 2021 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
140,754
168,125
The Company’s Secretary, Brian Jones, was contracted directly during the financial year.
of the Corporations Act 2001.
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-operating cash flows in profit
- net (gain)/loss on disposal of investments
- net (gain)/loss on foreign exchange
Non-cash flows in profit
- net unrealised (gain)/loss on financial assets at fair value
Changes in assets and liabilities
- (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
934,796
68,581
(110,396)
17,170
(19,663)
(56,854)
(1,633,887)
(361,158)
(9,081)
(7,319)
(90,829)
467,641
(1,770)
7,146
224,951
(60,672)
(431,905)
(199,439)
Dr Emmanuel (Manny) C Pohl AM
Managing Director
25 August 2021
(i)
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
(ii)
give a true and fair view of the financial position as at 30 June 2021 and of the performance for the year ended on
that date; and
in the Directors’ opinion,
payable; and
(b)
there are reasonable grounds to believe that the Company will be able to pay its debts as and when they become due and
(c)
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 2021 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
This declaration is made in accordance with a resolution of the Directors and is signed for and on behalf of the Directors by:
25. CONTINGENCIES
In the opinion of the Directors, the Company did not have any contingencies at 30 June 2021
(30 June 2020: 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
Global Masters Fund Limited
28
28
Global Masters Fund Limited
29
FINANCIAL REPORT
GLOBAL MASTERS FUND LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2021
DIRECTORS’ DECLARATION
The Directors of the Company declare that:
2021
$
2020
$
(a)
the Financial Statements and Notes set out on pages 14 to 28 are in accordance with the Corporations Act 2001, including:
(i)
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
(ii)
give a true and fair view of the financial position as at 30 June 2021 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 2021 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 AM
Managing Director
25 August 2021
23. KEY MANAGEMENT PERSONNEL DISCLOSURES
The Company has no staff and therefore has no Key Management Personnel other than the
Directors.
the year.
No member of Key Management Personnel held options over shares in the Company during
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 2021 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
The Company’s Secretary, Brian Jones, was contracted directly during the financial year.
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-operating cash flows in profit
- net (gain)/loss on disposal of investments
- net (gain)/loss on foreign exchange
Non-cash flows in profit
- net unrealised (gain)/loss on financial assets at fair value
Changes in assets and liabilities
- (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
25. CONTINGENCIES
(30 June 2020: None).
In the opinion of the Directors, the Company did not have any contingencies at 30 June 2021
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.
140,754
168,125
934,796
68,581
(110,396)
17,170
(19,663)
(56,854)
(1,633,887)
(361,158)
(9,081)
(7,319)
(90,829)
467,641
(1,770)
7,146
224,951
(60,672)
(431,905)
(199,439)
Global Masters Fund Limited
28
Global Masters Fund Limited
29
29
Global Masters Fund Limited
INDEPENDENT AUDITOR’S REPORT
INDEPENDENT AUDITOR’S REPORT (continued)
Global Masters Fund Limited
Global Masters Fund Limited
30
30
Global Masters Fund Limited
31
INDEPENDENT AUDITOR’S REPORT
INDEPENDENT AUDITOR’S REPORT (continued)
Global Masters Fund Limited
30
Global Masters Fund Limited
31
31
Global Masters Fund Limited
INDEPENDENT AUDITOR’S REPORT (continued)
INDEPENDENT AUDITOR’S REPORT (continued)
Global Masters Fund Limited
Global Masters Fund Limited
32
32
Global Masters Fund Limited
33
INDEPENDENT AUDITOR’S REPORT (continued)
INDEPENDENT AUDITOR’S REPORT (continued)
Global Masters Fund Limited
32
Global Masters Fund Limited
33
33
Global Masters Fund Limited
SHAREHOLDER INFORMATION
INVESTMENTS
The Shareholder information set out below was applicable as at 16 August 2021.
(1) HOLDINGS OF SECURITIES AT 30 JUNE 2021
1. TWENTY LARGEST SHAREHOLDERS
2. DISTRIBUTION OF SECURITIES
during the course of the year.
121,631
1.1%
3. SUBSTANTIAL SHAREHOLDINGS
Shareholders Last year’s figures
Ordinary
Shares
%
CITICORP NOMINEES PTY LIMITED
5,755,623
53.7%
BOND STREET CUSTODIANS LIMITED
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