Annual Report 2008
Annual Report 2008 Contents Investment Policy Directors’ Report Fund Manager’s Report Independent Auditor’s Report Income State
Annual Report 2008 Investment Policy The principal objective of the Company is to provide a vehicle to facilitate broad public
Annual Report 2008 Fund Manager’s Report The Malawi economy continues to register impressive growth with forecast real growth i
Annual Report 2008 Fund Manager’s Report (cont’d) Outlook It remains to be seen whether the recent turmoil in international fin
Annual Report 2008 Directors’ Report Nature of Business The Company is a closed end collective investment scheme established wi
Annual Report 2008 Directors’ Report (cont’d) Statement on corporate governance The Company has a unitary Board of directors co
Annual Report 2008 Directors’ Report (cont’d) Nomination and Remuneration Committee This Committee comprises three non-affiliat
Annual Report 2008 Directors’ Report (cont’d) Management The Company has an agreement for a period of two years commencing from
Annual Report 2008 Independent Auditor’s Report to the members of The National Investment Trust Limited KPMG Public Accountants
Annual Report 2008 Income Statement Income For the year ended 30 September 2008 Notes 1 2 3 2008 K’000 99,559 1,798 781,524 882
Annual Report 2008 Balance Sheet As at 30 September 2008 Assets Equity investments Income notes Income tax recoverable Dividend
Annual Report 2008 Statement of changes in equity For the year ended 30 September 2008 Share capital K’000 At 1 October 2006 2,
Annual Report 2008 Statement of cash flows for the year ended 30 September 2008 Cash Flow from Operating Activities Dividends r
Annual Report 2008 Significant Accounting Policies (a) (b) Basis of preparation (i) Basis of measurement The financial statemen
Annual Report 2008 Significant Accounting Policies (cont’d) (c) • New standards and interpretations not yet adopted (cont’d) •
Annual Report 2008 Significant Accounting Policies (cont’d) (d) Financial instruments (cont’d) (ii) Identification and measurem
Annual Report 2008 Significant Accounting Policies (cont’d) (i) (j) Creditors Creditors are initially measured at fair value, a
Annual Report 2008 Notes to the financial statements for the year ended 30 September 2008 1. Dividend income Auction Holdings L
Annual Report 2008 Notes to the financial statements for the year ended 30 September 2008 (cont’d ) 5. Taxation Income tax – cu
Annual Report 2008 Notes to the financial statements for the year ended 30 September 2008 (cont’d) 7. Fair value of equity inve
Annual Report 2008 Notes to the financial statements for the year ended 30 September 2008 (cont’d) At the balance sheet date th
Annual Report 2008 Notes to the financial statements for the year ended 30 September 2008 (cont’d) 10. Creditors payable within
Annual Report 2008 Notes to the financial statements for the year ended 30 September 2008 (cont’d) The table below shows the to
Annual Report 2008 Notes to the financial statements for the year ended 30 September 2008 (cont’d) Compliance position as at 30
Annual Report 2008 Notes to the financial statements for the year ended 30 September 2008 (cont’d) (c) Market price risk Equity
Annual Report 2008 Notes to the financial statements for the year ended 30 September 2008 (cont’d) 12. Related parties Fund Man
Annual Report 2008 Notes to the financial statements for the year ended 30 September 2008 (cont’d) For the majority of the Comp
Annual Report 2008 Details of Shareholders Analysis by number of shares held: Number of shares held 1 5000 5001 10000 10001 500