ANNUAL

REPORT
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BORA BALNCED UNIT TRUST

BORA BALANCED UNIT TRUST

BORA BALANCED UNIT TRUST

ANNUAL REPORT & FINANCIAL STATEMENTS
F o r t h e Y e a r E n d e d 3 1 s t
D e c e m b e r 2 0 2 3

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BORA BALANCED UNIT TRUST

NOTICE OF VIRTUAL
ANNUAL GENERAL MEETING (AGM)

NOTICE IS HEREBY GIVEN THAT the 1st Annual General Meeting of the Unitholders of Bora
Balanced Unit Trust will be held virtually and streamed live on ZOOM on Wednesday, July 24, 2024
at 12:00pm to transact the following business:

ORDINARY BUSINESS:
1. TO RECEIVE THE REPORT of the Fund Manager for the year ended December 31, 2023;
2. TO RECEIVE AND ADOPT the Audited Financial Statements together with the reports of the Trustees and
Auditors of Bora Balanced Unit Trust for the year ended December 31, 2023;
3. TO AUTHORIZE THE FUND MANAGER to fix the fees of the Auditors for the year 2024.

SPECIAL RESOLUTION:
1. TO AMEND THE ASSET ALLOCATION of the Trust to include a maximum of 20% in offshore securities

Dated this 2nd day of July 2024

BY ORDER OF THE FUND MANAGER

…………………………………………………
(Company Secretary)

NOTES: General

1. The attendance and participation by Unitholders (participates online), the proxy appointment shall
or their proxies in this year’s AGM shall be strictly be deemed to be revoked
virtual (by online participation). 5. An electronic version of the Unit Trust’s Annual
2. A Unitholder is entitled to attend and vote or may Report consisting of the Financial Statement,
appoint a proxy to attend (via online participation) Fund Manager’, Trustees’ and Auditor’s Reports
and vote on his or her behalf either online or for the year ended 31st December 2023 may be
by post. Such proxy need not be a Unitholder. accessed at https://www.boradvisors.com.
For a proxy to be valid for the purposes of the 6. Unitholders are also encouraged to send in any
meeting, it must be completed and submitted via questions in advance of the AGM by mailing them
[email protected] or deposited at to [email protected]. Answers to
Guaranty Trust Bank GH LTD, 25A, Castle Road, the questions will be provided at the AGM.
3. A copy of the Proxy Form can be downloaded
from https://boradvisors.com or send an email Accessing and Voting at the Virtual AGM
to balancedtrust@boradvisors for a copy, not
less than forty-eight (48) hours before the 7. To access and vote at the Virtual AGM, a link
commencement of the meeting. to the meeting will be sent to all unitholders via
4. The appointment of the proxy will not prevent email and/or SMS from Bora Advisors to give
a Unitholder from subsequently attending and access to the meeting. Unitholders who do not
voting at the meeting (via online participation). receive this link can contact our client care team
Where a Unitholder attends the meeting in person on: [email protected] or call +233
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Bora Balanced Unit Trust Annual Report 2023

BORA BALANCED UNIT TRUST

(50) 771 2343 / +233 (24) 528 8322 to be sent the

link any time before the date of the AGM.
8. Further assistance on accessing the meeting
and voting electronically can be found on https://
www.boradvisors.com.

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Bora Balanced Unit Trust Annual Report 2023

BORA BALANCED UNIT TRUST

CONTENTS
NOTICE OF VIRTUAL ANNUAL GENERAL MEETING (AGM) . iii

CORPORATE INFORMATION 1

PARTICULARS OF SERVICE PROVIDERS 2

REPORT OF TRUSTEES 3

REPORT OF THE INDEPENDENT AUDITORS 4

REPORT OF THE FUND MANAGER 8

STATEMENT OF ASSETS AND LIABILITIES 14

STATEMENT OF FINANCIAL POSITION 15

STATEMENT OF PROFIT OR LOSS & OTHER COMPREHENSIVE INCOME 16

STATEMENT OF MOVEMENTS IN NET ASSETS 16

STATEMENT OF CASH FLOWS 17

NOTES TO THE FINANCIAL STATEMENTS 18-31

PROXY FORM 32

APPENDIX 33

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Bora Balanced Unit Trust Annual Report 2023

BORA BALANCED UNIT TRUST

CORPORATE INFORMATION

REGISTERED OFFICE No. 3 Dano Court

D29 Boundary Road
East Legon, Accra - Ghana

MANAGER Bora Capital Advisors Ltd

No. 3 Dano Court
D29 Boundary Road
East Legon, Accra - Ghana
Email: [email protected]

TRUSTEE Guaranty Trust Bank (Ghana) Limited

P.M.B CT 416
Accra, Ghana
Tel: (+233) 302 611 560 / 302 923 914 / 302 966 755
Email: [email protected]

AUDITORS John Kay and Co

7th Floor, Trust Towers
Farrer Avenue
P. O. Box KIA 16088
Airport - Accra
Email: [email protected]

Bora Balanced Unit Trust Annual Report 2023

BORA BALANCED UNIT TRUST

PARTICULARS OF SERVICE PROVIDERS

THE BOARD OF DIRECTORS Paul Baah-Sackey (Chairman)

OF THE FUND MANAGER M. Nana Sarfo (Managing Director)
William Mensah
Letitia Akosua Osei
Edith Essiaw

FUND MANAGER Bora Capital Advisors LTD

No. 3 Dano Court
D29 Boundary Road
East Legon, Accra, Ghana
Email: [email protected]
Tel.: +233 5077 12343

TRUSTEE Guaranty Trust Bank (Ghana) Limited

P.M.B CT 416 Accra
Tel: (+233) 302 611 560 / 302 923 914 / 302 966 755
Email: [email protected]

AUDITORS John Kay and Co.

7th Floor, Trust Towers
Farrar Avenue, Adabraka
P. O. Box 16088
Airport, Accra
Tel 0302 235406/238371
Fax 0302 238371
Email: [email protected]

BANKERS Guaranty Trust Bank GH. Ltd.

25A, Castle Road, Ambassadorial Area, Ridge P.M.B CT
416, Cantonments Accra, Ghana
Tel: (+233) 302 611 560 / 302 923 914
Fax: (+233 302) 662727
Website: www.gtbghana.com
Email: [email protected]

Bora Balanced Unit Trust Annual Report 2023

BORA BALANCED UNIT TRUST

REPORT OF TRUSTEES

3
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BORA BALANCED UNIT TRUST

INDEPENDENT AUDITOR’S REPORT

TO THE UNITHOLDERS OF BORA BALANCED UNIT TRUST

JK
7th Floor, Trust Towers Tel: +233 (0) 302 235 406

Joh n K ay & C o. Farrar Avenue, Adabraka

P. O. Box 16088 Fax:
+233 (0) 302 238 370
+233 (0) 302 238 371
Airport E-mail: [email protected]

OPINION 1. Existence and Valuation of Investment

Assets
We have audited the accompanying financial statements
The investment asset of the Unit Trust yields returns and
of Bora Balanced Unit Trust, which comprise the
income passively based on the rates of interest/return
statement of financial position as at 31 December 2023,
and the tenor related to each investment type. The
the statement of profit or loss and other comprehensive
investment asset has a wide span and is well diversified
income for the fifteen months ended, the statement
into asset classes such as Treasury Bills, Bonds, and
of movement in net assets for fifteen months ended,
Certificate of Deposits.
statements of cash flows for fifteen months ended
and notes to the financial statements, which include a
In many respects, the custody of these investments
summary of significant accounting policies and other
is by third-party entities specifically authorized or
explanatory notes, as set out on pages 12-32.
nominated for such holding purposes. Investments
traded on active markets are marked to those markets
In our opinion, the accompanying financial statements
at the reporting dates and those that are not recorded
give a true and fair view of the financial position of Bora
at amortized cost.
Balanced Unit Trust as at 31 December 2023, the Unit
Trust’s financial performance and its movement in net
How the matter was addressed in our audit
assets for the fifteen months ended in accordance with
• We obtained a list of the investments showing
International Financial Reporting Standards (IFRS) with
among other things the institutions/entities in which
the IAS 29 directives issued by the Institute of Chartered
placements or investments were made and agreed
Accountants Ghana (ICAG) and in the Securities
on the total to the Unit Trust’s accounting records.
Industry Act 2016 (929) and the Unit Trust and Mutual
• Requested and obtained third-party confirmation
Funds Regulations, 2001 (L.I 1695).
from custodial entities and directly from the
investee institution where applicable.We examined
BASIS FOR OPINION
the additions and redemption of investments made
We conducted our audit in accordance with International within the year.
Standards on Auditing (ISAs). Our responsibilities under • We examined the additions and redemption of
those standards are further described in the Auditor’s investments made within the year.
Responsibilities for the Audit of the Financial Statement • We sampled and tested the valuation of
section of our report. We are independent of the Trust investments. In connection with this, we did further
in accordance with the International Code of Ethics work as follows:
for Professional Accountants (including International ◊ We reviewed the investment certificates issued
Independence Standards) (the Code) issued by the on either side of the reporting date and assessed
International Ethics Standards Board for Accountants whether the revenue due on the investment
(IESBA) and have fulfilled our other ethical responsibilities portfolio was recognized in the correct period
in accordance with the code. and duly accrued.
◊ We reviewed the computation of the Net Asset
We believe that the audit evidence we have obtained Value to confirm the daily price per share declared
is sufficient and appropriate to provide a basis for our by the Unit on a daily basis
opinion. ◊ We also reviewed whether the quarterly valuation
of the investment portfolio by the Unit Trust as
KEY AUDIT MATTER the basis for determining management fees was
reasonably made and accurate.
In accordance with ISAs, this part of our report is
◊ We developed an expectation of the portfolio
intended to describe the matters communicated with
balance based on trend analysis, taking into
those charged with governance that we have
account historical interest rate movements and
determined, in our professional judgment, were most
other market indices or information.
significant in the audit of the financial statements. We
◊ We then compared the expectation to actual
have determined the following as key audit matters
results and ascertained reasons for variances.
.
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Bora Balanced Unit Trust Annual Report 2023

BORA BALANCED UNIT TRUST

INDEPENDENT AUDITOR’S REPORT

TO THE UNITHOLDERS OF BORA BALANCED UNIT TRUST

JK
7th Floor, Trust Towers Tel: +233 (0) 302 235 406

Joh n K ay & C o. Farrar Avenue, Adabraka

P. O. Box 16088 Fax:
+233 (0) 302 238 370
+233 (0) 302 238 371
Airport E-mail: [email protected]

2. Income Recognition Standards (IFRS) and the requirements of the

Income is recognized and recorded in the Financial Companies Act 2019, (Act 992) of Ghana, Unit Trust
Statements on an accrual basis, and to the extent that and Mutual Funds Regulations, 2001 (L.I 1695) and
it is probable that economic benefits will flow to the Unit for such internal control as management determines
Trust and the related revenue can be reliably measured. is necessary to enable the preparation of financial
The income of the Unit Trust is largely derived from the statements that are free from material misstatement,
interest that is earned on the investment for a particular whether due to fraud or error. The Manager is also
period. responsible for overseeing the Trust’ financial reporting
process.
How the matter was addressed in our audit
Investment income is earned based on the period of In preparing the financial statements, the Manager is
investment and the agreed rate of interest. Our audit responsible for assessing the Trust’s ability to continue
procedure included the following: as a going concern, disclosing, as applicable, matters
related to going concern and using the going concern
Our audit procedure included the following: basis of accounting unless management either intends
• We recomputed the interest income based on the to liquidate the Trust or to cease operations, or has no
agreed rates and valuation arrived at the end of realistic alternative but to do so.
each investment period.
• We also considered the adequacy of the Unit
AUDITOR’S RESPONSIBILITIES FOR THE AUDIT
Trust’s disclosures in respect of revenue.Report on
OF THE FINANCIAL STATEMENTS
Other Information.
Our objective is to obtain reasonable assurance about
REPORT ON OTHER INFORMATION whether the financial statements as a whole are free
from material misstatement, whether due to fraud or
Management is responsible for the other information.
error, and to issue an auditor’s report that includes
Management is responsible for the other information.
our opinion. Reasonable assurance is a high level of
The other information comprises the information
assurance, but is not a guarantee that an
included in the annual report but does not include the
audit conducted in accordance with ISAs will always
financial statements and ourauditor’s report thereon.
detect a material misstatement when it exists.
Our opinion on the financial statements does not cover
Misstatements can arise from fraud or error and are
the other information and we do not express any form
considered material if, individually or in the aggregate,
of assurance conclusion thereon.
they could reasonably be expected to influence the
economic decisions of users taken on the basis of
In connection with our audit of the financial statements,
these financial statements.
our responsibility is to read the other information and,
in doing so, consider whether the other information is
As part of an audit in accordance with ISAs, we exercise
materially inconsistent with the financial statements
professional judgment and maintain professional
or our knowledge obtained in the audit or otherwise
scepticism throughout the audit. We also:
appears to be materially misstated. If based on the
• Identify and assess the risks of material
work we have performed, we conclude that there is a
misstatement of the financial statements, whether
material misstatement of this other information, we are
due to fraud or error, design and perform audit
required to report that fact. We have nothing to report
procedures responsive to those risks, and obtain
in this regard.
audit evidence that is sufficient and appropriate
to provide a basis for our opinion. The risk of not
RESPONSIBILITIES OF THE MANAGER FOR THE
detecting a material misstatement resulting from
FINANCIAL STATEMENTS
fraud is higher than for one resulting from error,
The Manager is responsible for the preparation of as fraud may involve collusion, forgery, intentional
the financial statements that give a true and fair view omissions, misrepresentations, or the override
in accordance with International Financial Reporting of internal control.Obtain an understanding of
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Bora Balanced Unit Trust Annual Report 2023

BORA BALANCED UNIT TRUST

INDEPENDENT AUDITOR’S REPORT

TO THE UNITHOLDERS OF BORA BALANCED UNIT TRUST

JK
7th Floor, Trust Towers Tel: +233 (0) 302 235 406

Joh n K ay & C o. Farrar Avenue, Adabraka

P. O. Box 16088 Fax:
+233 (0) 302 238 370
+233 (0) 302 238 371
Airport E-mail: [email protected]

internal control relevant to the audit in order to REPORT ON OTHER LEGAL AND REGULATORY
design audit procedures that are appropriate REQUIREMENTS
in the circumstances, but not for the purpose of
In compliance with the requirements of part 9 of
expressing an opinion on the effectiveness of the
Schedule 8 of the Unit Trusts and Mutual Funds
Trust’s internal control.
Regulations, 2001 (L.I. 1695), we confirmed that:
• Obtain an understanding of internal control relevant
to the audit in order to design audit procedures
a) The accounts have been properly prepared in
that are appropriate in the circumstances, but not
accordance with International Financial Reporting
for the purpose of expressing an opinion on the
Standards (IFRS) and in the manner required by
effectiveness of the Trust’s internal control.
the Securities Industry Act, 2016 (Act 929) and
• Evaluate the appropriateness of accounting policies
Unit Trust and Mutual Funds Regulations, 2001
used and the reasonableness of accounting
(L.I 1695).
estimates and related disclosures made by
b) The statement of financial position shows a true
management.
and fair view as at 31 December 2023.
• Conclude on the appropriateness of management’s
c) In our opinion, proper accounting records have
use of the going concern basis of accounting and,
been kept by the Unit Trust manager and the
based on the audit evidence obtained, whether
accounts are in agreement with the manager’s
a material uncertainty exists related to events or
accounting records.
conditions that may cast significant doubt on the
d) We have obtained all the information and
Trust’s ability to continue as a going concern. If we
explanations which, to the best of our knowledge
conclude that a material uncertainty exists, we are
and belief, were necessary for the purpose of our
required to draw attention in our auditor’s report to
audit, and
the related disclosures in the financial statements
e) The information given in the report of the Unit
or, if such disclosures are inadequate, to modify our
Trust manager is consistent with the accounts.
opinion. Our conclusions are based on the audit
evidence obtained up to the date of our auditor’s
report. However, future events or conditions may
The engagement partner on the audit resulting in this
cause the Trust to cease to continue as a going
independent auditor’s report is Gilbert Adjetey
concern.
Lomofio (ICAG/P/1417):
• Evaluate the overall presentation, structure and
content of the financial statements, including the
disclosures, and whether the financial statements
represent the underlying transactions and events in
…………………………………..
a manner that achieves fair presentation.
For and on behalf of John Kay & Co. (ICAG/F/2024/128)
Chartered Accountants
We communicate with those charged with governance
Accra
regarding, among other matters, the planned scope
and timing of the audit and significant audit findings,
including any significant deficiencies in internal control
30/04/2024.
that we identify during our audit.

Bora Balanced Unit Trust Annual Report 2023

FUND MANAGER’S
REPORT
BORA BALANCED UNIT TRUST

FUND MANAGER’S REPORT 2023

Nana Kofi Agyeman Gyamfi

Portfolio Manager

ECONOMIC OVERVIEW worldwide. The Gross Domestic Product (GDP) in

Ghana was worth 76.37 billion US dollars in 2023,
The world continues to confront multiple, inter-
according to official data from the World Bank. The
connected crises. Amid a slow recovery from the
GDP value of Ghana represents 0.03 percent of the
impact of the COVID-19 pandemic, the world is facing
world economy.
a food and energy crisis exacerbated by the war in
Ukraine, with record high inflation unleashing a cost-
Inflation declined significantly since the beginning of
of-living crisis. Developing countries are struggling over
the year. Despite the upward pressures on food prices,
the costs of imports and debt servicing, and a climate
inflation decreased from a peak of 54.1% in December
crisis continues to wreak havoc on the most vulnerable
2022 to 23.2% in December 2023. Food inflation
countries and populations.
showed a gradual decrease from the third quarter as a
result of the start of a good agricultural season. Non-
Amid monetary tightening, subdued consumption and
food inflation rather had a more pronounced decline,
private investments, judicious government spending
reflecting the impact of the monetary policy tightening
will remain critical for steering economic recovery
ANNUAL REPORT 2023 which ended the yearBORAatFIXED
30.0%.
INCOME UNIT
TRUST
Inflation Trend (CPI) vs Monetary Policy Rate (MPR)
Inflation Trend (CPI) vs Monetary Policy Rate (MPR)
CPI MPR
54.1%

45.0%
42.5%
38.1%

29.5% 29.5% 30.0% 30.0% 30.0%

27.0%

26.4%
23.2%
2022 Q4 2023 Q1 2023 Q2 2023 Q3 2023 Q4
9

Local currency losses 16.78% to the US dollar in 2023 according to Bloomberg. Though the cedi depreciated sharply
Bora Balanced Unit Trust Annual Report 2023
by 16.78%, it was an improvement from the previous year where it lost 64.30% to the dollar. The performance of the
BORA BALANCED UNIT TRUST

FUND MANAGER’S REPORT 2023

Local currency losses 16.78% to the US dollar in 2023 It is worthy to note that the fund was not exposed to
according to Bloomberg. Though the cedi depreciated any DDEP bonds as a result of prudent investment
sharply by 16.78%, it was an improvement from the decisions based on solid research.
previous year where it lost 64.30% to the dollar. The
performance of the cedi in 2023 was largely influenced INTERNATIONAL MONETARY FUND (IMF)
by the 3-year International Monetary Fund programme Having reached a staff level Agreement in December
which helped to reduce the sharp depreciation of the 2022, Ghana finally, secured an International Monetary
local currency experienced in 2022. Fund (IMF) Executive Board approval for a US$3 billion
External Credit Facility (ECF). An initial disbursement
Provisional real quarterly gross domestic product of the first tranche of US$600 million to Ghana’s
(QGDP) growth rate including Oil and Gas, is 3.8% (year account was made on May 19, 2023 with subsequent
on year) in the fourth quarter of 2023. The same growth disbursement to be made every six months based on
rate was recorded in the fourth quarter of 2022 (3.8%). performance review by the IMF. The IMF agreed to
GDP growth rate without oil and gas (Non-Oil GDP) for disburse a second tranche of $600
the fourth quarter of 2023 is 3.4% which compares to million to Ghana as part of a three-year bailout program,
the same period in 2022 with a growth rate of 4.2%. a week after the nation reached a deal with bilateral
The services sector recorded the highest growth of creditors to restructure its debt in early January 2024.
5.1%, followed by the agriculture sector at 4.5% and
the industry sector 1.6%. According to the IMF, Ghana’s performance under the
program has been strong- all quantitative performance
GDP sectoral shares The Services sector continues to criteria for the first review and almost all indicative
be the largest sector of the Ghanaian economy in the targets and structural benchmarks were met.
third quarter of 2023 with a share of 46.3% GDP at
basic prices. The GDP share of Industry and Agriculture MARKED TO MARKET VALUATION METHOD
were 32.3% and 21.4% respectively. (Ghana Statistical
On the back of macroeconomic challenges of 2022 and
Service)
its effects on bond prices, the Securities and Exchange
Commission (SEC) directed market operators to use
THE DOMESTIC DEBT EXCHANGE PROGRAM
the” Fair Value through Other Comprehensive Income”
(DDEP)
also known as marked-to-market (MTM) valuation
The Government of Ghana in December 2022 method to value clients’ investments. The MTM
introduced the Domestic Debt Exchange Programme valuation method ensures that investment securities
(DDEP) in a bid to satisfy the IMF conditions to are priced to reflect the current market value to protect
receive financial support. It was an invitation to eligible unit holders.
bondholders to exchange their bonds for a set of new
bonds with a significantly lower coupon rate of 10% PORTFOLIO STRUCTURE
and maturity dates in 2027 and 2028, which was the
As at the end of 2023, your Fund Manager prudently
case for Collective Investment Schemes. The exchange
managed the fund to reduce risk exposure whiles
of the bonds had a devastating effect on most
sustaining investment growth. 54.38% of the portfolio
Collective Investment Schemes within the industry
was invested in Treasury Bills, 8.78% was attributed to
where significant losses were recorded by banks,
Fixed Deposits, 32.60% was invested in Equities and
fund managers, insurance firms and other financial
4.23% was in cash for liquidity purposes.
institutions.

10

Bora Balanced Unit Trust Annual Report 2023

BORA BALANCED UNIT TRUST

FUND MANAGER’S REPORT 2023

Asset Allocation

4.23% Top Equity Holdings

8.78% Total Energies Marketing Ghana Plc.
Fixed Deposits 3.86%
4.38% Fanmilk Plc
Equities
32.60% 4.64% Standard Chartered Bank Gh. Plc
Treasury Bills
54.38% Cash 8.60% Benso Palm Plantation Plc

9.22% Scancom Plc (MTN Ghana)

PORTFOLIO PERFORMANCE OUTLOOK & STRATEGY FOR 2024

Despite the challenges of the year 2023, the fund According to the IMF, Global growth is projected at 3.1
was the Best performing fund as at the end of 2023 percent in 2024 and 3.2 percent in 2025. The global
with a return of 46.65% and a net fund value of economic recovery from the COVID-19 pandemic,
GH¢741,698.91. This was on the back of careful asset Russia’s invasion of Ukraine, and the cost-of-living crisis
acquisitions whiles ensuring risk is minimized. The is proving surprisingly resilient. Inflation is falling faster
number of unitholders at the end of 2023 was 84 and than expected from its 2022 peak, with a smaller-than-
total issued units was 4,834,553.89. expected toll on employment and activity, reflecting
favourable supply side developments and tightening
by central banks, which has kept inflation expectations
anchored.

One (1) Year Price Trend

0.1531
0.1500

0.1400
0.1418
0.1300 0.1265 0.1357
0.1183
0.1200
0.1084
0.1100

0.1000
Jan-2023 Feb-2023 Mar-2023 Apr-2023 May-2023 Jun-2023 Jul-2023 Aug-2023 Sep-2023 Oct-2023 Nov-2023 Dec-2023

Period 1H 2023 Q3 2023 Q4 2023 YTD

Balanced Fund 21.17% 36.78% 46.65% 46.65%

Benchmark 14.99% 31.15% 30.28% 30.28%

*Benchmark – 50% GSE Composite Index + 50% 364 Day T -Bill

*IH – First Half *YTD –Year –to-date

11

Bora Balanced Unit Trust Annual Report 2023

BORA BALANCED UNIT TRUST

FUND MANAGER’S REPORT 2023

Year-to-date Return 46.65%

32.6%
53.10% Inception-to-date Equity
Return

At the same time, high interest rates aimed at fighting in offshore securities, hence our resolution to amend
inflation and a withdrawal of fiscal support amid high the asset classes of the Trust. This diversification will
debt are expected to weigh on growth in 2024. impact the fund positively. We will also continue to
make prudent placements to reduce risk while having
Ghana’s economy is expected to rebound in 2024, on competitive returns on your fund.
the back of the IMF support and the conclusion of the
DDEP and external debt renegotiations, despite a slow We thank you for investing with Bora Capital Advisors
growth in 2023. and we will continue to be your wings to excellent
financial solutions.
Given the current circumstances within the economy,
your Fund Manager intends to diversify internationally

………………………………… ……………………………………….
Director Director

12

Bora Balanced Unit Trust Annual Report 2023

FINANCIAL
Statement
BORA BALANCED UNIT TRUST

STATEMENT OF ASSETS AND LIABILITIES

AS AT 31 DECEMBER 2023

GOVERNMENT OF GHANA BILLS Market Value Percentage of

GH¢ Net Asset (%)

91 Day Treasury Bills 36,570 4.93

182 Day Treasury Bills 107,012 14.43
364 Day Treasury Bills 259,732 35.03
403,314 54.39

FIXED DEPOSIT
182 Day FD 65,202 8.79
65,202 8.79

LISTED EQUITIES
Access Bank (Gh) Plc. 5,277 0.71
Benso Oil Palm Plantation 63,800 8.60
Cal Bank 8,090 1.09
Ecobank Ghana 655 0.09
Fan Milk 32,500 4.38
MTN Ghana 68,410 9.23
Standard Chartered Bank Ghana 34,398 4.64
Total Petroleum Ghana 28,647 3.86
241,776 32.61

Cash on call account 31,406 4.24

31,406 4.24

TOTAL INVESTMENTS 741,699 100.02

Total Liability (169) (0.02)
Total Net Asset 741,530 100

15

Bora Balanced Unit Trust Annual Report 2023

BORA BALANCED UNIT TRUST

STATEMENT OF FINANCIAL POSITION

AS AT 31 DECEMBER 2023

ASSETS NOTE (s) 2023

GH¢

Financial assets at FVTOCI 6 710,293

Cash and cash equivalents 7 31,406
Total Assets 741,699

Represented By:
Unitholders’ Capital 8 528,981
Retained Earnings 58,862
Changes in Fair value 14 153,687
741,530
Liabilities

Payables 9 169

Total Members’ Fund and Liabilities 741,699

The financial statements set out on pages 9 to 32, which have been prepared on a going concern basis, were signed for and
on behalf of the Manager by:

...............................……… DATE: 29-April-2024 ...............................……… DATE: 29-April-2024

William Mensah (Director) M. Nana Sarfo (Director)

16

Bora Balanced Unit Trust Annual Report 2023

BORA BALANCED UNIT TRUST

STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

FOR FIFTEEN MONTHS ENDED 31 DECEMBER 2023

REVENUE NOTE (s) 2023

GH¢

Interest Income 10 73,829

Other Income 11 1,033
Total Income 74,862

Expenses

Investment Expenses 12 (13,867)

Other Expenses 13 (2,133)
Total Expenses (16,000)

Net Investments Income 58,862

Other Comprehensive Income
Changes in fair value 14 153,687
Total Comprehensive Income 212,549

STATEMENT OF MOVEMENTS IN NET ASSETS

FOR FIFTEEN MONTHS ENDED 31 DECEMBER 2023

CHANGES IN NET ASSETS FROM OPERATIONS NOTE (s) 2023

GH¢

Change in Net Investment Income (OCI) 58,862

Changes in Fair Value 153,687
Net change in net assets from operations 212,549

Change in net assets from capital transactions

Proceeds from Issue of Units 528,981

Net change in net assets from capital transactions 528,981

Additions to net Asset 741,530

Analysis of net Asset

At 1 January -
Additions to net assets 741,530
At 31 December 741,530
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BORA BALANCED UNIT TRUST

STATEMENT OF CASH FLOWS

FOR FIFTEEN MONTHS ENDED 31 DECEMBER 2023

Cash Flow from Operating Activities NOTE (s) 2023

GH¢

Net Investment Income (OCI) 212,549

Adjusted for:
Changes in fair value (153,687)
58,862
Change in:
Liabilities 169
Net cash flow from operating activities 59,031

Cash Flow from Investing Activities

Purchase of financial assets (1,220,716)

Proceeds from financial assets 664,110

Cash flows from investing activities (556,606)

Cash Flow from Financing Activities

Issue of Units 528,981
Cash flows from financing activities 528,981

Net increase (decrease) in cash and cash equivalents 31,406

Analysis of changes in cash and cash Equivalents

At 1 January -
Net increase (decrease) in cash and cash equivalents 31,406
At 31 December 31,406

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Bora Balanced Unit Trust Annual Report 2023

www.boraadvisors.com 050 77 123 43
Notes
TO THE FINANCIAL
STATEMENT
BORA BALANCED UNIT TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR FIFTEEN MONTHS ENDED 31 DECEMBER 2023

1. REPORTING ENTITY pricing date to the net carrying amount of the financial
instrument on initial recognition.
Bora Balanced Unit Trust is a Unit Trust investment trust
whose primary objective is to obtain contributions from Interest received or receivable and interest paid or
members and invest the same for their benefit. Bora payable are recognised in the profit or loss as interest
Balanced Unit Trust is a unit trust incorporated and income or interest expense, respectively.
domiciled in the Republic of Ghana. The address and
registered office of the trust can be found on page 2 of (b) Financial Instruments
the financial statements. Financial assets and financial liabilities are recognised
in the Trust’s statement of financial position when the
The Unit Trust was established on June 24 2022 and Trust becomes a party to the contractual provisions of
operates in accordance with the Unit Trust and Mutual the instrument.
Fund Regulation (L.I.1695). The Unit Trust shall be
marketed as a “Balanced Unit Trust”, which means it will Financial assets and financial liabilities are initially
invest primarily in fixed-income securities and equities measured at fair value. Transaction costs that are directly
to achieve its investment objective. The investment attributable to the acquisition or issue of financial assets
activities shall be managed by Bora Capital Advisors. and financial liabilities (other than financial assets and
financial liabilities at fair value through profit or loss) are
2. BASIS OF ACCOUNTING added to or deducted from the fair value of the financial
assets or financial liabilities, as appropriate, on initial
(a) Basis of Preparation recognition. Transaction costs directly attributable to the
These financial statements have been prepared in acquisition of financial assets or financial liabilities at fair
accordance with the Unit Trust and Mutual Funds value through profit or loss are recognised immediately
Regulations, 2001 (L.I. 1695) and comply with the in profit or loss.
International Financial Reporting Standards (IFRS).
(i) Financial Assets
(b) Functional and Presentation Currency All regular way purchases or sales of financial assets are
These financial statements are presented in Ghana recognised and derecognised on a trade date basis.
cedi, which is the Unit Trust’s functional currency. All Regular way purchases or sales are purchases or sales
amounts have been stated in full. of financial assets that require delivery of assets within
the time frame established by regulation or convention
(c) Use of estimates and judgement in the marketplace.
In preparing these financial statements, the Unit Trust’s
management has made judgements, estimates and All recognised financial assets are measured
assumptions that affect the application of accounting subsequently in their entirety at either amortised cost
policies and reported amounts of assets, liabilities, or fair value, depending on the classification of the
income and expenses. Actual results may differ from financial assets.
these estimates.
Classification of Financial Assets
3. SIGNIFICANT ACCOUNTING POLICIES
Debt instruments that meet the following conditions are
The following principal accounting policies have been measured subsequently at amortised cost:
consistently applied during the year in the • the financial asset is held within a business model
preparation of the Unit Trust’s financial statements. whose objective is to hold financial assets in order
to collect contractual cash flows; and
(a) Investments Income Recognition • the contractual terms of the financial asset give
Interest income, including interest income from non- rise on specified dates to cash flows that are solely
derivative financial assets at Fair value through profit payments of principal and interest on the principal
or loss (FVTPL), are recognised in profit or loss, using amount outstanding.
effective interest method. The effective interest is the
rate that exactly discounts the estimated future cash Debt instruments that meet the following conditions are
payments or receipts, without consideration of future measured subsequently at amortised cost:
credit losses, over the expected life of the financial • the financial asset is held within a business model
instrument or through to the next market-based re- whose objective is to hold financial assets in order
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BORA BALANCED UNIT TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR FIFTEEN MONTHS ENDED 31 DECEMBER 2023

to collect contractual cash flows; and Interest income is recognised using the effective interest
• the contractual terms of the financial asset give method for debt instruments measured subsequently
rise on specified dates to cash flows that are solely at amortised cost and at FVTOCI. For financial assets
payments of principal and interest on the principal other than purchased or originated credit-impaired
amount outstanding. financial assets, interest income is calculated by
applying the effective interest rate to the gross carrying
By default, all other financial assets are measured amount of a financial asset, except for financial assets
subsequently at fair value through profit or loss (FVTPL). that have subsequently become credit-impaired. For
Despite the foregoing, the Trust may make the following financial assets that have subsequently become credit-
irrevocable election/designation at initial recognition of impaired, interest income is recognised by applying
a financial asset: the effective interest rate to the amortised cost of the
• the Trust may irrevocably elect to present financial asset. If, in subsequent reporting periods, the
subsequent changes in fair value of an equity credit risk on the credit-impaired financial instrument
investment in other comprehensive income if improves so that the financial asset is no longer credit-
certain criteria are met; and impaired, interest income is recognised by applying the
• the Trust may irrevocably designate a debt effective interest rate to the gross carrying amount of
investment that meets the amortised cost or the financial asset.
FVTOCI criteria as measured at FVTPL if doing so
eliminates or significantly reduces an accounting For purchased or originated credit-impaired financial
mismatch. assets, the Trust recognises interest income by
applying the credit-adjusted effective interest rate to
a. Amortised Cost and Effective Interest the amortised cost of the financial asset from initial
Method recognition. The calculation does not revert to the
The effective interest method is a method of calculating gross basis even if the credit risk of the financial asset
the amortised cost of a debt instrument and of subsequently improves so that the financial asset is no
allocating interest income over the relevant period. For longer credit-impaired.
financial assets other than purchased or originated
credit-impaired financial assets (i.e. assets that are Interest income is recognised in profit or loss and is
credit-impaired on initial recognition), the effective included in the “finance income – interest income” line
interest rate is the rate that exactly discounts estimated item.
future cash receipts (including all fees and points paid
or received that form an integral part of the effective b. Debt Instruments Classified as at FVTOCI
interest rate, transaction costs and other premiums or Corporate bonds held by the Trust are classified as
discounts) excluding expected credit losses, through at FVTOCI. Fair value is determined in the manner
the expected life of the debt instrument, or, where described in note 3(d)iii. The corporate bonds are
appropriate, a shorter period, to the gross carrying initially measured at fair value plus transaction costs.
amount of the debt instrument on initial recognition. For Subsequently, changes in the carrying amount of
purchased or originated credit-impaired financial assets, these corporate bonds as a result of foreign exchange
a credit-adjusted effective interest rate is calculated by gains and losses, impairment gains or losses, and
discounting the estimated future cash flows, including interest income calculated using the effective interest
expected credit losses, to the amortised cost of the method are recognised in profit or loss. The amounts
debt instrument on initial recognition. that are recognised in profit or loss are the same as
the amounts that would have been recognised in profit
The amortised cost of a financial asset is the amount at or loss if these corporate bonds had been measured
which the financial asset is measured at initial recognition at amortised cost. All other changes in the carrying
minus the principal repayments, plus the cumulative amount of these corporate bonds are recognised
amortisation using the effective interest method of any in other comprehensive income and accumulated
difference between that initial amount and the maturity under the heading of investments revaluation reserve.
amount, adjusted for any loss allowance. The gross When these corporate bonds are derecognised, the
carrying amount of a financial asset is the amortised cumulative gains or losses previously recognised in
cost of a financial asset before adjusting for any loss other comprehensive income are reclassified to profit
allowance. or loss.

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BORA BALANCED UNIT TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR FIFTEEN MONTHS ENDED 31 DECEMBER 2023

c. Equity Instruments Designated as at at FVTPL. In addition, debt instruments that meet

FVTOCI either the amortised cost criteria or the FVTOCI
On initial recognition, the Trust may make an irrevocable criteria may be designated as at FVTPL upon
election (on an instrument-by-instrument basis) to initial recognition if such designation eliminates or
designate investments in equity instruments as at significantly reduces a measurement or recognition
FVTOCI. Designation at FVTOCI is not permitted if the inconsistency (so called ‘accounting mismatch’)
equity investment is held for trading or if it is contingent that would arise from measuring assets or liabilities
consideration recognised by an acquirer in a business or recognising the gains and losses on them on
combination. different bases. The Trust has not designated any
debt instruments as at FVTPL.
A financial asset is held for trading if:
• it has been acquired principally for the purpose of Financial assets at FVTPL are measured at fair value
selling it in the near term; or at the end of each reporting period, with any fair value
• on initial recognition it is part of a portfolio of gains or losses recognised in profit or loss to the
identified financial instruments that the Trust extent that they are not part of a designated hedging
manages together and has evidence of a recent relationship. The net gain or loss recognised in profit
actual pattern of short-term profit-taking; or or loss includes any dividend or interest earned on the
• it is a derivative (except for a derivative that is a financial asset and is included in the ‘other gains and
financial guarantee contract or a designated and losses’ line item. Fair value is determined in the manner
effective hedging instrument). described in note 3(d)iii

Investments in equity instruments at FVTOCI are FOREIGN EXCHANGE GAINS AND LOSSES
initially measured at fair value plus transaction costs.
Subsequently, they are measured at fair value with gains The carrying amount of financial assets that are
and losses arising from changes in fair value recognised denominated in a foreign currency is determined in that
in other comprehensive income and accumulated in the foreign currency and translated at the spot rate at the
investments revaluation reserve. The cumulative gain or end of each reporting period, specifically;
loss is not to be reclassified to profit or loss on disposal • for financial assets measured at amortised cost that
of the equity investments, instead, it is transferred to are not part of a designated hedging relationship,
retained earnings. exchange differences are recognised in profit or
loss in the ‘other gains and losses’ line item;
Dividends on these investments in equity instruments • for debt instruments measured at FVTOCI that
are recognised in profit or loss in accordance with IFRS are not part of a designated hedging relationship,
9, unless the dividends clearly represent a recovery exchange differences on the amortised cost of the
of part of the cost of the investment. Dividends are debt instrument are recognised in profit or loss in the
included in the ‘finance income’ line item in profit or ‘other gains and losses’ line item. Other exchange
loss. differences are recognised in other comprehensive
income in the investment’s revaluation reserve;
The Trust has designated all investments in equity • for financial assets measured at FVTPL that are
instruments that are not held for trading as at FVTOCI not part of a designated hedging relationship,
on initial application of IFRS 9. exchange differences are recognised in profit or
loss in the ‘other gains and losses’ line item; and
d. Financial Assets at FVTPL • for equity instruments measured at FVTOCI,
Financial assets that do not meet the criteria for being exchange differences are recognised in other
measured at amortised cost or FVTOCI are measured comprehensive income in the investment’s
at FVTPL. Specifically: revaluation reserve.
• Investments in equity instruments are classified See hedge accounting policy regarding the recognition
Investments in equity instruments are classified as of exchange differences where the foreign currency risk.
at FVTPL, unless the Trust designates an equity
investment that is neither held for trading nor a IMPAIRMENT OF FINANCIAL ASSETS
contingent consideration arising from a business
combination as at FVTOCI on initial recognition. The Trust recognises a loss allowance for expected
• Debt instruments that do not meet the amortised credit losses (ECL) on investments in debt instruments
cost criteria or the FVTOCI criteria are classified as that are measured at amortised cost or at FVTOCI,
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BORA BALANCED UNIT TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR FIFTEEN MONTHS ENDED 31 DECEMBER 2023

lease receivables, trade receivables and contract account when assessing whether credit risk has
assets, as well as on financial guarantee contracts. The increased significantly since initial recognition:
amount of expected credit losses is updated at each
reporting date to reflect changes in credit risk since • an actual or expected significant deterioration in
initial recognition of the respective financial instrument. the financial instrument’s external (if available) or
internal credit rating;
The Trust always recognises lifetime ECL for trade • significant deterioration in external market indicators
receivables, contract assets and lease receivables. The of credit risk for a particular financial instrument,
expected credit losses on these financial assets are e.g. a significant increase in the credit spread, the
estimated using a provision matrix based on the Trust’s credit default swap prices for the debtor, or the
historical credit loss experience, adjusted for factors length of time or the extent to which the fair value
that are specific to the debtors, general economic of a financial asset has been less than its amortised
conditions and an assessment of both the current cost;
as well as the forecast direction of conditions at the • existing or forecast adverse changes in business,
reporting date, including time value of money where financial or economic conditions that are expected
appropriate. to cause a significant decrease in the debtor’s
ability to meet its debt obligations;
For all other financial instruments, the Trust recognises • an actual or expected significant deterioration in
lifetime ECL when there has been a significant increase the operating results of the debtor;
in credit risk since initial recognition. However, if the • significant increases in credit risk on other financial
credit risk on the financial instrument has not increased instruments of the same debtor;
significantly since initial recognition, the Trust measures • an actual or expected significant adverse change
the loss allowance for that financial instrument at an in the regulatory, economic, or technological
amount equal to 15‐month ECL. environment of the debtor that results in a
significant decrease in the debtor’s ability to meet
Lifetime ECL represents the expected credit losses its debt obligations.
that will result from all possible default events over the
expected life of a financial instrument. In contrast, 15‐ Irrespective of the outcome of the above assessment,
month ECL represents the portion of lifetime ECL that the Trust presumes that the credit risk on a financial
is expected to result from default events on a financial asset has increased significantly since initial recognition
instrument that are possible within 15 months after the when contractual payments are more than 30 days past
reporting date. due, unless the Trust has reasonable and supportable
information that demonstrates otherwise.
i. Significant Increase in Credit Risk
In assessing whether the credit risk on a financial Despite the foregoing, the Trust assumes that the
instrument has increased significantly since initial credit risk on a financial instrument has not increased
recognition, the Trust compares the risk of a default significantly since initial recognition if the financial
occurring on the financial instrument at the reporting instrument is determined to have low credit risk at the
date with the risk of a default occurring on the financial reporting date. A financial instrument is determined to
instrument at the date of initial recognition. In making have low credit risk if:
this assessment, the Trust considers both quantitative 1. The financial instrument has a low risk of default,
and qualitative information that is reasonable and 2. The debtor has a strong capacity to meet its
supportable, including historical experience and forward‐ contractual cash flow obligations in the near term,
looking information that is available without undue and
cost or effort. Forward‐looking information considered 3. Adverse changes in economic and business
includes the future prospects of the industries in which conditions in the longer term may, but will not
the Trust’s debtors operate, obtained from economic necessarily, reduce the ability of the borrower to
expert reports, financial analysts, governmental bodies, fulfil its contractual cash flow obligations.
relevant think‐tanks and other similar organisations,
as well as consideration of various external sources of The Trust considers a financial asset to have low
actual and forecast economic information that relate to credit risk when the asset has external credit rating
the Trust’s core operations. of ‘investment grade’ in accordance with the globally
understood definition or if an external rating is not
In particular, the following information is taken into available, the asset has an internal rating of ‘performing’.
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BORA BALANCED UNIT TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR FIFTEEN MONTHS ENDED 31 DECEMBER 2023

Performing means that the counterparty has a strong financial difficulty, having granted to the borrower
financial position and there are no past due amounts. a concession(s) that the lender(s) would not
otherwise consider;
For financial guarantee contracts, the date that the 4. it is becoming probable that the borrower will enter
Trust becomes a party to the irrevocable commitment bankruptcy or other financial reorganisation; or
is considered to be the date of initial recognition for 5. the disappearance of an active market for that
the purposes of assessing the financial instrument for financial asset because of financial difficulties.
impairment.
iv. Write-Off Policy
In assessing whether there has been a significant The Trust writes off a financial asset when there is
increase in the credit risk since initial recognition of a information indicating that the debtor is in severe financial
financial guarantee contracts, the Trust considers the difficulty and there is no realistic prospect of recovery,
changes in the risk that the specified debtor will default e.g. when the debtor has been placed under liquidation
on the contract. or has entered into bankruptcy proceedings, or in the
case of trade receivables, when the amounts are over
The Trust regularly monitors the effectiveness of the two years past due, whichever occurs sooner. Financial
criteria used to identify whether there has been a assets written off may still be subject to enforcement
significant increase in credit risk and revises them as activities under the Trust’s recovery procedures, taking
appropriate to ensure that the criteria is capable of into account legal advice where appropriate. Any
identifying significant increase in credit risk before the recoveries made are recognised in profit or loss.
amount becomes past due.
v. Measurement and Recognition of
ii. Definition of Default Expected Credit Losses
The Trust considers the following as constituting an The measurement of expected credit losses is a
event of default for internal credit risk management function of the probability of default, loss given default
purposes as historical experience indicates that (i.e. the magnitude of the loss if there is a default)
financial assets that meet either of the following criteria and the exposure at default. The assessment of the
are generally not recoverable: probability of default and loss given default is based on
• when there is a breach of financial covenants by historical data adjusted by forward‐looking information
the debtor; or as described above. As for the exposure at default, for
• information developed internally or obtained financial assets, this is represented by the assets’ gross
from external sources indicates that the debtor is carrying amount at the reporting date; for financial
unlikely to pay its creditors, including the Trust, in guarantee contracts, the exposure includes the amount
full (without taking into account any collateral held drawn down as at the reporting date, together with any
by the Trust). additional amounts expected to be drawn down in the
future by default date determined based on historical
Irrespective of the above analysis, the Trust considers trend, the Trust’s understanding of the specific future
that default has occurred when a financial asset is more financing needs of the debtors, and other relevant
than 90 days past due unless the Trust has reasonable forward‐looking information.
and supportable information to demonstrate that a
more lagging default criterion is more appropriate. For financial assets, the expected credit loss is
estimated as the difference between all contractual
iii. Credit-Impaired Financial Assets cash flows that are due to the Trust in accordance
A financial asset is credit‐impaired when one or more with the contract and all the cash flows that the Trust
events that have a detrimental impact on the estimated expects to receive, discounted at the original effective
future cash flows of that financial asset have occurred. interest rate. For a lease receivable, the cash flows
Evidence that a financial asset is credit‐impaired used for determining the expected credit losses is
includes observable data about the following events: consistent with the cash flows used in measuring the
1. significant financial difficulty of the issuer or the lease receivable in accordance with IAS 17 Leases.
borrower;
2. a breach of contract, such as a default or past due For a financial guarantee contract, as the Trust is
event; required to make payments only in the event of a
3. the lender(s) of the borrower, for economic or default by the debtor in accordance with the terms of
contractual reasons relating to the borrower’s the instrument that is guaranteed, the expected loss
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Bora Balanced Unit Trust Annual Report 2023

BORA BALANCED UNIT TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR FIFTEEN MONTHS ENDED 31 DECEMBER 2023

allowance is the expected payments to reimburse the (ii) Financial Liabilities and Squity
holder for a credit loss that it incurs less any amounts
that the Trust expects to receive from the holder, the Classification as debt or equity
debtor or any other party. Debt and equity instruments are classified as either
financial liabilities or as equity in accordance with the
If the Trust has measured the loss allowance for a substance of the contractual arrangements and the
financial instrument at an amount equal to lifetime ECL definitions of a financial liability and an equity instrument.
in the previous reporting period, but determines at the
current reporting date that the conditions for lifetime Equity Instruments
ECL are no longer met, the Trust measures the loss An equity instrument is any contract that evidences a
allowance at an amount equal to 15‐month ECL at residual interest in the assets of an entity after deducting
the current reporting date, except for assets for which all of its liabilities. Equity instruments issued by the Trust
simplified approach was used. are recognised at the proceeds received, net of direct
issue costs.
The Trust recognises an impairment gain or loss in profit
or loss for all financial instruments with a corresponding Repurchase of the Trust’s own equity instruments is
adjustment to their carrying amount through a loss recognised and deducted directly in equity. No gain
allowance account, except for investments in debt or loss is recognised in profit or loss on the purchase,
instruments that are measured at FVTOCI, for which the sale, issue or cancellation of the Trust’s own equity
loss allowance is recognised in other comprehensive instruments.
income and accumulated in the investment revaluation
reserve, and does not reduce the carrying amount of COMPOUND INSTRUMENTS
the financial asset in the statement of financial position.
The component parts of convertible loan notes issued
Derecognition of Financial Assets by the Trust are classified separately as financial
The Trust derecognises a financial asset only when liabilities and equity in accordance with the substance
the contractual rights to the cash flows from the asset of the contractual arrangements and the definitions of a
expire, or when it transfers the financial asset and financial liability and an equity instrument. A conversion
substantially all the risks and rewards of ownership of option that will be settled by the exchange of a fixed
the asset to another entity. If the Trust neither transfers amount of cash or another financial asset for a fixed
nor retains substantially all the risks and rewards of number of the Trust’s own equity instruments is an
ownership and continues to control the transferred equity instrument.
asset, the Trust recognises its retained interest in the
asset and an associated liability for amounts it may At the date of issue, the fair value of the liability
have to pay. If the Trust retains substantially all the risks component is estimated using the prevailing market
and rewards of ownership of a transferred financial interest rate for a similar non‐convertible instrument.
asset, the Trust continues to recognise the financial This amount is recorded as a liability on an amortised
asset and also recognises a collateralised borrowing for cost basis using the effective interest method until
the proceeds received. extinguished upon conversion or at the instrument’s
maturity date.
On derecognition of a financial asset measured at
amortised cost, the difference between the asset’s (Ii) Financial Liabilities and Equity
carrying amount and the sum of the consideration The conversion option classified as equity is determined
received and receivable is recognised in profit or loss. by deducting the amount of the liability component from
In addition, on derecognition of an investment in a debt the fair value of the compound instrument as a whole.
instrument classified as at FVTOCI, the cumulative gain This is recognised and included in equity, net of income
or loss previously accumulated in the investment’s tax effects, and is not subsequently remeasured. In
revaluation reserve is reclassified to profit or loss. In addition, the conversion option classified as equity will
contrast, on derecognition of an investment in equity remain in equity until the conversion option is exercised,
instrument which the Trust has elected on initial in which case, the balance recognised in equity will be
recognition to measure at FVTOCI, the cumulative gain transferred to share premium/other equity. Where the
or loss previously accumulated in the investment’s conversion option remains unexercised at the maturity
revaluation reserve is not reclassified to profit or loss, date of the convertible loan note, the balance recognised
but is transferred to retained earnings. in equity will be transferred to retained profits/other
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Bora Balanced Unit Trust Annual Report 2023

BORA BALANCED UNIT TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR FIFTEEN MONTHS ENDED 31 DECEMBER 2023

equity. No gain or loss is recognised in profit or loss • it forms part of a contract containing one or more
upon conversion or expiration of the conversion option. embedded derivatives, and IFRS 9 permits the
entire combined contract to be designated as at
Transaction costs that relate to the issue of the FVTPL.
convertible loan notes are allocated to the liability and
equity components in proportion to the allocation of the (ii) Financial liabilities and equity
gross proceeds. Transaction costs relating to the equity Financial liabilities at FVTPL are measured at fair value,
component are recognised directly in equity. Transaction with any gains or losses arising on changes in fair value
costs relating to the liability component are included in recognised in profit or loss to the extent that they are not
the carrying amount of the liability component and are part of a designated hedging relationship (see Hedge
amortised over the lives of the convertible loan notes accounting policy). The net gain or loss recognised
using the effective interest method. in profit or loss incorporates any interest paid on the
financial liability and is included in the ‘other gains and
i. Financial Liabilities losses’ line item in profit or loss.
All financial liabilities are measured subsequently at
amortised cost using the effective interest method However, for financial liabilities that are designated
or at FVTPL. However, financial liabilities that arise as at FVTPL, the amount of change in the fair value
when a transfer of a financial asset does not qualify of the financial liability that is attributable to changes
for derecognition or when the continuing involvement in the credit risk of that liability is recognised in other
approach applies, and financial guarantee contracts comprehensive income, unless the recognition of the
issued by the Trust, are measured in accordance with effects of changes in the liability’s credit risk in other
the specific accounting policies set out below. comprehensive income would create or enlarge an
accounting mismatch in profit or loss.
FINANCIAL LIABILITIES AT FVTPL
Financial liabilities are classified as at FVTPL when the The remaining amount of change in the fair value of
financial liability is (i) contingent consideration of an liability is recognised in profit or loss. Changes in fair
acquirer in a business combination, (ii) held for trading value attributable to a financial liability’s credit risk that
or (iii) it is designated as at FVTPL. are recognised in other comprehensive income are not
subsequently reclassified to profit or loss; instead, they
A financial liability is classified as held for trading if: are transferred to retained earnings upon derecognition
• it has been acquired principally for the purpose of of the financial liability.
repurchasing it in the near term; or
• on initial recognition it is part of a portfolio of Gains or losses on financial guarantee contracts issued
identified financial instruments that the Trust by the Trust that are designated by the Trust as at FVTPL
manages together and has a recent actual pattern are recognised in profit or loss. Fair value is determined
of short‐term profit‐taking; or in the manner described in note 3(d)iii.
• it is a derivative, except for a derivative that is a
financial guarantee contract or a designated and Financial Liabilities Measured Subsequently at
effective hedging instrument. Amortised Cost
Financial liabilities that are not (i) contingent
A financial liability other than a financial liability held for consideration of an acquirer in a business combination,
trading or contingent consideration of an acquirer in a (ii) held‐for‐trading, or (iii) designated as at FVTPL, are
business combination may be designated as at FVTPL measured subsequently at amortised cost using the
upon initial recognition if: effective interest method.
• such designation eliminates or significantly reduces
a measurement or recognition inconsistency that The effective interest method is a method of calculating
would otherwise arise; or the amortised cost of a financial liability and of allocating
• the financial liability forms part of a group of interest expense over the relevant period. The effective
financial assets or financial liabilities or both, which interest rate is the rate that exactly discounts estimated
is managed and its performance is evaluated on future cash payments (including all fees and points paid
a fair value basis, in accordance with the Trust’s or received that form an integral part of the effective
documented risk management or investment interest rate, transaction costs and other premiums
strategy, and information about the grouping is or discounts) through the expected life of the financial
provided internally on that basis; or liability, or (where appropriate) a shorter period, to the
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BORA BALANCED UNIT TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR FIFTEEN MONTHS ENDED 31 DECEMBER 2023

amortised cost of a financial liability. extinguishment of the original financial liability and the
recognition of a new financial liability. Similarly, the Trust
Financial Guarantee Contract Liabilities accounts for substantial modification of terms of an
A financial guarantee contract is a contract that requires existing liability or part of it as an extinguishment of the
the issuer to make specified payments to reimburse the original financial liability and the recognition of a new
holder for a loss it incurs because a specified debtor liability. It is assumed that the terms are substantially
fails to make payments when due in accordance with different if the discounted present value of the cash
the terms of a debt instrument. flows under the new terms, including any fees paid net
of any fees received and discounted using the original
Financial guarantee contract liabilities are measured effective rate is at least 10 per cent different from the
initially at their fair values and, if not designated as at discounted present value of the remaining cash flows
FVTPL and do not arise from a transfer of an asset, are of the original financial liability.
measured subsequently at the higher of:
• the amount of the loss allowance determined in If the modification is not substantial, the difference
accordance with IFRS 9 (see financial assets); and between: (1) the carrying amount of the liability before
• the amount recognised initially less, where the modification; and (2) the present value of the cash
appropriate, cumulative amortisation recognised in flows after modification should be recognised in profit
accordance with the revenue recognition policies. or loss as the modification gain or loss within other
gains and losses.
Foreign Exchange Gains and Losses
For financial liabilities that are denominated in a foreign (iii) Financial Instrument Fair Valuation
currency and are measured at amortised cost at the end The framework for measuring fair value provides a fair
of each reporting period, the foreign exchange gains value hierarchy that prioritizes the inputs to valuation
and losses are determined based on the amortised cost techniques used to measure fair value. The hierarchy
of the instruments. These foreign exchange gains and gives the highest priority to unadjusted quoted prices in
losses are recognised in the ‘other gains and losses’ active markets for identical assets or liabilities (level 1)
line item in profit or loss for financial liabilities that are and the lowest priority to unobservable inputs (level 3).
not part of a designated hedging relationship. For those The three levels of the fair value hierarchy under IFRS
which are designated as a hedging instrument for a 13 are described as follows:
hedge of foreign currency risk, foreign exchange gains
and losses are recognised in other comprehensive Level 1: - Inputs to the valuation methodology are
income and accumulated in a separate component of unadjusted quoted prices for identical assets or
equity. liabilities in active markets that the Scheme has the
ability to access.
The fair value of financial liabilities denominated in a
foreign currency is determined in that foreign currency Level 2: - Inputs to the valuation methodology include:
and translated at the spot rate at the end of the reporting • quoted prices for similar assets or liabilities in active
period. For financial liabilities that are measured as at markets;
FVTPL, the foreign exchange component forms part • quoted prices for identical or similar assets or
of the fair value gains or losses and is recognised in liabilities in inactive markets;
profit or loss for financial liabilities that are not part of a
designated hedging relationship. inputs other than quoted prices that are observable for
the asset or liability;
Derecognition of Financial Liabilities • inputs that are derived principally from or
The Trust derecognises financial liabilities when, and corroborated by observable market data by
only when, the Trust’s obligations are discharged, correlation or other means.
cancelled or have expired. The difference between the
carrying amount of the financial liability derecognised (iii) Financial Instrument Fair Valuation
and the consideration paid and payable is recognised • inputs that are derived principally from or
in profit or loss. corroborated by observable market data by
correlation or other means.
When the Trust exchanges with the existing lender one
debt instrument into another one with the substantially If the asset or liability has a specified (contractual) term,
different terms, such exchange is accounted for as an the level 2 input must be observable for substantially
28

Bora Balanced Unit Trust Annual Report 2023

BORA BALANCED UNIT TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR FIFTEEN MONTHS ENDED 31 DECEMBER 2023

the full term of the asset or liability. criteria for hedge accounting, any cumulative gain or
loss existing in equity at that time remains in equity and
Level 3:- nputs to the valuation methodology is recognised when the forecast transaction ultimately
are unobservable and significant to the fair value affects profit or loss. When a forecast transaction is no
measurement. longer expected to occur, the cumulative gain or loss
that was recognised in other comprehensive income
(e) Derivative Financial Statements and is immediately transferred to profit or loss within ‘other
Hedging Activities gains/(losses) – net’.
Derivatives are initially recognised at fair value on the
date that a derivative contract is entered into, and are (f) Foreign Currency
subsequently remeasured at their fair value at each Transactions in foreign currencies during the period are
reporting date. The method of recognising the resulting converted into cedis at exchange rates ruling at the
gain or loss depends on whether the derivative is dates of the transactions. Monetary assets and liabilities
designated as a hedging instrument and, if so, the denominated in foreign currencies are translated into
nature of the item being hedged. The Trust uses cedis at exchange rates ruling at the financial year-
foreign currency forward exchange contracts to limit its end. Non-monetary assets and liabilities denominated
exposure to foreign exchange risk on highly probable in foreign currencies that are measured at fair value
forecast foreign currency sales transactions. The Trust are retranslated into cedis at the exchange rates at
designates these derivatives as hedges – that is, a the date on which the fair value was determined.
hedge of foreign exchange risk associated with highly Foreign currency differences arising on retranslation
probably forecast sales transactions. are recognised in profit or loss as net foreign exchange
losses, except for those arising on financial instruments
The Trust designates and documents, at the inception at FVTPL, which are recognised as a component of net
of a hedging transaction, the hedging relationship so gains from financial instruments at FVTPL.
that the risk being hedged, the hedged item and the
hedging instrument are clearly identified and the risk (g) Transfer Values
in the hedged item is the risk being hedged with the Transfer values represent the capital sums paid to and
hedging instrument. from the Unit Trusts on the basis of when the
member liability is accepted or discharged.
Hedge accounting is only applied when the Trust
expects the derivative financial instrument to be highly (h) Cash and Cash Equivalents
effective in offsetting the designated hedged foreign Cash and cash equivalents comprises deposits with
currency risk associated with the hedged item. banks and highly liquid financial assets with maturity of
three months or less from the date of acquisition that
The full fair value of a hedging derivative is classified are subject so an insignificant risk of changes in their
as a non-current asset or liability where the remaining value and are used by the Unit Trust in the management
maturity of the hedged item is more than 15 months, of short-term commitment, other than cash collateral
and as a current asset or liability where the remaining provided in respect of derivatives and security borrowing
maturity of the hedged item is less than 15 months. transactions.

The effective portion of changes in the fair value of (i) Fees and Commission
derivatives that are designated and qualify as hedges Fees and commissions expenses are recognised in
is recognised in other comprehensive income. The gain profit or loss as the related services are performed.
or loss relating to the ineffective portion is recognised
immediately in profit or loss within ‘other gains/(losses) 4. CRITICAL ACCOUNTING JUDGEMENTS
– net’. AND KEY SOURCES OF ESTIMATION
UNCERTAINTY
Amounts recognised in other comprehensive income
are reclassified to profit or loss in the periods when the In the application of the Trust’s accounting policies,
forecast sales take place and are included within ‘other which are described in note 3, the Directors are required
gains/(losses) – net’. to make judgments, estimates and assumptions about
the carrying amounts of assets and liabilities that are
When a foreign currency forward exchange contract not readily apparent from other sources. The estimates
expires or is sold, or when a hedge no longer meets the and associated assumptions are based on historical
29

Bora Balanced Unit Trust Annual Report 2023

BORA BALANCED UNIT TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR FIFTEEN MONTHS ENDED 31 DECEMBER 2023

experience and other factors that are considered to be b. Trustee

relevant. Actual results may differ from these estimates. The Trustee of the Trust is Guaranty Trust Bank (Ghana)
Limited, a company incorporated in Ghana and duly
The estimates and underlying assumptions are reviewed licensed by the Bank of Ghana (BOG) as a Commercial
on an ongoing basis. Revisions to accounting estimates Bank, and the Security and Exchange Commission of
are recognised in the period in which the estimate is Ghana (SEC), to provide trustee services as prescribed
revised if the revision affects only that period, or in the in the Trust’s policy manual. Under the trust agreement,
period of the revision and future periods if the revision the Trustee receives a trustee fee at an annual rate of
affects both current and future periods. 0.30% of the net asset value attributable to members of
the Unit Trust. The Trustee fees charged during the year
5. KEY CONTRACTORS amounted to GH¢1,809 Trustee fees payable as at 31
December 2023 was GH¢169
a. Managers
The Trust’s investment activities are managed by Bora c. Auditors Remuneration
Capital Advisors, an investment management company The fee for the audit of the Trust for the year under
incorporated in Ghana and duly licensed by the Security review is GH¢ 15,000. The Trust Manager has agreed
and Exchange Commission of Ghana to implement the to absorb fully the audit fee for the audit of the Trust
investment strategy and objectives as stated in the and has no intention to recover the expenses incurred
Trust’s investment management policy manual. Under in this regard.
that investment management agreement, Bora Capital
Advisors Limited receives a management fee at an
annual rate of 1.25% of the net asset value attributable
to members of the Unit Trust. The management fees
incurred during the year amounted to GH¢ 7,536. There
were no management fee payables as at 31 December
2023 as fees were reinvested in the trust.

30

Bora Balanced Unit Trust Annual Report 2023

BORA BALANCED UNIT TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR FIFTEEN MONTHS ENDED 31 DECEMBER 2023

6. FINANCIAL ASSETS AT FVTOCI 2023

GH¢
Treasury Bills 403,315
Fixed Deposits 65,202
Equity Shares 241,776

710,293

7. CHANGES IN FAIR VALUE 2023

GH¢
Bank and Cash Balances 31,406
31,406

8. UNITHOLDERS CAPITAL 2023

GH¢
Unit Issued during the Period 528,981
528,981

9. ACCOUNTS PAYABLE 2023

GH¢
Trustee fees 169
169

10. INTEREST INCOME 2023

GH¢
Interest on Treasury Bills 32,728
Interest on Deposits 9,009
Treasury Bonds 15,438
Dividend Income 16,654
Realized Loss on sale of financial assets (3,358)
70,471

11. OTHER INCOME 2023

GH¢
Call Interest 1,033
1,033

31

Bora Balanced Unit Trust Annual Report 2023

BORA BALANCED UNIT TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR FIFTEEN MONTHS ENDED 31 DECEMBER 2023

12. INVESTMENT EXPENSES 2023

GH¢
Audit & Other Administrative 4,522
Management Fees 7,536
Trustee Fees 1,809
13,867

13. OTHER EXPENSES 2023

GH¢
Regulatory Fees 25
CSD Charges 26
Bank charges 1,064
Trade Levies 590
Brokerage Commission 428
2,133

14. CHANGES IN FAIR VALUE 2023

GH¢
Unrealised gain/(loss) on Treasury Bills 63,609
Unrealised gain(loss) on Equities 87,843
153,687

15. FINANCIAL INSTRUMENTS

Analysis of changes in fair value of financial instruments
2023 Purchases Sales Changes in Value
fair value 31/12/23
GH¢ GH¢ GH¢ GH¢
Bonds 179,204 (179,204) - -
Deposits 152,967 (90,000) 2,235 65,202
Bills 681,489 (345,060) 63,609 403,315
Stocks 163,958 - 87,843 241,776
Cocoa Bill 43,098 (43,097) - -
1,220,716 (664,110) 153,687 710,293

16. TAXATION
Income of approved unit trust scheme or mutual Unit Trust is exempt from tax under the income tax Act, 2015 (act 896) as
amended.
The Unit Trust currently withholding taxes on payment made to service providers.

32

Bora Balanced Unit Trust Annual Report 2023

BORA BALANCED UNIT TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR FIFTEEN MONTHS ENDED 31 DECEMBER 2023

17. FINANCIAL RISK MANAGEMENT

(a) Asset/Portfolio/Credit risk
Credit risk is the risk that counterparties (i.e. financial institutions and companies) in which the Unit Trust’s assets
are invested will fail to discharge their obligations or commitments to the Unit Trust, resulting in a financial loss to
the Unit Trust.

The Scheme’s policy over credit risk is to minimise its exposure to counterparties with perceived higher risk of
default by dealing only with counterparties that meets the standards set out in the SEC guidelines and the Unit
Trust’s investment policy statement.
(b) Liquidity risk
Liquidity risk is the risk that the Unit Trust either does not have sufficient financial resources available to meet all
its obligations and commitments as they fall due. The Scheme’s approach to managing liquidity is to ensure that
it will maintain adequate liquidity in the form of cash and very liquid instruments to meet its liabilities (including
benefits) when due.

The following are contractual maturities of financial asset

Financial Assets 3 Months or less 4-6 Months or less 7-12 Months More than 12 Months
(GH¢) (GH¢) (GH¢) (GH¢)

Fixed Deposits 65,202 - - -

Treasury Bills 403,315 - - -
Total 468,517 - - -

Financial Liabilities 3 Months or less

(GH¢)

Administrative Expenses Payable 169

Total 169

18. FINANCIAL RISK MANAGEMENT

(c) Fair Value of Financial Assets and Liabilities
Fair values are based on discounted cash flows using a discount rate based upon the borrowing rate that the
Directors expect would be available to the Trust at the balance sheet date. The fair values of the Trust’s financial
assets and liabilities approximate the respective carrying amounts.

The fair value hierarchy is as follows:

• Level 1: Quoted (unadjusted) prices in active markets for identical assets or liabilities
• Level 2: Other techniques for which all inputs which have a significant effect on the recorded
• fair value are observable, either directly or indirectly and
• Level 3: Techniques which use inputs which have a significant effect on the recorded fair value that are not
based on observable market data.

The fair values of the Trust’s investments at FVTPL and FVTOCI approximates its carrying amounts.

(d) Market Risk

The objective of market risk management is to manage and control market risk exposures within acceptable
parameters, while optimising the return. This systematic risk cannot be mitigated through diversification..

(e) Equity Price Risk

Listed equity securities are susceptible to market price risk arising from uncertainties about future values of the
33

Bora Balanced Unit Trust Annual Report 2023

BORA BALANCED UNIT TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR FIFTEEN MONTHS ENDED 31 DECEMBER 2023

investment securities. The Scheme’s policy over equity The Scheme’s objective is to manage operational risk
price risk is to minimise its exposure to equities and so as to balance the avoidance of financial losses and
only deal with equities that meets the standards set out damage to the Scheme’s reputation with overall cost
in the SEC guidelines and the Scheme’s investment effectiveness and to avoid control procedures that
policy statement. Keen attention is paid to the equity restrict initiative and creativity.
market to realize capital gains on equity securities.
The primary responsibility for the development and
(f) Interest Rate Risk implementation of controls to address operational risk
Interest risk is the risk that the fair value or future cash is assigned to the administrator. This responsibility is
flows of a financial instrument will fluctuate because supported by the development of following policies and
of changes in market interest rates. The investment standards;
managers advise the Trustees on the appropriate • governing rules and trust deed;
balance of the portfolio between equity, fixed rate • investment policy statement;
interest, and variable rate interest investments. • requirements for the reporting of non-compliance
The scheme uses duration targeting as a means of with regulatory and other legal requirements;
mitigating the effects of the risk. The target duration • training and professional development;
is regularly reviewed by the Trust Board. For some of • ethical and business standards;
the bonds with issuers other than the Government of • risk mitigation, including insurance where this is
Ghana, investments are placed with a floating rate to effective.
hedge against this risk.
Compliance with the Unit Trust governing rules
(g) Operational risk is supported by a programme of annual reviews
Operational risk is the risk of direct or indirect loss undertaken by the external auditor. The results of these
arising from a wide variety of causes associated with reviews are discussed with Directors.
the Unit Trust’s processes, personnel, technology and
infrastructure, and from external factors other than 19. EVENTS AFTER REPORTING PERIOD
credit, market and liquidity risks such as those arising
Events subsequent to the balance sheet date are
from legal and regulatory requirements and generally
reflected in the financial statements only to the extent
accepted standards of Unit Trust behaviour. Operational
that they relate to the year under consideration and the
risks arise from all of the Unit Trust’s operations and are
effect is material.
faced by all pension schemes.
As at the end of the reporting period, there were no
events after the reporting period that relate to the year
under consideration.

34

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BORA BALANCED UNIT TRUST

PROXY FORM

I/WE................................................................................................................................of..................
................................................. being a member of Bora Balanced Unit Trust (the “Unit Trust”) hereby
appoint……………………….……..............……………of…………………… as my/our proxy to attend
on my/our behalf, the 1st Annual General Meeting of the Trust, to be held via ZOOM on Wednesday July
24, 2024 at 12:00pm and at any adjournment thereof, for the following purposes and to vote on my/our
behalf on matters as directed below:

I/We direct that my/ our votes(s) be cast on the specified resolution as indicated by an ‘X’ in the
appropriate space.

FOR AGAINST ABSTAIN

1. To receive the Report of the Fund Manager for the year ended
December 31, 2023.
2. To receive and adopt the Audited Financial Statements together
with the reports of the Trustees and Auditors of Bora Balanced Unit
Trust for the year ended December 31, 2023.
3. To authorize the Fund Manager to fix the fees of the Auditors for
the year 2024.
4. To amend the asset allocation of the Trust to include a maximum of
20% in offshore securities

Shareholder’s Signature …………….................………........ Date ……….........…..2024

Unless otherwise instructed, the proxy will vote for, against or abstain from voting at his/her discretion.
(Do not complete this form if you will attend the meeting)

NOTES

1. A proxy need not be a Unitholder of the Unit Trust.

2. 2Unless otherwise instructed, the proxy will vote as he sees fit.
3. To be valid, this form must be signed and sent via email to [email protected] not less than
forty- eight (48) hours before the commencement of the meeting.
4. In the case of joint holders, the signature of only one of the joint holders is required.
5. In the case of a body corporate, the form must be under seal or under the hand of a duly authorized
officer.
6. The completion of and return of a proxy form does not prevent a Unitholder from attending the meeting
and voting thereat.
35

Bora Balanced Unit Trust Annual Report 2023

 APPENDIX - TRUSTEE PORTFOLIO REPORT AS AT 31ST DECEMBER 2023
BORA BALANCED UNIT TRUST

Portfolio Value Report

31st December, 2023
31-Dec-23
CLASSIFICATION ISSUER VALUE DATE MATURITY SECURITY NAME INTEREST LAST INT. SETTLED MATURITY Days ACCRUED VALUATION FVOCI VALUE % OF
DATE RATE % PAYMENT POSITION (GHS) VALUE (GHS) Held INTEREST (GHS) (GHS) (GHS) PORT.
Fixed Deposit
BAYPORT 14-Nov-23 14-May-24 182 Day Fixed Deposit 30.00 14-Nov-23 10,723.01 12,327.05 47 414.23 11,137.24 11,137.24
BAYPORT 16-Nov-23 16-May-24 182 Day Fixed Deposit 30.00 16-Nov-23 32,243.84 37,067.17 45 1,192.58 33,436.42 33,436.42
BAYPORT 24-Nov-23 24-May-24 182 Day Fixed Deposit 31.00 24-Nov-23 20,000.00 23,091.51 37 628.49 20,628.49 20,628.49
Total 62,966.85 72,485.73 2,235.30 65,202.15 65,202.15 8.79
BORA BALANCED UNIT TRUST

CLASSIFICATION PURCHASE DATE ISSUE DATE MATURITY SECURITY NAME INTEREST LAST INT. SETTLED FACE VALUE Days ACCRUED VALUATION FVOCI VALUE % OF
DATE RATE % PAYMENT POSITION (GHS) (GHS) Held INTEREST (GHS) (GHS) (GHS) PORT.
Government Securities
Treasury Bills
10-Apr-23 10-Apr-23 08-Apr-24 364-Day GoG Bill 26.90 10-Apr-23 206,908.59 262,567.00 265 40,520.55 247,429.14 259,732.32
24-Jul-23 24-Jul-23 22-Jan-24 182-Day GoG Bill 26.90 24-Jul-23 80,000.00 90,760.00 160 9,459.34 89,459.34 89,516.59
12-Oct-23 12-Oct-23 08-Apr-24 182-Day GoG Bill 30.50 12-Oct-23 17,597.60 20,237.00 80 1,179.62 18,777.22 17,495.86
13-Nov-23 13-Nov-23 12-Feb-24 91-Day GoG Bill 29.80 13-Nov-23 35,199.63 37,822.00 48 1,383.23 36,582.86 36,570.06
Total 339,705.82 411,386.00 52,542.74 392,248.56 403,314.82 54.38

CLASSIFICATION SECURITY NAME CURRENT PURCHASE COST (GHS) CURRENT MARKET VALUE CAPITAL ACCRUED MARKET VALUE % OF
HOLDINGS PRICE (GHS) (GHS) GAIN/LOSS (GHS) INTEREST (GHS) (GHS) PORT.
EQUITIES
CAL 16,854.00 12,262.25 0.4800 8,089.92 -4,172.33 8,089.92
BOPP 2,900.00 20,179.28 22.0000 63,800.00 43,620.72 63,800.00
MTNGH 48,864.00 54,165.76 1.4000 68,409.60 14,243.84 68,409.60
TOTAL 3,183.00 20,659.12 9.0000 28,647.00 7,987.88 28,647.00
ACCESS 1,552.00 6,251.25 3.4000 5,276.80 -974.45 5,276.80
SCB 1,960.00 28,202.91 17.5500 34,398.00 6,195.09 34,398.00
EGH 119.00 635.09 5.5000 654.50 19.41 654.50
FML 10,000.00 10,000.00 3.2500 32,500.00 22,500.00 32,500.00
Total 152,355.66 241,775.82 89,420.16 - 241,775.82 32.60

Bora Balanced Unit Trust Annual Report 2023

Cash COLLECTIONS - -
REDEMPTIONS - -
TRANSACTIONS - -
CALL 31,406.10 31,406.10

Total 31,406.10 31,406.10 4.23

Grand Total 747,534.77 730,632.63 741,698.90 100.00

CLASSIFICATION COST (GHS) SETTLED ACCRUED FVOCI VALUE (GHS) % OF PORT.

POSITION (GHS) INTEREST (GHS)

Fixed Deposits 62,966.85 62,966.85 2,235.30 65,202.15 8.79

Government Securities 339,705.82 411,386.00 52,542.74 403,314.82 54.38
Equities 152,355.66 152,355.66 89,420.16 241,775.82 32.60
Cash 31,406.10 31,406.10 - 31,406.10 4.23
Total 586,434.43 658,114.61 144,198.20 741,698.90 100.00

36
BORA BALANCED UNIT TRUST

NOTES

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Bora Balanced Unit Trust Annual Report 2023

BORA BALANCED UNIT TRUST

NOTES

38

Bora Balanced Unit Trust Annual Report 2023

BORA BALANCED UNIT TRUST

NOTES

39

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BORA BALANCED UNIT TRUST

NOTES

40

Bora Balanced Unit Trust Annual Report 2023

Bora Capital Advisors Ltd
No. 3 Dano Court
48 Boundary
East Legon, Accra - Ghana
Email: [email protected]