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Notes to the Financial Statements 83 VERITAS FUNDS PLC ANNUAL REPORT AND AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2018 VERITAS FUNDS PLC TABLE OF CONTENTS Directory 2 Directors’ Report 3 Independent Auditor’s Report 7 Depositary’s Report 10 Investment Manager’s Report -Veritas Asian Fund 11 -Veritas Global Focus Fund 18 -Veritas Global Equity Income Fund 22 -Veritas China Fund 25 -Veritas Global Real Return Fund 32 -Veritas Izoard Fund 36 Schedule of Investments -Veritas Asian Fund 40 -Veritas Global Focus Fund 46 -Veritas Global Equity Income Fund 50 -Veritas China Fund 56 -Veritas Global Real Return Fund 62 -Veritas Izoard Fund 71 Statement of Financial Position 75 Statement of Comprehensive Income 77 Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares 79 Statement of Cash Flows 81 Notes to the Financial Statements 83 Schedule of Changes in Investments (Unaudited) -Veritas Asian Fund 143 -Veritas Global Focus Fund 145 -Veritas Global Equity Income Fund 146 -Veritas China Fund 147 -Veritas Global Real Return Fund 149 -Veritas Izoard Fund 151 Supplementary Information (Unaudited) 152 Appendix 158 Additional Information 159 1 VERITAS FUNDS PLC DIRECTORY DIRECTORS REGISTERED OFFICE Mike Kirby (Irish) 25-28 North Wall Quay Richard Grant (British) IFSC Brian Wilkinson* (Irish) Dublin 1 Ian Barnes (British) Ireland DEPOSITARY INVESTMENT MANAGER AND UNITED HSBC Institutional Trust Services (Ireland) DAC KINGDOM REPRESENTATIVE 1 Grand Canal Square Veritas Asset Management LLP Grand Canal Harbour 90 Longacre Dublin 2 London WC2E 9RA Ireland United Kingdom ADMINISTRATOR LEGAL ADVISERS TO THE COMPANY AND REGISTRAR A&L Goodbody HSBC Securities Services (Ireland) DAC 25-28 North Wall Quay 1 Grand Canal Square IFSC Grand Canal Harbour Dublin 1 Dublin 2 Ireland Ireland SWISS PAYING AGENT & SWISS INDEPENDENT AUDITORS REPRESENTATIVE PricewaterhouseCoopers Société Générale Paris One Spencer Dock Zurich Branch North Wall Quay Talacker 50, P.O.B. 1928 Dublin 1 CH- 8001 Zürich Ireland Switzerland SUB ADVISOR TO THE VERITAS ASIAN COMPANY SECRETARY FUND AND VERITAS CHINA FUND Goodbody Secretarial Limited Veritas Asset Management (Asia) Ltd. 25-28 North Wall Quay Level 16, Man Yee Building IFSC 60-68 Des Voeux Road Dublin 1 Hong Kong Ireland All Directors are non-executive *Independent Director 2 VERITAS FUNDS PLC DIRECTORS’ REPORT The Directors submit their report together with the audited financial statements for the year ended 30 September 2018. Directors’ responsibilities Company law requires the Directors to prepare Company financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with Irish Law and International Financial Reporting Standards (IFRS’s) as adopted by the EU and applicable law. Irish company law requires the Directors to prepare financial statements for each financial year which give a true and fair view of the assets, liabilities and financial position of Veritas Funds Plc (''The Company'') and of the Statement of Comprehensive Income of the Company for that year. In preparing these financial statements, the Directors are required to: select suitable accounting policies and then apply them consistently; make judgments and estimates that are reasonable and prudent; state whether the financial statements have been prepared in accordance with IFRS as adopted by the European Union ("EU") and ensure that they contain additional information required by the Companies Act, 2014 (the “Companies Act”); and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. The Directors confirm that they have complied with the above requirements in preparing the financial statements. The Directors are responsible for keeping adequate accounting records which disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act and the Central Bank (Supervision and Enforcement) Act 2013 (section 48(1)) (Undertakings for Collective Investment in Transferable Securities) Regulations 2015 (the “Central Bank UCITS Regulations”). They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Under the Central Bank UCITS Regulations, the Directors are required to entrust the assets of the Company to the Depositary for safe-keeping. In carrying out this duty, the Directors have delegated custody of the Company’s assets to HSBC Institutional Trust Services (Ireland) DAC. The Directors are responsible for the maintenance and integrity of the corporate and financial information included on the company’s website. Legislation in the Republic of Ireland governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. The work carried out by the auditors does not involve consideration of these matters and, accordingly, the auditors accept no responsibility for any changes that may have occurred to the financial statements since they were initially presented on the website. Adequate Accounting Records The Directors are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the Company and enable them to ensure that the financial statements are prepared in accordance with Financial Reporting Standards applicable in the Republic of Ireland and comply with the Companies Act and the Central Bank UCITS Regulations. The measures taken by the Directors to secure compliance with the Company’s obligation to keep adequate accounting records are the use of appropriate systems and procedures and employment of competent persons. To this end the Directors have engaged HSBC Securities Services (Ireland) DAC as Administrator and Goodbody Secretarial Limited as Secretary. The accounting records are kept at 1 Grand Canal Square, Grand Canal Harbour, Dublin 2. 3 VERITAS FUNDS PLC DIRECTORS’ REPORT (CONTINUED) Review of business and future developments The Company is an open-ended investment company with variable capital which has been authorised by the Central Bank of Ireland (the “Regulator”) under the Central Bank UCITS Regulations. There was no change in the nature of the Company’s business during the year. The Investment Manager’s Report on pages 11-39 contains a review of the factors which contributed to the performance for the year. Risk management objectives and policies A detailed review of the principal activities is included in the Investment Manager’s Report on pages 11-39 and in note 9 of these financial statements. Principal risks and uncertainties The Company is an umbrella fund with segregated liability between sub funds. The principal risks facing the Company relate primarily to the holding of financial instruments and markets in which it invests. The most significant types of financial risk to which the Company is exposed are market risk, credit risk and liquidity risk. Market risk includes other price risk, currency risk and interest rate risk. Details of the risks associated with financial instruments are included in note 9 to the financial statements. Results and dividends The results and dividends for the year are set out in the Statement of Comprehensive Income on pages 77-78. Significant matters arising during the year Significant matters arising during the year are outlined in note 16. Subsequent events Details of subsequent events since the statement of financial position date are outlined in note 19. Directors Mr Brian Wilkinson, Mr Mike Kirby, Mr Richard Grant and Mr Ian Barnes were the Directors who held office throughout the year. Directors’ and secretary’s interests The Directors of the Company at 30 September 2018 are set out on page 2 and the shares held by Directors are outlined in note 12. Mr Richard Grant and Mr Ian Barnes are partners of the Investment Manager and as such have an interest in the relationship between the Company and the Investment Manager. Mr Richard Grant and Mr Ian Barnes are also directors of Veritas Asset Management (Asia) Ltd, a sub advisor to the Investment Manager on Veritas Asian Fund and Veritas China Fund. Shares held by Directors and related party interests are outlined in note 12. The Company uses the services of KB Associates for the provision of a Money Laundering Reporting Officer. Mr Mike Kirby who is a Director of the Company, is the Managing Principle of KB Associates. The Secretary does not have any interest in the Company. 4 VERITAS FUNDS PLC DIRECTORS’ REPORT (CONTINUED) Connected persons In accordance with the requirements of the Central Bank UCITS Regulations, all transactions carried out with the Company by the management company or depositary of a UCITS, and the delegate or sub- delegates of such a management company or depositary (excluding any non-group company sub- depositarys appointed by a depositary), and any associated or group companies of such a management company, depositary, delegate or sub-delegate (“connected persons”) must be carried out as if negotiated at arm's length and be in the best interests of shareholders. The Directors are satisfied that there are arrangements in place to ensure that the obligations set out in the Central Bank UCITS Regulations are applied to all transactions with connected persons and transactions with connected persons entered into
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