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Renfin Limited 2019

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Renfin Limited 2019 RenFin Limited Annual Report and Audited Financial Statements For the year ended 31 December 2019 RenFin Limited Annual report and audited financial statements for the year ended 31 December 2019 Table of contents Page(s) Directors, officers and other information 1 - 2 Directors’ report 3 Independent auditor’s report 4 - 7 Statement of financial position 8 Statement of comprehensive income 9 Statement of changes in equity 10 Statement of cash flows 11 Notes to and forming part of the financial statements 12 - 35 RenFin Limited Directors, officers and other information Directors of the Fund David Blair John Elder James Keyes Subsidiary Rekha Holdings Limited Registered office Jayla Place Wickhams Cay 1 Road Town, Tortola VG1110 British Virgin Islands Investment manager Renasset Investment Management Limited (formerly Kashtan Limited, until 19 July 2019) Walkers Corporate Limited Cayman Corporate Centre 27 Hospital Road, George Town Grand Cayman KY1 9008 Cayman Islands Investment advisor Renasset Managers Limited (formerly Petrarca Management Limited, until 19 July 2019) Walkers Corporate Limited Cayman Corporate Center 27 Hospital Road, George Town Grand Cayman KY1-9008 Cayman Islands Administrator, registrar and Apex Group Limited transfer agent (formerly Custom House Global Fund Services Limited) Central North Business Centre Level 1 Sqaq il - Fawwara Sliema SLM 1670 Malta Corporate secretary Ocorian Limited (formerly Estera Corporate Services (BVI) Limited) Jayla Place Wickhams Cay 1 Road Town, Tortola VG1110 British Virgin Islands Payment bank Barclays Bank PLC Barclays House Victoria Street Isle of Man 1 RenFin Limited Directors, officers and other information (continued) Auditor’s Cohen & Co. Chartered Accountants Limited 4th Floor, 59/60 O’Connell Street Limerick Ireland Custodian of the Subsidiary AO Raiffeisenbank (from 31 May 2019) bld. 1 Troitskaya str. 17 129090 Moscow Russia Citibank JSC (until 24 July 2019) 8-10 bld. 1 Gasheka Street Moscow 125047 Russia Legal advisers Appleby (on matters of Bermuda law) Canon’s Court 22 Victoria Street P.O. Box HM 1179 Hamilton HM EX Bermuda (on matters of British Virgin Islands law) Appleby Jayla Place, Wickham’s Cay I P.O. Box 3190 Road Town, Tortola VG1110 British Virgin Islands Listing sponsor Ocorian Securities (Bermuda) Ltd. (formerly Estera Securities (Bermuda) Ltd.) Victoria Court, 5th Floor 31 Victoria Street P.O. Box HM 1624 Hamilton Bermuda HM 10 2 Cohen&CQ INDEPENDENT AUDITOR'S REPORT TO THE SHAREHOLDERS OF RENFIN LIMITED Opinion We have audited the financial statements of RenFin Limited (the "Fund"), which comprise the statement of financial position as at 31 December 20 I 9, the statement of comprehensive income, the statement of changes in equity, the statement of cash flows forthe year then ended, and notes to the financial statements, comprising a summary of significant accounting policies and other explanatory information. In our opinion, the financial statements give a true and fair view of the financial position of the Fund as at 31 December 2019, and of its financialperformance and its cash flowsfor the year then ended in accordance with International Financial Reporting Standards ("IFRS"). Basis forOpinion We conducted our audit in accordance with International Standards on Auditing ("ISAs"). Our responsibilities under those standards are furtherdescribed in the Auditor's Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Fund in accordance with the Code of Ethics for Professional Accountants issued by the International Ethics Standards Board for Accountants ("IESBA Code"), and we have fulfilled our ethical responsibilities in accordance with the IESBA Code. We believe that the audit evidence we have obtained is sufficientand appropriate to provide a basis for our opinion. Key Audit Matters Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. COHEN & CO. CORK OFFICE:THEOLD SCHOOL, BANTRY, COUNTY CORK, P75 VP95,I RELAND. I "· ,- - 1, LIMERICK OFFICE: 59/60 O'CONNELL STREET, LIMERICK, V94 E95T, IRELAND. � .:;3 ', "l X l 11 •:.� a, . e,� ., , . ..,�:S·c:::.-:�1 .... 1;;:1 _!:,;.;., p,:,,(f; ,e• :.'.;... .; ,;;.,, ... p 3' . ., :j::•�•-,� C -:i''i')(I 5•,/t · ,'J).'k -�• ,';i..�� -1-(-> ,, �r}CL �-"' •�";:.,; Cohen&CQ Key Audit Matters (continued) Key Audit Matter Our Audit Approach Our Observations Valuation of level 3 investments The investments measured at fair Our audit procedures with The procedures performed did value using level 3 inputs make respect to the fairvalue oflevel 3 not yield significant findings up approximately 98% of total investments included assessing relating to the fair value of level equity and are considered to be the appropriateness of the 3 investments. No issues noted. the key driver of the Fund's valuation techniques used to financialperformance. value level 3 investments, obtaining supporting evidence We consider the fair value of with respect to the level 3 level 3 investments to be an audit investments from the investment risk. Fair market values for level manager of the Fund and 3 investments cannot be derived reconciling the fair value input directly from quoted prices in factors of level 3 investments to active markets. Fair market independent sources. values for level 3 investments are derived from valuation techniques that include unobservable inputs which, by their nature, may contain an element of judgement or estimation uncertainty. In light of materiality, and in the context of the financial statements as a whole, level 3 investments are considered to be the area which had the greatest impact on our audit. Referenceis made to note 13 and note 14 for further details on the level 3 investments held at year end. COHEN & CO. CORK OFFICE:THEOLD SCHOOL, BANTRY,COUNTYCORK, P75 VP95, IRELAND. I �, ,- - 11 LIMERICK OFFICE: 59/60 O'CONNELL STREET. LIMERICK, V94 E95T, IRELAND. I , �_.. 11 'I XJ 11 - 1 � �:J1li:•r & Co. �•ri-:-1rte.. c ..: ,cc�Jur·.11 .. :.-:, 1-!,,1,,:�o , ari.:1:g ,:1.5 v .',•':' :� , !S -; . ,1 • 1<::' "' ::: I'\ 0 . �lt!::·11 t �/.•·'°J, ·1,F, : • ;"'G S·i:-:'.i-,:;, :::,-,;a,i i:::,-;c;.,• ::P:5-t..;:et- Ctfc •-:, . '\ ,..�� � <'.;" ·\<;1';,�e•., �- 1�a:,y-: :iUL' :l)IK t-y G.a;.e,�dAcc·,.,, t,:1.,irs ·•o:;:J, Cohen&CQ Other Information The Directors are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Responsibilities of Directors and Those Charged with Governance forthe Financial Statements The Directors are responsible for the preparation of financial statements that give a true and fairview in accordance with IFRS, and for such internalcontrol as the Directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the Directors are responsible for assessing the Fund's ability to continue as a going concern,disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Directors either intend to liquidate the Fund or to cease operations, or have no realistic alternativebut to do so. Those charged with governanceare responsible for overseeing the Fund's financial reporting process. Auditor's Responsibilities forthe Audit of the Financial Statements Our objectives are to obtain reasonable assurance about whether the financialstatements as a whole are free frommaterial misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financialstatements. As part of an audit in accordance with ISAs, we exercise professional judgment and maintain professional scepticism throughout the audit. COHEN & CO. CORK OFFICE: THE OLD SCHOOL, BANTRY, COUNTY CORK, P75 VP95, IRELAND. I ', LIMERICK OFFICE: 59/60 O'CONNELL STREET. LIMERICK, V94 E95T, IRELAND. '� <· ", X l 11 Cohen&CQ Auditor's Responsibilities forthe Audit of the Financial
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