Money Market Fund for the Year Ended 31 December 2020

BRITISH-AMERICAN MONEY MARKET FUND FOR THE YEAR ENDED 31 DECEMBER 2020

MONEY MARKET FUND ANNUAL REPORT AND FINANCIAL STATEMENTS ANNUAL REPORT AND FINANCIAL STATEMENTS 1 FOR THE YEAR ENDED 31 DECEMBER 2020 FOR THE YEAR ENDED 31 DECEMBER 2020

BRITAM MONEY MARKET FUND NOTICE OF THE ANNUAL GENERAL MEETING

NOTICE OF ANNUAL GENERAL MEETING FOR THE YEAR ENDED DECEMBER 31, 2020

Dear Unit Holder,

NOTICE IS HEREBY given that in accordance with Regulation 122 of the Collective Investment Schemes (Unit Trusts) Regulations 2003 and Market Notice No. 1 of 2020, issued on 5th August 2020 by the Capit;al Markets Authority, the 1st Annual General Meeting of the Britam Umbrella Fund and Britam Money Market Fund will be held via electronic communication on 26th August 2021 at 10.00am to transact the following business:

1. To read the notice convening the meeting; 2. To receive, consider and if deemed fit, adopt the Annual Report and Financial Statements for the year ended 31st December 2020, together with the Auditors’ report thereon; 3. To transact any other business of the Britam Unit Trust Funds of which due notice has been received.

For and on behalf of the Fund Manager Britam Asset Managers Company (Uganda) Ltd

Sim K Katende Chairman

27th July 2021

Every member entitled to attend and vote at the above meeting is entitled to appoint a proxy to attend on his/her behalf. A proxy need not be a unit holder.

Please see the proxy form below, complete it and send to [email protected] to arrive not later than 48 hours before the meeting or any adjournment thereof.

ANNUAL REPORT & FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 3 BRITAM MONEY MARKET FUND NOTICE OF THE ANNUAL GENERAL MEETING

NOTES:

1. In view of the ongoing Coronavirus 2019 (COVID-19) pandemic and the related public health Regulations and directives passed by the Government of Uganda precluding inter alia public gatherings, it is impracticable, as contemplated under Regulation 122 of the Collective Investment Schemes (Unit Trusts) Regulations 2003, for the Britam Unit Trust Funds to hold a physical Annual General Meeting (AGM) in the manner prescribed in their respective Trust Deeds and Rules.

2. The Fund Manager of the Britam Unit Trust Funds has therefore convened and is conducting this virtual annual general meeting in accordance with the Capital Markets Authority guidance issued under Market Notice No. 1 of 2020.

3. Registration for the AGM opens on 2nd August 2021 at 9:00 am and will close on 25th August 2021. Any Unitholder wishing to follow the virtual meeting should register for the AGM by dialling *284*36# for all Uganda networks and *483*901# for all Kenyan networks and following the various prompts regarding the registration process. In order to complete the registration process, Unitholders will need to have their ID/Passport Numbers which were used to purchase their Units and/or their BA Account Number at hand. For assistance Unitholders should dial the following helpline number: +256 772 349 665 or +254 709 170 000 from 9:00 a.m. to 5:00 p.m. from Monday to Friday.

A Unitholder domiciled outside of Uganda can send an email to Image Registrars via [email protected] providing their details i.e Name, Passport/ID number, BU Account number and mobile telephone number requesting to be registered. Image registrars shall register the unitholder and send them an email notification once registered.

4. The following documents may be viewed on the Fund Manager’s website http:// www.britam. com/(i) a copy of this Notice and the Proxy Form; (ii) The Britam Unit Trust Funds’ audited financial statements for the year 2020; (iii) a copy of Market Notice No. 1 of 2020; and (iv) a copy of the Fund Manager’s report.

5. Unitholders wishing to raise any questions or clarifications regarding the AGM may do so by sending their written questions by 25th August 2021 by 11.00 a.m through the following means:

a) by email to [email protected] or

b) to the extent possible, by physical delivery, with a return physical address or email address, to the registered office of the Fund Manager at Britam Centre, Plot 24 A , Akiibua Road; or

c) by registered post , with a return physical address or email address, to the Fund Managers’s address at P.O. Box 36583 Kampala.

Unitholders must provide their full details (full names, ID/Passport Number/BA Account Number) when submitting their questions and clarifications.

4 ANNUAL REPORT & FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 BRITAM MONEY MARKET FUND NOTICE OF THE ANNUAL GENERAL MEETING

6. Following receipt of the questions and clarifications, the Fund Manager shall provide written responses to the questions received to the return physical address or email address provided. A full list of all questions received, and the answers thereto will be published on the Fund Manager’s website not later than 12 hours on the 27th August, 2021.

7. The Unitholders entitled to attend and vote at the AGM are entitled to appoint a proxy to vote on their behalf. A proxy need not be a member of the Britam Unit Trust Funds.

A proxy form is available on the Fund Manager’s website via this link: http://www. britam.com/. Physical copies of the proxy form are also available at the Fund Manager’s registered office. A proxy must be signed by the appointor or his attorney duly authorized in writing. If the appointor is a body corporate, the instrument appointing the proxy shall be given under its common seal or under the hand of an officer or duly authorized attorney of such corporation or Government office.

A completed form of proxy should be emailed [email protected] so as to be received not later than 24th August 2021. Any person appointed as a proxy should submit his/her mobile telephone number to the Company no later than 24th August 2021. Any proxy registration that is rejected will be communicated to the Unitholder concerned no later than 25th August 2021 to allow time to address any issues.

8. The AGM will be streamed live via a link which shall be provided to all unitholders who will have registered to participate in the general meeting. Duly registered unitholders and proxies will receive a short message service (SMS)/USSD prompt on their registered mobile numbers, 24 hours prior to the AGM acting as a reminder of the AGM. A second SMS/USSD prompt shall be sent one hour ahead of the AGM, reminding duly registered unitholders and proxies that the AGM will begin in an hours’ time and providing a link to the live stream.

9. Duly registered Unitholders and proxies may follow the proceedings of the AGM using the live stream platform and may access the agenda. Duly registered Unitholders and proxies may vote (when prompted by the chairman) via the USSD prompts.

10. A poll shall be conducted for all the resolutions put forward in the notice.

11. Results of the poll shall be published on the Fund Manager’s website within 24 hours following conclusion of the Annual General Meeting.

We appreciate the understanding of our Unit Holders as we navigate the changing business conditions posed by COVID -19. We care about the health and safety of our Unit Holders and urge them to continue adhering to Government protocols on Covid 19.

ANNUAL REPORT & FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 5 BRITAM MONEY MARKET FUND TABLE OF CONTENTS

TABLE OF CONTENTS

Trustee and advisors to the Fund 7

Trustee’s report 8

Fund manager’s report 9

Report of the custodian 10

Financial statements:

Statement of comprehensive income 11

Statement of financial position 12

6 ANNUAL REPORT & FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 BRITAM MONEY MARKET FUND TRUSTEE AND ADVISORS TO THE FUND

TRUSTEE AND ADVISORS TO THE FUND

FUND MANAGER Britam Asset Managers Company (Uganda) Limited Britam Centre Plot 24A, Akii-Bua Lule Road P.O. Box 36583 Kampala, Uganda

TRUSTEE KCB Bank Uganda Limited Commercial plaza, 7th Floor Plot 7 Kampala Road P.O. Box 7399 Kampala, Uganda

CUSTODIAN Standard Chartered Bank Uganda Limited Standard Chartered House Plot 5 Speke Road P O Box 7111 Kampala, Uganda

AUDITOR PricewaterhouseCoopers Certified Public Accountants 1 Colville Street, Communications House 10th floor P.O. Box 882, Kampala, Uganda

LAWYER OS Kagere Advocates Soliz House, Third Floor Plot 23, Lumumba Ave, Kampala, Uganda

ANNUAL REPORT & FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 7 BRITAM MONEY MARKET FUND TRUSTEE’S REPORT

TRUSTEE’S REPORT

We, KCB Bank Uganda Limited in our capacity as Trustees of the Britam Money Market Fund, hereby confirm that as required in terms of section 121(1) and (2) of the Collective Investment Schemes (Unit Trusts) Regulations, 2003:

a) To the best of our knowledge, Britam Asset Managers Company (Uganda) Limited has managed the scheme in accordance with the limitations imposed on the investment and borrowing powers of the Fund Manager and Trustee by the Capital Markets Authority Act, the Collective Investment Schemes (Unit Trusts) Regulations, 2003 and the Trust Deed and Rules.

b) There are no deviations from any of the provisions of the Trust Deed and those of the Regulations.

We confirm that as required by the Collective Investment Schemes (Unit Trusts Regulations, 2003 Section 92 (2), we are satisfied that the Fund has maintained sufficient records, of which these financial statements are part.

On behalf of the Trustee KCB Bank Uganda Limited

8 ANNUAL REPORT & FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 BRITAM MONEY MARKET FUND FUND MANAGER’S REPORT

FUND MANAGER’S REPORT

The Fund Manager submits its report together with the audited financial statements for the year ended 31 December 2020 that discloses the state of financial affairs of the Britam Money Market Fund (the “Fund”).

INVESTMENT OBJECTIVES

The objective of the Britam Money Market Fund is to achieve a reasonable level of current income and enhance capital growth. This is achieved by investing in money market securities with a maturity of more or less than 12 months which are usually available to the wholesale or institutional investors. Investments include interest-bearing securities such as bank deposits and other short-term money market instruments including short-dated treasury bills, whether listed or unlisted, including money or cash funds, as well as other debt securities, whether listed or unlisted.

FUND PERFORMANCE

The highest and lowest absolute yields were as per the table below: 2020 2019 Highest price (%) 18.64 14.00 Lowest price (%) 2.85 6.50

INCOME DISTRIBUTION

The profit realised by the Fund for the year is Shs 1,912,655,000 (2019: Shs 61,878,000). This profit has been distributed to the unit holders.

TOTAL VALUE OF THE FUND

The total book value of the Fund for the year is Shs 28,256,995,000 (2019: Shs. 3,078,341,000).

AUDITORS

The Fund’s auditors, PricewaterhouseCoopers Certified Public Accountants, continues in office in accordance with Section 88 of the Collective Investment Schemes (Unit Trusts) Regulations 2003.

On behalf of the Fund Manager Britam Asset Managers Company (Uganda) Limited

ANNUAL REPORT & FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 9 BRITAM MONEY MARKET FUND REPORT OF THE CUSTODIAN

REPORT OF THE CUSTODIAN

In accordance with the Collective Investments Schemes (Unit Trusts) Regulations, 2003 (herein the ‘Regulations’) and the Custody Agreement between Standard Chartered Bank Uganda Limited as the Custodian and Britam Asset Managers Company (Uganda) Limited as the Fund Manager, we confirm that we have discharged the duties prescribed for a Custodian under the Regulations and the Britam Money Market Fund Trust Deed and Rules.

For the year ended 31 December 2020, we have held the assets for the Britam Money Market Fund, including the securities and income that accrue thereof, to the order of the Fund Manager and facilitated the transfer, exchange or delivery in accordance with the instructions received from the Fund Manager.

We confirm having effected the sale, redemption and cancellation of units in accordance with the creation and liquidation instructions received from the Fund Manager.

On behalf of the Custodian Standard Chartered Bank Uganda Limited

10 ANNUAL REPORT & FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 BRITAM MONEY MARKET FUND FINANCIAL STATEMENTS

Statement of comprehensive income

2020 2019 Ugx ‘000 Ugx ‘000 Income Interest income 2,392,025 79,162 Realised gains on investments 18,478 - Total income 2,410,503 79,162 Service Fees (465,795) (17,285) Provision for impairment loss on investments (32,053) - Total expenses (497,848) (17,285) Profit before tax 1,912,655 61,877 Income tax expense - - Profit for the year 1,912,655 61,877 Other comprehensive income - - Total comprehensive income for the year 1,912,655 61,877

The above statement of Comprehensive Income is an extract from the Financial Statements which have been audited by PricewaterhouseCoopers LLP and have received an unqualified opinion.

By order of the Trustees KCB Bank Uganda Limited

ANNUAL REPORT & FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 11 BRITAM MONEY MARKET FUND FINANCIAL STATEMENTS

Statement of financial position

2020 2019 Shs ‘000’ Shs ‘000 Assets Government securities 22,469,428 768,978 Investment with related parties 2,197,024 540,575 Deposits with financial institutions 3,399,738 1,700,843 Bank balances 190,805 67,945

Total assets 28,256,995 3,078,341

Liabilities Current liabilities Accrued expenses 60,960 13,814 Liabilities excluding net assets attributable to unitholders 60,960 13,814 Net assets attributable to unitholders 28,196,035 3,064,527

The above Statement of Financial Position is an extract from the Financial Statements which have been audited by PricewaterhouseCoopers LLP and have received an unqualified opinion.

The full set of Financial Statements can be obtained from the Britam website. www.britam.com

By order of the Trustees KCB Bank Uganda Limited

12 ANNUAL REPORT & FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

BRITISH-AMERICAN MONEY MARKET FUND FOR THE YEAR ENDED 31 DECEMBER 2020

Britam Asset Managers (Uganda) Limited Plot 24 A Akii-Bua Road Nakasero, Kampala

Tel: 0312-305-600