UK ABSOLUTE RETURN UNIT TRUST

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1 UK ABSOLUTE RETURN UNIT TRUST FOR THE YEAR ENDING 31 MARCH 2015

2 Manager St. James's Place Unit Trust Group Limited PO Box 9034, Chelmsford, CM99 2XA United Kingdom Freephone: (Authorised and regulated by the Financial Conduct Authority) Directors of the Manager D. C. Bellamy A. M. Croft I. S. Gascoigne D. J. Lamb Investment Adviser BlackRock Investment Management (UK) Limited 12 Throgmorton Avenue London, EC2N 2DL United Kingdom (Authorised and regulated by the Financial Conduct Authority) Trustee BNY Mellon Trust & Depositary (UK) Limited 160 Queen Victoria Street London, EC4V 4LA United Kingdom (Authorised and regulated by the Financial Conduct Authority) Registrar International Financial Data Services (UK) Limited IFDS House St. Nicholas Lane Basildon, SS15 5FS United Kingdom (Authorised and regulated by the Financial Conduct Authority) Independent Auditor PricewaterhouseCoopers LLP Atria One 144 Morrison Street Edinburgh, EH3 8EX United Kingdom Prospectus and Manager's Reports Copies of the up to date Prospectus (Scheme Particulars) and latest Manager's Report and Financial Statements for the range of St. James's Place Unit Trusts can be requested from a member of the St. James's Place Partnership or, at any time during normal business hours, from the Administration Centre at PO Box 9034, Chelmsford CM99 2XA. Freephone:

3 Report of the Manager During the year under review, 1 April 2014 to 31 March 2015, the St. James's Place UK Absolute Return Unit Trust Accumulation unit offer price (in which revenue is reflected in the price rather than distributed) rose by 9.7% from 96.09p to 105.4p. The Manager's Report consists of Report of the Manager, The Trust's Performance, Investment Adviser's Comments, Risk and Reward Profile and Portfolio Statement. The Trust's Performance The performance of the Trust since its launch in January 2011 and over the year under review is shown below, together with figures for the most commonly quoted indices in comparable markets where the major proportion of the Trust has been invested. St. James's Place UK Absolute Return Unit Trust Accumulation units (offer to offer) Indices - actual Merrill Lynch British Pound LIBOR 3 month Constant Maturity + 3.5% (Total Return) Source: Lipper for Fund returns 31/01/11 to 31/03/14 to 31/03/15 31/03/15 % change % change REMEMBER THAT THE PRICE OF UNITS AND REVENUE FROM THEM MAY GO DOWN AS WELL AS UP. PLEASE BE AWARE THAT PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE PERFORMANCE. Investment Adviser's Comments While the UK and the US economies showed signs of recovery, global policy divergence came to the fore as eurozone growth worries, oil price declines and deflation eventually compelled world central banks to take varying degrees of action to adopt accommodative policy measures. Market volatility was therefore a key feature, however the portfolio s risk conscious, fundamental stock selection approach produced an exceptional end result. Performance was driven by gains in the long book and the pair book, while the short book saw modest losses. The largest contribution came from Shire Pharmaceuticals (healthcare) as the company demonstrated strong earnings growth potential while also benefiting from an ultimately unsuccessful takeover bid. Cruise line operator Carnival (consumer services) also contributed strongly helped by improving revenue prospects and a lower oil price. Elsewhere, the investment in 3i Group (financials) performed well as the private equity firm delivered greater capital returns to shareholders whilst demonstrating good capital discipline. European real estate developer Dolphin Capital (financials) was one of the main detractors, reflecting increased uncertainty in Greece. Better Capital (financials) also disappointed with underlying business weakness denting the private equity firm s absolute return potential. Within the pair book, we were rewarded for our negative view within the outsourcing sector as a company facing structural pressures experienced multiple profit warnings. As the US economy improves, the timing and impact of an eventual rate rise looks set to dominate market movements. Uncertainty remains around the oil price and the impact of monetary policy in Europe, with a range of possible outcomes. The unpredictable nature of the UK general election outcome also seems set to contribute to heightened uncertainty for financial markets. Against this backdrop, we believe there is great benefit to be had from our focus on delivering absolute returns through fundamental analysis, risk management and stock selection. BlackRock Investment Management (UK) Limited 17 April

4 Performance Record The St. James's Place UK Absolute Return Unit Trust was first offered on 31 January 2011 at an offer price of p per unit. Unit Price History and Record of Net Distributions Paid The record of net distributions paid per unit is shown below: Accumulation Calendar year * Net revenue distributed Highest Lowest per 1,000 Invested Offer Bid per unit at 31/01/11 p p p Net Asset Values Year ended March Units in Issue Market NAV per Unit NAV of Trust p 380,851, , ,435, , ,253, , Ongoing Charges Figure The Ongoing Charges Figure for the year ended 31 March 2015 was 1.92% (31 March 2014: 1.93%). Additionally, a performance fee equivalent to 0.69% was paid to the Investment Adviser for the year ended 31 March 2015 (31 March 2014: 0%). The Ongoing Charges Figure ('OCF') is the total expenses paid by the Trust in the year against its average net asset value. It excludes the cost of buying or selling assets for the Trust (unless these assets are shares of another trust). The OCF can fluctuate as underlying costs change. Risk and Reward Profile The synthetic risk and reward indicator for the St. James s Place UK Absolute Unit Trust, as disclosed in its most recent Key Investor Information Document (KIID), is a 3. It was calculated using performance data up to 2 February The risk category is recalculated weekly and during the year under review, the risk category did not change. * To 31 March

5 Portfolio Statement as at 31 March 2015 Security Holdings Notional Exposure 000 Market Value 000 % of Net Assets COLLECTIVE INVESTMENT SCHEMES (7.75%) 34, BlackRock Institutional Sterling Liquidity Fund A Inc 34,043,860 34, EQUITIES (13.71%) 48, Banks Lloyds Banking Group 2,936,534 2, TSB Banking 284, Consumer Services AA 1,475,395 5, AA Rights 21/04/ , Auto Trader 1,607,073 4, Equity Investment Instruments Better Capital 6,050,000 5, Financial Services Arrow Global 834,454 2, LXB Retail Properties 6,346,150 8, General Retailers Dixons Carphone 251,526 1, Healthcare Circle 1,759, Oil & Gas Producers BowLeven 850, Providence Resources 2,114, Real Estate Investment & Services Capital & Counties Properties 2,050,000 8, Dolphin Capital Investors 9,519,660 2, Dolphin Capital Investors Placing 121, Support Services Essentra 480,500 4, Travel & Leisure SSP 569,192 1, STERLING DENOMINATED BONDS (25.35%) 92, Corporate Bonds Bank of Montreal 1% 15/01/2016 1,800,000 1, Bank of Nova Scotia % 18/01/2016 3,000,000 2, Bank of Nova Scotia % 26/02/2016 5,000,000 4, Banque et Caisse d'epargne de l'etat 800, % 18/02/2016 BMW Finance % 09/09/2015 2,200,000 2, Commonwealth Bank of Australia % 900, /08/2015 Cooperatieve Centrale Raiffeisen- 2,000,000 1, Boerenleenbank 1% 03/07/2015 Cooperatieve Centrale Raiffeisen- 14,000,000 14, Boerenleenbank % 23/10/2015 Cooperatieve Centrale Raiffeisen- 9,000,000 9, Boerenleenbank % 29/04/2015 DBS Bank % 09/03/2016 1,000, DBS Bank % 01/04/2016 1,000, Erste Abwicklungsanstalt % 20/01/ ,

6 Portfolio Statement (continued) as at 31 March 2015 Security Holdings Notional Exposure 000 Market Value 000 % of Net Assets Erste Abwicklungsanstalt % 3,000,000 2, /01/2016 Erste Abwicklungsanstalt 0.594% 6,000,000 5, /01/2016 FMS Wertmanagement % 800, /01/2016 FMS Wertmanagement % 600, /01/2016 Hong Kong Mortgage % 1,000, /01/2016 HSBC Bank % 16/10/ ,000,000 10, HSBC Bank % 11/03/2016 7,000,000 6, Metropolitan Life Global Funding I 1,500,000 1, % 17/09/2015 Mizuho Bank 0.53% 05/05/2015 2,500,000 2, National Australia Bank % 1,200,000 1, /06/2015 National Australia Bank % 4,000,000 3, /08/2015 NRW Bank % 12/02/ , NRW Bank % 17/02/2016 1,000, Oversea-Chinese Banking 0.01% 5,000,000 4, /06/2015 Pohjola Bank % 02/03/2016 1,500,000 1, Royal Bank of Canada % 3,000,000 2, /11/2015 Toyota Finance Australia % 700, /02/2016 DERIVATIVES (1.98%) 2, Aerospace & Defense (10,969) BAE Systems Equity CFD (960,000) (5,002) Meggitt Equity CFD (1,099,938) (5,967) Banks 21,546 HSBC Equity CFD 1,860,000 10, Lloyds Banking Group Equity CFD 21,794,417 17,198 (95) (0.03) Royal Bank of Scotland Equity CFD (2,131,560) (7,322) Standard Chartered Equity CFD (260,000) (2,860) TSB Banking Equity CFD 1,134,949 3, Beverages (17,039) Britvic Equity CFD (790,072) (5,835) Diageo Equity CFD (232,390) (4,341) Marston's Equity CFD (2,800,000) (4,242) 14 - SABMiller Equity CFD (74,025) (2,621) Chemicals (1,751) Croda International Equity CFD (155,000) (4,242) Victrex Equity CFD 133,090 2,491 (34) (0.01) 5

7 Portfolio Statement (continued) as at 31 March 2015 Security Holdings Notional Exposure 000 Market Value 000 % of Net Assets Commercial Services (13,162) AA Equity CFD 31, Aggreko Equity CFD (92,949) (1,412) Babcock International Equity CFD 461,410 4, Bunzl Equity CFD (578,504) (10,633) Experian Equity CFD (587,800) (6,660) (106) (0.03) Rentokil Initial Equity CFD 3,926,840 5,380 (153) (0.04) Serco Equity CFD (2,613,000) (980) (980) (0.27) Serco Equity CFD (Germany Listing) (2,613,000) (3,543) Computers (5,278) CGI Equity CFD (102,999) (2,949) Sage Equity CFD (496,500) (2,329) Electronic & Electrical Equipment 3,294 Energizer Holdings Equity CFD 35,600 3, Financial Services 24,016 3i Equity CFD 2,700,290 13,015 (78) (0.02) Aberdeen Asset Management Equity CFD (695,035) (3,205) 8 - Hargreaves Lansdown Equity CFD 730,260 8, Henderson Equity CFD (1,395,550) (3,945) (137) (0.04) Paragon Equity CFD 2,327,780 9,746 (32) (0.01) Food Retailers & Wholesalers (22,677) Associated British Foods Equity CFD (188,490) (5,336) Ocado Equity CFD (442,111) (1,562) Sainsburys (J) Equity CFD (1,425,612) (3,711) Tesco Equity CFD (3,300,650) (8,070) (104) (0.03) WM Morrison Supermarkets Equity CFD (2,049,003) (3,998) General Industry (5,300) Smiths Equity CFD (470,267) (5,300) General Retailers 4,779 Debenhams Equity CFD (1,735,130) (1,313) Dixons Carphone Equity CFD 1,235,079 5,084 (227) (0.06) Enterprise Inns Equity CFD 3,947,865 3,948 (146) (0.04) Marks & Spencer Equity CFD (540,000) (2,940) (160) (0.04) Health Care Equipment & Services 3,550 Smith & Nephew Equity CFD 310,000 3,550 (3) - Household Goods & Home Construction 6,495 CRH Equity CFD 331,385 5, Persimmom Equity CFD (230,000) (219) (219) (0.06) Persimmon Equity CFD (Germany Listing) (230,000) (3,830) Reckitt Benckiser Equity CFD (76,960) (4,519) Taylor Wimpey Equity CFD 5,939,420 9, Insurance (5,037) Prudential Equity CFD (104,020) (1,745) Standard Life Equity CFD (385,000) (281) (281) (0.08) Standard Life Equity CFD (Germany Listing) (630,000) (3,011) (34) (0.01) Media 13,585 ITV Equity CFD 1,739,370 4,394 (47) (0.01) Pearson Equity CFD (439,750) (6,398) Reed Elsevier Equity CFD 1,340,395 15,

8 Portfolio Statement (continued) as at 31 March 2015 Security Holdings Notional Exposure 000 Market Value 000 % of Net Assets Mining 1,982 Anglo American Equity CFD (240,000) (2,467) Rio Tinto Equity CFD 159,770 4,449 (96) (0.03) Oil & Gas Producers 1,513 BowLeven Equity CFD 604, (5) - BP Equity CFD (1,190,000) (5,237) (224) (0.06) Royal Dutch Shell Equity CFD 309,270 6, Personal Goods (7,508) Burberry Equity CFD (195,000) (3,391) Unilever Equity CFD (144,850) (4,117) Pharmaceuticals & Biotechnology 7,194 AstraZeneca Equity CFD 96,180 4, Indivior Equity CFD (63,140) (120) (7) - Shire Equity CFD 52,905 2,836 (90) (0.03) Real Estate Investment & Services 1,006 Dolphin Capital Investors Equity CFD 4,374,520 1,006 (120) (0.03) Support Services 27,929 Ashtead Equity CFD 472,380 5,149 (29) (0.01) Carillion Equity CFD (485,000) (1,594) Filtrona Equity CFD 473,035 4,723 (83) (0.02) Hays Equity CFD 3,702,110 5,746 (19) (0.01) Howden Joinery Equity CFD 1,190,420 5,309 (113) (0.03) Regus Equity CFD (2,149,730) (4,689) SIG Equity CFD 1,769,915 3, Travis Perkins Equity CFD (80,000) (1,567) (11) - Wolseley Equity CFD 281,605 11,256 (401) (0.11) Telecommunications (3,894) Inmarsat Equity CFD (419,145) (3,894) Tobacco 7,377 British American Tobacco Equity CFD 210,075 7,377 (393) (0.11) Travel & Leisure 24,976 Betfair Equity CFD 311,280 6, Carnival Equity CFD 505,490 16, Ladbrokes Equity CFD (650,000) (675) SSP Equity CFD 705,686 2, Utilities (2,416) SSE Equity CFD (159,500) (2,416) (62) (0.02) Futures FTSE 100 Index Futures June 2015 (165) FTSE 250 Index Futures June 2015 (200) (10) - Investment assets 177, Total other assets (net) 179, Net assets 357, Comparative figures shown in brackets relate to 31 March All investments held are listed, unless otherwise stated. Contracts for Difference contracts are Over the Counter (OTC) derivatives. Derivatives shown as CFDs represent Contracts for Difference. Derivative contracts were traded on an eligible derivatives exchange. ^ Including investment liabilities of ( 4,499k). 7

9 Portfolio Statement (continued) as at 31 March 2015 Security Summary of Investment Assets by Credit Ratings Holdings Notional Exposure 000 Market Value 000 % of Net Assets Rating Block Investment grade bonds 86, Unrated bonds 5, Total bonds 92, Other 264, Net assets 357,

10 Material Portfolio Changes Cost Purchases 000 FTSE 100 Index Futures December ,430 BlackRock Institutional Sterling Liquidity Fund A Inc 54,500 FTSE 100 Index Futures September ,744 FTSE 100 Index Futures March ,248 Lloyds Banking Group Equity CFD 35,932 FTSE 100 Index Futures June ,596 Carnival Equity CFD 28,146 Lloyds Banking Group Equity CFD 27,589 Taylor Wimpey Equity CFD 24,052 Ashtead Group CFD 23,766 Proceeds Sales 000 FTSE 100 Index Futures December ,251 FTSE 100 Index Futures September ,794 BlackRock Institutional Sterling Liquidity Fund A Inc 44,400 FTSE 100 Index Futures March ,073 Lloyds Banking Group Equity CFD 35,932 Lloyds Banking Group Equity CFD 30,610 Shire Equity CFD 29,417 Ashtead Equity CFD 28,431 Carnival Equity CFD 28,146 FTSE 100 Index Futures June ,718 Purchases and sales of futures have been included at the value of their exposure. 9

11 Statement of the Manager's Responsibilities in relation to the Financial Statements of the Trust The rules in the Financial Conduct Authority's Collective Investment Schemes Sourcebook ("the Rules") require the Manager to prepare Financial Statements for each annual accounting period which give a true and fair view of the financial position of the Trust as at the end of the year and of the net expenses and the net capital gains on the property of the Trust for the year then ended. In preparing the Financial Statements the Manager is required to: select suitable accounting policies and then apply them consistently; make judgements and estimates that are reasonable and prudent; comply with the requirements of the Statement of Recommended Practice relating to Authorised Funds and the Trust Deed; follow applicable UK Accounting Standards (UK Generally Accepted Accounting Practice); and prepare Financial Statements on the going concern basis unless it is inappropriate to presume that the Trust will continue in operation. The Manager is responsible for keeping proper accounting records and for the management of the Trust in accordance with its Trust Deed, Prospectus and the Rules. The Manager has a general responsibility for taking such steps as are reasonably open to it to prevent and detect fraud and other irregularities. Directors' Certificate This report is certified in accordance with the requirements of the rules in the Financial Conduct Authority's Collective Investment Schemes Sourcebook. Directors A. M. Croft London D. J. Lamb 3 June

12 Statement of Trustee's Responsibilities The Trustee is under a duty to take into custody and to hold the property of the Trust in trust for the holders of units. It is also the duty of the Trustee to enquire into the conduct of the Manager in the management of the Trust and to ensure that the Trust is managed in accordance with all applicable rules and restrictions in each annual accounting period, and to report thereon to unitholders. Report of the Trustee In our opinion, the Manager has managed the Trust, in all material aspects, during the period covered by this Report in accordance with the investment and borrowing powers and the restrictions applicable to the Trust and otherwise in accordance with the provisions of the Trust Deed and the rules in the Financial Conduct Authority's Collective Investment Scheme provisions of the Sourcebook. For and on behalf of: BNY Mellon Trust & Depositary (UK) Limited London 3 June

13 Independent Auditors' Report to the Unitholders of St. James's Place UK Absolute Return Unit Trust Our opinion In our opinion the financial statements, defined below: give a true and fair view of the financial position of the Trust as at 31 March 2015 and of the net expenses and the net capital gains of the scheme property of the Trust for the year then ended; and have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice, the Statement of Recommended Practice for Authorised Funds, the Collective Investment Schemes sourcebook and the Trust Deed. This opinion is to be read in the context of what we say in the remainder of this report. What we have audited The financial statements of St. James s Place UK Absolute Return Unit Trust (the Trust ), which are prepared by St. James s Place Unit Trust Group Limited (the Authorised Fund Manager ), comprise: the balance sheet of the Trust as at 31 March 2015; the statement of total return of the Trust for the year then ended; the statement of change in net assets attributable to unitholders of the Trust for the year then ended; and the notes to the Trust s financial statements, which include a summary of significant accounting policies and other explanatory information. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), the Statement of Recommended Practice Financial Statements of Authorised Funds issued by the Investment Management Association (the Statement of Recommended Practice for Authorised Funds ), the Collective Investment Schemes sourcebook and the Trust Deed. In applying the financial reporting framework, the Authorised Fund Manager has made a number of subjective judgements, for example in respect of significant accounting estimates. In making such estimates, they have made assumptions and considered future events. What an audit of financial statements involves We conducted our audit in accordance with International Standards on Auditing (UK and Ireland) ( ISAs (UK & Ireland) ). An audit involves obtaining evidence about the amounts and disclosures in the financial statements sufficient to give reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or error. This includes an assessment of: whether the accounting policies are appropriate to the Trust s circumstances and have been consistently applied and adequately disclosed; the reasonableness of significant accounting estimates made by the Authorised Fund Manager; and the overall presentation of the financial statements. In addition, we read all the financial and non-financial information in the Annual Report (the Annual Report ) to identify material inconsistencies with the audited financial statements and to identify any information that is apparently materially incorrect based on, or materially inconsistent with, the knowledge acquired by us in the course of performing the audit. If we become aware of any apparent material misstatements or inconsistencies we consider the implications for our report. 12

14 Independent Auditors' Report to the Unitholders of St. James's Place UK Absolute Return Unit Trust (continued) Opinions on matters prescribed by the Collective Investment Schemes sourcebook In our opinion: we have obtained all the information and explanations we consider necessary for the purposes of the audit; and the information given in the Authorised Fund Manager s Report for the financial year for which the financial statements are prepared is consistent with the financial statements. Other matters on which we are required to report by exception Propriety of accounting records and information and explanations received Under the Collective Investment Schemes sourcebook we are required to report to you if, in our opinion: proper accounting records have not been kept; or the financial statements are not in agreement with the accounting records and returns. We have no exceptions to report arising from this responsibility. Responsibilities for the financial statements and the audit Our responsibilities and those of the Authorised Fund Manager As explained more fully in the Authorised Fund Manager s Responsibilities Statement set out on page 10, the Authorised Fund Manager is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view. Our responsibility is to audit and express an opinion on the financial statements in accordance with applicable law and ISAs (UK & Ireland). Those standards require us to comply with the Auditing Practices Board s Ethical Standards for Auditors. This report, including the opinions, has been prepared for and only for the Trust s unitholders as a body in accordance with paragraph of the Collective Investment Schemes sourcebook and for no other purpose. We do not, in giving these opinions, accept or assume responsibility for any other purpose or to any other person to whom this report is shown or into whose hands it may come save where expressly agreed by our prior consent in writing. PricewaterhouseCoopers LLP Chartered Accountants & Statutory Auditors Edinburgh 3 June 2015 The maintenance and integrity of the St. James s Place website is the responsibility of the Fund Manager; 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. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. 13

15 Statement of Total Return for the year ended 31 March 2015 Income Net capital gains Revenue Expenses Finance costs: Interest Net expenses before taxation Taxation Net expenses after taxation 01/04/14 to 31/03/15 01/04/13 to 31/03/14 Notes ,309 19,316 3 (112) (413) 4 (8,270) (6,048) 6 (34) (16) (8,416) (6,477) 5-2 (8,416) (6,475) Total return before equalisation 29,893 12,841 Finance costs: Equalisation Change in net assets attributable to unitholders from investment activities 29,893 12,841 Statement of Change in Net Assets Attributable to Unitholders for the year ended 31 March /04/14 to 31/03/15 01/04/13 to 31/03/ Opening net assets attributable to unitholders 307, ,669 Movement due to creation and cancellation of units: Amounts receivable on creation of units 32,303 8,110 Amounts payable on cancellation of units (12,767) (46,981) Dilution levy charged Stamp duty reserve tax Change in net assets attributable to unitholders from investment activities (see above) Closing net assets attributable to unitholders 19,536 (38,871) 34 - (7) (36) 29,893 12, , ,603 The prices per unit as at 31 March 2015 (unaudited) were: Accumulation units Bid Offer p p

16 Balance Sheet as at 31 March 2015 Assets Investment assets Debtors Cash and bank balances 31/03/15 31/03/14 Notes , , ,091 2, , ,125 Total other assets 219, ,797 Total assets 401, ,234 Liabilities Investment liabilities (4,499) (25,355) Creditors 10 (24,179) (6,210) Bank overdrafts 9 (15,971) (4,066) Total other liabilities (40,150) (10,276) Total liabilities (44,649) (35,631) Net assets attributable to unitholders 357, ,603 15

17 Notes to the Financial Statements for the year ended 31 March Accounting and Distribution policies (a) Basis of accounting The Financial Statements have been prepared under the historical cost basis, as modified by the revaluation of investments, in compliance with the Financial Conduct Authority's Collective Investment Schemes Sourcebook. They have been prepared in accordance with applicable UK accounting standards and in accordance with the Statement of Recommended Practice (SORP) for Financial Statements of Authorised Funds issued by the IMA in October 2010 (IMA SORP 2010). (b) Revenue Dividends receivable from equity investments are credited to the revenue account when the investments are first quoted ex-dividend. Interest on deposits is accounted for on an accruals basis. Revenue on fixed interest securities is recognised on an effective interest rate basis. Dividend equivalent values on derivatives are recognised when the underlying securities are quoted ex-dividend. Where such securities are not quoted, dividends are recognised when they are declared. Revenue from any Contracts for Difference held ("CFDs") is transferred between the Trust and the counterparty Deutsche Bank. (c) Expenses All expenses of the Trust are recognised on an accruals basis and are deducted from revenue with the exception of handling charges and stamp duty reserve tax which are deducted from capital. (d) Valuation of investments Listed investments have been valued at bid market value at midday on 31 March 2015 (31/03/14: bid market value at midday), net of any accrued interest which is included in the Balance Sheet as a revenue related item. Authorised unit trusts are valued at cancellation price for funds managed by the manager and a bid price for all other funds. Suspended, delisted, unquoted or manually priced securities are valued by the manager taking into account, where appropriate, latest dealing prices, financial performance and other relevant factors. Any open positions on CFD contracts at the year end are included in the Balance Sheet at their mark to market value based on the price of the underlying security or index which they are purchased to reflect. Open Futures Contracts are shown in the Portfolio Statement and are valued using broker prices. The net gains are reflected in "Futures contracts" in Net capital gains. (e) Foreign exchange Assets and liabilities have been translated into sterling at the exchange rates prevailing at the Balance Sheet date. Transactions involving foreign currencies are converted at the rate ruling on the date of the transaction. (f) Taxation Provision is made for corporation tax at the current rate on the excess of taxable revenue over allowable expenses. (g) UK dividend revenue is disclosed net of any related tax credit. Overseas dividends continue to be disclosed gross of any foreign tax suffered, the tax element being separately disclosed in the tax note. Deferred tax is provided for on the liability method on all timing differences. A deferred tax asset is only recognised to the extent that a timing difference will be of future benefit. Distribution policy There is no distribution for the current period. Where there is distributable income, the Manager may choose to pay all remaining revenue, less revenue expenses and taxation as a distribution at the end of the accounting period. In the case of income unitholders this will be paid as a distribution. In the case of accumulation unitholders the distribution will be reinvested. 16

18 Notes to the Financial Statements (continued) (h) Equalisation Equalisation applies only to units purchased during the distribution period. It is the accrued revenue element of the purchase price of all such units and is refunded to holders of these units as a return of capital. Being capital it is not liable to income tax, but must be deducted from the cost of units for capital gains tax purposes. (i) Special dividends Special dividends are treated as revenue or a repayment of capital reflecting the facts of each particular case. (j) Derivatives The Trust may enter into permitted transactions such as derivative contracts or forward foreign currency transactions. Where these transactions are used to protect or enhance revenue, the returns are included within net revenue in the Statement of Total Return. Where the transactions are used to protect or enhance investments, the returns are treated as capital and included within gains/losses on investments in the Statement of Total Return. Any open positions in these type of transactions at the year end are included in the Balance Sheet at their mark to market value. (k) Underwriting commission Underwriting commission is recognised when the issue takes place. Where the Trust is required to take up some or all of the shares underwritten, an appropriate proportion of the commission earned is deducted from the cost of those shares. (l) Performance fee Performance fees are chargeable against revenue and are accounted for an on accruals basis. These are applicable to St. James's Place UK Absolute Return Unit Trust and will apply when it achieves a positive return, outperforms the agreed benchmark, and exceeds the agreed hurdle rate. Performance fees are calculated on the difference between the net asset value per share on the first dealing day of the period and the net asset value per share on the last dealing day of the period in excess of the performance of the benchmark over the same period. The hurdle rate is based on the price of the relevant share class on the last dealing day of the period at which a performance fee actually crystallizes. Performance fees crystallize and become payable on an annual basis to coincide with the end of the period. The specific details of the performance fee calculation can be found in the prospectus Net capital gains Non-derivative securities Futures and contracts for difference Currency gains Handling charges Net capital gains Revenue 01/04/14 to 31/03/15 01/04/13 to 31/03/ , ,299 18, (55) (26) 38,309 19,316 01/04/14 to 31/03/15 01/04/13 to 31/03/ UK dividends Overseas dividends Revenue from UK REITs Bank interest Interest on debt securities Underwriting commission 67 - Interest on short term deposits Contracts for difference income (1,173) (1,993) Total revenue (112) (413) 17

19 Notes to the Financial Statements (continued) 4. Expenses 01/04/14 to 31/03/15 01/04/13 to 31/03/ Payable to the Manager Management charge 4,032 4,016 Payable to the Trustee Trustee's fee Other expenses Audit fee Investment administration fee Professional fees 1 - Performance fee 2,204 - Registrar's fee Safe custody fee Tax & compliance fee 4 3 Investment adviser's fee 1,799 1,804 4,206 2,000 Total expenses 8,270 6, Taxation 01/04/14 to 31/03/15 01/04/13 to 31/03/ (a) Analysis of charge in year: Irrecoverable overseas tax - (2) (b) Factors affecting current tax charge for the year: The tax assessed for the year is higher than the standard rate of corporation tax in the UK for an authorised unit trust of 20% (2014: 20%). The differences are explained below: Net expenses before taxation (8,416) (6,477) (c) (d) Corporation Tax at 20% (2014: 20%) (1,683) (1,295) Effects of: UK dividends not subject to corporation tax (48) (57) Non taxable contract for difference dividends Non taxable foreign dividends (4) (28) Movement in excess management expenses 1, Irrecoverable overseas tax - (2) Excess loan relationship losses not relieved 94 - Current tax charge for year (note 5a) - (2) Authorised Unit Trusts are exempt from tax on capital gains, therefore any capital return is not included in the above reconciliation. Deferred taxation: There is no provision required for deferred taxation at the balance sheet date. Factors that may affect future tax charges At the year end, after offset against revenue taxable on receipt, there is a potential deferred tax asset of 5,654,612 (31/03/14: 3,254,982) relating to surplus management expenses and loan relationship losses. No deferred tax asset was recognised in the current or prior year as it was considered unlikely the Trust would generate sufficient taxable profits in the future to utilise these amounts. 18

20 Notes to the Financial Statements Finance costs Equalisation and interest Total finance costs Net expense after taxation Deficit transferred to capital Sales awaiting settlement Amounts receivable for creation of units Accrued revenue Due from brokers contracts for difference Total debtors Cash and bank balances: Sterling Cash and bank balances: Overseas Short term deposits Amounts held at futures clearing houses and brokers Total cash and bank balances 01/04/14 to 31/03/15 (continued) The equalisation takes account of revenue received on the creation of units and revenue deducted on the cancellation of units and comprises: 01/04/14 to 01/04/13 to 31/03/15 31/03/ Net equalisation for the year Interest Movement between net expenses and net equalisation Net equalisation for the year Debtors Cash and bank balances /04/13 to 31/03/ (8,416) (6,475) 8,416 6, /03/15 31/03/ ,631 2, (18) 12,998-18,091 2,672 31/03/15 31/03/ ,703 2, , , , , Amounts due to futures clearing houses and brokers Bank overdraft: Other cash and bank balances Total bank overdrafts Creditors Purchases awaiting settlement Amounts payable for cancellation of units Accrued expenses Due to brokers for contracts for difference Total creditors ,851 4,066 15,971 4,066 31/03/15 31/03/ ,037 2, , ,068 24,179 6,210 19

21 Notes to the Financial Statements (continued) 11. Related party transactions St. James's Place Unit Trust Group Limited and BNY Mellon Trust & Depositary (UK) Limited together with their associates are related parties and regarded as controlling parties by virtue of having the ability to act in respect of operations of the Trust. The Manager's service charge paid to St. James's Place Unit Trust Group Limited is shown in note 4 and details of the value of units created and cancelled by St. James's Place Unit Trust Group Limited are shown in the Statement of Change in Net Assets Attributable to Unitholders. The net balances due from St. James's Place Unit Trust Group Limited at the year end in respect of these transactions was 858,093 (31/03/14: due to 453,704). Trustee's fees and interest payable to BNY Mellon Trust & Depositary (UK) Limited and their associates are shown in notes 4 and 6 respectively. The net balances due from BNY Mellon Trust & Depositary (UK) Limited and their associates at the year end in respect of these transactions was nil (31/03/14: nil). The Manager, St. James's Place Unit Trust Group Limited, is a subsidiary of St. James's Place Wealth Management Group plc ('SJPWMG'). Two fellow subsidiaries of SJPWMG, St. James's Place International plc and St. James's Place UK plc, invest some of their life and pension policyholders' funds into the St. James's Place UK Absolute Return Unit Trust. The value of these investments at the year end was 270,406,266 (31/03/14: 240,822,794). 12. Capital commitments and contingent liabilities On 31 March 2015, the Trust had no capital commitments (31/03/14: nil) and no contingent liabilities (31/03/14: nil). 13. Derivatives and other financial instruments In accordance with the investment objectives, as stated on page 25, the Trust held certain financial instruments. These comprise: Equity shares and interest bearing assets and units in collective investment schemes. Cash (including overdrafts) and short-term debtors and creditors that arise directly from its operations; and Derivatives which the Trust may enter into (principally futures contracts, options and contracts for difference) for investment purposes as well as managing the market risk arising from the Trust's investment activities (and related financing). The rules in the Scheme Documents set out the financial instruments in which the Trust may invest. The Trust's use of financial instruments during the year satisfies these requirements. 14. Risk management The Manager s objectives in managing investment risk are to ensure that the investment profile of the Trust is consistent with its stated investment objectives and risk profile, and to ensure appropriate liquidity. Day to day responsibility for managing investment risk is delegated to the Investment Adviser, who is required to manage the Trust in accordance with FCA regulations, the Prospectus and the terms of their Investment Management Agreement with the Manager. The Manager monitors the activities of the Investment Adviser, through a variety of mechanisms including the following: Initial and ongoing due diligence of Investment Adviser investment and risk management procedures including on site reviews; Periodic reviews of the investments held by the Trust and their compliance with investment objectives and liquidity requirements; and Ongoing review of the investment performance of the Trust against appropriate benchmarks. The main risks arising from the Trust's financial instruments are market price risk, foreign currency risk, interest rate risk, credit risk and liquidity risk. The Manager's policies for managing these risks are summarised below. These policies have remained unchanged since the beginning of the year to which these financial statements relate (same for 2014). (a) Market price risk Market price risk represents the potential loss the Trust might suffer through holding market positions in the face of price movements. 20

22 Notes to the Financial Statements (continued) The Manager has delegated the investment management of the portfolio to an external Investment Adviser who determines the asset allocation and minimises the risk associated with particular countries or industry sectors, whilst continuing to follow the Trust s investment objectives. The Manager has the responsibility for monitoring the portfolio to ensure compliance with the investment objectives and that an acceptable risk and reward profile is maintained. The Manager may use derivative instruments for efficient portfolio management purposes (including hedging) to minimise the risk against market and stock specific risk and also for investment purposes. (b) Foreign currency risk The revenue and capital value of the Trust s investments can be significantly affected by currency translation movements as a proportion of the Trust s assets and revenue are denominated in currencies other than sterling, which is the Trust s functional currency. The Manager has identified three principal areas where foreign currency risk could impact the Trust: Movements in exchange rates affect the value of investments; Movements in exchange rates affect short term timing differences; and Movements in exchange rates affect revenue received. The Trust may be subject to short term exposure to exchange rate movements, for instance where there is a difference between the date an investment purchase or sale is entered into and the date when settlement of the proceeds occurs. When the Trust enters into such a transaction which will involve the buying or selling of foreign currency in order to complete, a foreign exchange contract is entered into as soon as possible after the initial transaction in order to minimise the exchange rate risk. The Trust receives revenue in currencies other than sterling and movements in exchange rates can affect the sterling values of this revenue. The Trust converts all receipts of revenue into sterling on or near the date of receipt, it does not however hedge or otherwise seek to avoid exchange rate risk on revenue accrued but not received. An analysis of monetary assets and liabilities for all currencies at the year end is shown below: Net foreign currency assets Net foreign currency assets Currency 31/03/15 Nonmonetary exposures 31/03/14 Nonmonetary exposures Monetary exposures Total Monetary exposures Total , , , , , , (5) (5) - (823) (823) (7) (536) (543) 489 (77) GBP AUD CAD CHF USD 179, , , , , ,603 (c) Interest rate risk Interest rate risk arises due to variability in market interest rates. Some investments held by the Trust, such as Corporate Bonds or Gilts, are highly sensitive to fluctuations in market interest rates. Interest receivable on bank deposits or payable on bank overdraft positions will also be affected by these fluctuations. This risk is managed by ensuring that the Trust s assets are diversified. 21

23 Notes to the Financial Statements Floating rate financial assets Fixed rate financial assets Fixed rate weighted average interest rate Fixed rate weighted average period for which rate is fixed Financial assets not carrying interest (continued) The interest rate risk profile of the Trust's financial assets and liabilities at 31 March 2015 was: Currency Total % Years /03/15 GBP 290,081-66, ,652 CAD - - (5) (5) USD (77) 412 Total 290,570-66, ,059 31/03/14 GBP 236,917-71, ,580 AUD CAD - - (823) (823) CHF - - (543) (543) USD Total 236,975-70, ,603 (d) Credit risk Credit risk occurs where there is a risk associated with the uncertainty of a counterparty s ability to meet its obligations. This risk for bonds is managed by reviewing the counterparty s credit rating, at the time of purchase and on an ongoing basis, and ensuring that the portfolio is sufficiently diversified. The impact of movements in credit rating and spread, and their effect on market prices, is considered to be part of market price risk, which is discussed above. The Trust s investments and cash are held on its behalf by State Street Bank and Trust Company (acting as agent), the custodian to the Trust, and its appointed sub custodians. Bankruptcy or insolvency of the custodian or its sub custodians may cause the Trust s rights with respect to securities to be delayed. This risk is managed through ongoing monitoring of the custodian and periodic reviews of its procedures for selecting and monitoring sub custodians, together with ad hoc reviews of custodian and sub custodian credit ratings. Certain transactions in securities that the Trust enters into expose it to the risk that the counterparty will not deliver the investment (purchase) or cash (sale) after the fund has fulfilled its responsibilities. The external Investment Adviser selects acceptable counterparties through which investments are bought and sold. The Manager has responsibility for monitoring the process by which these counterparties are selected to minimise risk. Where the Investment Managers make an investment in a bond with credit risk, that credit risk is assessed and then compared to the prospective investment return of the security in question. The risk is managed by reviewing the credit ratings of those bonds at time of purchase and on an ongoing basis. 22

24 Notes to the Financial Statements (continued) (e) Liquidity risk Liquidity risk arises where liabilities cannot be met when they fall due or can only be met at an uneconomic price. For instance, this could arise if the Trust faces significant redemptions in a short period of time. In order to manage this risk the manager monitors the Trust with the aim of ensuring that it contains diversified liquid assets, that the Trust possesses sufficient liquidity for the purpose of meeting the redemption of units, and that the Trust has sources of borrowing available to it. (f) Derivative risk The Manager may enter into derivatives transactions (including contracts for difference, forwards transactions, futures and options) for investment purposes and for efficient portfolio management purposes (including hedging). A relatively small market movement may have a potentially larger impact on derivatives than on the underlying assets and the use of derivatives can therefore increase the volatility of the value of units in the Scheme. However it is not anticipated that the use of derivatives will have a significant effect on the risk profile of the Scheme. The use of derivatives, such as CFDs, may expose the Scheme to a higher degree of risk. For example the amount of initial margin is generally small relative to the size of the contract so that exposure to investments is leveraged so that they are greater than the total net asset value of the Scheme. A relatively small market movement may have a potentially larger impact on derivatives than on standard bonds or equities and leveraged positions can therefore increase the Scheme's volatility. The Manager and Investment Adviser use a risk management process which enables them to monitor and measure on a daily basis the risk of the Scheme's derivatives and forwards position and their impact on the overall risk profile of the Scheme. This process has been notified to the FCA in accordance with COLL. The Manager and Investment Adviser apply an absolute Value at Risk (VAR) approach to calculate the Scheme s global exposure. The Manager and Investment Adviser will ensure that the global exposure generated by using financial derivative instruments on the underlying assets of the Scheme shall not exceed the total net value of the Scheme. The VaR calculations for the Trust use the parametric, Variance-Covariance approach to provide an estimate at a 99% confidence level of the expected maximum loss over a one month period, based on the historic (at least one year) price volatility of each of the current holdings of the Trust. Calculation are performed daily and reviewed monthly or more frequently when market prices are subject to material changes. The one month VAR Calculated as at 31 March 2015 was As at the accounting date the underlying exposure obtained through financial derivative instruments was 15,851,000. The counterparty is Deutsche Bank. Collateral cost of 15,819,000 is in place. (g) Maturity profile of financial liabilities All financial liabilities of the Trust at the year end are due to settle in one year or less, or on demand. (h) Fair value of financial assets and liabilities There is no material difference between the value of the financial assets and liabilities, as shown in the Balance Sheet, and their fair values. 23

25 Notes to the Financial Statements 16. Portfolio transaction costs Analysis of total trade costs. Non-derivative securities Derivatives* Trades in the year before transaction costs Commissions Taxes Total costs Total trades in the year after transaction costs (continued) Purchases Sales 01/04/14 to 31/03/15 01/04/13 to 31/03/14 01/04/14 to 31/03/15 01/04/13 to 31/03/ ,701, ,615 1,748, , ,749 94, , ,340 1,934, ,402 1,986, ,420 6,812 - (13,936) - 16,004 8 (84) - 22,816 8 (14,020) - 1,956, ,410 1,972, ,420 *Purchases and sales of futures contracts do not incur transaction costs and have been included at the value of their exposure. 24

26 General Information The Trust St. James's Place UK Absolute Return Unit Trust is an authorised Unit Trust scheme under section 243 of the Financial Services and Markets Act (2000) and is constituted by a Trust Deed dated 14 January The Unit Trust is subject to the rules of the Financial Conduct Authority's Collective Investment Scheme Sourcebook and is classified as a UCITS Scheme. The Trust Manager The Manager of the Trust is St. James's Place UK Absolute Return Unit Trust Group Limited which is a member of the Investment Association and is authorised and regulated by the Financial Conduct Authority. Investment Objectives The objective of the Scheme is to aim to achieve a positive absolute return in sterling terms in all market conditions, over rolling twelve month periods. There is no guarantee that a positive return will be achieved over this, or any, time period and therefore capital is at risk. The Scheme will primarily be invested in a portfolio of equities and equity-related securities (including derivatives) of companies incorporated or listed in the UK, cash and near cash. The Scheme may use derivatives for both investment and efficient portfolio management purposes (including hedging). The Scheme intends to take full advantage of the ability to invest in derivatives, providing both long and synthetic short positions, principally through the use of contracts for difference. The Scheme is also permitted to invest in other types of transferable securites, units and/or shares in collective investment schemes, money market instruments and deposits, and may borrow and enter into stocklending and repurchase agreements in accordance with COLL. It is the Manager's intention that the assets of the Unit Trust will be invested so that the Unit Trust will be eligible for inclusion in an ISA. Non-Resident Unitholders - European Union Savings Directive Unitholders resident in most European Union countries (not UK) should be aware that the Trust is covered by the European Union Savings Directive. The Manager is required to identify and report your distribution and repurchase transactions to the UK tax authorities, who are in turn required to pass this information to most other EU national tax authorities. Efficient Portfolio Management The efficient portfolio management techniques permitted in the fund as at 31 March 2015 comprise of: Technique Counterparty Exposure ( ) Exchange Traded Futures Merrill Lynch Pierce Fenner & Smith (17,943,225) The revenues in the year were nil with no collateral placed or received. Unit Dealings Dealings on the Trust take place on a daily basis. Purchase or sale instructions can be made by telephone or in writing to St. James's Place Unit Trust Group Limited, PO Box 9034, Chelmsford, CM99 2XA, United Kingdom, freephone: The Manager adopts a policy of forward pricing, i.e. the order will be transacted on the dealing day following receipt of the client's instructions, or if received before noon, on that dealing day. In the case of telephone purchases of units from the Manager, settlement must be by return of post after receipt of the contract note. In the case of telephone redemptions, the proceeds will not become payable until the receipt at the Administration Centre of a written request. A contract note confirming the subscription or redemption price and the number of units involved will be forwarded, together with a cancellation notice, where appropriate, on the next business day. The most recent issue and redemption prices will be published on the Manager's website: and are available by calling the Administration Centre on

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