Notes to the annual financial statements

FOR THE YEAR ENDED 31 MARCH 2010

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16.	Investment in money market funds
		2010  R million	2009  R million
	Money market fund investments are held in the following currencies:
	USA dollar (2010: $161 million; 2009: $80 million)	1 172	766
	British pound (2010: £13 million; 2009: £13 million)	146	181
	Euro (2010: €50 million; 2009: €50 million)	494	631
		1 812	1 578

Investments in money market funds relate to investments in shares of JP Morgan liquidity funds, specifically the Sterling Gilt Liquidity Fund, the US Treasury Liquidity Fund and the Euro Government Liquidity Fund. The portfolios of the funds on 31 March 2010 consisted of government bonds with maturities of up to one year and bank repurchase agreements to ensure liquidity on demand as the shares in the funds are callable on a daily basis. Distributions from these funds are disclosed as dividend income. These instruments carry very low risk and provide daily liquidity, but cannot be classified as cash and cash equivalents as the individual instruments held by the funds do not meet the maturity criteria of IAS 7: Statement of Cash Flows. These investments are considered to be equity instruments categorised as “financial assets at fair value through profit and loss.”