# Statement of cash flows (continued)
## ACUMEN ESG Protection Portfolio

## For the financial year ended

## Pergola 90

## For the financial year ended

## SciBeta HFI US Equity 6F EW (USD) UCITS ETF

## For the financial year ended
|  | 31 July 2022 £ | 31 July 2021 £ | 31 July 2022 € | 31 July 2021 € | 31 July 2022 US$ | 31 July 2021 US$ |
| --- | --- | --- | --- | --- | --- | --- |
| Operating (loss)/profit after finance costs and taxation | (2,183,625) | 334,182 | (959,010) | (146,994) | (1,414,563) | 14,468,051 |
| Adjustments for: |  |  |  |  |  |  |
| Interest income | – | (4) | (1) | (3) | – | – |
| Interest expense | 16 | – | – | – | – | – |
| Exchange (losses)/gains on cash and cash equivalents	 | (67)	 | 66 | 	–	 | – | 	–	 | – |
|  | (2,183,676) | 334,244 | (959,011) | (146,997) | (1,414,563) | 14,468,051 |
| Decrease/(increase) on financial assets at fair value through profit or loss | 7,302,406 | (17,654,736) | 8,042,307 | 1,548,221 | 2,425,487 | 47,510,616 |
| Increase/(decrease) in financial liabilities at fair value through profit or loss | 923,733 | 1,589,011 | 184,615 | 128,355 | (434,409) | (1,949,206) |
| Net (decrease)/increase in due from/to broker | (1,506,973) | (122,684) | 65,795 | 511,591 | 259,294 | 1,657,614 |
| Decrease/(increase) in other receivables | 72,445 | (86,338) | 19,653 | (32,937) | 8,135 | (42,053) |
| (Decrease)/increase in accrued expenses and other payables  | (43,207)	 | 61,427 | 	(63,769)	 | 60,828 | 	(14,839)	 | (5,025) |
|  | 4,564,728 | (15,879,076) | 7,289,590 | 2,069,061 | 829,105 | 61,639,997 |
| Interest received | – | 4 | 1 | 3 | – | – |
| Interest paid	 | (16)	 | – | 	–	 | – | 	–	 | – |
| Net cash provided by/(used in) operating activities	 | 4,564,712	 | (15,879,072) | 	7,289,591	 | 2,069,064 | 	829,105	 | 61,639,997 |
| Cash flows from financing activities |  |  |  |  |  |  |
| Proceeds from redeemable shares issued | 8,498,065 | 27,506,414 | 1,046,158 | 18,816,041 | 106,789 | 5,016,612 |
| Cost of redeemable shares redeemed	 | (13,096,811)	 | (11,590,297) | 	(8,335,749)	 | (20,885,105) | 	(935,862)	 | (66,656,609) |
| Net cash (used in)/provided by financing activities	 | (4,598,746)	 | 15,916,117 | 	(7,289,591)	 | (2,069,064) | 	(829,073)	 | (61,639,997) |
| Net (decrease)/increase in cash and cash equivalents | (34,034) | 37,045 | – | – | 32 | – |
| Cash and cash equivalents at the beginning of the year | 36,979 | – | – | – | – | – |
| Exchange gains/(losses) on cash and cash equivalents	 | 67	 | (66) | 	–	 | – | 	–	 | – |
| Cash and cash equivalents at the end of the year	 | 3,012	 | 36,979 | 	–	 | – | 	32	 | – |

Translation (ENFR, 2022-07-31):
# État des flux de trésorerie (suite)
## MSCI Emerging Markets ESG

## Equity Fund Pour l’exercice clos le

## MS Scientific Beta US Equity

## Factors UCITS ETF Pour l’exercice clos le

## Smartfund 80% Protected

## Balanced Fund
2

## Pour l’exercice clos le

## 31 juillet 2022

## USD

## 31 juillet 2021

## USD

## 31 juillet 2022

## USD

## 31 juillet 2021

## USD

## 31 juillet 2022

## GBP

## 31 juillet 2021

## GBP

## (Perte)/bénéfice d’exploitation après frais financiers et impôts	(161 648 377)	104 986 684	(145 386)	4 402 639	115 787	(3 659) Ajustements pour :

## Revenus d’intérêts	(14)	(78)	(11)	–	(673)	–

## Intérêts débiteurs	–	–	13	–	–	3

## Plus/(moins)-values de change sur les liquidités et quasi-liquidités 	399	(834)	4	–	(232)	161
| Diminution/(augmentation) des actifs financiers à la juste | (161 647 992) | 104 985 772 | (145 380) | 4 402 639 | 114 882 | (3 495) |
| --- | --- | --- | --- | --- | --- | --- |
| valeur en résultat (Diminution)/augmentation des passifs financiers à la juste | 187 612 196 | (91 582 053) | 10 456 124 | 7 665 889 | 5 140 174 | 4 927 116 |
| valeur en résultat (Diminution)/augmentation nette des montants dus par le/au | (21 465 601) | 9 813 526 | (69 044) | (227 467) | (34 859) | (267 721) |
| courtier | (4 318 279) | (4 752 798) | 460 510 | 70 527 | 189 487 | 156 645 |
| Diminution/(augmentation) des autres créances | 316 615 | (332 411) | 7 784 | 5 362 870 | 108 939 | (53 494) |
| (Diminution)/augmentation des charges à payer et autres dettes 	(431 573)	463 671 | 	(12 370)	(5 134 336) | 	(68 425)	33 153 |
|  | 65 366 | 18 595 707 | 10 697 624 | 12 140 122 | 5 450 198 | 4 792 204 |
| Intérêts reçus | 14 | 78 | 11 | – | 673 | – |
| Intérêts versés | 	–	– | 	(13)	– | 	–	(3) |
| Trésorerie nette dégagée par les activités d’exploitation | 	65 380	18 595 785 | 	10 697 622	12 140 122 | 	5 450 871	4 792 201 |
| Flux de trésorerie provenant des activités de financement Produit des actions rachetables émises | 84 156 | 132 651 | 2 029 466 | 2 298 322 | 11 924 | 110 682 |
| Coût des actions rachetables rachetées | 	(149 137)	(18 730 968) | 	(12 727 084)	(14 438 456) | 	(5 462 795)	(4 909 338) |
| Trésorerie nette utilisée dans les activités de financement | 	(64 981)	(18 598 317) | 	(10 697 618)	(12 140 134) | 	(5 450 871)	(4 798 656) |
| Augmentation/(diminution) nette des liquidités et |  |  |  |  |  |  |
| quasi-liquidités | 399 | (2 532) | 4 | (12) | – | (6 455) |
| Liquidités et quasi-liquidités en début d’exercice | – | 1 698 | 23 | 35 | 42 | 6 658 |
| (Moins)/plus-values de change sur les liquidités et quasi-liquidités 	(399)	834 | 	(4)	– | 	232	(161) |
| Liquidités et quasi-liquidités en fin d’exercice		–	– | 	23	23 | 	274	42 |

2 

## Liquidé le 18 novembre 2021.