2007 Annual Report - Sun Life Financial

More documents

Recommendations

Info

Statement of Management’s Responsibility For Financial Statements thE BOARD OF DIRECtORS AND ShAREhOLDERS SUN LIFE OF CANADA PROSPERIty BOND FUND, INC. SUN LIFE OF CANADA PROSPERIty BALANCED FUND, INC. SUN LIFE OF CANADA PROSPERIty PhILIPPINE EQUIty FUND, INC. SUN LIFE PROSPERIty DOLLAR ADVANtAGE FUND, INC. SUN LIFE PROSPERIty MONEy MARKEt FUND, INC. SUN LIFE PROSPERIty DOLLAR ABUNDANCE FUND, INC. SUN LIFE PROSPERIty GS FUND, INC. (AN OPEN-END INVEStMENt COMPANIES) The Management of Sun Life Prosperity Funds is responsible for all information and representations contained in the financial statements for the year December 31, 2007 and 2006. The financial statements have been prepared in conformity with Philippine Financial Reporting Standards and reflect amounts that are based on the best estimates and informed judgment of management with an appropriate consideration to materiality. In this regard, management maintains a system of accounting and reporting which provides for the necessary internal controls to ensure that transactions are properly authorized and recorded, assets are safeguarded against unauthorized use or disposition and liabilities are recognized. The Board of Directors reviews the financial statements before such statements are approved and submitted to the stockholders of the Companies. Manabat Delgado Amper & Co. (formerly C.L. Manabat & Co.), the independent auditors appointed by the stockholders, has examined the financial statements of the Companies in accordance with Philippine Standards on Auditing and has expressed its opinion on the fairness of presentation upon completion of such examination, in its report to the Board of Directors and stockholders. Henry Joseph M. Herrera Chairman of the Board Edel Mary D. Vegamora Chief Finance Officer, SLAMC 20 Prosperity Funds Rizalina G. Mantaring President Patrick Edwin L. De Leon Treasurer
Independent Auditor’s Report thE BOARD OF DIRECtORS AND ShAREhOLDERS SUN LIFE OF CANADA PROSPERIty BOND FUND, INC. SUN LIFE OF CANADA PROSPERIty BALANCED FUND, INC. SUN LIFE OF CANADA PROSPERIty PhILIPPINE EQUIty FUND, INC. SUN LIFE PROSPERIty DOLLAR ADVANtAGE FUND, INC. SUN LIFE PROSPERIty MONEy MARKEt FUND, INC. SUN LIFE PROSPERIty DOLLAR ABUNDANCE FUND, INC. SUN LIFE PROSPERIty GS FUND, INC. (AN OPEN-END INVEStMENt COMPANIES) We have audited the accompanying financial statements of Sun Life Prosperity Funds which comprise the balance sheets as of December 31, 2007 and 2006, and the related statements of income, changes in net assets attributable to shareholders and cash flows for the years then ended, and a summary of significant accounting policies and other explanatory notes, as indicated on pages 30 to 57 of the annual report. Management’s Responsibility for the Financial Statements Management is responsible for the preparation and fair presentation of these financial statements in accordance with Philippine Financial Reporting Standards. This responsibility includes: designing, implementing and maintaining internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error; selecting and applying appropriate accounting policies; and making accounting estimates that are reasonable in the circumstances. Auditors’ Responsibility Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with Philippine Standards on Auditing. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditors’ judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditors consider internal control relevant to the entity’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. In our opinion, the financial statements present fairly, in all material respects, the financial positions of Sun Life Prosperity Funds as of December 31, 2007 and 2006, and its financial performances and its cash flows for the years then ended in accordance with Philippine Financial Reporting Standards. PTR No. 0997844 Manabat Delgado Amper & Co. 3rd - 6th Floor, Salamin Building, 197 Salcedo St., Legaspi Village, Makati City, Philippines Tel: +63 (2) 812 0535 Fax: +63 (2) 810 5047 2007 Annual Report 21
Page 2 and 3: The Sunlife Prosperity Funds have c
Page 4: Reaching Greater Heights Letter to
Page 7 and 8: LONG tERM PERFORMANCE REVIEW Local
Page 9 and 10: INVEStMENt APPROACh Early in the ye
Page 11 and 12: LONG tERM PERFORMANCE OVERVIEW The
Page 13 and 14: A defensive strategy consisting of
Page 15 and 16: Inflation could soften further as c
Page 17 and 18: A defensive strategy consisting of
Page 19: FINANCIAL RESULtS Net assets of the
Page 23 and 24: BALANCE ShEEtS Dollar Advantage Mon
Page 25 and 26: Dollar Advantage Money Market Dolla
Page 31 and 32: SUN LIFE PROSPERIty DOLLAR ABUNDANC
Page 33 and 34: FINANCIAL ASSEtS Financial assets a
Page 35 and 36: tAxAtION The tax expense represents
Page 37 and 38: BOND FUND Liquidity risk The Compan
Page 39 and 40: DOLLAR ABUNDANCE FUND GS FUND 2007
Page 41 and 42: Capital Risk Management The Compani
Page 43 and 44: The movements are summarized as fol
Page 45 and 46: Investments in listed equity securi
Page 47 and 48: 9. LOANS AND RECEIVABLES Bond Loans
Page 49 and 50: Subscriptions account represents sh
Page 51 and 52: Dollar Advantage Fund Money Market
Page 53 and 54: Dollar Advantage Fund Money Market
Page 55 and 56: 18. INCOME tAxES The income tax exp
Page 57 and 58: GS FUND Year Incurred Year of Expir
Page 59 and 60: Nilo B. Peña Director, Sun Life of
Page 61 and 62: INVEStMENt MANAGER, PRINCIPAL DIStR

2007 Annual Report - Sun Life Financial

Create successful ePaper yourself

Delete template?

Save as template?