2017 Financial Summary

STATEMENT OF SURPLUS OR DEFICIT AND OTHER COMPREHENSIVE INCOME FOR THE YEAR ENDED 30 JUNE 2017
2017   2016
  $
REVENUE Franked dividends          3,220,719        2,844,437
Unfranked dividends             476,643           523,150
Managed fund distributions             792,602           767,498
Imputation credits          1,410,495        1,252,513
Interest income             442,070           431,106
Other income               45,000           105,000
Reversal of building impairment             272,232                       –
         6,659,761          5,923,704
EXPENSES Depreciation and amortisation              (92,714)          (102,136)
Employee benefits            (833,822)          (807,612)
Legal expenses              (11,583)            (52,528)
Other operating expenses            (273,189)          (228,392)
Trustees’ commission              (99,057)          (103,125)
        (1,310,365)         (1,293,793)
OPERATING SURPLUS             5,349,396          4,629,911
Net grants approved during year1         (3,953,497)       (3,579,171)
SURPLUS FOR THE YEAR            1,395,899          1,050,740
Other comprehensive income Change in fair value of investments          7,280,772       (5,632,051)
TOTAL COMPREHENSIVE (LOSS) / INCOME          8,676,671         (4,581,311)
Attributable to Capital Account          8,507,031       (5,575,485)
Attributable to Income Account             169,640           994,174
         8,676,671         (4,581,311)
1 Net of withdrawn grants amounting to $318,646 (2016: $186,084).
STATEMENT OF FINANCIAL POSITION AS AT 30 JUNE 2016
2017 2016
  $  
CURRENT ASSETS Cash and cash equivalents            9,880,488          14,204,947
Trade and other receivables            2,777,898            2,636,692
         12,658,386            16,841,639
NON-CURRENT ASSETS Investments in financial assets        100,541,420          88,782,109
Property plant and equipment            2,755,394            2,546,367
Intangibles                 14,264                 31,285
       103,311,078            91,359,761
TOTAL ASSETS              115,969,464          108,201,400
CURRENT LIABILITIES Trade and other payables                 48,010                 58,788
Grants approved but unpaid            2,194,967            2,702,247
Employee benefits                 40,143                 35,118
           2,283,120              2,796,153
NON-CURRENT LIABILITIES Employee benefits                 36,607                 18,382
Grants approved but unpaid            1,119,977            1,533,776
           1,156,584            1,552,158
TOTAL LIABILITIES            3,439,704              4,348,311
NET ASSETS              112,529,760          103,853,089
ATTRIBUTABLE TO:
  CAPITAL ACCOUNT2 Capital reserve          95,794,632          89,750,517
Investments revaluation reserve          12,901,897            9,858,981
       108,696,529            99,609,498
  INCOME ACCOUNT Retained surplus            3,733,018            4,199,860
Investments revaluation reserve               100,213                 43,731
           3,833,231              4,243,591
TOTAL ACCUMULATED FUNDS          112,529,760          103,853,089
2 The Capital Account value, including the land and building at market value, as at 30 June 2017 is $109,645,146.

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