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1 Net of withdrawn grants amounting to $318,646 (2016: $186,084).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 2017
				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.

Download PDF HMSTrust Financial summary 30 June 2017