STATEMENT OF SURPLUS OR DEFICIT AND OTHER COMPREHENSIVE INCOME FOR THE YEAR ENDED 30 JUNE 2018 | ||||
2018 | 2017 | |||
$ | $ | |||
REVENUE | Franked dividends | 2,755,906 | 3,220,719 | |
Unfranked dividends | 558,022 | 476,643 | ||
Managed fund distributions | 1,477,353 | 792,602 | ||
Imputation credits | 1,225,703 | 1,410,495 | ||
Interest income | 313,824 | 442,070 | ||
Other income | 45,000 | 45,000 | ||
Reversal of building impairment | – | 272,232 | ||
6,375,808 | 6,659,761 | |||
EXPENSES | Depreciation and amortisation | (82,055) | (92,714) | |
Employee benefits | (818,696) | (833,822) | ||
Legal expenses | (4,707) | (11,583) | ||
Other operating expenses | (252,662) | (273,189) | ||
Trustees’ commission | (109,725) | (99,057) | ||
(1,267,845) | (1,310,365) | |||
OPERATING SURPLUS | 5,107,963 | 5,349,396 | ||
Net grants approved during year1 | (3,744,114) | (3,953,497) | ||
SURPLUS FOR THE YEAR | 1,363,849 | 1,395,899 | ||
Other comprehensive income | Change in fair value of investments | 5,335,909 | 7,280,772 | |
TOTAL COMPREHENSIVE INCOME | 6,699,758 | 8,676,671 | ||
Attributable to Capital Account | 6,216,226 | 8,507,031 | ||
Attributable to Income Account | 483,532 | 169,640 | ||
6,699,758 | 8,676,671 | |||
1 Net of withdrawn grants amounting to $12,442 (2017: $318,646). |
2018 Financial Summary
STATEMENT OF FINANCIAL POSITION AS AT 30 JUNE 2018 | |||||
2018 | 2017 | ||||
$ | $ | ||||
CURRENT ASSETS | Cash and cash equivalents | 9,394,260 | 9,880,488 | ||
Trade and other receivables | 3,148,385 | 2,777,898 | |||
12,542,645 | 12,658,386 | ||||
NON-CURRENT ASSETS | Investments in financial assets | 106,999,615 | 100,541,420 | ||
Property plant and equipment | 2,686,707 | 2,755,394 | |||
Intangibles | 5,951 | 14,264 | |||
109,692,273 | 103,311,078 | ||||
TOTAL ASSETS | 122,234,918 | 115,969,464 | |||
CURRENT LIABILITIES | Trade and other payables | 44,526 | 48,010 | ||
Grants approved but unpaid | 2,023,400 | 2,194,967 | |||
Employee benefits | 43,749 | 40,143 | |||
2,111,675 | 2,283,120 | ||||
NON-CURRENT LIABILITIES | Employee benefits | 48,938 | 36,607 | ||
Grants approved but unpaid | 844,787 | 1,119,977 | |||
893,725 | 1,156,584 | ||||
TOTAL LIABILITIES | 3,005,400 | 3,439,704 | |||
NET ASSETS | 119,229,518 | 112,529,760 | |||
ATTRIBUTABLE TO: | |||||
CAPITAL ACCOUNT2 | Capital reserve | 99,655,967 | 95,794,632 | ||
Investments revaluation reserve | 15,846,788 | 12,901,897 | |||
115,502,755 | 108,696,529 | ||||
INCOME ACCOUNT | Retained surplus | 3,679,381 | 3,733,018 | ||
Investments revaluation reserve | 47,382 | 100,213 | |||
3,726,763 | 3,833,231 | ||||
TOTAL ACCUMULATED FUNDS | 119,229,518 | 112,529,760 | |||
2 The Capital Account value, including the land and building at market value, as at 30 June 2018 is $116,501,801 (2017: $109,645,146). |
Download PDF HMSTrust Financial summary 30 June 2018