2016 Financial Summary

STATEMENT OF SURPLUS OR DEFICIT AND OTHER COMPREHENSIVE INCOME FOR THE YEAR ENDED 30 JUNE 2016
		2016		2015
		$		$
REVENUE	Franked dividends	2,844,437		4,226,022
	Unfranked dividends	523,150		476,799
	Managed fund distributions	767,498		933,999
	Imputation credits	1,252,513		1,811,152
	Interest income	431,106		446,290
	Other income	105,000		87,669
		5,923,704		7,981,931
EXPENSES	Employee and trustee benefits	(910,737)		(887,418)
	Depreciation and amortisation	(102,136)		(98,508)
	Legal expenses	(52,528)		(123,154)
	Other operating expenses	(228,392)		(278,824)
		(1,293,793)		(1,387,904)
OPERATING SURPLUS		4,629,911		6,594,027
Net grants approved during year1		(3,579,171)		(4,892,706)
SURPLUS FOR THE YEAR		1,050,740		1,701,321
Other comprehensive income	Change in fair value of investments	(5,632,051)		1,804,522
TOTAL COMPREHENSIVE (LOSS) / INCOME		(4,581,311)		3,505,843
	Attributable to Capital Account	(5,575,485)		3,618,325
	Attributable to Income Account	994,174		(112,482)
		(4,581,311)		3,505,843
1 Includes withdrawn grants amounting to $186,084 (2015: $176,686).

STATEMENT OF FINANCIAL POSITION AS AT 30 JUNE 2016
				2016		2015
				$		$
CURRENT ASSETS		Cash and cash equivalents		14,204,947		9,988,524
		Trade and other receivables		2,636,692		3,550,763
				16,841,639		13,539,287
NON-CURRENT ASSETS		Investments in financial assets		88,782,109		97,826,406
		Property plant and equipment		2,546,367		2,602,399
		Intangibles		31,285		46,427
				91,359,761		100,475,232
TOTAL ASSETS				108,201,400		114,014,519
CURRENT LIABILITIES		Trade and other payables		58,788		61,510
		Grants approved but unpaid		4,236,023		5,480,052
		Employee benefits		35,118		32,566
				4,329,929		5,574,128
NON-CURRENT LIABILITIES		Employee benefits		18,382		5,991
				18,382		5,991
TOTAL LIABILITIES				4,348,311		5,580,119
NET ASSETS				103,853,089		108,434,400
ATTRIBUTABLE TO:
CAPITAL ACCOUNT		Capital profits reserve		89,750,517		88,116,650
		Investments revaluation reserve		9,858,981		16,418,333
				99,609,498		104,534,983
INCOME ACCOUNT		Retained surplus		4,199,860		3,770,183
		Investments revaluation reserve		43,731		129,234
				4,243,591		3,899,417
TOTAL ACCUMULATED FUNDS				103,853,089		108,434,400

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