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1 Includes withdrawn grants amounting to $186,084 (2015: $176,686).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 |