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1 Net of withdrawn grants amounting to $318,646 (2016: $186,084).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