2018 Financial Summary

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1 Net of withdrawn grants amounting to $12,442 (2017: $318,646).

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