Statement of surplus or deficit and other comprehensive income for the year ended 30 June 2019
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2019 | 2018 | ||
$ | $ | ||
REVENUE | Franked dividends | 5,953,900 | 2,755,906 |
Unfranked dividends | 616,204 | 558,022 | |
Managed fund distributions | 1,397,085 | 1,477,353 | |
Imputation credits | 2,577,049 | 1,225,703 | |
Interest income | 338,565 | 313,824 | |
Other income | 45,000 | 45,000 | |
10,927,803 | 6,375,808 | ||
EXPENSES | Depreciation and amortisation | (79,029) | (82,055) |
Employee benefits | (783,142) | (818,696) | |
Legal expenses | (16,531) | (4,707) | |
Loss on scrapping of plant and equipment | (8,119) | – | |
Other operating expenses | (264,697) | (252,662) | |
Trustees’ commission | (126,089) | (109,725) | |
(1,277,607) | (1,267,845) | ||
OPERATING SURPLUS | 9,650,196 | 5,107,963 | |
Net grants approved during year1 | (4,481,536) | (3,744,114) | |
SURPLUS FOR THE YEAR | 5,168,660 | 1,363,849 | |
Other comprehensive income | Change in fair value of investments | 4,381,364 | 5,335,909 |
TOTAL COMPREHENSIVE INCOME | 9,550,024 | 6,699,758 | |
Attributable to Capital Account | 8,866,339 | 6,216,226 | |
Attributable to Income Account | 683,685 | 483,532 | |
9,550,024 | 6,699,758 | ||
1 Net of withdrawn grants amounting to $103,000 (2018: $12,442). |
2019 Financial Summary
Statement of financial position as at 30 June 2019 |
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2019 | 2018 | ||
$ | $ | ||
CURRENT ASSETS | Cash and cash equivalents | 12,583,213 | 9,394,260 |
Trade and other receivables | 3,703,096 | 3,148,385 | |
16,286,309 | 12,542,645 | ||
NON-CURRENT ASSETS | Investments in financial assets | 114,055,685 | 106,999,615 |
Property plant and equipment | 2,622,880 | 2,686,707 | |
Intangibles | 788 | 5,951 | |
116,679,353 | 109,692,273 | ||
TOTAL ASSETS | 132,965,662 | 122,234,918 | |
CURRENT LIABILITIES | Trade and other payables | 57,156 | 44,526 |
Grants approved but unpaid | 2,761,005 | 2,023,400 | |
Employee benefits | 58,386 | 43,749 | |
2,876,547 | 2,111,675 | ||
NON-CURRENT LIABILITIES | Employee benefits | 70,368 | 48,938 |
Grants approved but unpaid | 1,239,205 | 844,787 | |
1,309,573 | 893,725 | ||
TOTAL LIABILITIES | 4,186,120 | 3,005,400 | |
NET ASSETS | 128,779,542 | 119,229,518 | |
ATTRIBUTABLE TO: | |||
CAPITAL ACCOUNT2 | Capital reserve | 108,110,295 | 99,655,967 |
Investments revaluation reserve | 16,978,799 | 15,846,788 | |
125,089,094 | 115,502,755 | ||
INCOME ACCOUNT | Retained surplus | 3,608,356 | 3,679,381 |
Investments revaluation reserve | 82,092 | 47,382 | |
3,690,448 | 3,726,763 | ||
TOTAL ACCUMULATED FUNDS | 128,779,542 | 119,229,518 | |
2 The Capital Account value, including the land and building at market value, as at 30 June 2019 is $126,132,254 (2018: $116,501,801). |