2019 Financial Summary

Statement of surplus or deficit and other comprehensive income for the year ended 30 June 2019

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         5,335,909
TOTAL COMPREHENSIVE INCOME         5,168,660         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1 Net of withdrawn grants amounting to $103,000 (2018: $12,442).

Statement of financial position as at 30 June 2019

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).