Statement of surplus or deficit and other comprehensive income for the year ended 30 June 2020 |
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2020 $ |
2019 $ |
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REVENUE | Franked dividends | 2,369,178 | 5,953,900 |
Unfranked dividends | 656,649 | 616,204 | |
Managed fund distributions | 1,141,474 | 1,397,085 | |
Imputation credits | 1,028,233 | 2,577,049 | |
Interest income | 255,086 | 338,565 | |
Other income | 95,000 | 45,000 | |
5,545,620 | 10,927,803 | ||
EXPENSES | Depreciation and amortisation | (68,716) | (79,029) |
Employee benefits | (811,279) | (783,142) | |
Investment expenses | (100,122) | 96,385) | |
Legal expenses | – | (16,531) | |
Loss on scrapping of plant and equipment | (275) | (8,119) | |
Other operating expenses | (238,814) | (168,312) | |
Trustees’ commission | (109,383) | (126,089) | |
(1,328,589) | (1,277,607) | ||
OPERATING SURPLUS | 4,217,031 | 9,650,196 | |
Net grants approved during year1 | (3,247,543) | (4,481,536) | |
SURPLUS FOR THE YEAR | 969,488 | 5,168,660 | |
Other comprehensive income | Change in fair value of investments | (9,418,708) | 4,381,364 |
TOTAL COMPREHENSIVE INCOME | (8,449,220) | 9,550,024 | |
Attributable to Capital Account | (8,486,924) | 8,866,339 | |
Attributable to Income Account | 37,704 | 683,685 | |
(8,449,220) | 9,550,024 | ||
1 Net of withdrawn grants amounting to $229,760 (2019: $103,000). |
2020 Financial Summary
Statement of financial position as at 30 June 2020 |
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2020 $ |
2019 $ |
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CURRENT ASSETS | Cash and cash equivalents | 13,973,048 | 12,583,213 |
Trade and other receivables | 1,461,831 | 3,703,096 | |
15,434,879 | 16,286,309 | ||
NON-CURRENT ASSETS | Investments in financial assets | 106,027,630 | 114,055,685 |
Property plant and equipment | 2,559,777 | 2,622,880 | |
Intangibles | – | 788 | |
108,587,407 | 116,679,353 | ||
TOTAL ASSETS | 124,022,286 | 132,965,662 | |
CURRENT LIABILITIES | Trade and other payables | 61,850 | 57,156 |
Grants approved but unpaid | 3,073,279 | 2,761,005 | |
Employee benefits | 117,302 | 58,386 | |
3,252,431 | 2,876,547 | ||
NON-CURRENT LIABILITIES | Grants approved but unpaid | 406,027 | 1,239,205 |
Employee benefits | 33,506 | 70,368 | |
439,533 | 1,309,573 | ||
TOTAL LIABILITIES | 3,691,964 | 4,186,120 | |
NET ASSETS | 120,330,322 | 28,779,542 | |
ATTRIBUTABLE TO: | |||
CAPITAL ACCOUNT2 | Capital reserve | 111,464,906 | 108,110,295 |
Investments revaluation reserve | 5,137,264 | 16,978,799 | |
116,602,170 | 125,089,094 | ||
INCOME ACCOUNT | Retained surplus | 3,702,385 | 3,608,356 |
Investments revaluation reserve | 25,767 | 82,092 | |
3,728,152 | 3,690,448 | ||
TOTAL ACCUMULATED FUNDS | 120,330,322 | 128,779,542 | |
2 The Capital Account value, including the land and building at market value, as at 30 June 2020 is $117,694,400 (2019: $126,132,254). |