2020 Financial Summary

Statement of surplus or deficit and other comprehensive income for the year ended 30 June 2020

2020
$
2019
$
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1 Net of withdrawn grants amounting to $229,760 (2019: $103,000).

Statement of financial position as at 30 June 2020

2020
$
2019
$
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).