Statement of surplus or deficit and other comprehensive income for the year ended 30 June 2021 |
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| 2021 $ |
2020 $ |
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| REVENUE | Franked dividends | 2,307,038 | 2,369,178 |
| Unfranked dividends | 536,629 | 656,649 | |
| Managed fund distributions | 1,130,984 | 1,141,474 | |
| Imputation credits | 988,322 | 1,028,233 | |
| Interest income | 87,177 | 255,086 | |
| Other income | 95,000 | 95,000 | |
| 5,145,150 | 5,545,620 | ||
| EXPENSES | Depreciation and amortisation | (63,494) | (68,716) |
| Employee benefits | (804,036) | (811,279) | |
| Investment expenses | (107,136) | (100,122) | |
| Loss on scrapping of plant and equipment | – | (275) | |
| Other operating expenses | (192,762) | (238,814) | |
| Trustees’ commission | (89,506) | (109,383) | |
| (1,256,934) | (1,328,589) | ||
| OPERATING SURPLUS | 3,888,216 | 4,217,031 | |
| Net grants approved during year1 | (4,023,780) | (3,247,543) | |
| (DEFICIT)/SURPLUS FROM OPERATING ACTIVITIES | (135,564) | 969,488 | |
| Impairment loss on financial assets | (250,000) | – | |
| Change in fair value of investments | 21,674,318 | (9,418,708) | |
| SURPLUS/(DEFICIT) AFTER CHANGES TO THE FAIR VALUE OF FINANCIAL ASSETS | 21,288,754 | (8,449,220) | |
| Other comprehensive income | – | – | |
| TOTAL COMPREHENSIVE INCOME FOR THE YEAR | 21,288,754 | (8,449,220) | |
| Attributable to Capital Account | 22,205,766 | (8,486,924) | |
| Attributable to Income Account | (917,012) | 37,704 | |
| 21,288,754 | (8,449,220) | ||
1 Net of withdrawn grants amounting to $447,600 (2020: $229,760). |
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2021 Financial Summary
Statement of financial position as at 30 June 2021 |
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| 2021 $ |
2020 $ |
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| CURRENT ASSETS | Cash and cash equivalents | 7,420,638 | 13,973,048 |
| Trade and other receivables | 2,238,142 | 1,461,831 | |
| 9,658,780 | 15,434,879 | ||
| NON-CURRENT ASSETS | Investments in financial assets | 133,144,661 | 106,027,630 |
| Property plant and equipment | 2,500,488 | 2,559,777 | |
| 135,645,149 | 108,587,407 | ||
| TOTAL ASSETS | 145,303,929 | 124,022,286 | |
| CURRENT LIABILITIES | Trade and other payables | 77,149 | 61,850 |
| Grants approved but unpaid | 2,725,085 | 3,073,279 | |
| Employee benefits | 179,329 | 117,302 | |
| 2,981,563 | 3,252,431 | ||
| NON-CURRENT LIABILITIES | Grants approved but unpaid | 703,035 | 406,027 |
| Employee benefits | 255 | 33,506 | |
| 703,290 | 439,533 | ||
| TOTAL LIABILITIES | 3,684,853 | 3,691,964 | |
| NET ASSETS | 141,619,076 | 120,330,322 | |
| ATTRIBUTABLE TO: | |||
| CAPITAL ACCOUNT2 | Capital reserve | 111,581,187 | 111,464,906 |
| Investments revaluation reserve | 27,226,749 | 5,137,264 | |
| 138,807,936 | 116,602,170 | ||
| INCOME ACCOUNT | Retained surplus | 2,780,731 | 3,702,385 |
| Investments revaluation reserve | 30,409 | 25,767 | |
| 2,811,140 | 3,728,152 | ||
| TOTAL ACCUMULATED FUNDS | 141,619,076 | 120,330,322 | |
2 The Capital Account value, including the land and building at market value, as at 30 June 2021 is $139,950,930 (2020: $117,694,400). |
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