2022 Financial Summary

Statement of surplus or deficit and other comprehensive income for the year ended 30 June 2022
		2022 $	2021 $
REVENUE	Franked dividends	8,817,013	2,307,038
	Unfranked dividends	594,241	536,629
	Managed fund distributions	875,947	1,130,984
	Imputation credits	3787807	988,322
	Interest income	61823	87,177
	Other income	45000	95,000
		14,181,831	5,145,150
EXPENSES	Depreciation and amortisation	(61,701)	(63,494)
	Employee benefits	(744,222)	(804,036)
	Investment expenses	(112,879)	(107,136)
	Other operating expenses	(277,438)	(192,762)
	Trustees’ commission	(98,096)	(89,506)
		(1,294,336)	(1,256,934)
OPERATING SURPLUS		12,887,495	3,888,216
Net grants approved during year¹		(4,200,000)	(4,023,780)
SURPLUS/(DEFICIT) FROM OPERATING ACTIVITIES		8,687,495	(135,564)
	Impairment loss on financial assets	–	(250,000)
	Change in fair value of investments	(14,448,297)	21,674,318

SURPLUS/(DEFICIT) AFTER CHANGES TO THE FAIR VALUE OF FINANCIAL ASSETS		(5,760,802)	21,288,754
	Other comprehensive income	–	–

TOTAL COMPREHENSIVE INCOME FOR THE YEAR		(5,760,802)	21,288,754
	Attributable to Capital Account	(6,957,557)	22,205,766
	Attributable to Income Account	596,755	(917,012)
		(5,760,802)	21,288,754
¹Net of withdrawn grants amounting to $nil (2021: $447,600).

Statement of financial position as at 30 June 2022
		2022 $	2021 $
CURRENT ASSETS	Cash and cash equivalents	5,599,676	7,420,638
	Trade and other receivables	4,730,722	2,238,142
		10,330,398	9,658,780
NON-CURRENT ASSETS	Investments in financial assets	126,850,168	133,144,661
	Property plant and equipment	2,446,332	2,500,488
		129,298,500	135,645,149
TOTAL ASSETS		139,628,898	145,303,929
CURRENT LIABILITIES	Trade and other payables	61,641	77,149
	Grants approved but unpaid	2,213,264	2,725,085
	Employee benefits	78,250	179,329
		2,353,155	2,981,563
NON-CURRENT LIABILITIES	Grants approved but unpaid	1,417,293	703,035
	Employee benefits	176	255
		1,417,469	703,290
TOTAL LIABILITIES		3,770,624	3,684,853
NET ASSETS		135,858,274	141,619,076
ATTRIBUTABLE TO:
CAPITAL ACCOUNT²	Capital reserve	117,128,309	111,581,187
	Investments revaluation reserve	15,822,070	27,226,749
		132,950,379	138,807,936
INCOME ACCOUNT	Retained surplus	2,939,828	2,780,731
	Investments revaluation reserve	(30,933)	30,409
		2,908,895	2,811,140
TOTAL ACCUMULATED FUNDS		135,859,274	141,619,076
² The Capital Account value, including the land and building at market value, as at 30 June 2022 is $134,144,053 (2021: $139,950,930).

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