PUBLIC TRUSTEE FOR THE ACT
Objectives
The principal objective of the Public Trustee for the ACT is to provide the community with professional executor and trustee services, including the preparation of wills, powers of attorney, estate administration and trust management.  The Public Trustee also undertakes a role in protecting the interests of people under a legal, physical or intellectual disability in instances where the Public Trustee is appointed to act as manager of property, or as guardian of the estate, of any person in the community unable for the time being to do so for themselves.
The Public Trustee acts as an agent of the Territory in providing asset services under the Confiscation of Criminal Assets Act 2003, is the appointed agent for unclaimed moneys and holds the investment responsibility for Government Trust Funds.
2005‑06 Highlights
Strategic and operational highlights to be pursued in 2005‑06 include:
•	promoting the services of the Trustee to new clients and market segments;
•	ensuring transparency and accountability for all transactions and decisions;
•	continuing to develop and review business opportunities, maximising quality and efficiency and ensuring financial viability and sustainability; 
•	enhancing business processes that are responsive to the identified needs of customers and the community and to ensure the efficient and effective delivery of services and rates of return;
•	documenting business policies and practices and key induction information in the form of practice and induction manuals to facilitate succession and knowledge retention; and
•	developing and implementing a fraud mitigation strategy.

Public Trustee for the ACT	
Operating Statement	
  2004-05			  2004-05	   2005-06		  2006-07	  2007-08	  2008-09		
    Budget			Est.Outcome	   Budget	   Var	  Estimate	   Estimate	  Estimate		
    $'000			   $'000	   $'000	    %	   $'000	    $'000	   $'000		
		Income								
		Revenue								
1  944		User Charges - Non ACT Government	2  031	2  135	5	2  227	2  351	2  469		
598		User Charges - ACT Government	598	605	1	613	628	639		
116		Interest	130	135	4	145	150	154		
2  658		Total Revenue	2  759	2  875	4	2  985	3  129	3  262		
		Gains								
0		Total Gains	0	0	-	0	0	0		
2  658		Total Income	2  759	2  875	4	2  985	3  129	3  262		
		Expenses								
1  487		Employee Expenses	1  562	1  645	5	1  733	1  823	1  918		
175		Superannuation Expenses	215	226	5	237	249	262		
903		Supplies and Services	946	857	-9	924	979	1  012		
2  565		Total Ordinary Expenses	2  723	2  728	..	2  894	3  051	3  192		
93		Operating Result	36	147	308	91	78	70		

Public Trustee for the ACT	
Balance Sheet	
    Budget			Est.Outcome	   Planned		   Planned	   Planned	   Planned		
as at 30/6/05			as at 30/6/05	as at 30/6/06	   Var	as at 30/6/07	as at 30/6/08	as at 30/6/09		
   $'000			   $'000	    $'000	    %	    $'000	    $'000	    $'000		
		Current Assets								
30		Cash	43	49	14	71	55	49		
177		Receivables	159	203	28	247	291	335		
2  299		Investments	2  154	2  276	6	2  271	2  319	2  355		
46		Other	14	15	7	16	17	18		
2  552		Total Current Assets	2  370	2  543	7	2  605	2  682	2  757		
2  552		TOTAL ASSETS	2  370	2  543	7	2  605	2  682	2  757		
		Current Liabilities								
90		Payables	25	38	52	51	64	77		
223		Employee Benefits	208	218	5	228	238	248		
87		Other Provisions	18	73	306	45	39	35		
400		Total Current Liabilities	251	329	31	324	341	360		
		Non Current Liabilities								
215		Employee Benefits	295	316	7	337	358	379		
215		Total Non Current Liabilities	295	316	7	337	358	379		
615		TOTAL LIABILITIES	546	645	18	661	699	739		
1  937		NET ASSETS	1  824	1  898	4	1  944	1  983	2  018		
		REPRESENTED BY FUNDS EMPLOYED								
1  937		Accumulated Funds	1  824	1  898	4	1  944	1  983	2  018		
1  937		TOTAL FUNDS EMPLOYED	1  824	1  898	4	1  944	1  983	2  018		

Public Trustee for the ACT	
Cash Flow Statement	
  2004-05			  2004-05	   2005-06		  2006-07	  2007-08	  2008-09		
    Budget			Est.Outcome	   Budget	   Var	  Estimate	   Estimate	  Estimate		
    $'000			   $'000	   $'000	    %	   $'000	    $'000	   $'000		
		CASH FLOWS FROM OPERATING ACTIVITIES								
		Receipts								
2  509		User Charges	2  597	2  705	4	2  805	2  945	3  078		
104		Interest Received	118	126	7	136	140	140		
164		Other Revenue	164	170	4	170	170	170		
2  777		Operating Receipts	2  879	3  001	4	3  111	3  255	3  388		
		Payments								
1  626		Related to Employees	1  746	1  840	5	1  939	2  041	2  149		
887		Related to Supplies and Services	944	850	-10	917	972	1  005		
162		Other	183	165	-10	165	165	165		
2  675		Operating Payments	2  873	2  855	-1	3  021	3  178	3  319		
102		NET CASH INFLOW/(OUTFLOW) FROM OPERATING ACTIVITIES	6	146	#	90	77	69		
		CASH FLOWS FROM FINANCING ACTIVITIES								
		Payments								
35		Dividends to Government	0	18	#	73	45	39		
35		Financing Payments	0	18	#	73	45	39		
-35		NET CASH INFLOW/(OUTFLOW) FROM FINANCING ACTIVITIES	0	-18	#	-73	-45	-39		
67		NET INCREASE/(DECREASE) IN CASH HELD	6	128	#	17	32	30		
2  262		CASH AT BEGINNING OF REPORTING PERIOD	2  191	2  197	..	2  325	2  342	2  374		
2  329		CASH AT THE END OF THE REPORTING PERIOD	2  197	2  325	6	2  342	2  374	2  404		

Public Trustee for the ACT	
Statement of Changes in Equity	
    Budget			Est.Outcome	   Planned		   Planned	   Planned	   Planned		
as at 30/6/05			as at 30/6/05	as at 30/6/06	   Var	as at 30/6/07	as at 30/6/08	as at 30/6/09		
   $'000			   $'000	    $'000	    %	    $'000	    $'000	    $'000		
1  890		Opening Balance	1  806	1  824	1	1  898	1  944	1  983		
		Accumulated Funds								
93		Operating Result for the Period	36	147	308	91	78	70		
		Reserves								
93		Total Income And Expense For The Period	36	147	308	91	78	70		
		Transactions Involving Equity Holders Affecting Accumulated Funds								
-46		Dividend Approved	-18	-73	-306	-45	-39	-35		
1  937		Closing Balance	1  824	1  898	4	1  944	1  983	2  018		
Notes to the Budget Statements
Significant variations are as follows:
Operating Statement
•	user charges – non ACT Government:  the increase of $0.104m in the 2005‑06 Budget from the 2004‑05 estimated outcome is due to a projected increase in the number of clients managed by the office and the value of assets under the Public Trustee’s control; 
•	employee expenses and superannuation:  the increase of $0.115m in the 2004‑05 estimated outcome from the original budget and the increase of  $0.094m in the 2005‑06 Budget from the 2004‑05 estimated outcome is due to additional staffing requirements needed to meet the increase in business activity; and
•	supplies and services:  the decrease of $0.089m in the 2005‑06 Budget from the 2004‑05 estimated outcome is due to one-off expenses incurred in 2004‑05 relating to the implementation of new business computer software. 
Balance Sheet
•	current assets:  the decrease of $0.182m from the 2004‑05 estimated outcome to the original budget is primarily due to funds being used to purchase new business computer software.  The increase of $0.173m in the 2005‑06 Budget from the 2004‑05 estimated outcome is due to a projected increase in operational revenue;
•	current liabilities:  the decrease of $0.149m from the 2004‑05 estimated outcome to the original budget is due to more timely payment of suppliers arising from changes to billing regimes and a reduction in the level of dividend being returned to government based on the 2003‑04 result.  The increase of $0.078m in the 2005‑06 Budget from the 2004‑05 estimated outcome is primarily due to an anticipated increase in operating revenue, which has resulted in a higher dividend provision; and
•	employee benefits non-current:  the increase of $0.080m in the 2004‑05 estimated outcome from the original budget is due to an increase in leave provisions associated with the filling of a number of staff vacancies and higher levels of current staff now accruing long service leave.