PUBLIC TRUSTEE FOR THE ACT
Purpose
The objective of the Public Trustee for the ACT (Public Trustee) is to be the community’s choice for trustee and related services.  These services include preparing wills and enduring powers of attorney, administering estates and trust management.  The Public Trustee is also responsible for the protection of the financial and property interests of persons with a legal disability, where appointed under the Guardianship and Management of Property Act 1991 as financial manager or guardian.
The Public Trustee acts as agent for the Territory under the Confiscation of Criminal Assets Act 2003, is the delegate for unclaimed moneys under the Unclaimed Money Act 1950 and holds investment responsibility for government and non-government trust funds.  The Public Trustee is trustee for the Perpetual Care Trust under the Cemeteries and Crematoria Act 2003 and for GreaterGood - The Capital Region Community Foundation (GreaterGood).
2011‑12 Priorities
Strategic and operational priorities to be pursued in 2011‑12 include:
•	continuing to develop commercial business to ensure long term viability through the promotion and marketing of Public Trustee services;
•	ongoing refinement of systems, processes and procedures to enhance efficiency;
•	enhancing client reporting in statements and client newsletters;
•	raising community awareness about Public Trustee services;
•	participating in industry forums to ensure best practice;
•	expanding charitable initiatives through, and restructure of, GreaterGood;
•	ongoing staff development and training to improve staff retention and to enhance expertise and service delivery;
•	continuing to provide staff with the highest standard of workplace health and safety; and
•	implementing and applying the Government’s Respect, Equity and Diversity framework. 
Estimated Employment Level
2009‑10
Actual Outcome		2010-11
Budget
	2010-11
Est.  Outcome	2011-12
Budget
	
34	Staffing (FTE) 	34	34	35	

Changes to Appropriation
Changes to Appropriation - Controlled						
 	2010-11	2011-12	2012-13	2013-14	2014-15	
Government Payment for Outputs	Est. Out.	Budget	Estimate	Estimate	Estimate	
 	$'000	$'000	$'000	$'000	$'000	
						
2010-11 Budget	669	682	695	706	706	
						
2011-12 Budget Technical Adjustment						
Revised Indexation Parameters	 - 	 - 	 - 	 - 	14	
						
2011-12 Budget	669	682	695	706	720	

Public Trustee for the ACT
Operating Statement
  2010-11			  2010-11	   2011-12		  2012-13	    2013-14	  2014-15		
    Budget			Est.Outcome	   Budget	     Var	  Estimate	    Estimate	  Estimate		
    $'000			    $'000	   $'000	      %	    $'000	     $'000	   $'000		
		Income								
		Revenue								
669		Government Payment for Outputs	669	682	2	695	706	720		
2,585		User Charges - Non ACT Government	3,125	3,051	-2	3,129	3,209	3,299		
310		User Charges - ACT Government	350	360	3	370	380	390		
143		Interest	200	210	5	220	225	230		
3,707		Total Revenue	4,344	4,303	-1	4,414	4,520	4,639		
		Gains								
0		Total Gains	0	0	-	0	0	0		
3,707		Total Income	4,344	4,303	-1	4,414	4,520	4,639		
		Expenses								
2,587		Employee Expenses	2,557	2,654	4	2,709	2,743	2,780		
380		Superannuation Expenses	368	370	1	365	336	310		
875		Supplies and Services	847	863	2	889	915	933		
115		Depreciation and Amortisation	46	46	-	46	46	46		
3,957		Total Ordinary Expenses	3,818	3,933	3	4,009	4,040	4,069		
-250		Operating Result	526	370	-30	405	480	570		
-250		Total Comprehensive Income	526	370	-30	405	480	570		

Public Trustee for the ACT
Balance Sheet
    Budget			Est.Outcome	    Planned		   Planned	   Planned	   Planned		
as at 30/6/11			as at 30/6/11	as at 30/6/12	   Var	as at 30/6/13	as at 30/6/14	as at 30/6/15		
   $'000			   $'000	     $'000	    %	    $'000	    $'000	    $'000		
		Current Assets								
3,150		Cash and Cash Equivalents	3,895	4,048	4	4,335	4,680	5,077		
192		Receivables	253	256	1	257	258	259		
39		Other	22	23	5	24	25	26		
3,381		Total Current Assets	4,170	4,327	4	4,616	4,963	5,362		
		Non Current Assets								
92		Property, Plant and Equipment	250	204	-18	158	112	66		
92		Total Non Current Assets	250	204	-18	158	112	66		
3,473		TOTAL ASSETS	4,420	4,531	3	4,774	5,075	5,428		
		Current Liabilities								
133		Payables	113	121	7	133	146	159		
928		Employee Benefits	889	869	-2	863	858	853		
0		Other Provisions	263	185	-30	202	240	285		
3		Other	0	0	-	0	0	0		
1,064		Total Current Liabilities	1,265	1,175	-7	1,198	1,244	1,297		
		Non Current Liabilities								
125		Employee Benefits	65	81	25	98	113	128		
0		Other	52	52	-	52	52	52		
125		Total Non Current Liabilities	117	133	14	150	165	180		
1,189		TOTAL LIABILITIES	1,382	1,308	-5	1,348	1,409	1,477		
2,284		NET ASSETS	3,038	3,223	6	3,426	3,666	3,951		
		REPRESENTED BY FUNDS EMPLOYED								
2,279		Accumulated Funds	3,038	3,223	6	3,426	3,666	3,951		
5		Reserves	0	0	-	0	0	0		
2,284		TOTAL FUNDS EMPLOYED	3,038	3,223	6	3,426	3,666	3,951		

Public Trustee for the ACT
Cash Flow Statement
  2010-11			  2010-11	   2011-12		  2012-13	    2013-14	  2014-15		
    Budget			Est.Outcome	   Budget	     Var	  Estimate	    Estimate	  Estimate		
    $'000			    $'000	   $'000	      %	    $'000	     $'000	   $'000		
		CASH FLOWS FROM OPERATING ACTIVITIES								
		Receipts								
218		Cash from Government for Outputs	218	223	2	229	233	236		
451		Cash from Government - CSO Payments	451	459	2	466	473	484		
2,898		User Charges	3,478	3,414	-2	3,502	3,592	3,692		
134		Interest Received	191	203	6	215	220	225		
336		Other Revenue	343	335	-2	344	353	362		
4,037		Operating Receipts	4,681	4,634	-1	4,756	4,871	4,999		
		Payments								
2,526		Related to Employees	2,604	2,670	3	2,710	2,745	2,781		
369		Related to Superannuation	357	358	..	353	324	299		
864		Related to Supplies and Services	836	852	2	878	904	922		
322		Other	344	338	-2	343	351	360		
4,081		Operating Payments	4,141	4,218	2	4,284	4,324	4,362		
-44		NET CASH INFLOW/ (OUTFLOW) FROM OPERATING ACTIVITIES	540	416	-23	472	547	637		
		CASH FLOWS FROM INVESTING ACTIVITIES								
		Payments								
0		Purchase of Property, Plant and Equipment and Capital Works	70	0	-100	0	0	0		
0		Investing Payments	70	0	-100	0	0	0		
0		NET CASH INFLOW/ (OUTFLOW) FROM INVESTING ACTIVITIES	-70	0	100	0	0	0		
		CASH FLOWS FROM FINANCING ACTIVITIES								
		Payments								
0		Dividends to Government	0	263	#	185	202	240		
0		Financing Payments	0	263	#	185	202	240		
0		NET CASH INFLOW/ (OUTFLOW) FROM FINANCING ACTIVITIES	0	-263	#	-185	-202	-240		
-44		NET INCREASE/ (DECREASE) IN CASH HELD	470	153	-67	287	345	397		
3,194		CASH AT BEGINNING OF REPORTING PERIOD	3,425	3,895	14	4,048	4,335	4,680		
3,150		CASH AT THE END OF THE REPORTING PERIOD	3,895	4,048	4	4,335	4,680	5,077		

Public Trustee for the ACT
Statement of Changes in Equity
    Budget			Est.Outcome	    Planned		   Planned	   Planned	   Planned		
as at 30/6/11			as at 30/6/11	as at 30/6/12	Var	as at 30/6/13	as at 30/6/14	as at 30/6/15		
   $'000			   $'000	     $'000	    %	    $'000	    $'000	    $'000		
		Opening Equity								
2,529		Opening Accumulated Funds	2,775	3,038	9	3,223	3,426	3,666		
5		Opening Asset Revaluation Reserve	0	0	-	0	0	0		
2,534		Balance at the Start of the Reporting Period	2,775	3,038	9	3,223	3,426	3,666		
		Comprehensive Income								
-250		Operating Result for the Period	526	370	-30	405	480	570		
-250		Total Comprehensive Income	526	370	-30	405	480	570		
0		Total Movement In Reserves	0	0	-	0	0	0		
		Transactions Involving Owners Affecting Accumulated Funds								
0		Dividend Approved	-263	-185	30	-202	-240	-285		
0		Total Transactions Involving Owners Affecting Accumulated Funds	-263	-185	30	-202	-240	-285		
		Closing Equity								
2,279		Closing Accumulated Funds	3,038	3,223	6	3,426	3,666	3,951		
5		Closing Asset Revaluation Reserve	0	0	-	0	0	0		
2,284		Balance at the End of the Reporting Period	3,038	3,223	6	3,426	3,666	3,951		

Notes to the Budget Statements
Significant variations are as follows:
Operating Statement
•	user charges - non ACT Government:  the increase of $0.540 million in the 2010‑11 estimated outcome from the original budget is due to additional charges associated with an increase in the value of investments under Public Trustee's control and an increase in general business.
•	user charges - ACT Government:  the increase of $0.040 million in 2010‑11 estimated outcome from the original budget is due to an increase in the value of funds managed on behalf of ACT Government agencies.
•	interest revenue:  the increase of $0.057 million in 2010‑11 estimated outcome from the original budget is due to an increase in interest rates and an increase in the value of funds under investment.
Balance Sheet
•	cash and cash equivalents:  the increase of $0.745 million in the 2010‑11 estimated outcome from the original budget is due to an increase in the value of funds under investment as a result of improved sales.
•	receivables:  the increase of $0.061 million in the 2010‑11 estimated outcome from the original budget is due to an increase in sales.
•	property, plant and equipment:  the increase of $0.158 million in the 2010‑11 estimated outcome from the original budget is due to the 2009-10 audit outcome flow-on adjustment arising from the revaluation of fit-out undertaken in 2009-10.
•	payables:  the decrease of $0.020 million in the 2010‑11 estimated outcome from the original budget reflects the timing of payments to suppliers.
•	other provisions:
–	the increase of $0.263 million in the 2010‑11 estimated outcome from the original budget is due to an increase in the dividend payable to the Government as a result of an improved operating result; and
–	the decrease of $0.078 million in the 2011‑12 Budget from the 2010‑11 estimated outcome is due to a decrease in the dividend payable, which reflects the operating result outcome.
•	other non current liabilities:  the increase of $0.052 million in the 2010‑11 estimated outcome from the original budget is due to the creation of a provision for “make good” as a result of a review of the lease agreement.
Cash Flow Statement
•	purchase of property, plant and equipment and capital works:  the increase of $0.070 million in the 2010‑11 estimated outcome from the original budget is due to the one-off cost associated with improvements to the office fit-out in 2010‑11 as a result of building renovations.  
Statement of Changes in Equity
Variances in the statement are explained in the notes above.