PUBLIC TRUSTEE FOR THE ACT
Objectives
The objective of the Public Trustee for the ACT (Public Trustee), as authorised by the Public Trustee Act 1985 and the Trustee Act 1925, is to be the community’s first choice for trustee and related services that 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.
The Public Trustee acts as an 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 the Capital Region Community Foundation (GreaterGood).
2010‑11 Priorities
Strategic and operational priorities to be pursued in 2010‑11 include:
•	developing the business to ensure the long term viability of the Public Trustee for the ACT;
•	ongoing refinement of systems, processes and procedures to enhance service delivery to government and to the community;
•	ongoing staff development and training to enhance expertise and service delivery;
•	promoting and marketing Public Trustee services in a cost efficient manner including celebration of the Public Trustee’s 25th year anniversary;
•	enhancing client reporting in statements and client newsletters;
•	raising awareness in the community regarding Wills and Enduring Powers of Attorney through seminars, group addresses and media articles; 
•	implementing IT initiatives that enable online Will instructions, introduce Will drafting software and improve connectivity between trust ledger data and income tax preparation software;
•	expanding the Workplace Giving program and other charitable initiatives through the GreaterGood Foundation; and
•	participating in the Public Trustees Australian Guardianship and Administration Council (AGAC) and Trustee Corporations Association of Australia (TCA) national forums to ensure that Public Trustee is operating at the forefront of trustee industry developments in funds management and trust matters.
Estimated Employment Level
2008‑09
Actual Outcome		2009-10
Budget
	2009-10
Est.  Outcome	2010-11
Budget
	
34	Staffing (FTE) 	34	34	34	
Changes to Appropriation
Changes to Appropriation - Departmental						
 	2009-10	2010-11	2011-12	2012-13	2013-14	
Government Payment for Outputs	Est. Out.	Budget	Estimate	Estimate	Estimate	
 	$'000	$'000	$'000	$'000	$'000	
						
2009-10 Budget	  655	  669	  682	  695	  695	
						
2010-11 Budget Technical Adjustment						
Revised Indexation Parameters	- 	- 	- 	- 	11 	
						
2010-11 Budget	  655	  669	  682	  695	  706	

Public Trustee for the ACT
Operating Statement
  2009-10			  2009-10	   2010-11		  2011-12	    2012-13	  2013-14		
    Budget			Est.Outcome	   Budget	     Var	  Estimate	    Estimate	  Estimate		
    $'000			    $'000	   $'000	      %	    $'000	     $'000	   $'000		
		Income								
		Revenue								
655		Government Payment for Outputs	655	669	2	682	695	706		
2,442		User Charges - Non ACT Government	2,448	2,585	6	2,711	2,811	2,882		
290		User Charges - ACT Government	290	310	7	330	350	359		
134		Interest	150	143	-5	140	142	150		
3,521		Total Revenue	3,543	3,707	5	3,863	3,998	4,097		
		Gains								
0		Total Gains	0	0	-	0	0	0		
3,521		Total Income	3,543	3,707	5	3,863	3,998	4,097		
		Expenses								
2,478		Employee Expenses	2,555	2,587	1	2,635	2,658	2,665		
370		Superannuation Expenses	371	380	2	389	393	393		
855		Supplies and Services	855	875	2	897	920	924		
115		Depreciation and Amortisation	115	115	-	4	2	2		
3,818		Total Ordinary Expenses	3,896	3,957	2	3,925	3,973	3,984		
-297		Operating Result	-353	-250	29	-62	25	113		
-297		Total Comprehensive Income	-353	-250	29	-62	25	113		

Public Trustee for the ACT
Balance Sheet
    Budget			Est.Outcome	    Planned		   Planned	   Planned	   Planned		
as at 30/6/10			as at 30/6/10	as at 30/6/11	   Var	as at 30/6/12	as at 30/6/13	as at 30/6/14		
   $'000			   $'000	     $'000	    %	    $'000	    $'000	    $'000		
		Current Assets								
3,138		Cash and Cash Equivalents	3,194	3,150	-1	3,167	3,287	3,483		
242		Receivables	187	192	3	195	196	197		
22		Other	38	39	3	40	41	42		
3,402		Total Current Assets	3,419	3,381	-1	3,402	3,524	3,722		
		Non Current Assets								
202		Property, Plant and Equipment	207	92	-56	88	86	84		
202		Total Non Current Assets	207	92	-56	88	86	84		
3,604		TOTAL ASSETS	3,626	3,473	-4	3,490	3,610	3,806		
		Current Liabilities								
152		Payables	108	133	23	146	159	172		
685		Employee Benefits	872	928	6	979	1,046	1,113		
0		Other Provisions	0	0	-	0	12	56		
1		Other	3	3	-	3	3	3		
838		Total Current Liabilities	983	1,064	8	1,128	1,220	1,344		
		Non Current Liabilities								
38		Employee Benefits	109	125	15	140	155	170		
38		Total Non Current Liabilities	109	125	15	140	155	170		
876		TOTAL LIABILITIES	1,092	1,189	9	1,268	1,375	1,514		
2,728		NET ASSETS	2,534	2,284	-10	2,222	2,235	2,292		
		REPRESENTED BY FUNDS EMPLOYED								
2,723		Accumulated Funds	2,529	2,279	-10	2,217	2,230	2,287		
5		Reserves	5	5	-	5	5	5		
2,728		TOTAL FUNDS EMPLOYED	2,534	2,284	-10	2,222	2,235	2,292		

Public Trustee for the ACT
Cash Flow Statement
  2009-10			  2009-10	   2010-11		  2011-12	    2012-13	  2013-14		
    Budget			Est.Outcome	   Budget	     Var	  Estimate	    Estimate	  Estimate		
    $'000			    $'000	   $'000	      %	    $'000	     $'000	   $'000		
		CASH FLOWS FROM OPERATING ACTIVITIES								
		Receipts								
213		Cash from Government for Outputs	213	218	2	223	229	233		
442		Cash from Government - CSO Payments	442	451	2	459	466	473		
2,739		User Charges	2,744	2,898	6	3,044	3,164	3,244		
120		Interest Received	136	134	-1	133	137	145		
320		Other Revenue	320	336	5	353	353	353		
3,834		Operating Receipts	3,855	4,037	5	4,212	4,349	4,448		
		Payments								
2,452		Related to Employees	2,457	2,526	3	2,581	2,588	2,595		
362		Related to Superannuation	363	369	2	377	381	381		
844		Related to Supplies and Services	844	864	2	886	909	913		
318		Other	318	322	1	351	351	351		
3,976		Operating Payments	3,982	4,081	2	4,195	4,229	4,240		
-142		NET CASH INFLOW/ (OUTFLOW) FROM OPERATING ACTIVITIES	-127	-44	65	17	120	208		
		CASH FLOWS FROM FINANCING ACTIVITIES								
		Payments								
19		Dividends to Government	19	0	-100	0	0	12		
19		Financing Payments	19	0	-100	0	0	12		
-19		NET CASH INFLOW/ (OUTFLOW) FROM FINANCING ACTIVITIES	-19	0	100	0	0	-12		
-161		NET INCREASE/ (DECREASE) IN CASH HELD	-146	-44	70	17	120	196		
3,299		CASH AT BEGINNING OF REPORTING PERIOD	3,340	3,194	-4	3,150	3,167	3,287		
3,138		CASH AT THE END OF THE REPORTING PERIOD	3,194	3,150	-1	3,167	3,287	3,483		

Public Trustee for the ACT
Statement of Changes in Equity
    Budget			Est.Outcome	    Planned		   Planned	   Planned	   Planned		
as at 30/6/10			as at 30/6/10	as at 30/6/11	   Var	as at 30/6/12	as at 30/6/13	as at 30/6/14		
   $'000			   $'000	     $'000	    %	    $'000	    $'000	    $'000		
		Opening Equity								
3,020		Opening Accumulated Funds	2,882	2,529	-12	2,279	2,217	2,230		
5		Opening Asset Revaluation Reserve	5	5	-	5	5	5		
3,025		Balance at the Start of the Reporting Period	2,887	2,534	-12	2,284	2,222	2,235		
		Comprehensive Income								
-297		Operating Result for the Period	-353	-250	29	-62	25	113		
-297		Total Comprehensive Income	-353	-250	29	-62	25	113		
0		Total Movement in Reserves	0	0	-	0	0	0		
		Transactions Involving Owners Affecting Accumulated Funds								
0		Dividend Approved	0	0	-	0	-12	-56		
0		Total Transactions Involving Owners Affecting Accumulated Funds	0	0	-	0	-12	-56		
		Closing Equity								
2,723		Closing Accumulated Funds	2,529	2,279	-10	2,217	2,230	2,287		
5		Closing Asset Revaluation Reserve	5	5	-	5	5	5		
2,728		Balance at the End of the Reporting Period	2,534	2,284	-10	2,222	2,235	2,292		
Notes to the Budget Statements
Significant variations are as follows:
Operating Statement
•	user charges - non ACT Government:  the increase of $0.137 million in the 
2010‑11 Budget from the 2009‑10 estimated outcome is due to additional charges associated with an increase in the value of investments under Public Trustee's control.
•	user charges - ACT Government:  the increase of $0.020 million in the 2010‑11 Budget from the 2009‑10 estimated outcome is due to an anticipated increase in the value of funds managed on behalf of ACT Government agencies.
Balance Sheet
•	receivables:  the decrease of $0.055 million in the 2009‑10 estimated outcome from the original budget is due to improvements in the collection of debtor accounts. 
•	property, plant and equipment:  the decrease of $0.115 million in the 2010‑11 Budget from the 2009‑10 estimated outcome is due to the 221 London Circuit fit‑out reaching the end of its useful life.
•	payables:  the decrease of $0.044 million in the 2009‑10 estimated outcome from the original budget and the increase of $0.025 million in the 2010‑11 Budget from the 2009‑10 estimated outcome reflects the timing of payments to suppliers.
•	current and non current employee benefits: 
–	the increase of $0.258 million in the 2009‑10 estimated outcome from the original budget is due to changes in the methodology used to determine recreation and long service leave balances, as well as fewer staff utilising long service leave than anticipated; and
–	the increase of $0.072 million in the 2010‑11 Budget from the 2009‑10 estimated outcome is due to an expectation that staff will utilise long service leave, as well as an increase in leave entitlements through wages increases.
Cash Flow Statement
•	dividends to government:  the decrease of $0.019 million in the 2010‑11 Budget from the 2009‑10 estimated outcome reflects no dividend being paid in 2010‑11.
Statement of Changes in Equity
Variances in the statement are explained in the notes above.