PUBLIC TRUSTEE FOR THE ACT
Objectives
The objective of the Public Trustee for the ACT (Public Trustee) 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 as financial manager or guardian.
The Public Trustee acts as an agent for the Territory under the Confiscation of Criminal Assets Act 2003, is the delegate for unclaimed moneys and holds investment responsibility for government and non-government trust funds.  The Public Trustee is trustee for the Perpetual Care Trust and for the Capital Region Community Foundation (GreaterGood).
2009-10 Priorities
Strategic and operational priorities to be pursued in 2009-10 include:
•	developing the business to ensure the long term viability of the Public Trustee;
•	monitoring and reviewing the Public Trustee’s investment arrangements;
•	ensuring accountability and transparency in all transactions and decisions;
•	building community awareness of the importance of having an up to date Will, and Enduring Power of Attorney through the Public Trustee;
•	identify IT solutions aimed at addressing volume;
•	without compromising quality through exchange of information with other Public Trustees and Trustee companies at regular industry forums;
•	conduct free public seminars during Seniors Week and Wills Week to achieve broader community knowledge about Wills and Enduring Powers of Attorney and to engage with potential clients for our services; and
•	establish the GreaterGood workplace giving model within ACT workplaces promoting the value of workplace giving and the benefits that GreaterGood provides through development of a generic brochure and promotion in ACT workplaces.

Estimated Employment Level
2008-09
Budget			2008-09
Est. Outcome	2009-10
Budget	
33		  Staffing  (FTE)	34	34	

Changes to Appropriation
						
Changes to Appropriation - Departmental						
	2008-09	2009-10	2010-11	2011-12	2012-13	
Government Payment for Outputs	Est. Out.	Budget	Estimate	Estimate	Estimate	
	$'000	$'000	$'000	$'000	$'000	
						
2008-09 Budget	643	653	665	676	676	
						
2009-10 Budget Policy Adjustment						
Efficiency Dividend	 - 	 - 	(1)	(1)	(1)	
						
2009-10 Budget Technical Adjustment						
Revised Indexation Parameters	 - 	2	5	7	20	
						
2009-10 Budget	643	655	669	682	695	

Public Trustee for the ACT
Operating Statement
  2008-09			  2008-09	   2009-10		  2010-11	    2011-12	  2012-13		
    Budget			Est.Outcome	   Budget	     Var	  Estimate	    Estimate	  Estimate		
    $'000			    $'000	   $'000	      %	    $'000	     $'000	   $'000		
		Income								
		Revenue								
643		Government Payment for Outputs	643	655	2	669	682	695		
3,099		User Charges - Non ACT Government	2,504	2,442	-2	2,550	2,683	2,816		
260		User Charges - ACT Government	280	290	4	310	330	350		
240		Interest	230	134	-42	127	136	146		
4,242		Total Revenue	3,657	3,521	-4	3,656	3,831	4,007		
		Gains								
0		Total Gains	0	0	-	0	0	0		
4,242		Total Income	3,657	3,521	-4	3,656	3,831	4,007		
		Expenses								
2,449		Employee Expenses	2,314	2,478	7	2,514	2,548	2,581		
360		Superannuation Expenses	345	370	7	375	380	384		
877		Supplies and Services	834	855	3	875	897	920		
114		Depreciation and Amortisation	125	115	-8	115	4	2		
3,800		Total Ordinary Expenses	3,618	3,818	6	3,879	3,829	3,887		
442		Operating Result	39	-297	-862	-223	2	120		

Public Trustee for the ACT
Balance Sheet
    Budget			Est.Outcome	    Planned		   Planned	   Planned	   Planned		
as at 30/6/09			as at 30/6/09	as at 30/6/10	   Var	as at 30/6/11	as at 30/6/12	as at 30/6/13		
   $'000			   $'000	     $'000	    %	    $'000	    $'000	    $'000		
		Current Assets								
226		Cash and Cash Equivalents	3,299	3,138	-5	3,075	3,117	3,303		
253		Receivables	236	242	3	247	250	251		
3,407		Investments	0	0	-	0	0	0		
21		Other	21	22	5	23	24	25		
3,907		Total Current Assets	3,556	3,402	-4	3,345	3,391	3,579		
		Non Current Assets								
259		Property, Plant and Equipment	317	202	-36	87	83	81		
259		Total Non Current Assets	317	202	-36	87	83	81		
4,166		TOTAL ASSETS	3,873	3,604	-7	3,432	3,474	3,660		
		Current Liabilities								
100		Payables	139	152	9	177	190	203		
644		Employee Benefits	654	685	5	708	732	782		
221		Other Provisions	19	0	-100	0	0	59		
0		Other	1	1	-	1	1	1		
965		Total Current Liabilities	813	838	3	886	923	1,045		
		Non Current Liabilities								
23		Employee Benefits	35	38	9	41	44	47		
23		Total Non Current Liabilities	35	38	9	41	44	47		
988		TOTAL LIABILITIES	848	876	3	927	967	1,092		
3,178		NET ASSETS	3,025	2,728	-10	2,505	2,507	2,568		
		REPRESENTED BY FUNDS EMPLOYED								
3,173		Accumulated Funds	3,020	2,723	-10	2,500	2,502	2,563		
5		Reserves	5	5	-	5	5	5		
3,178		TOTAL FUNDS EMPLOYED	3,025	2,728	-10	2,505	2,507	2,568		

Public Trustee for the ACT
Cash Flow Statement
  2008-09			  2008-09	   2009-10		  2010-11	    2011-12	  2012-13		
    Budget			Est.Outcome	   Budget	     Var	  Estimate	    Estimate	  Estimate		
    $'000			    $'000	   $'000	      %	    $'000	     $'000	   $'000		
		CASH FLOWS FROM OPERATING ACTIVITIES								
		Receipts								
207		Cash from Government for Outputs	208	213	2	218	223	229		
436		Cash from Government - CSO Payments	435	442	2	451	459	466		
3,356		User Charges	2,781	2,739	-2	2,863	3,016	3,169		
224		Interest Received	213	120	-44	118	129	141		
303		Other Revenue	303	320	6	336	353	353		
4,526		Operating Receipts	3,940	3,834	-3	3,986	4,180	4,358		
		Payments								
2,411		Related to Employees	2,266	2,452	8	2,499	2,533	2,540		
353		Related to Superannuation	338	362	7	364	368	372		
869		Related to Supplies and Services	826	844	2	864	886	909		
298		Other	298	318	7	322	351	351		
3,931		Operating Payments	3,728	3,976	7	4,049	4,138	4,172		
595		NET CASH INFLOW/ (OUTFLOW) FROM OPERATING ACTIVITIES	212	-142	-167	-63	42	186		
		CASH FLOWS FROM INVESTING ACTIVITIES								
		Payments								
354		Purchase of Investments	0	0	-	0	0	0		
354		Investing Payments	0	0	-	0	0	0		
-354		NET CASH INFLOW/ (OUTFLOW) FROM INVESTING ACTIVITIES	0	0	-	0	0	0		
		CASH FLOWS FROM FINANCING ACTIVITIES								
		Payments								
237		Dividends to Government	286	19	-93	0	0	0		
237		Financing Payments	286	19	-93	0	0	0		
-237		NET CASH INFLOW/ (OUTFLOW) FROM FINANCING ACTIVITIES	-286	-19	93	0	0	0		
4		NET INCREASE/ (DECREASE) IN CASH HELD	-74	-161	-118	-63	42	186		
222		CASH AT BEGINNING OF REPORTING PERIOD	3,373	3,299	-2	3,138	3,075	3,117		
226		CASH AT THE END OF THE REPORTING PERIOD	3,299	3,138	-5	3,075	3,117	3,303		

Public Trustee for the ACT
Statement of Changes in Equity
    Budget			Est.Outcome	    Planned		   Planned	   Planned	   Planned		
as at 30/6/09			as at 30/6/09	as at 30/6/10	   Var	as at 30/6/11	as at 30/6/12	as at 30/6/13		
   $'000			   $'000	     $'000	    %	    $'000	    $'000	    $'000		
2,957		Opening Balance	3,005	3,025	1	2,728	2,505	2,507		
		Accumulated Funds								
442		Operating Result for the Period	39	-297	-862	-223	2	120		
		Reserves								
442		Total Income And Expense For The Period	39	-297	-862	-223	2	120		
		Transactions Involving Equity Holders Affecting Accumulated Funds								
-221		Dividend Approved	-19	0	-100	0	0	-59		
3,178		Closing Balance	3,025	2,728	-10	2,505	2,507	2,568		
Notes to the Budget Statements
Significant variations are as follows:
Operating Statement
•	user charges — non ACT Government:  the decrease of $0.595 million in the 2008-09 estimated outcome from the original budget is due to a decrease in the value of assets under management, the value of estates being administered and the return on investments which in turn affects the commission being charged on income received.
•	user charges — ACT Government:  the increase of $0.020 million in the 2008-09 estimated outcome from the original budget is mainly due to an increase in fees received associated with an increase in the value of funds under management.
•	interest revenue:  the decrease of $0.096 million in the 2009-10 Budget from the 2008-09 estimated outcome is due to the reduced rates of return being offered on investments.
•	employee expenses and superannuation:  the decrease of $0.150 million in the 2008-09 estimated outcome from the original budget and the increase of $0.189 million in the 2009-10 Budget from the 2008-09 estimated outcome is mainly due to vacancies occurring during the earlier part of the 2008-09 financial year that have now been filled.
•	supplies and services:  the decrease of $0.043 million in the 2008-09 estimated outcome from the original budget is mainly as a result of lower levels of activity.
Balance Sheet
•	cash and cash equivalents:
•	the increase of $3.073 million in the 2008-09 estimated outcome from the original budget is due to investments being moved to cash and cash equivalents; and
•	the decrease of $0.161 million in the 2009-10 Budget from the 2008-09 estimated outcome is due to lower forecast revenue.
•	investments:  the decrease of $3.407 million in the 2008-09 estimated outcome from the original budget reflects the change in how cash and cash equivalents are reported in the 2008-09 financial statements.
•	property, plant and equipment:
•	the increase of $0.058 million in the 2008-09 estimated outcome from the original budget is due to further leasehold improvements at 221 London Circuit; and
•	the decrease of $0.115 million in the 2009-10 Budget from the 2008-09 estimated outcome reflects the depreciation for this period.
•	other provisions:  the decrease of $0.202 million in the 2008-09 estimated outcome from the original budget and the decrease of $0.019 million in the 2009-10 Budget from the 2008-09 estimated outcome is the result of a decreased revenue base and decreases to the dividend payable.
Cash Flows
Variations in the statements are explained in the notes above.