PUBLIC TRUSTEE FOR THE ACT

Objectives

The principle objective of the Public Trustee for the ACT is to provide the Canberra community with professional executor and trustee services, including the preparation of wills, estate administration, trust management and powers of attorney. The Office also plays a role in protecting the interests of people under a legal, physical or intellectual disability in instances where the Office 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 Office acts as an agent of the Territory in providing asset services under the Proceeds of Crime Legislation, is the appointed agent for unclaimed moneys, and holds the investment responsibility for ACT Government Trust Funds.

200304 Highlights

Strategic and operational highlights to be pursued in 200304 include:

  • building estate and trust business opportunities to promote service sustainability and expansion;
  • enhancing and streamlining of core work processes for efficient and effective delivery of high quality services and rates of return;
  • developing constructive relationships with key stakeholders to enhance leverage and influence in the marketplace within the ACT community;
  • providing better practice systems and support infrastructure to ensure transparency and accountability for all transactions and decisions; and
  • attracting and retaining skilled and capable staff who are committed to the role of the Public Trustee and superior client service.

Public Trustee for the ACT
Statement of Financial Performance
2002-03 / 2002-03 / 2003-04 / 2004-05 / 2005-06 / 2006-07
Budget / Est.Outcome / Budget / Var / Estimate / Estimate / Estimate
$'000 / $'000 / $'000 / % / $'000 / $'000 / $'000
Revenue
1 580 / User Charges - Non ACT Government / 1 580 / 1 800 / 14 / 1 959 / 2 100 / 2 200
706 / User Charges - ACT Government / 706 / 589 / -17 / 598 / 605 / 613
90 / Interest / 105 / 110 / 5 / 116 / 125 / 135
2 376 / Total Ordinary Revenue / 2 391 / 2 499 / 5 / 2 673 / 2 830 / 2 948
Expenses
1 135 / Employee Expenses / 1 212 / 1 251 / 3 / 1 291 / 1 297 / 1 312
144 / Superannuation Expenses / 176 / 181 / 3 / 187 / 188 / 191
746 / Supplies and Services / 665 / 711 / 7 / 771 / 831 / 871
2 025 / Total Ordinary Expenses / 2 053 / 2 143 / 4 / 2 249 / 2 316 / 2 374
351 / Operating Result / 338 / 356 / 5 / 424 / 514 / 574
1 659 / Total Equity From Start of Period / 1 689 / 1 858 / 10 / 2 036 / 2 248 / 2 505
-174 / Dividend Declared / -169 / -178 / -5 / -212 / -257 / -287
1 836 / Total Equity At The End of Period / 1 858 / 2 036 / 10 / 2 248 / 2 505 / 2 792
Public Trustee for the ACT
Statement of Financial Position
Budget / Est.Outcome / Planned / Planned / Planned / Planned
as at 30/6/03 / as at 30/6/03 / as at 30/6/04 / Var / as at 30/6/05 / as at 30/6/06 / as at 30/6/07
$'000 / $'000 / $'000 / % / $'000 / $'000 / $'000
Current Assets
71 / Cash / 33 / 20 / -39 / 62 / 60 / 64
209 / Receivables / 154 / 200 / 30 / 244 / 288 / 332
2 176 / Investments / 2 201 / 2 341 / 6 / 2 521 / 2 806 / 3 101
19 / Other / 23 / 23 / - / 24 / 25 / 26
2 475 / Total Current Assets / 2 411 / 2 584 / 7 / 2 851 / 3 179 / 3 523
2 475 / TOTAL ASSETS / 2 411 / 2 584 / 7 / 2 851 / 3 179 / 3 523
Current Liabilities
179 / Payables / 104 / 117 / 13 / 134 / 155 / 176
141 / Employee Benefits / 152 / 135 / -11 / 149 / 163 / 177
174 / Other Provisions / 162 / 139 / -14 / 141 / 156 / 157
494 / Total Current Liabilities / 418 / 391 / -6 / 424 / 474 / 510
Non Current Liabilities
145 / Employee Benefits / 135 / 157 / 16 / 179 / 200 / 221
145 / Total Non Current Liabilities / 135 / 157 / 16 / 179 / 200 / 221
639 / TOTAL LIABILITIES / 553 / 548 / -1 / 603 / 674 / 731
1 836 / NET ASSETS / 1 858 / 2 036 / 10 / 2 248 / 2 505 / 2 792
REPRESENTED BY FUNDS EMPLOYED
1 836 / Accumulated Funds / 1 858 / 2 036 / 10 / 2 248 / 2 505 / 2 792
1 836 / TOTAL FUNDS EMPLOYED / 1 858 / 2 036 / 10 / 2 248 / 2 505 / 2 792
Public Trustee for the ACT
Statement of Cashflows
2002-03 / 2002-03 / 2003-04 / 2004-05 / 2005-06 / 2006-07
Budget / Est.Outcome / Budget / Var / Estimate / Estimate / Estimate
$'000 / $'000 / $'000 / % / $'000 / $'000 / $'000
CASH FLOWS FROM OPERATING ACTIVITIES
Receipts
2 249 / User Charges / 2 241 / 2 343 / 5 / 2 514 / 2 660 / 2 769
82 / Interest Received / 97 / 100 / 3 / 104 / 116 / 126
152 / Other Revenue / 152 / 158 / 4 / 164 / 170 / 170
2 483 / Operating Receipts / 2 490 / 2 601 / 4 / 2 782 / 2 946 / 3 065
Payments
1 240 / Related to Employees / 1 353 / 1 449 / 7 / 1 464 / 1 471 / 1 489
708 / Related to Supplies and Services / 622 / 697 / 12 / 756 / 815 / 855
157 / Other / 152 / 159 / 5 / 162 / 165 / 165
2 105 / Operating Payments / 2 127 / 2 305 / 8 / 2 382 / 2 451 / 2 509
378 / NET CASH INFLOW/(OUTFLOW) FROM OPERATING ACTIVITIES / 363 / 296 / -18 / 400 / 495 / 556
CASH FLOWS FROM FINANCING ACTIVITIES
Payments
159 / Dividends to Government / 190 / 169 / -11 / 178 / 212 / 257
159 / Financing Payments / 190 / 169 / -11 / 178 / 212 / 257
-159 / NET CASH INFLOW/(OUTFLOW) FROM FINANCING ACTIVITIES / -190 / -169 / 11 / -178 / -212 / -257
219 / NET INCREASE/(DECREASE) IN CASH HELD / 173 / 127 / -27 / 222 / 283 / 299
2 028 / CASH AT BEGINNING OF REPORTING PERIOD / 2 061 / 2 234 / 8 / 2 361 / 2 583 / 2 866
2 247 / CASH AT THE END OF THE REPORTING PERIOD / 2 234 / 2 361 / 6 / 2 583 / 2 866 / 3 165

Notes to the Budget Statements

Significant variations are as follows:

Statement of Financial Performance
  • user charges – non ACT Government: the increase of $0.220m in the 2003-04 Budget from the 2002-03 estimated outcome is due to the increasing number of clients managed by the office, and the value of their real property and other assets under the Public Trustee’s control;
  • user charges – ACT Government: the decrease of $0.117m in the 200304 Budget from the 2002-03 estimated outcome is largely due to the completion of the 2000-01 Business Development Funding initiative. All funds have now been utilised to develop and improve business practices to ensure the viability of the Public Trustee office in future years;
  • employee expenses: the increase of $0.077m in the 200203 estimated outcome from the original budget is due to a greater number of temporary staff being employed to implement the prudent person principle, reconcile unclaimed moneys, and assist trust staff in managing increased workloads. Implementation of the prudent person principle and unclaimed moneys will continue to be an ongoing expense; and
  • supplies and services: the decrease of $0.081m in the 200203 estimated outcome from the original budget is due to a number of projects allocated in the business plan not being achieved during the year.
Statement of Financial Position
  • current receivables: the decrease of $0.055m in the 200203 estimated outcome from the original budget is due to improved cashflow controls;
  • current investments: the increase of $0.140m in the 2003-04 Budget from the 2002-03 estimated outcome is due to increased profitability of the office from the continued growth of the public trustee client base, the higher value of estates under management, and the higher value of real estate property sales; and
  • current payables: the decrease of $0.075m in the 2002-03 estimated outcome from the original budget is due to a change in the method the Office uses to pay accounts.

2003-04 Budget Paper No.41Public Trustee for the ACT