Financial performance at a glance
The following is a brief summary of the overall financial position of the agency. The information is unaudited. Full audited financial statements for 2020-21 are available at Appendix 1.
Statement of Comprehensive Income | 2020-21 Actual $000 | 2020-21 Budget $000 | Variation $000 | 2019-20 Actual $000 |
Revenue | 32 190 | 31 200 | 990 | 32 208 |
Expenses | 24 543 | 25 533 | 990 | 26 533 |
Net result before distributions | 7 647 | 5 667
| 1 980 | 5 675 |
Income tax equivalent | 2 294 | 1 700 | 594 | 1 703 |
Net result after Income Tax Equivalents | 5 353 | 3 967 | 1 386 | 3 972 |
Statement of Financial Position | 2020-21 Actual $000 | 2020-21 Budget $000 | Variation $000 | 2019-20 Actual $000 |
Current assets | 10 558 | 13 925 | (3 367) | 13 352 |
Non-current assets | 34 249 | 33 171 | 1 078 | 34 194 |
Total assets | 44 807 | 47 096 | (2 289) | 47 546 |
Current liabilities | 6 124 | 6 066 | (58) | 5 920 |
Non-current liabilities | 16 749 | 17 467 | 718 | 18 269 |
Total liabilities | 22 873 | 23 533 | 660 | 24 189 |
Net assets | 21 934 | 23 563 | (1 629) | 23 357 |
Equity | 21 934 | 23 563 | (1 629) | 23 357 |
During 2019-20 an interim dividend was paid and a final dividend is payable in
2020-21. The total payment will be $6.926 million (2019-20 total $3.954 million).
The Public Trustee’s net result before distributions was $7.6 million in 2020-21. That was $1.980 million above budget. The following items contributed to the favourable result:
- Revenue was 3.2% ($0.990 million) above budget. The favourable variance was attributable to investment revenue $2.629 million which was partially offset by unfavourable fees and charges revenue ($1.423 million) and management fee revenue ($0.101 million). Unfavourable fees and charges revenue was primarily due to declining Estate revenue in Probate, Intestacies and Letters of Administration products and Trusts revenue in Testamentary Trusts and Court Award products.
- Expenses were 3.9% ($0.990 million) below budget. This is mainly due to changed discount assumptions in the long service leave actuarial valuations ($0.365 million) and the assumed 1.5% salary increase delayed by the extended enterprise bargaining negotiation ($0.310 million).
The variations to budget in the Statement of Financial Position are primarily related to the lower than budgeted short term cash investments.
Consultants disclosure
The following is a summary of external consultants that have been engaged by the agency, the nature of work undertaken, and the actual payments made for the work undertaken during the financial year.
Consultancies with a contract value below $10,000 each
Consultancies | Purpose | Actual payment |
---|---|---|
Nil | Not applicable | $0 |
Consultancies with a contract value above $10,000 each
Consultancies | Purpose | Actual payment |
---|---|---|
PricewaterhouseCoopers | Tax advice for the Public Trustee Common Funds | $15,400 |
Ernst & Young | Advice on appropriate technology to replace the ageing PeopleSoft Financial system (customer and trust accounting system) | $197,450 |
Total | $ 212,850 |
Data for previous years is available at: https://data.sa.gov.au/data/organization/attorney-general-s-dept
See also the Consolidated Financial Report of the Department of Treasury and Finance for total value of consultancy contracts across the South Australian Public Sector.
Contractors disclosure
The following is a summary of external contractors that have been engaged by the agency, the nature of work undertaken, and the actual payments made for work undertaken during the financial year.
Contractors with a contract value below $10,000
Contractors | Purpose | Actual payment |
---|---|---|
All contractors below $10,000 each - combined | Various | $81,055 |
Contractors with a contract value above $10,000 each
Contractors | Purpose | Actual payment |
---|---|---|
Phil Zubrinich | Procurement Assistance | $13,167 |
Harrison McMillan Pty Ltd | Temporary Staff | $13,667 |
Perks People Solutions Pty Ltd | Staff Training | $14,025 |
Rawsons Electrical Pty Ltd | Electrical Repairs | $15,047 |
The Orange Toolkit Pty Ltd | Staff Training | $20,900 |
T & P Removals Pty Ltd | Removalist Services | $24,354 |
KPMG Forensic Pty Ltd | Strategic Planning | $36,481 |
Hudson Global Resources | Temporary Staff | $42,261 |
The Information Management Group | Scanning Services | $53,128 |
Careerlink People Solutions | Temporary Staff | $60,619 |
Talent International (SA) Pty Ltd | Temporary Staff | $74,650 |
Hays Specialist Recruitment Pty Ltd | Temporary Staff | $121,501 |
Deloitte Risk Advisory Pty Ltd | Internal Audit and Risk Management Services | $192,005 |
KPMG Pty Ltd | Customer Relationship Management System Replacement | $255,834 |
Randstad Pty Ltd | Temporary Staff | $421,839 |
Total | $1,359,478 |
Temporary staff usage increased in 2020-21 to maintain business operations during the COVID-19 pandemic and to process receipts and payments arising from the Commonwealth governments economic support payments to customers.
Data for previous years is available at: https://data.sa.gov.au/data/organization/attorney-general-s-dept
The details of South Australian Government-awarded contracts for goods, services, and works are displayed on the SA Tenders and Contracts website. View the agency list of contracts.
The website also provides details of across government contracts.
Other information
Under the Public Corporations Act 1993, a Charter must be prepared for a Public Corporation and agreed between the Attorney-General and the Treasurer.
The Charter describes the reporting and accountability requirements and outlines objectives for invested customer funds, financial and other performance targets. It also sets out the responsibilities and the expectations of both the Public Trustee and the Government. The Charter is reviewed annually.
Customer investments
The Public Trustee’s Balanced, Growth and Equities investment strategies outperformed their target returns. The Capital Stable investment strategy slightly underperformed its target return due to low interest rates.
Investment Performance versus CPI Objectives as at 30 June 2021
Investment Strategy | CPI Objective | Investment Horizon | Target Return % pa | Actual Return % pa | Over (+)/ Under(-) | Over/Under performance % pa |
Capital Stable | CPI + 1.5% pa | 3 Years | 3.18% | 3.04% | - | -0.14% |
Balanced | CPI + 2.5% pa | 5 Years | 4.31% | 5.68% | + | 1.37% |
Growth | CPI + 3.5% pa | 7 Years | 5.16% | 7.07% | + | 1.91% |
Equities | CPI + 4% pa | 10 Years | 5.82% | 10.56% | + | 4.74% |
2020–21 Standard Investment Strategies’ Performance
Last | Last | Last | Last | Last | |
Cash | 0.14% | 1.03% | 1.34% | 1.66% | 2.37% |
Benchmark | -0.94% | -0.04% | 0.29% | 0.61% | 1.19% |
Variance | 1.08% | 1.07% | 1.05% | 1.05% | 1.18% |
| |||||
Capital Stable | 6.15% | 3.04% | 3.59% | 3.75% | 4.61% |
Benchmark | 5.81% | 3.82% | 3.70% | 3.75% | 4.49% |
Variance | 0.34% | -0.78% | -0.11% | 0.00% | 0.12% |
| |||||
Balanced | 12.00% | 4.76% | 5.68% | 5.66% | 6.69% |
Benchmark | 11.35% | 5.86% | 5.95% | 5.73% | 6.65% |
Variance | 0.65% | -1.10% | -0.27% | -0.07% | 0.04% |
| |||||
Growth | 16.90% | 6.10% | 7.45% | 7.07% | 8.13% |
Benchmark | 17.14% | 7.48% | 7.86% | 7.09% | 7.97% |
Variance | -0.24% | -1.38% | -0.41% | -0.02% | 0.16% |
| |||||
Equities | 27.56% | 9.12% | 11.35% | 9.78% | 10.56% |
Benchmark | 28.64% | 10.56% | 11.67% | 9.60% | 10.21% |
Variance | -1.08% | -1.44% | -0.32% | 0.18% | 0.35% |
The cash objective is to provide customers a very low risk strategy designed to achieve a return comparable to the 90 day bank bill rate and provide the advantage of having funds available at 24 hour call for amounts of up to $1 million.
2020–21 Capital Stable Standard Investment Strategy
Common Fund | Allocation (%) 2020-21 | Allocation (%) 2019-20 | ||||
Neutral | Period End | $m | Neutral | Period End | $m | |
Australian Shares | 10.0% | 11.0% | 16.80 | 10.0% | 9.4% | 12.77 |
Overseas Shares | 8.0% | 8.1% | 12.30 | 8.0% | 7.7% | 10.39 |
Property | 10.0% | 10.5% | 15.92 | 10.0% | 9.8% | 13.21 |
Long Term Fixed Interest | 15.0% | 14.5% | 22.00 | 15.0% | 15.3% | 20.63 |
Short Term Fixed Interest | 26.5% | 26.6% | 40.39 | 26.5% | 27.3% | 36.88 |
Overseas Fixed Interest | 12.5% | 11.4% | 17.25 | 12.5% | 12.2% | 16.42 |
Cash | 18.0% | 17.9% | 27.20 | 18.0% | 18.3% | 24.81 |
TOTAL | 100.0% | 100.0% | 151.86 | 100.0% | 100.0% | 135.11 |
2020–21 Balanced Standard Investment Strategy
Common Fund | Allocation (%) 2020-21 | Allocation (%) 2019-20 | ||||
Neutral | Period End | $m | Neutral | Period End | $m | |
Australian Shares | 20.5% | 20.8% | 56.83 | 20.5% | 18.3% | 45.81 |
Overseas Shares | 12.0% | 16.0% | 43.79 | 12.0% | 15.7% | 39.26 |
Property | 22.5% | 20.7% | 56.67 | 22.5% | 19.9% | 49.94 |
Long Term Fixed Interest | 19.0% | 20.9% | 57.33 | 19.0% | 22.8% | 57.06 |
Short Term Fixed Interest | 7.0% | 6.9% | 18.97 | 7.0% | 7.3% | 18.38 |
Overseas Fixed Interest | 15.0% | 10.8% | 29.44 | 15.0% | 11.9% | 29.76 |
Cash | 4.0% | 3.9% | 10.75 | 4.0% | 4.1% | 10.41 |
TOTAL | 100.0% | 100.0% | 273.78 | 100.0% | 100.0% | 250.62 |
2020–21 Growth Standard Investment Strategy
Common Fund | Allocation (%) 2020-21 | Allocation (%) 2019-20 | ||||
Neutral | Period End | $m | Neutral | Period End | $m | |
Australian Shares | 29.0% | 31.1% | 74.62 | 29.0% | 28.2% | 61.62 |
Overseas Shares | 24.0% | 23.5% | 56.50 | 24.0% | 23.7% | 51.90 |
Property | 20.0% | 20.3% | 48.73 | 20.0% | 20.1% | 44.00 |
Long Term Fixed Interest | 12.5% | 11.7% | 28.01 | 12.5% | 13.1% | 28.56 |
Short Term Fixed Interest | 4.5% | 4.4% | 10.49 | 4.5% | 4.8% | 10.41 |
Overseas Fixed Interest | 6.0% | 5.3% | 12.65 | 6.0% | 6.0% | 13.10 |
Cash | 4.0% | 3.7% | 9.25 | 4.0% | 4.1% | 9.17 |
TOTAL | 100.0% | 100.0% | 240.25 | 100.0% | 100.0% | 218.76 |
2020–21 Equities Standard Investment Strategy
Common Fund | Allocation (%) 2020-21 | Allocation (%) 2019-20 | ||||
Neutral | Period End | $m | Neutral | Period End | $m | |
Australian Shares | 55.0% | 57.2% | 52.86 | 55.0% | 54.6% | 44.36 |
Overseas Shares | 45.0% | 42.8% | 39.56 | 45.0% | 45.4% | 36.93 |
TOTAL | 100.0% | 100.0% | 92.42 | 100.0% | 100.0% | 81.29 |
Data for previous years is available at: https://data.sa.gov.au/data/organization/attorney-general-s-dept