Financial performance The Public Trustee’s Financial Statements are included from page 46. The Public Trustee has achieved a financial result for 2016–17 recording an operating surplus of $2.4 M. The financial performance benefited from savings in contractor expenses and higher than anticipated fees revenue. A summary of our revenue and expenditure over the last financial years is as follows: Revenue & Expenses Our revenue sources in the last two financial years comprise the following: Revenue sources 2015–16 2016–17 Fees and Charges 59% 63% Interest Revenue 36% 33% Other Revenue 5% 4% Total Revenue 100% 100% Gross revenue from fees and charges increased by 5 per cent from the previous year. The majority of CSO are deducted from gross fees to arrive at net fees and charges reported in the financial statements, with the remaining CSO amount recorded in contributions expense. This year, we provided a total of $33.8 M in CSO at no cost to the Queensland community which was a 7.8 per cent increase from the previous year. The main driver of the increase in CSO was a 7.6 per cent increase in fees rebated for clients with limited assets. As the Public Trustee is self-funded, these obligations were met from our own sourced revenue. Interest revenue was lower than the previous year due to a lower interest rate environment. Other revenue decreased 3 per cent with a reduction of $0.7 M from proceeds from insurance claims.
Financial performance The Public Trustee’s Financial Statements are included from page 46. The Public Trustee has achieved a financial result for 2016–17 recording an operating surplus of $2.4 M. The financial performance benefited from savings in contractor expenses and higher than anticipated fees revenue. A summary of our revenue and expenditure over the last financial years is as follows: Revenue & Expenses Our revenue sources in the last two financial years comprise the following: Revenue sources 2015–16 2016–17 Fees and Charges 59% 63% Interest Revenue 36% 33% Other Revenue 5% 4% Total Revenue 100% 100% Gross revenue from fees and charges increased by 5 per cent from the previous year. The majority of CSO are deducted from gross fees to arrive at net fees and charges reported in the financial statements, with the remaining CSO amount recorded in contributions expense. This year, we provided a total of $33.8 M in CSO at no cost to the Queensland community which was a 7.8 per cent increase from the previous year. The main driver of the increase in CSO was a 7.6 per cent increase in fees rebated for clients with limited assets. As the Public Trustee is self-funded, these obligations were met from our own sourced revenue. Interest revenue was lower than the previous year due to a lower interest rate environment. Other revenue decreased 3 per cent with a reduction of $0.7 M from proceeds from insurance claims.
the-public-trustee-of-queensland-annual-report-2016-17.docx