the public trustee€¦ · the public trustee 2017-18 common fund annual report the public trustee...

The Public Trustee

2017-18

Common Fund Annual Report

The Public Trustee

211 Victoria Square Adelaide SA 5000 GPO Box 1338 Adelaide SA 5001

[email protected]

Contact phone number 08 8226 0200

Contact email [email protected]

ISSN 1441-2799 (Print)

1836-263X (Online)

Date presented to Minister: 21 September 2018

2017-18 ANNUAL REPORT for the Public Trustee

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To: The Honourable Vickie Chapman MP

Deputy Premier

Attorney-General

This annual report is presented to Parliament to meet the statutory reporting

requirements of the Public Trustee Act 1995 and the Public Sector Act 2009 and

meets the requirements of Premier and Cabinet Circular PC013 Annual Reporting.

This report is verified to be accurate for the purposes of annual reporting to the

Parliament of South Australia.

Submitted on behalf of the Public Trustee by:

The Public Trustee (Acting)

20 September 2018


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Contents

Contents .................................................................................................................... 3

Section A: Reporting required under the Public Sector Act 2009, the Public

Sector Regulations 2010 and the Public Finance and Audit Act 1987 ................. 4

Agency purpose or role ..................................................................................................... 4

Objectives ......................................................................................................................... 4

Key objectives of the Public Trustee and their relationship to Government objectives ....... 4

Agency programs and initiatives and their effectiveness and efficiency ............................. 6

Legislation administered by the agency ............................................................................. 8

Organisation of the agency ................................................................................................ 9

Other information requested by the Attorney-General or other significant issues affecting

the agency or reporting pertaining to independent functions ............................................ 10

Section B: Reporting required under any other act or regulation ..................... 11

Appendix: Audited financial statements 2017-18 ................................................ 19


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Section A: Reporting required under the Public Sector Act

2009, the Public Sector Regulations 2010 and the Public

Finance and Audit Act 1987

Agency purpose or role

The office of the Public Trustee was established in 1881 and is constituted under the provisions of the Public Trustee Act 1995. The Public Trustee is a statutory officer pursuant to the Public Trustee Act 1995. The Public Trustee is a body corporate with the powers of a natural person. The role of the Public Trustee is to provide financial and administrative services to the people of South Australia. The Public Trustee helps those who cannot manage their own affairs, and those who have trusted us to assist them.

Objectives

The Public Trustee’s Strategic Plan includes the following objectives;

People

We will be a workplace of choice. Our staff will be engaged in our culture, and feel empowered by leaders to develop their skills and capabilities.

Customer Experience

We will engage with our customers to understand their needs, and deliver a consistently high quality service, treating them with empathy and respect.

Continuous Business Improvement

Our environment will encourage staff to engage with business improvement ideas and initiatives, to find new ways to work and deliver excellent service to our customers.

Governance & Financial Stability

We will be supported by good governance that effectively manages critical risk. Our fees and charges will be competitive, whilst enabling us to meet our agreed fiscal targets.

Key objectives of the Public Trustee and their relationship to Government

objectives

Government Objective: Identifying new ways to work and deliver excellent service to the community we serve.

The Public Trustee Key Objective - People

Flexibility and Work-Life Balance

Increase the rollout of mobility devices to improve staff flexibility.

Restrict meeting times to core hours where possible.

Continue staff wellbeing program.


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Workload

Establish metrics that give facts and details for resource planning.

Define timeframes for processes.

Consider structure and opportunities to introduce specialist roles/subject matter experts.

Adjust delegations as a recognition of staff trust and appropriate task level.

Training

Create a structured induction program for customer service staff.

Identify key competencies per position.

Undertake a skills gap analysis.

Determine training needs based on the gap analysis.

Build training to match competencies.

Recognition

Create an eThanks program (peer and leader recognition).

Undertake ongoing personal recognition at all levels.

Publish corporate good news stories (to recognise and encourage pride in work).

Communication

Create a team leaders forum and interbranch forums to discuss ideas.

Ensure that all Branch Managers attend other branch meetings to share information.

Create a forum to share personal, non-work achievements, interests, community achievements.

The Public Trustee Key Objective - Continuous Business Improvement

Dedicate policy/procedure resources to review and simplify policies and procedures.

Investigate options to improve the use of AGD and across-government ICT infrastructure.

Create an electronic suggestion box and utilise "great ideas" program to generate ideas from operational staff.

Consider opportunities for greater data sharing with other agencies.

Review internal and external service standards.

Utilise ICT to enable business improvement.

Government Objective: Commitment to providing better services to South Australians and working to protect the vulnerable.

The Public Trustee Key Objective - Customer Experience

Restructure communications with Personal Estates’ customers, including consideration of improved telephone call management.

Restructure how cases are managed in Estate Services to remove single point of failure.

Improve external agency collaboration by working with Centrelink, registries, Australian Taxation Office, banks, Correctional Services (prisons), Office of the Public Advocate, and South Australian Civil and Administrative Tribunal.

Improve information and service delivery at point of initial customer contact.


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Government Objective: Effectively manage risk and contribute to a strong economy for South Australia.

The Public Trustee Key Objective - Governance & Financial Sustainability

Review Control Self Assessments (internal control process).

Review delegations for operational effectiveness and risk.

Review fee structure: o benchmark to competitors (competitor scan) o present options for any proposed changes o assess feasibility and cost recovery o consider business model for Wills.

Develop performance reporting - transparent key performance indicators, relevant items to measure.

Complete all audit and Independent Commissioner Against Corruption findings by the due dates.

Deliver outcomes in accordance with the Charter and Performance Statement as agreed between the Attorney-General and the Treasurer.

Agency programs and initiatives and their effectiveness and efficiency

Agency Program - Writing Wills & Powers of Attorney

Free Will and power of attorney drafting services are provided for all South Australians who nominate the Public Trustee as their executor, attorney or substitute attorney.

Activity Indicators 2017-18 2016-17

• New Wills 640 684

• Revised Wills 956 1055

• New & revised power of attorney documents 391 456

• Visits to people in their homes or other facilities to prepare Wills

232 202

Effectiveness/Efficiency Indicators 2017-18 2016-17

• Customer satisfaction rating out of 5 with Will making services

4.82 4.78

• Wills customers who would recommend the Public Trustee

94% 93%


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Agency Program - Deceased Estates & Trusts Administration

The Public Trustee acts as executor of an estate where named executor in the Will, or as administrator when a person dies intestate (without a Will).

The Public Trustee manages court-awarded trusts, trusts established by a Will and trusts under deed for minors, as well as perpetual charitable and scholarship trusts.


• Administration of new estates 653 532

• Administration of new trusts 125 118

• Finalised deceased estates 681 661

• Finalised trusts 175 196


• Customer satisfaction rating out of 5 with deceased estate administration services

3.74 3.9

• Deceased estate administration customers who would recommend the Public Trustee

56% 65%

Agency Program - Personal Financial Administration

The Public Trustee can be appointed legally responsible for making all, or some, of a person’s financial and legal decisions where that person has lost capacity to do so.


• Appointed administrator or manager of financial and legal affairs - new customers

468 500

• Active financial administrations as at 30 June 4 414 4 324


• Customer satisfaction rating out of 5 by customers and their representatives

3.83 4.03

• Personal financial administration customers who would recommend the Public Trustee

78% 83%

Agency Program - Litigation Guardian

The Public Trustee may be appointed by a Court to act as ‘Next friend’ for customers unable to conduct their own legal proceedings.


• Appointed as litigation guardian - new customers 34 27

• Matters on hand at 30 June 87 62

Effectiveness/Efficiency Indicators

• Customer satisfaction data not collected due to small sample size


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Agency Program - Monitoring Private Financial Administrators and Managers

The Public Trustee is required annually to examine and report on activities of private financial administrators and managers appointed by SACAT and the courts.


• Review of financial statements of private administrators, managers and executors

1 828 1 773

• Matters referred to SACAT for non-compliance with reporting requirements

142 90

• Information sessions held for newly appointed administrators to explain their responsibilities

15 14


• Feedback from information sessions Excellent/very good

Excellent/very good

Appendix 1 provides additional detail on services provided by the Public Trustee.

Legislation administered by the agency

Public Trustee Act 1995

Under the provisions of Section 5(2) of the Public Trustee Act 1995, the Public Trustee may act as a trustee, executor of a Will, administrator of an estate (whether or not of a deceased person), manager, receiver, committee, curator, guardian, next friend, agent, attorney, or stakeholder.

Other Acts that form the basis of how, and which services the Public Trustee delivers to customers are as follows:

Administration and Probate Act 1919;

Aged and Infirm Persons’ Property Act 1940;

Family Relationships Act 1975;

Guardianship and Administration Act 1993;

Inheritance (Family Provision) Act 1972;

Legal Practitioners Act 1981;

Powers of Attorney and Agency Act 1984;

South Australian Civil and Administrative Tribunal Act 2013;

Trustee Act 1936; and

Wills Act 1936.


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Organisation of the agency

The Public Trustee

Business

& Client

Financial Services

Customer Services

Client Financial

Services

Corporate

Services

Personal

Estates

Estate

Services

Governance and

Compliance

Taxation

Services

Legal

Services

Investment

Services

Investment Advisory Committee

Audit & Risk

Management

Committee

Legal Officer

Deceased

Estates

Information and

Communications

Technology

Wills & Related

Services

Customer

Relationships

Team

RegulatIon of

Private Financial

Administrators

Strategic Projects

Trusts

Information and

Communications

Technology Committee


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Customer Investments 2017-18 was a positive year for the Public Trustee’s investment strategies. All investment options had positive returns, with growth-orientated strategies performing particularly well. Investment strategies with a higher weighting to shares and unlisted assets, such as property and infrastructure were the best performers. The Public Trustee’s investment returns ranged from 1.79% for Cash to 13.62% for Equities, net of fees. All Standard Investment Strategies outperformed their respective industry benchmarks over 1, 3 and 5 years. Five year returns stand at 2.33% for Cash to 11.84% for Equities, net of fees. The investment returns demonstrate that the long-term performance has been strong, stable and continues to exceed benchmarks. During the financial year, the Public Trustee made new investments in specialist global small companies and emerging markets funds. These new investments will provide additional diversification benefits and are expected to generate capital growth over the long term.

Other information requested by the Attorney-General or other significant

issues affecting the agency or reporting pertaining to independent functions

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.


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Section B: Reporting required under any other act or

regulation

Public Trustee Act 1995

Section 30 (3) The Public Trustee must include in the Public Trustee's annual report to the

Minister for each financial year—

(a) the audited statement of accounts in respect of each common fund for that financial year; and

(b) the Auditor-General's report on those accounts; and (c) the following investor information in respect of each common fund:

(i) the nature and amount or rate of any fee that the Public Trustee charges in respect of investment in the fund; and

(ii) the class of investments in which the fund may be invested; and (iii) the extent (if any) to which a capital sum invested may be reduced to

defray losses from investment of the fund; and (iv) the rights of an investor in the fund to withdraw all or part of the

person's investment in the fund and the period of notice (if any) that the investor is required to give the Public Trustee in respect of such withdrawal; and

(v) the terms governing distribution of income and profit or loss of a capital nature attributable to each investment in the fund.

Audited Statement of Accounts in respect of each Common Fund: Refer to the Annual Financial Statements section of this report.

The Auditor-General’s Report upon the Statements of Account: Refer to the Annual Financial Statements section of this report.

The nature and amount of any fee that the Public Trustee charges in respect of investment in the common funds:

Management Fee A management fee is charged against money invested in each common fund at the rate of one-twelfth of 1.025% (inc. of GST) of the value of the fund as at the first business day of each month. Management fees attract GST at a reduced rate as there is an entitlement to claim a reduced input tax credit. Goods and Services Tax An investment in the Public Trustee’s common funds is classified as an input-taxed financial supply and no GST is charged on such supplies. Investments made in common funds and investor withdrawals from those funds are not subject to GST; nor are entry fees subject to GST. If a supply is input-taxed, the supplier will not usually receive a tax credit for any GST incurred in connection with the supplier’s expenses. For financial supplies, the supplier is able to claim a tax credit for three quarters of the liability incurred in respect of certain expenses (this is called a reduced input tax credit). The majority of expenses incurred by the Public Trustee’s common funds, including the Public Trustee management fees, are eligible for the reduced input tax credit. The net impact


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of the GST on expenses incurred by the common funds is therefore approximately 2.5% rather than the full 10% rate. Indirect Cost Ratios (formerly Management Expense Ratio)

The total funds management costs for common funds and standard investment strategies, as represented by Indirect Cost Ratios (ICR), are shown in the following table.

Strategy ICR 2017-18 ICR 2016-17 Cash 0.87% 1.08% Capital Stable 1.45% 1.27% Balanced 1.57% 1.42% Growth Equities

1.60% 1.64%

1.50% 1.58%

Common Fund ICR 2017-18 ICR 2016-17 Cash 0.87% 1.08% Long term fixed interest 1.42% 1.10% Short term fixed interest 1.55% 1.09% Overseas fixed interest 1.57% 1.33% Australian shares 1.62% 1.56% Property 1.76% 1.79% Overseas shares 1.66% 1.60%

Entry Fees Investors pay the following fees when investing in common funds (note: no fees are charged on entry or exit from the Cash Common Fund): Fees for all other standard investment strategies;

i. For beneficiaries of estates administered by the Public Trustee, where there is a change of ownership of the assets and when funds would otherwise be distributed:

Amounts up to $500 000 0.5% Additional amounts from $500 000 to $2 million 0.375% Additional amounts from $2 million to $5 million 0.25% Additional amounts above $5 million 0.0%

ii. For beneficiaries of estates administered by the Public Trustee where there is no change of ownership of the assets and when funds would otherwise be distributed no entry fee will apply except to additional funds invested, in which case the above reduced scale for the beneficiary investors will apply.

iii. For all other investors:

Amounts up to $500 000

1.0% Additional amounts from $500 000 to $2 million 0.75% Additional amounts from $2 million to $5 million 0.5% Additional amounts above $5 million 0.0%

The above fees will also apply to distributed income and realised capital gains when they are reinvested in a strategy other than cash. Exit Fees No exit fees are charged. Switching Fees No switching fees will be charged except when moving monies from the cash investment strategy to another investment strategy. The entry fees as disclosed above will then apply.


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Deposits The Public Trustee does not accept cash deposits. Investments in strategies may be made either by cheque, direct credit or by transfer of funds from an existing estate being administered by the Public Trustee. Identification When establishing an investment account with the Public Trustee, customers will be required to provide satisfactory proof of identity.

The extent to which a capital sum invested may be reduced to defray losses from investment of a common fund

Realised or unrealised losses of a capital nature of an investment of a common fund shall be received or borne by investors, in proportion to the capital sums invested in the fund.

Rights of an investor in a common fund to withdraw all or part of a person’s investment in the fund

Investors may withdraw all or part of their investment in a fund at any time. Partial withdrawals must be in amounts of $1 000 or greater, or the balance of the funds being managed. Cash Common Fund Proceeds of withdrawals from the Cash Common Fund of amounts less than $1 million will be available on the next business day (subject to the request being received by 12 noon). Proceeds of withdrawals of amounts greater than $1 million may not be available for 30 business days. Other Investment Strategies Proceeds of withdrawals from investment strategies, other than the cash investment strategy fund, will not be available until 15 business days after the next exit day (currently the first day of each month). Proceeds of withdrawals of amounts greater than $1 million from these investment strategies may not be available until 30 business days after the next exit day.

Terms governing distribution of income and profit or loss of a capital nature attributable to each investment in a common fund

The net income and realised capital gains of each fund are calculated to 30 June and 31 December and will be distributed to the investor in July and January of each year, unless the investor has given instructions to reinvest the money.

Classes of investment in which common funds may invest

Section 29 of the Public Trustee Act 1995 requires the Public Trustee to determine the classes of investments in which a common fund may be invested, and provides for these classes to be varied from time to time. The Act does not define classes of investment.

Determination of the classes of investment in which the Public Trustee common funds may invest

Cash Common Fund The permitted classes of investment are:

a. Cash b. Australian Fixed Interest

Qualifications on these investment classes: i. All investments shall be denominated in Australian dollars.


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ii. Fixed rate securities shall not exceed three years to maturity. iii. Floating rate securities shall not exceed 10 years to maturity.

The following class of investment is explicitly excluded:

iv. Derivatives. Short-term Fixed Interest Common Fund The permitted classes of investment are:

a. Cash b. Australian Fixed Interest

Qualifications on these investment classes:

i. All investments shall be denominated in Australian dollars. The fund’s liquidity requirements will be managed by an investment in the Cash Common Fund.

ii. Fixed rate securities shall not exceed five years to maturity. iii. Floating rate securities shall not exceed 10 years to maturity.

Security lending arrangements in relation to authorised investments are permitted. The following class of investment is explicitly excluded:

v. Derivatives. Long-term Fixed Interest Common Fund The permitted classes of investment are:

a. Cash b. Australian Fixed Interest c. Inflation-linked Securities


i. All investments shall be denominated in Australian dollars. ii. The fund's liquidity requirements will be met by investment in the Cash Common

Fund. iii. Fixed rate securities and inflation-linked securities shall not exceed 15 years and 25

years to maturity, respectively. iv. Inflation-linked securities shall be restricted to consumer inflation or average weekly

earnings-linked securities issued by the Commonwealth Government, State Governments or the Government of the Northern Territory, and securities issued by other parties where the payments to holders of the securities are guaranteed by these governments.

v. Security lending arrangements in relation to authorised investments are permitted. The following class of investment is explicitly excluded:

vi. Derivatives. Australian Shares Common Fund The classes of investment are:

a. Cash b. Australian equities c. Derivatives


i. Fund liquidity requirements shall be met by investment in the Cash Common Fund. ii. Investments in Australian Equities shall be limited to securities of companies and

trusts listed on the Australian Stock Exchange, and to unlisted securities in companies and trusts where the intention is for these securities to be listed within six months of investment.


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iii. Small capitalisation companies, defined as those outside the Top 100 Sector of the Australian Stock Exchange's All Ordinaries Index, shall not exceed 20% of the fund's assets.

iv. Underwriting is permitted only where the Public Trustee has made a firm subscription to a new issue and the amount underwritten does not exceed the subscription amount.

v. Underwriting as an investment instrument is prohibited. vi. Security lending arrangements in relation to authorised investments is permitted. vii. Investments in financial derivatives specifically relating to the investments of the fund

are permitted for the purpose of: vii. investment of funds; or viii. hedging or otherwise managing the risk of the fund.

Property Common Fund The classes of investment are:

a. Cash b. Property c. Infrastructure


i. Fund liquidity requirements shall be met by investment in the Cash Common Fund. ii. Investments in property comprise securities of companies and trusts that are either

listed or unlisted. iii. Investments in listed and unlisted infrastructure trusts are permitted in the fund. iv. Underwriting is permitted only where the Public Trustee has made a firm subscription

to a new issue and the amount underwritten does not exceed the subscription amount.

v. Security lending arrangements in relation to authorised investments are permitted. vi. Investments in financial derivatives specifically relating to the investments of the fund

are permitted for the purpose of: ix. investment of funds; or x. hedging or otherwise managing the risk of the fund.

Overseas Shares Common Fund The classes of investment are:

a. Cash b. International Equities c. Derivatives.


i. Fund liquidity requirements shall be met by investment in the Cash Common Fund. ii. Cash, where held other than by investment in the Cash Common Fund, shall be held

as bank deposits, bank-guaranteed securities or short-term sovereign debt instruments.

iii. Trading in inter-bank or over-the-counter markets shall occur only in those markets which have been approved by the relevant government agencies of the country in which the market is conducted.

iv. Investments in collective investment schemes, the primary mandates of which are the holdings of smaller companies and emerging markets securities, shall not exceed 25% and 15% of the assets of this common fund, respectively.

v. Underwriting is permitted only where the Public Trustee (either directly or via an appointed custodian) has made a firm subscription to a new issue and the amount underwritten does not exceed the subscription amount.

vi. Security lending arrangements in relation to authorised investments are permitted.


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Overseas Fixed Interest Common Fund The permitted classes of investment are:

a. Cash b. International Fixed Interest and inflation linked securities c. Derivatives


i. The fund's liquidity requirements shall be met by investment in the Cash Common

Fund.

ii. Cash, where held other than by investment in the Cash Common Fund, shall be held as bank deposits, bank-guaranteed securities or short-term sovereign debt instruments.

iii. All fixed income securities must be rated by recognised rating agencies and at least 90% of the fund shall comprise investment-grade securities.

iv. Investments in financial derivatives specifically relating to the investments of the fund are permitted for the purpose of:

investment of funds; or

hedging or otherwise managing the risk of the fund.

For all classes of investment the fund may invest in collective investment schemes operated by organisations approved by the relevant government agencies, provided that the rules of the collective investment schemes restrict the schemes' investments to the permitted classes of investment of the common fund.

2017–18 Investment Strategies

2017–18 Standard Investment Strategies’ five-year performance

2017–18 Performance

Last 12 Months

Annualised %

3 Years Annualised

%

5 Years Annualised

%

Cash 1.79% 1.94% 2.33%

benchmark 0.77% 0.95% 1.22%

variance 1.02% 0.99% 1.11%

Capital Stable 4.34% 4.05% 4.95%

benchmark 3.78% 3.45% 4.34%

variance 0.56% 0.60% 0.61%

Balanced 7.08% 6.13% 7.38%

benchmark 6.34% 5.23% 6.70%

variance 0.74% 0.90% 0.68%

Growth 9.32% 7.58% 9.05%

benchmark 8.30% 6.37% 8.15%

variance 1.02% 1.21% 0.90%

Equities 13.62% 10.05% 11.84%

benchmark 12.27% 8.49% 10.76%

variance 1.35% 1.56% 1.08%


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2017–18 Standard Investment Strategy Performance versus CPI Objectives (as at 30 June 2018)

Investment Strategy

CPI Objective Investment

Horizon

Target Return

% pa

Actual Return

% pa

Over (+) /Under(-)

Outperformance % pa

Capital Stable CPI + 2% p.a. 3 Years 3.7 4.1 + 0.4

Balanced CPI + 3% p.a. 5 Years 4.9 7.4 + 2.5

Growth CPI + 3.5% p.a. 7 Years 5.4 9.0 + 3.6

Equities CPI + 4% p.a. 10 Years 6.1 8.3 + 2.1

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 $1m.

2017–18 Asset Allocation

2017–18 Capital Stable Standard Investment Strategy

Common Fund Allocation (%) 2017-18 Allocation (%) 2016-17

Neutral Period

End $m Neutral Period End $m

Australian Shares 10.0% 10.5% $13.13 10.0% 10.0% $11.52

Overseas Shares 8.0% 8.1% $10.19 8.0% 8.4% $9.67

Listed Property Securities 10.0% 10.0% $12.52 10.0% 9.6% $11.09

Long-term Fixed Interest 15.0% 14.8% $18.53 15.0% 15.0% $17.22

Short-term Fixed Interest 26.5% 26.5% $33.27 26.5% 26.7% $30.74

Overseas Fixed Interest 12.5% 12.0% $15.05 12.5% 12.1% $13.95

Cash 18.0% 18.1% $22.70 18.0% 18.2% $20.96

TOTAL 100.0% 100.0% $125.39 100.0% 100.0% $115.15

2017–18 Balanced Standard Investment Strategy


Neutral Period End $m Neutral Period End $m


Overseas Shares 16.0% 16.2% $38.28 16.0% 16.9% $37.46





Cash 4.0% 4.0% $9.46 4.0% 4.1% $9.01

TOTAL 100.0% 100.0% $236.00 100.0% 100.0% $222.24

2017–18 Growth Standard Investment Strategy




Overseas Shares 24.0% 24.1% $52.68 24.0% 25.1% $52.45





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Cash 4.0% 4.0% $8.67 4.0% 4.1% $8.41

TOTAL 100.0% 100.0% $218.62 100.0% 100.0% $208.73

2017–18 Equities Standard Investment Strategy




Overseas Shares 45.0% 44.3% $36.16 45.0% 46.2% $36.16

TOTAL 100.0% 100.0% $81.68 100.0% 100.0% $78.28

Data for previous years is available at: https://data.sa.gov.au/data/organization/attorney-

general-s-dept

https://data.sa.gov.au/data/organization/attorney-general-s-dept

https://data.sa.gov.au/data/organization/attorney-general-s-dept


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Appendix: Audited financial statements 2017-18

The Public Trustee’s annual Common Fund Financial Statements for the year ended 30

June 2018 appear on the following pages.

the public trustee€¦ · the public trustee 2017-18 common fund annual report the public trustee...

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