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Legislative Assembly for the ACT: 2002 Week 14 Hansard (12 December) . . Page.. 4419..

MR STANHOPE (continuing):

The annual report should also include the revised budget information, which forms part of the management discussion and analysis, for both the ACT executive and the Chief Minister's Department. This was omitted from the annual report, as published. The information relating to the ACT executive follows page 13 of volume 2 of the annual report, as published. The information relating to the Chief Minister's Department follows page 50 of volume 2 of the annual report, as published.

Although this information does not form part of the audited financial statements, as required under the annual report directions to be included in the annual report, the chair and members of the Standing Committee on Public Accounts have been advised of the error and omission and provided with the corrigendum.

Public Trustee-trust account financial statements

Paper and statement by minister

MR STANHOPE (Chief Minister, Attorney-General, Minister for Health, Minister for Community Affairs and Minister for Women): For the information of members, I present the following paper:

Public Trustee-Trust Account Financial Statements for the year ended 30 June 2002, including the audit report, dated 26 September 2002.

I ask for leave to make a statement.

Leave granted.

MR STANHOPE: Mr Speaker, I am tabling today the audited version of the public trustee trust account financial statements for the year ended 30 June 2002, and the Auditor-General's opinion, as an addendum to the Public Trustee for the Australian Capital Territory Annual Report 2001-2002.

At the time of tabling of the annual report, the audited version of the trust financial statement had not been completed by the Auditor-General's Office. Therefore, the unaudited version of the trust financial statements was included in the Public Trustee's annual report. The trust financial statements for the year ended 30 June 2002 had two minor changes, which were not material in nature.

The first related to the trustee investments. During the 2001-02 financial year, the Public Trustee, complying with the prudent person rule of trustee investments, introduced a number of common funds, being the Australian equities and the fixed interest common funds. Due to a number of factors, the equities market had a volatile year, resulting in capital losses. The change to the trust financial statements relating to the accounting treatment of that loss was that the equities and fixed interest common funds were amended to include reserves held at 30 June 2002.

The second change related to the management fee. The Public Trustee charges a management fee for the administration and management of the various common funds under its control. The goods and services tax has in the past been shown separately. The appropriate treatment of the GST was to net the amount against the management fees. This resulted in adjustment to investment income and management fees.

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