2019-20 Annual Report Final - Flipbook - Page 22
Finance Report
The Financial Statements of
The Winston Churchill Memorial Trust
have been audited by KPMG and agreed
as a true and fair record of the Trust’s
results and affairs as at 31 January 2020.
The extracts that appear here do not represent the full
Financial Statements and notes in accordance with
Australian Accounting Standards. For a full understanding
of the Trust’s financial performance, these extracts should
be read in conjunction with the notes and disclosures
presented in the audited Financial Report. Complete
audited Financial Statements have been sent to all
members of the Trust.
For the year ended 31 January 2020 the Trust is showing
a comprehensive profit of $12 million after a profit for the
year of $1.8 million and the net change in the fair value of
Other Comprehensive Income, FVOCI.
Statement of Comprehensive Income
During the financial year the Trust’s investments returned
approximately $7.2 million in dividends, interest and
distribution income which was reinvested or used for
Fellowships. The Trust provided $3.4 million for the award
of one hundred and fifteen 2019 Churchill Fellowships.
The Trust’s investment objective is to maintain the real
value of the corpus funds, collected in a National Appeal
in 1965, over rolling ten year periods to achieve a target
return after fees of CPI plus 4% per annum.
31 January 2020
31 January 2019
Contributions and revenue
438,612
1,724,744
Gross profit
438,612
1,724,744
Release of unused provisions
Administrative expenses
Personnel expenses
Fellowship expenses
(1,416,523)
(1,047,293)
(3,359,917)
(1,090,483)
(914,548)
(2,859,068)
Operating (loss) before investment income
(5,385,121)
(3,139,355)
Investment income
7,172,255
8,435,473
Net investment income
7,172,255
8,435,473
Profit for the year
1,787,134
5,296,118
6,663,972
3,561,941
(10,323,477)
4,466,692
10,100
1,600
Total other comprehensive income (loss)
10,236,013
(5,855,185)
Total comprehensive income for the year
12,023,147
(559,067)
Other comprehensive income / (loss)
Net change in fair value of FVOCI - equity
Net gain on disposal of FVOCI - equity
Collectibles revaluation
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2019-20 Annual Report