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Finance Report
for the year ended 31 January 2017
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.
During the financial year the Trust’s investments returned
approximately $6.4 million in dividends, interest and distribution
income which was reinvested or used for Fellowships. The Trust
provided $2.78 million for the award of one hundred and six
2016 Churchill Fellowships.
Complete audited Financial Statements have been sent to all
members of the Trust.
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 5% per annum.
For the year ended 31 January 2017 the Trust is showing a total
comprehensive income of $5.6 million after a profit of $3.6 million
and an increase in fair value of available-for-sale financial assets of
$2 million.
Statement of Comprehensive Income
Contributions and revenue
Gross profit
18
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.
31 January 2017
31 January 2016
341,167
652,685
341,167
652,685
Release of unused provisions
Administrative expenses
Personnel expenses
Fellowship expenses
(961,046)
(779,239)
(2,784,712)
108,481
(997,147)
(622,434)
(2,768,369)
Operating (loss) before investment income
(4,183,830)
(3,626,784)
Investment income
Net gain on disposal of available-for-sale financial assets
6,430,524
1,343,225
9,105,065
920,051
Net investment income
Profit for the year
7,773,749
3,589,919
10,025,116
Other comprehensive income / (loss)
Net change in fair value of available-for-sale financial assets
Collectibles revaluation
2,021,909
800
(7,041,185)
(800)
Total other comprehensive income / (loss) for the year
2,022,709
(7,041,985)
Total comprehensive income / (loss) for the year
5,612,628
(643,653)
6,398,332