The year that’s been
Financial statements
PSSap unaudited financial accounts for 2009/10
| Operating Statement for the year ended 30 June 2010 | 2010 $000 |
|---|---|
| Revenue | |
| Interest on cash at bank | 3,024 |
| Changes in net market value of investments | 122,943 |
| Employer contributions | 596,672 |
| Member contributions | 10,935 |
| Transfer from other funds | 116,719 |
| Government co-contributions | 2,824 |
| Insurance proceeds | 8,992 |
| Total revenue | 862,109 |
| Insurance expense | (23,100) |
| Superannuation contributions (surcharge) tax | 6 |
| Income tax expense | (87,181) |
| Benefits accrued for the year as a result of operations | 751,834 |
| Less: benefits and transfers paid | (54,477) |
| Net increase in net assets available to pay benefits | 697,356 |
| Net assets available to pay benefits 30 June 2008 | 1,259,302 |
| Net assets available to pay benefits as at 30 June 2009 | 1,956,658 |
| Assets and liabilities as at 30 June 2010 | 2010 $000 |
|---|---|
| Assets | |
| Investments | 1,946,307 |
| Cash at bank | 101,853 |
| Other assets | 943 |
| Total assets | 2,049,103 |
| Liabilities | |
| Benefits payable (419) | (1,476) |
| Sundry creditors | (3,523) |
| Provision for tax | (87,446) |
| Total liabilities | (92,445) |
| Net assets available to pay benefits | 1,956,658 |
Notes:
Expenses relating to member administration are borne by PSSap’s administrator and Trustee from fees received from participating employers.
Expenses relating to investment management are borne by the underlying investments of PSSap.
These are PSSap's unaudited accounts for 2009/10. If you would like to see a copy of the PSSap audited accounts for this or any other year - and the related auditor's reports - please see our Annual Report to Parliament which is published in October and is available at www.aria.gov.au.
The value of investments shown above – $1,946.3 million – varies from the Funds under investment management shown on 2009/10 investment performance summary of $1,942.0 million due to different timing of the investment valuations used.
