Samoa Public Trust losses reduced to $5.33 million for F.Y. 2018
The Samoa Public Trust losses have reduced to $5.33 million in financial year 2018 because of a record profit of $753,832, according to the Public Trustee Annual Report for F.Y. 2018.
In financial year 2016, losses accumulated to $6.20 million and 2017 the losses further reduced to $6.09 million, thanks to a $117,946 profit, the report said.
The report says the total funds invested in F.Y. 2018 were $6.51 million while $6.12 million was invested in the previous financial year.
“The increase in U.T.O.S. (Unit Trust of Samoa) investments was mainly due to additional units of 170,394 purchased with U.T.O.S. during the financial year valued at $262,407 as well as the increase in the fair value unit price of $1.48 as of 30 June, 2017 to $1.54 as of 30 June 2018.”
According to the report, the loans and interest receivables for F.Y. 2018 amounted to $317,244 compared to previous financial year of $162,606.
“It is evident that the net value has increased by $154,638 tale due to reversal of provision for doubtful debts to other income during the financial year.
“The reserve doubtful debt of $1.23 million has decreased from $1.51 million in previous year.
“The office continues to recover the outstanding amount of loans totally $1.55 million,” says the report.
Furthermore the report says the office actual expenditure of $956,723 yet budget allocated was $1.24 million and it is a reflection of “good control".
“The non-current liabilities (fund belonging to estates, compensations, trust accounts and unclaimed funds) as of June 2018 amounted to $3.91 million in comparison to the 2017 figure of $3.58 million; the significant increase of $329,140 tala in non-current liabilities is mainly due to increase in estate and trust funds received during financial year 2018.”
The number of estates files under the administration at the beginning of F.Y. 2018 was 485, however there were 32 new estates received in F.Y. 2018 while 28 estates were finalised and closed. As of June 2018, the total number of estates was 489, highlighted the report.
Regarding trust accounts there is a total of 86 accounts with a corresponding monetary value of $282,093 tala.
The report says there are 1,179 will recorded with the office and an additional 30 new will were prepared and registered during F.Y. 2018 increase the number of wills to 1,209.
The Public Trust Office is a Public Trading Body owned by Government on behalf of the Samoan Community.