Public Trust Office increases investments
The Public Trust Office ended the 2018-2019 Financial Year by increasing its investments with Unit Trust of Samoa (U.T.O.S.) of $7.01 million compared to the previous year of $6.51 million despite registering a small drop in profit.
The Office's financial position was revealed in the Public Trust Office's annual report for the 2018-2019 Financial Year.
“The increase in U.T.O.S. investments was mainly due to the additional units of $237,933 purchased with U.T.O.S. during financial year valued at $383,072 as well as the increase in the fair value unit price from $1.54 as at 30 June 2018 to $1.63 as at 30 June 2019," the report said.
The Office's generated profit dropped to $517,842 from $753,832 for the previous year.
Loans receivables amounted to $282,985 a decrease from $317,244 the year prior.
“It is evident that the net value has decreased by $34,295 due to loan repayments received during the financial year," the annual report said.
“The Office continues to recover the outstanding amount of loans totaling $1,516,930.”
The Annual Report also noted their budgeted income for the twelve-month period of $622,800 was exceeded by $886,639. They produced an actual income of $1,509,439 for the Financial Year.
For expenditures the Office utilised $991,597 of its $1,272,426 budget.
“The overall profit for the financial year in report is approximately $517,842.”
Non-current liabilities (belonging to estates, compensations, trust accounts and unclaimed funds) amounted to $3.7 million compared to $3.9 million from previous financial year.
“This decrease of $130,625 in non-current liabilities is mainly due to the withdrawal of estate and trust funds during the financial year,” the annual report said.
The number of estate files under administration by the agency was 489.
“Instructions for the administration of 34 new estates were received during the year whilst a total of 38 estates were finalised and closed during the financial year," the report said.