Source document: https://docs-lawep.s3.us-east-2.amazonaws.com/1697790728064.pdf (Fiji)
ANNUAL REPORT Our Services Estate Administration, Trustee Services: Disability Trusts, Compensation Trusts, Testamentary Trusts, Superannuation minor Trusts, Will Drafting, Power of Attorney, Property Transfer, Deed Poll, Deed of Family Arrangements and other legal services.
2014 Table of Contents Page Chairman’s Report Chief Executive Officer’s Report Members of the Board of Directors Members of the Management Team Organisation Structure Our Vision & Mission Achievements against our Strategic Plan 2012 -2014 Operations Performance Financial Highlights 2014 Estates Administration Trust Administration Services Financial Statements 1 2 Chairman’s Report When the audited financial statements show a positive result, the Chairman’s report needs to say very little.
The Fiji Public Trustee Corporation Limited has continued on the path of being a successful, and viable operation.

Over the last nine years, FPTCL has proved that given appropriate legislation, guidance, leadership and encouragement together with proper processes and procedures being put in place from the beginning, government departments can be successfully corporatised.
The move to the new headquarters in Amy Street, and being recognised in the NTPC Business Excellence Awards were the highlights of the year.

My Board colleagues, senior management and other staff have all worked tirelessly and as a cohesive team to achieve the pleasing results shown in the financials.

As FPTCL approaches its 10th year of operation, we do so with confidence that we can continue to fulfill the role expected of us by our stakeholders.
We know that we will have to face many old and new challenges, but the unique and strong team spirit that exists within our organisation is well placed to meet and overcome these.
Ikbal Jannif Chairman PAGE 1 Chief Executive Officer’s Report The year 2014 was another challenging year for the Corporation managing its operations through changes in legislations that effect our operations, the retirement of our senior and experienced staff and the implementation of new services, which required a lot of training and development of staff based on performance and in building business excellence.
We are pleased to advise that despite these challenges the Corporation continue its profitable trend through its self-funding operations for the ninth year since corporatization.

The year also marks the third year of operations under the Strategic Plan 2012-2014, which is aligned with Government’s “Strategic Framework for Change for pillars 4, 8 and 9”.

The Corporation reported an operating profit after tax of $371,877 compared to $353,788 in 2013 (an increase of 5%).
However, the net profit for the year, including other comprehensive income, was $709,737 after revaluing corporation’s investments.

In the last two years, the Corporation had initiated some fundamental changes in our business operations.

It worked on identifying new services based on customer demands and on strategic investment initiatives to improve returns on corporation investment funds.
This year we were able to launch the new services such as providing assistance to estate administrators and executors and legal conveyance services at reasonable cost to the public.

This has enabled us to cushion the effect of the loss in business from administrating superannuation trust for minors as of last year.
The investment in acquiring and modernizing Public Trustee House that now accommodates the corporation headquarters at 83 Amy Street, Toorak, Suva will see a savings of 8% per annum in our cost of doing business.

It also contributes income from rental and the effect of the new market valuation has contributed an additional $337,860 as other comprehensive income to the bottom line.
The Public Trustee House was commissioned by the Attorney General and Minister of Public Enterprises - Mr. Aiyaz Sayed Kaiyum on 17th June 2014.

Operational Performance There was an increase in the value of new estates administered in 2014.

There were 57 estates valued at $3.7M compared to 62 estates valued at $2.7M in 2013.

A total of 168 estates were settled in 2014 compared to 55 in 2013.
There were a total of 298 estates valued at $19.6M under administration in 2014 compared to 266 estates valued at $14.8M in 2013.

Estate values under administration are determined by recent valuations as part of the administration process.

There were 306 wills drawn in 2014 compared to 270 in 2013 for those registered with the corporation.

Twelve of the Estates settled last year were opened in the last 20 plus years, by the old Public Trustee Office.
The delays ranged from lack of response and commitment from the beneficiaries to the bureaucratic processes amongst various stakeholders involved in the administration of an estate.

The Dormant File Team was able to revive some of these old estates and closed-off those that have been distributed and settled.
PAGE 2 Operational Performance – Con’t Our Trust administration section currently administers 9,821 trust accounts valued over $19.4M from various trusts such as FNPF minor trust funds, Compensation funds, disability trusts and testamentary trusts for minors appointed through will.

In 2014 we received 205 new trusts valued at $281K and settled 555 trusts valued at $2.7M to those that have attained majority age and those that have closed their trust accounts.
The Legal services continue to provide support services, i.e.

attending to court matters, dealing with compliance issues, and further training and development of staff on legislative changes and case laws as part of our knowledge management.

We engage effectively with the public through our awareness campaigns on the importance of “Wills” through public presentations, radio, television talk back shows and website queries continue to be our major forms of marketing.
The team also attended a number of public expo’s and invitations for “Wills” awareness presentations to various organizations, civil society and community groups.

It was encouraging to see the increase in the number of wills drafted and queries received from the public during the year.

Our commitment in striving towards business excellence was recognized this year and we have entered the corporation into the Fiji Business Excellence Awardsagain in 2015.
Looking Ahead Our aim is to continue building an entity that is financially sustainable in providing the people of Fiji with professional and reliable estate and trustee services at no cost to government.

We focus our strategies on our customer services, our people,ourbusiness and in strengthening relationships with our stakeholders.
Interacting and understanding customers at a personal level and addressing their changing needs will give us the competitive edge in the market with the continuous growth in our portfolio.

Likewise, training and developing our staff is the key to achieving our mission of being the experts and professionals in our business.

We are reviewing our business processes to manage risk issues in the business and improve efficiency in our operations.
The corporation will also be investing in the IT system, which includes the upgrading of our server and the proposed review and enhancement of the TrustSoft software system and the Corporation’s website.

We will continue to identify and introduce new services that complement our core business,and strategically invest to sustain income growth.

I would like to thank the Directors and our hard working staff for the achievements for another successful year 2014.
Atonio Takala Chief Executive Officer PAGE 3 Members of the Board of Directors Mr. Jannif is the Managing Director and CEO of Caines Jannif Limited.

He has served on the Boards of the Reserve Bank of Fiji and FRCA.

He had been a Fiji Government representative on the Council of the University of the South Pacific until June 2012 and is currently its Chairman and Pro Chancellor.

He has also served on the Council of the Fiji National University, and was Chairman of its Executive Committee.
He was awarded the Officer of the Order of Fiji medal in 1998 for service to the community.

He is a Justice of the Peace.

Mr. Ngamoki-Cameron is a member of the Institute of Directors in NZ and is a commercial, litigation and dispute resolution lawyer, business consultant and professional director.

He has several years of experience as a director and board chairman.
Mrs. Nicholls is the Managing Director of Plumbing & Property Services Ltd and Chairperson for Food Processors (Fiji) Ltd. She has also worked in the banking sector.

Mr. Ikbal Jannif - Chairman Mr. Carl N Cameron -Director Mrs. Sera B Nicholls - Director PAGE 4 Page | 5 Members of the Board of Directors Mr. Ikbal Jannif - Chairman Mr. Jannif is the Managing Director and CEO of Caines Jannif Limited.

He has served on the Boards of the Reserve Bank of Fiji and FRCA.
He had been a Fiji Government representative on the Council of the University of the South Pacific until June 2012 and is currently its Chairman and Pro Chancellor.

He has also served on the Council of the Fiji National University, and was Chairman of its Executive Committee.

He was awarded the Officer of the Order of Fiji medal in 1998 for service to the community.

He is a Justice of the Peace.


Mr. Carl N Cameron -Director Mr. Ngamoki-Cameron is a member of the Institute of Directors in NZ and is a commercial, litigation and dispute resolution lawyer, business consultant and professional director.

He has several years of experience as a director and board chairman.
Mrs. Sera B Nicholls - Director Mrs. Bernadette Nicholls(Appointed – 3 February 2012) Mrs. Nicholls is the Managing Director of Plumbing & Property Services Ltd and Chairperson for Food Processors (Fiji) Ltd. She has also worked in the banking sector.

Page | 5 Members of the Board of Directors Mr. Ikbal Jannif - Chairman Mr. Jannif is the Managing Director and CEO of Caines Jannif Limited.

He has served on the Boards of the Reserve Bank of Fiji and FRCA.
He had been a Fiji Government representative on the Council of the University of the South Pacific until June 2012 and is currently its Chairman and Pro Chancellor.

He has also served on the Council of the Fiji National University, and was Chairman of its Executive Committee.

He was awarded the Officer of the Order of Fiji medal in 1998 for service to the community.

He is a Justice of the Peace.


Mr. Carl N Cameron -Director Mr. Ngamoki-Cameron is a member of the Institute of Directors in NZ and is a commercial, litigation and dispute resolution lawyer, business consultant and professional director.

He has several years of experience as a director and board chairman.
Mrs. Sera B Nicholls - Director Mrs. Bernadette Nicholls(Appointed – 3 February 2012) Mrs. Nicholls is the Managing Director of Plumbing & Property Services Ltd and Chairperson for Food Processors (Fiji) Ltd. She has also worked in the banking sector.

Page | 5 Members of the Board of Directors Mr. Ikbal Jannif - Chairman Mr. Jannif is the Managing Director and CEO of Caines Jannif Limited.

He has served on the Boards of the Reserve Bank of Fiji and FRCA.
He had been a Fiji Government representative on the Council of the University of the South Pacific until June 2012 and is currently its Chairman and Pro Chancellor.

He has also served on the Council of the Fiji National University, and was Chairman of its Executive Committee.

He was awarded the Officer of the Order of Fiji medal in 1998 for service to the community.

He is a Justice of the Peace.


Mr. Carl N Cameron -Director Mr. Ngamoki-Cameron is a member of the Institute of Directors in NZ and is a commercial, litigation and dispute resolution lawyer, business consultant and professional director.

He has several years of experience as a director and board chairman.
Mrs. Sera B Nicholls - Director Mrs. Bernadette Nicholls(Appointed – 3 February 2012) Mrs. Nicholls is the Managing Director of Plumbing & Property Services Ltd and Chairperson for Food Processors (Fiji) Ltd. She has also worked in the banking sector.
Management Team Mr. Atonio Takala Chief Executive Officer Mr. Abhisakh Kumar Manager Finance & Admin Mr. Abdul Kamil Manager Estates & Trust Mrs. Ronda May Manager Legal He joined FPTCL in November 2008 as the Manager Finance and Administration and was appointed Chief Executive Officer in August 2013.

Mr. Takala holds an MBA and B.Com from USP and he is an associate of the Society of Trust & Estates Practitioners of NZ and a member of the Fiji Institute of Accountants.
Prior to joining FPTCL, he was employed with various organizations and Accounting firms.

He is also a Commissioner for Oaths for the High Court of Fiji.

Mr. Kumar was appointed Manager Finance & Administration in May 2013.

Mr. Kumar holds a BA degree and a MBA from USP.

He is also a member of the CFA charter and has done Securities Licensing exam as well from RBF.

He is also a member of IA.


Prior to Joining FPTCL, he was employed with various organizations like UTOF, Commerce Commission, Prices and Income Board and held key positions in the areas of Finance, Investment and Administration.

He is also the company secretary.

He was part of the staff that transferred from the Public Trustee Office in April 2006.
He has been part of the civil service since 1993 and has worked in Titles Office, Births, Death & Marriage section, AG’s office and Official Receiver within the Ministry of Justice.

He is the Estates Supervisor and currently acting as Manager Estates & Trust.

His long and varied experience has been very useful in mentoring new recruits to FPTCL.

She joined FPTCL in September 2014 and holds a LLB Degree, PDLP, and PGC-DIA from USP.
Prior to joining FPTCL, she was employed as a Legal Officer at the Land Transport Authority and has worked with various Law firms in the past.

PAGE 5 Page | 6 Management Team OPERATIONS REPORT Organisation Structure as at 31 December 2013 Mr. Atonio Takala Chief Executive Officer Mr. Atonio Takala Chief Executive Officer He joined FPTCL in November 2008 as the Manager Finance and Administration and was appointed Chief Executive Officer in August 2013.
Mr. Takala holds an MBA and B.Com from USP and he is an associate of the Society of Trust & Estates Practitioners of NZ and a member of the Fiji Institute of Accountants.

Prior to joining FPTCL, he was employed with various organizations and Accounting firms.

He is also a Commissioner for Oaths for the High Court of Fiji.

Mr. Abhisakh Kumar Manager Finance & Admin Mr. Kumar was appointed Manager Finance & Administration in May 2013.

Mr. Kumar holds a BA degree and a MBA from USP.


He is also a member of the CFA charter and has done Securities Licensing exam as well from RBF.

He is also a member of IA.

Prior to Joining FPTCL, he was employed with various organizations like UTOF, Commerce Commission, Prices and Income Board and held key positions in the areas of Finance, Investment and Administration.

He is also the company secretary.


Mr. Abdul Kamil Manager Estates & Trust Mrs. Ronda May Manager Legal He was part of the staff that transferred from the Public Trustee Office in April 2006.

He has been part of the civil service since 1993 and has worked in Titles Office, Births, Death & Marriage section, AG’s office and Official Receiver within the Ministry of Justice.

He is the Estates Supervisor and currently acting as Manager Estates & Trust.
His long and varied experience has been very useful in mentoring new recruits to FPTCL.

She joined FPTCL in September 2014 and holds a LLB Degree, PDLP, and PGC-DIA from USP.

Prior to joining FPTCL, she was employed as a Legal Officer at the Land Transport Authority and has worked with various Law firms in the past.
Page | 6 Management Team OPERATIONS REPORT Organisation Structure as at 31 December 2013 Mr. Atonio Takala Chief Executive Officer Mr. Atonio Takala Chief Executive Officer He joined FPTCL in November 2008 as the Manager Finance and Administration and was appointed Chief Executive Officer in August 2013.

Mr. Takala holds an MBA and B.Com from USP and he is an associate of the Society of Trust & Estates Practitioners of NZ and a member of the Fiji Institute of Accountants.
Prior to joining FPTCL, he was employed with various organizations and Accounting firms.

He is also a Commissioner for Oaths for the High Court of Fiji.

Mr. Abhisakh Kumar Manager Finance & Admin Mr. Kumar was appointed Manager Finance & Administration in May 2013.

Mr. Kumar holds a BA degree and a MBA from USP.

He is also a member of the CFA charter and has done Securities Licensing exam as well from RBF.

He is also a member of IA.


Prior to Joining FPTCL, he was employed with various organizations like UTOF, Commerce Commission, Prices and Income Board and held key positions in the areas of Finance, Investment and Administration.

He is also the company secretary.

Mr. Abdul Kamil Manager Estates & Trust Mrs. Ronda May Manager Legal He was part of the staff that transferred from the Public Trustee Office in April 2006.
He has been part of the civil service since 1993 and has worked in Titles Office, Births, Death & Marriage section, AG’s office and Official Receiver within the Ministry of Justice.

He is the Estates Supervisor and currently acting as Manager Estates & Trust.

His long and varied experience has been very useful in mentoring new recruits to FPTCL.

She joined FPTCL in September 2014 and holds a LLB Degree, PDLP, and PGC-DIA from USP.
Prior to joining FPTCL, she was employed as a Legal Officer at the Land Transport Authority and has worked with various Law firms in the past.

Page | 6 Management Team OPERATIONS REPORT Organisation Structure as at 31 December 2013 Mr. Atonio Takala Chief Executive Officer Mr. Atonio Takala Chief Executive Officer He joined FPTCL in November 2008 as the Manager Finance and Administration and was appointed Chief Executive Officer in August 2013.
Mr. Takala holds an MBA and B.Com from USP and he is an associate of the Society of Trust & Estates Practitioners of NZ and a member of the Fiji Institute of Accountants.

Prior to joining FPTCL, he was employed with various organizations and Accounting firms.

He is also a Commissioner for Oaths for the High Court of Fiji.

Mr. Abhisakh Kumar Manager Finance & Admin Mr. Kumar was appointed Manager Finance & Administration in May 2013.

Mr. Kumar holds a BA degree and a MBA from USP.


He is also a member of the CFA charter and has done Securities Licensing exam as well from RBF.

He is also a member of IA.

Prior to Joining FPTCL, he was employed with various organizations like UTOF, Commerce Commission, Prices and Income Board and held key positions in the areas of Finance, Investment and Administration.

He is also the company secretary.


Mr. Abdul Kamil Manager Estates & Trust Mrs. Ronda May Manager Legal He was part of the staff that transferred from the Public Trustee Office in April 2006.

He has been part of the civil service since 1993 and has worked in Titles Office, Births, Death & Marriage section, AG’s office and Official Receiver within the Ministry of Justice.

He is the Estates Supervisor and currently acting as Manager Estates & Trust.
His long and varied experience has been very useful in mentoring new recruits to FPTCL.

She joined FPTCL in September 2014 and holds a LLB Degree, PDLP, and PGC-DIA from USP.

Prior to joining FPTCL, she was employed as a Legal Officer at the Land Transport Authority and has worked with various Law firms in the past.
Organisation Chart Organisation Chart Organisation Chart Organisation Chart Organisation Chart Organisation Chart Organisation Chart Organisation Chart Organisation Chart Organisation Chart Organisation Chart Organisation Chart Organisation Chart Organisation Chart Organisation Chart Organisation Chart Board of Directors Board of Directors Board of Directors Board of Directors Board of Directors Board of Directors Board of Directors Board of Directors Board of Directors Board of Directors Board of Directors Board of Directors Board of Directors Board of Directors Board of Directors Chief Executive Officer Chief Executive Officer Chief Executive Officer Chief Executive Officer Chief Executive Officer Chief Executive Officer Chief Executive Officer Chief Executive Officer Chief Executive Officer Chief Executive Officer Chief Executive Officer Chief Executive Officer Chief Executive Officer Chief Executive Officer Chief Executive Officer Atonio Takala Atonio Takala Atonio Takala Atonio Takala Atonio Takala Atonio Takala Atonio Takala Atonio Takala Atonio Takala Atonio Takala Atonio Takala Atonio Takala Atonio Takala Atonio Takala Atonio Takala Executive Support Executive Support Executive Support Executive Support Executive Support Executive Support Executive Support Executive Support Executive Support Executive Support Executive Support Executive Support Executive Support Executive Support Executive Support Manager Legal Manager Legal Manager Legal Manager Legal Manager Legal Manager Legal Manager Legal Manager Legal Manager Legal Manager Legal Manager Legal Manager Legal Manager Legal Manager Legal Manager Legal Ronda May Ronda May Ronda May Ronda May Ronda May Ronda May Ronda May Ronda May Ronda May Ronda May Ronda May Ronda May Ronda May Ronda May Ronda May Manager Trust & Estate Manager Trust & Estate Manager Trust & Estate Manager Trust & Estate Manager Trust & Estate Manager Trust & Estate Manager Trust & Estate Manager Trust & Estate Manager Trust & Estate Manager Trust & Estate Manager Trust & Estate
 Abdul Kamil Abdul Kamil Abdul Kamil Abdul Kamil Abdul Kamil Abdul Kamil Abdul Kamil Abdul Kamil Abdul Kamil Abdul Kamil Abdul Kamil Abdul Kamil Abdul Kamil Abdul Kamil Abdul Kamil Manager Finance & Manager Finance & Manager Finance & Manager Finance & Manager Finance & Manager Finance & Manager Finance & Manager Finance & Manager Finance & Manager Finance & Manager Finance & Manager Finance & Manager Finance & Manager Finance & Manager Finance & Administration Administration Administration Administration Administration Administration Administration Administration Administration Administration Administration Administration Administration Administration Administration Abhisakh Kumar Abhisakh Kumar Abhisakh Kumar Abhisakh Kumar Abhisakh Kumar Abhisakh Kumar Abhisakh Kumar Abhisakh Kumar Abhisakh Kumar Abhisakh Kumar Abhisakh Kumar Abhisakh Kumar Abhisakh Kumar Abhisakh Kumar Abhisakh Kumar Legal Assistant Legal Assistant Legal Assistant Legal Assistant Legal Assistant Legal Assistant Legal Assistant Legal Assistant Legal Assistant Legal Assistant Legal Assistant Legal Assistant Legal Assistant Legal Assistant Legal Assistant Estate Estate Estate Estate Estate Estate Estate Estate Estate Estate Estate Estate Estate Estate Estate Supervisor Supervisor Supervisor Supervisor Supervisor Supervisor Supervisor Supervisor Supervisor Supervisor Supervisor Supervisor Supervisor Supervisor Supervisor Trust Supervisor Trust Supervisor Trust Supervisor Trust Supervisor Trust Supervisor Trust Supervisor Trust Supervisor Trust Supervisor Trust Supervisor Trust Supervisor Trust Supervisor Trust Supervisor Trust Supervisor Trust Supervisor Trust Supervisor Trust Accountant Trust Accountant Trust Accountant Trust Accountant Trust Accountant Trust Accountant Trust Accountant Trust Accountant Trust Accountant Trust Accountant Trust Accountant Trust Accountant Trust Accountant Trust Accountant Trust
 Accountant Estate Officers Estate Officers Estate Officers Estate Officers Estate Officers Estate Officers Estate Officers Estate Officers Estate Officers Estate Officers Estate Officers Estate Officers Estate Officers Estate Officers Estate Officers Trust Officers Trust Officers Trust Officers Trust Officers Trust Officers Trust Officers Trust Officers Trust Officers Trust Officers Trust Officers Trust Officers Trust Officers Trust Officers Trust Officers Trust Officers Clerical Officers Clerical Officers Clerical Officers Clerical Officers Clerical Officers Clerical Officers Clerical Officers Clerical Officers Clerical Officers Clerical Officers Clerical Officers Clerical Officers Clerical Officers Clerical Officers Clerical Officers Atonio Takala Atonio Takala Atonio Takala Atonio Takala Atonio Takala Atonio Takala Atonio Takala Atonio Takala Atonio Takala Atonio Takala Atonio Takala Atonio Takala Atonio Takala Atonio Takala Atonio Takala Registry Clerk Registry Clerk Registry Clerk Registry Clerk Registry Clerk Registry Clerk Registry Clerk Registry Clerk Registry Clerk Registry Clerk Registry Clerk Registry Clerk Registry Clerk Registry Clerk Registry Clerk Cashier Cashier Cashier Cashier Cashier Cashier Cashier Cashier Cashier Cashier Cashier Cashier Cashier Cashier Cashier Driver/Messenger Driver/Messenger Driver/Messenger Driver/Messenger Driver/Messenger Driver/Messenger Driver/Messenger Driver/Messenger Driver/Messenger Driver/Messenger Driver/Messenger Driver/Messenger Driver/Messenger Driver/Messenger Driver/Messenger “Creating a Conducive Workforce Culture” “Creating a Conducive Workforce Culture” “Creating a Conducive Workforce Culture” “Creating a Conducive Workforce Culture” “Creating a Conducive Workforce Culture” “Creating a Conducive Workforce Culture” “Creating a Conducive Workforce Culture” “Creating a Conducive Workforce Culture” “Creating a Conducive Workforce Culture” “Creating a Conducive Workforce Culture” “Creating a Conducive Workforce Culture”
 The Corporation in 2013 and 2014 implemented a number of human resources reform in our journey to achieve a workforce that is robust and conducive to change.
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This included: workforce that is robust and conducive to change.
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This included: workforce that is robust and conducive to change.

This included: workforce that is robust and conducive to change.


This included: Performance Management System implemented in 2012; workforce that is robust and conducive to change.

This included: Performance Management System implemented in 2012; Performance Management System implemented in 2012; workforce that is robust and conducive to change.

This included: workforce that is robust and conducive to change.
This included: Performance Management System implemented in 2012; workforce that is robust and conducive to change.

This included: Performance Management System implemented in 2012; workforce that is robust and conducive to change.
This included: - Continuous training of staff both internally and formal external training with various institution; Continuous training of staff both internally and formal external training with various institution; Continuous training of staff both internally and formal external training with various institution; Continuous training of staff both internally and formal external training with various institution; Continuous training of staff both internally and formal external training with various institution; Continuous training of staff both internally and formal external training with various institution; Continuous training of staff both internally and formal external training with various institution; Continuous training of staff both internally and formal external training with various institution; Continuous training of staff both internally and formal external training with various institution; Continuous training of staff both internally and formal external training with various institution; Continuous training of staff both internally and formal external training with various institution; Continuous training of staff both internally and formal external training with various institution; Continuous training of staff both internally and formal external training with various institution; Continuous training of staff both internally and formal external training with various institution; Continuous training of staff both internally and formal external training with various institution; Continuous training of staff both internally and formal external training with various institution; - - - - - - - - - - - - - A mentoring programme in 2013 to train junior Estate and Trust Officers prior to the retirement of four senior A mentoring programme in 2013 to train junior Estate and Trust Officers prior to the retirement of four senior A mentoring programme in 2013 to train junior Estate and Trust Officers prior to the retirement of four senior A mentoring programme in 2013 to train junior Estate and Trust Officers
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 Structure submission/market salary alignment made in 2014 to the Ministry; Salary Structure submission/market salary alignment made in 2014 to the Ministry; Salary Structure submission/market salary alignment made in 2014 to the Ministry; Salary Structure submission/market salary alignment made in 2014 to the Ministry; Salary Structure submission/market salary alignment made in 2014 to the Ministry; Salary Structure submission/market salary alignment made in 2014 to the Ministry; Salary Structure submission/market salary alignment made in 2014 to the Ministry; Salary Structure submission/market salary alignment made in 2014 to the Ministry; - Salary Structure submission/market salary alignment made in 2014 to the Ministry; - Salary Structure submission/market salary alignment made in 2014 to the Ministry; Salary Structure submission/market salary alignment made in 2014 to the Ministry; Salary Structure submission/market salary alignment made in 2014 to the Ministry; Salary Structure submission/market salary alignment made in 2014 to the Ministry; - Salary Structure submission/market salary alignment made in 2014 to the Ministry; Emphasis on internal promotion and succession planning for the organisation; Emphasis on internal promotion and succession planning for the organisation; Emphasis on internal promotion and succession planning for the organisation; Emphasis on internal promotion and succession planning for the organisation; Emphasis on internal promotion and succession planning for the organisation; Emphasis on internal promotion and succession planning for the organisation; Emphasis on internal promotion and succession planning for the organisation; Emphasis on internal promotion and succession planning for the organisation; Emphasis on internal promotion and succession planning for the organisation; Emphasis on internal promotion and succession planning for the organisation; Emphasis on internal promotion and succession planning for the organisation;
 - - - - - - - - - - - Creating a healthy, safety and spacious working environment.
- - - Emphasis on internal promotion and succession planning for the organisation; Creating a healthy, safety and spacious working environment.

Creating a healthy, safety and spacious working environment.

Creating a healthy, safety and spacious working environment.

Creating a healthy, safety and spacious working environment.

Creating a healthy, safety and spacious working environment.

Creating a healthy, safety and spacious working environment.


- Creating a healthy, safety and spacious working environment.

- Creating a healthy, safety and spacious working environment.

Creating a healthy, safety and spacious working environment.

Creating a healthy, safety and spacious working environment.

Creating a healthy, safety and spacious working environment.
- - - - - - - - - - - - - - - - Creating a healthy, safety and spacious working environment.

- - - - - - - - - - - - - - - officers early last year; PAGE 6 Page | 7 Page | 7 Page | 7 Page | 7 Page | 7 Page | 7 Page | 7 Page | 7 Page | 7 Page | 7 Page | 7 Page | 7 Page | 7 Page | 7 Page | 7 Our Vision and Mission Our Purpose To provide professional and accessible service as required und the Act.
The company’s major business activities are as follows: Administration of deceased Estate; Trustee Services; a) b) c) Will Making; d) e) Power of Attorney; Other Legal Services; Our Vision To be Fiji’s leading and preferred provider of estates administration and trustee services.

Our Mission Provide efficient and effective services in a professional manner accessible to the people of Fiji.
Our Values We practice our values in our business dealings as reflected below: a) Customer Service Provide timely and accurate information; Implement suggestion from customers on how better we can serve them; b) Professionalism We will discharge our duties with integrity, providing quality service and being reliable and responsible.
c) Honesty Being open and honest in all our dealings and maintaining the highest integrity at all times; d) Timeliness We will show a commitment towards creating and meeting realistic deadlines.

e) Our People We value training, developing, maintaining and rewarding our people.

PAGE 7 Page | 8 Our Vision and Mission Our Purpose To provide professional and accessible service as required und the Act.
The company’s major business activities are as follows: a) Administration of deceased Estate; b) Trustee Services; c) Will Making; d) Power of Attorney; e) Other Legal Services; Our Vision To be Fiji’s leading and preferred provider of estates administration and trustee services.

Our Mission Provide efficient and effective services in a professional manner accessible to the people of Fiji.
Our Values We practice our values in our business dealings as reflected below: a) Customer Service Provide timely and accurate information; Implement suggestion from customers on how better we can serve them; b) Professionalism We will discharge our duties with integrity, providing quality service and being reliable and responsible.
c) Honesty Being open and honest in all our dealings and maintaining the highest integrity at all times; d) Timeliness We will show a commitment towards creating and meeting realistic deadlines.

e) Our People We value training, developing, maintaining and rewarding our people.

Page | 8 Our Vision and Mission Our Purpose To provide professional and accessible service as required und the Act.
The company’s major business activities are as follows: a) Administration of deceased Estate; b) Trustee Services; c) Will Making; d) Power of Attorney; e) Other Legal Services; Our Vision To be Fiji’s leading and preferred provider of estates administration and trustee services.

Our Mission Provide efficient and effective services in a professional manner accessible to the people of Fiji.
Our Values We practice our values in our business dealings as reflected below: a) Customer Service Provide timely and accurate information; Implement suggestion from customers on how better we can serve them; b) Professionalism We will discharge our duties with integrity, providing quality service and being reliable and responsible.
c) Honesty Being open and honest in all our dealings and maintaining the highest integrity at all times; d) Timeliness We will show a commitment towards creating and meeting realistic deadlines.

e) Our People We value training, developing, maintaining and rewarding our people.

Page | 8 Our Vision and Mission Our Purpose To provide professional and accessible service as required und the Act.
The company’s major business activities are as follows: a) Administration of deceased Estate; b) Trustee Services; c) Will Making; d) Power of Attorney; e) Other Legal Services; Our Vision To be Fiji’s leading and preferred provider of estates administration and trustee services.

Our Mission Provide efficient and effective services in a professional manner accessible to the people of Fiji.
Our Values We practice our values in our business dealings as reflected below: a) Customer Service Provide timely and accurate information; Implement suggestion from customers on how better we can serve them; b) Professionalism We will discharge our duties with integrity, providing quality service and being reliable and responsible.
c) Honesty Being open and honest in all our dealings and maintaining the highest integrity at all times; d) Timeliness We will show a commitment towards creating and meeting realistic deadlines.

e) Our People We value training, developing, maintaining and rewarding our people.

Page | 8 Our Vision and Mission Our Purpose To provide professional and accessible service as required und the Act.
The company’s major business activities are as follows: a) Administration of deceased Estate; b) Trustee Services; c) Will Making; d) Power of Attorney; e) Other Legal Services; Our Vision To be Fiji’s leading and preferred provider of estates administration and trustee services.

Our Mission Provide efficient and effective services in a professional manner accessible to the people of Fiji.
Our Values We practice our values in our business dealings as reflected below: a) Customer Service Provide timely and accurate information; Implement suggestion from customers on how better we can serve them; b) Professionalism We will discharge our duties with integrity, providing quality service and being reliable and responsible.
c) Honesty Being open and honest in all our dealings and maintaining the highest integrity at all times; d) Timeliness We will show a commitment towards creating and meeting realistic deadlines.

e) Our People We value training, developing, maintaining and rewarding our people.

Achievements against our Strategic Plan 2012 - 2014 Our Strategic Plan outlines the shared Vision, Mission, Key Strategies and Values.

In 2014, the Corporation achieved the following: Key Strategy.
1 - Our Customer Services The corporation operates in a competitive environment with the challenge to meeting customer’s changing demands and win customer loyalty for our survival.

Strategic Objectives Achievements Establish a customer service section within the Corporation; Better communication of information with customers on a timely basis; Staff training on customer services are ongoing and the implementation of customer services functions within the Trust Section is on track.
Customer Service policies are in place and number of complaints reduced.

There was increased number of positive feedback from customers on our services and this is also reflected in improved results from operations.

Continuous review and improvement of our business operational processes to meet customers changing demands All internal processes are currently being reviewed to ensure efficiency and effectiveness in all areas of operations.
Foster an environment where complaints from any source lead to service improvement; Improve access services multicultural backgrounds; from customers from diverse A complaints process is currently in place within the organization and saw a reduction in complaints by 50%, solved 98% and 2% still in progress; Whilst the majority of our clients are represented by the two major ethnic groups& cultures in Fiji, we have also seen other minority groups accessing our services; Work on clearing dormant files from the old Public Trustee office.
The Dormant file team cleared 3862 files in 2014 with 695 files reactivated and 3,167 files closed.

Key Strategy 2 – Our People Our people play a major role in the success of our business.

Thus recruiting, training and developing a skilled workforce is paramount.

We will work on these strategies to enhance expertise and professionalism amongst our staff.
Strategy Achievement Train and develop staff that they may acquire the skills and expertise to do their job well; Training provided in the areas of quality management, customer services, and other training to developing management skills and commercial focus have been ongoing.

The Corporation encourages formal training by staff for higher qualification and internal technical skills training.
Focus on the transfer of work and corporate knowledge amongst staff; Internal mentoring of junior staff by senior staff especially in the core-business area was introduced and succession planning in place.

Finalize internal staff reorganization, employment contracts and terms and conditions; Staff master collective was finalized and staff now with employment contracts.
Create opportunities for advancement and encourage internal promotion as first priority; Staff succession planning process is in progress with internal promotion and advancement of staff to managerial positions.

Create a safe and healthy work environment.

PAGE 8 The new Office building complied with all the OHS and other statutory requirements.

It has provided a safe and conducive environment for staff and customers and the safe-custody of our legal documents.
Similarly our branch offices are OHS compliant.

Key Strategy.

3 - Our Business The Corporation will need to develop and improve a business model that would deliver the most effective services to our customers and the financial sustainability of the entity.
Strategy Achievements Implement and promote new Services and business initiatives that would support and complement our core- business; Identify strategic investment opportunities for the corporation on our investments; New services were introduced in 2014, which includes executor assistance services and a number of legal conveyance work.

A legal review of our investment parameters have been carried out and new investment opportunities identified to improve returns.
Our investment in the new HQ building at Toorak, Suva has immediately shown positive results in our financial performance in 2014.

Improve Business systems and processes with increased productivity in all areas of our business; Turnaround time in a number of processes has improved resulting in increased productivity by 5% in those areas.

Strategic Marketing of our services and more public awareness programs; The desired outcome would be to increase new clients by 5% and new Wills registered by 10%.
Enhance TrustSoft system and refurbish other IT hardware and software system in place.

The TrustSoft system is currently being reviewed for enhancement after 7 years and other IT systems to improve efficiency in the work place with set policies.

Recognition of business excellence in the Fiji Business Excellence Awards.

In 2014 the corporation was recorgnised for commitment towards business excellence and aiming for achievement/prize in 2015.
Key Strategy 4 - Our Partners & Stakeholders Our stakeholders play an important role in our daily operations and we will need to continue to build on the need to strengthen our business relationships with them, this includes government and non-governmental agencies and business partners.

Better understanding and firm, good trustee working relationships, work.
in our administration and improve efficiency and turn around Strategy Achievement Foster and strengthen business relationships with stakeholders and other agencies; Work is ongoing to secure MOU’s with key stakeholders for the successful development of better working relationships.

Continuous consultation, discussions and groundwork are being carried out with a number of organisations.
Continue to strengthen engagement with the Ministry of Justice & High Court; Attempts are being made to re-establish our role and professional relationship amongst the Judiciary & AG’s office; Explore membership and affiliation to professional bodies; FPTCL management are now members of Society of Trust & Estate Practitioners and work are ongoing to increase in high value customers and recognition for best practices; Commit to our Corporate Social Responsibility and establish our presence in the community.
We will be working to identify and participate in at least two community programmes a year, PAGE 9 Operations Performance The Corporation is self-funded through fees and charges from its operations and does not receive any grant or subsidy from government.

In 2014, Fees & Charges from core-business declined by 5%, whilst income from investments increased by 2% resulting in total income of $1.13m in 2014 compared to $1.19m in 2013.
Fees and charges were affected by the loss of fees on invalid FNPF nominee funds now directly administered by the High Court.

Investments of both Corporation and Trust Funds are held in term deposits, bonds and in managed funds.

The Corporation is continuing to pursue other income sources through the introduction of other services that complements our core business, especially those that are currently being demanded by customers.
Fees & charges/Interest Earned on FPTCL Funds/Interest Earned from Trust Funds PAGE 10 Page | 11 Operations Performance The Corporation is self-funded through fees and charges from its operations and does not receive any grant or subsidy from government.

In 2014, Fees & Charges from core-business declined by 5%, whilst income from investments increased by 2% resulting in total income of $1.13m in 2014 compared to $1.19m in 2013.
Fees and charges were affected by the loss of fees on invalid FNPF nominee funds now directly administered by the High Court.

Investments of both Corporation and Trust Funds are held in term deposits, bonds and in managed funds.

The Corporation is continuing to pursue other income sources through the introduction of other services that complements our core business, especially those that are currently being demanded by customers.
Fees & charges/Interest Earned on FPTCL Funds/Interest Earned from Trust Funds Fees & Charges Interest from FPTCL Investments Interest on Trust Funds Total Distributed to Beneficiaries Mgt Fees 2009 $785,293 $768,319 $1,072,000 $53,600 2010 $815,807 $1,032,584 $1,800,000 $90,000 2011 $639,832 $605,633 $1,317,933 $65,897 2012 $683,897 $435,657 $1,076,127 $53,806 2013 $655,664 $408,498 $987,949 $49,397 2014 $580,285 $493,252 $859,814 $42,991 200920102011201220132014Total Income159219441308128011941129Expenses9891073887806839757NPAT60387142147435537205001000150020002500$'000 Income Trends Page | 11 Operations Performance The Corporation is self-funded through fees and charges from its operations and does not receive any grant or subsidy from government.
In 2014, Fees & Charges from core-business declined by 5%, whilst income from investments increased by 2% resulting in total income of $1.13m in 2014 compared to $1.19m in 2013.

Fees and charges were affected by the loss of fees on invalid FNPF nominee funds now directly administered by the High Court.

Investments of both Corporation and Trust Funds are held in term deposits, bonds and in managed funds.
The Corporation is continuing to pursue other income sources through the introduction of other services that complements our core business, especially those that are currently being demanded by customers.
Fees & charges/Interest Earned on FPTCL Funds/Interest Earned from Trust Funds Fees & Charges Interest from FPTCL Investments Interest on Trust Funds Total Distributed to Beneficiaries Mgt Fees 2009 $785,293 $768,319 $1,072,000 $53,600 2010 $815,807 $1,032,584 $1,800,000 $90,000 2011 $639,832 $605,633 $1,317,933 $65,897 2012 $683,897 $435,657 $1,076,127 $53,806 2013 $655,664 $408,498 $987,949 $49,397 2014 $580,285 $493,252 $859,814 $42,991 200920102011201220132014Total Income159219441308128011941129Expenses9891073887806839757NPAT60387142147435537205001000150020002500$'000 Income Trends Page | 11 Operations Performance The Corporation is self-funded through fees and charges from its operations and does not receive any grant or subsidy from government.
In 2014, Fees & Charges from core-business declined by 5%, whilst income from investments increased by 2% resulting in total income of $1.13m in 2014 compared to $1.19m in 2013.

Fees and charges were affected by the loss of fees on invalid FNPF nominee funds now directly administered by the High Court.

Investments of both Corporation and Trust Funds are held in term deposits, bonds and in managed funds.
The Corporation is continuing to pursue other income sources through the introduction of other services that complements our core business, especially those that are currently being demanded by customers.
Fees & charges/Interest Earned on FPTCL Funds/Interest Earned from Trust Funds Fees & Charges Interest from FPTCL Investments Interest on Trust Funds Total Distributed to Beneficiaries Mgt Fees 2009 $785,293 $768,319 $1,072,000 $53,600 2010 $815,807 $1,032,584 $1,800,000 $90,000 2011 $639,832 $605,633 $1,317,933 $65,897 2012 $683,897 $435,657 $1,076,127 $53,806 2013 $655,664 $408,498 $987,949 $49,397 2014 $580,285 $493,252 $859,814 $42,991 200920102011201220132014Total Income159219441308128011941129Expenses9891073887806839757NPAT60387142147435537205001000150020002500$'000 Income Trends Page | 11 Operations Performance The Corporation is self-funded through fees and charges from its operations and does not receive any grant or subsidy from government.
In 2014, Fees & Charges from core-business declined by 5%, whilst income from investments increased by 2% resulting in total income of $1.13m in 2014 compared to $1.19m in 2013.

Fees and charges were affected by the loss of fees on invalid FNPF nominee funds now directly administered by the High Court.

Investments of both Corporation and Trust Funds are held in term deposits, bonds and in managed funds.
The Corporation is continuing to pursue other income sources through the introduction of other services that complements our core business, especially those that are currently being demanded by customers.
Fees & charges/Interest Earned on FPTCL Funds/Interest Earned from Trust Funds Fees & Charges Interest from FPTCL Investments Interest on Trust Funds Total Distributed to Beneficiaries Mgt Fees 2009 $785,293 $768,319 $1,072,000 $53,600 2010 $815,807 $1,032,584 $1,800,000 $90,000 2011 $639,832 $605,633 $1,317,933 $65,897 2012 $683,897 $435,657 $1,076,127 $53,806 2013 $655,664 $408,498 $987,949 $49,397 2014 $580,285 $493,252 $859,814 $42,991 200920102011201220132014Total Income159219441308128011941129Expenses9891073887806839757NPAT60387142147435537205001000150020002500$'000 Income Trends Page | 11 Operations Performance The Corporation is self-funded through fees and charges from its operations and does not receive any grant or subsidy from government.
In 2014, Fees & Charges from core-business declined by 5%, whilst income from investments increased by 2% resulting in total income of $1.13m in 2014 compared to $1.19m in 2013.

Fees and charges were affected by the loss of fees on invalid FNPF nominee funds now directly administered by the High Court.

Investments of both Corporation and Trust Funds are held in term deposits, bonds and in managed funds.
The Corporation is continuing to pursue other income sources through the introduction of other services that complements our core business, especially those that are currently being demanded by customers.
Fees & charges/Interest Earned on FPTCL Funds/Interest Earned from Trust Funds Fees & Charges Interest from FPTCL Investments Interest on Trust Funds Total Distributed to Beneficiaries Mgt Fees 2009 $785,293 $768,319 $1,072,000 $53,600 2010 $815,807 $1,032,584 $1,800,000 $90,000 2011 $639,832 $605,633 $1,317,933 $65,897 2012 $683,897 $435,657 $1,076,127 $53,806 2013 $655,664 $408,498 $987,949 $49,397 2014 $580,285 $493,252 $859,814 $42,991 200920102011201220132014Total Income159219441308128011941129Expenses9891073887806839757NPAT60387142147435537205001000150020002500$'000 Income Trends Page | 11 Operations Performance The Corporation is self-funded through fees and charges from its operations and does not receive any grant or subsidy from government.
In 2014, Fees & Charges from core-business declined by 5%, whilst income from investments increased by 2% resulting in total income of $1.13m in 2014 compared to $1.19m in 2013.

Fees and charges were affected by the loss of fees on invalid FNPF nominee funds now directly administered by the High Court.

Investments of both Corporation and Trust Funds are held in term deposits, bonds and in managed funds.
The Corporation is continuing to pursue other income sources through the introduction of other services that complements our core business, especially those that are currently being demanded by customers.
Fees & charges/Interest Earned on FPTCL Funds/Interest Earned from Trust Funds Fees & Charges Interest from FPTCL Investments Interest on Trust Funds Total Distributed to Beneficiaries Mgt Fees 2009 $785,293 $768,319 $1,072,000 $53,600 2010 $815,807 $1,032,584 $1,800,000 $90,000 2011 $639,832 $605,633 $1,317,933 $65,897 2012 $683,897 $435,657 $1,076,127 $53,806 2013 $655,664 $408,498 $987,949 $49,397 2014 $580,285 $493,252 $859,814 $42,991 200920102011201220132014Total Income159219441308128011941129Expenses9891073887806839757NPAT60387142147435537205001000150020002500$'000 Income Trends Financial Highlights – 2006 - 2014 Financial Highlights – 2006 - 2014 Financial Highlights – 2006 - 2014 Statement of Comprehensive Income Statement of Comprehensive Income Statement of Comprehensive Income Income Income in in the the lost lost from 2011 from 2011 The FPTCL is totally self-funded and does not receive The FPTCL is totally self-funded and does not receive grants from government.


The FPTCL is totally self-funded and does not receive grants from government.

Fees & Charges increased at an average rate of 34% Fees & Charges increased at an average rate of 34% from incorporation till the year 2010.

This is attributed from incorporation till the year 2010.
This is attributed Fees & Charges increased at an average rate of 34% by the introduction of the new fees and charges and by the introduction of the new fees and charges and the efficient capturing of income through the new IT from incorporation till the year 2010.

This is attributed the efficient capturing of income through the new IT systems.

However, the by the introduction of the new fees and charges the systems.
However, administration of FNPF nominee funds and reduction administration of FNPF nominee funds and reduction and the efficient capturing of income through the on interest from investments resulted in similar on interest from investments resulted in similar new IT systems.

However, from 2011 the lost in the decreases.

decreases.

administration of FNPF nominee funds and reduction on interest from investments resulted in similar decreases.
Interest income from investment saw an average Interest income from investment saw an average increase of 19% that largely was determined by the increase of 19% that largely was determined by the market interest rates and judicious management of Interest income from investment saw an average market interest rates and judicious management of the investment portfolio to 2010.

Whilst higher the investment portfolio to 2010.


Whilst higher increase of 19% that largely was determined by the returns are always desired, prudence is paramount to returns are always desired, prudence is paramount to market interest rates and judicious management of the the corporation when dealing with trust funds.

the corporation when dealing with trust funds.

investment portfolio to 2010.


Whilst higher returns are always desired, prudence is paramount to the The FPTCL has been profitable since incorporation The FPTCL has been profitable since incorporation corporation when dealing with trust funds.

with a Net profit after taxes of $371K was recorded in with a Net profit after taxes of $371K was recorded in 2014 and $709K including comprehensive income.

2014 and $709K including comprehensive income.


The FPTCL has been profitable since incorporation with a Net profit after taxes of $371K was recorded in 2014 and $709K including comprehensive income.

Major financial achievements over the years were: Major financial achievements over the years were: taxes; taxes; statutory taxes; Estates & Trust held in our custody since 2006.

Estates & Trust held in our custody since 2006.


 Distributed over $8M in interest to beneficiaries of  Distributed over $8M in interest to beneficiaries of  Paid $2.5M from Capital Reserves to government;  Paid $2.5M from Capital Reserves to government; Major financial achievements over the years were:  Paid $0.5M in dividend to Government.

 Paid $0.5M in dividend to Government.

 Paid over $2.2M in income taxes and other statutory  Paid over $2.2M in income taxes and other statutory .
Paid $2.5M from Capital Reserves to government; .

Paid $0.5M in dividend to Government.

.

Paid over $2.2M in income taxes and other .


Distributed over $8M in interest to beneficiaries of The corporation is continuing to innovate and identify The corporation is continuing to innovate and identify new services that complements our core business and new services that complements our core business and at the same time supplements income from Estates & at the same time supplements income from Estates & Trust.

Trust.

Estates & Trust held in our custody since 2006.


The corporation is continuing to innovate and identify new services that complements our core business and at the same time supplements income from Estates & Trust.
Fee Income Fee Income Interest Interest Income & Expenditure Income & Expenditure 06 07 08 09 10 11 12 13 06 07 08 09 10 11 12 13 Income Income Expenditure Expenditure PAGE 11 Page | 12 Page | 12 Financial Highlights – 2006 – 2014(Con’t) Financial Highlights – 2006 – 2014(Con’t) Financial Highlights – 2006 – 2014(Con’t) Financial Highlights – 2006 – 2014(Con’t) Financial Highlights – 2006 – 2014(Con’t) Financial Highlights – 2006 – 2014(Con’t) Statement of Financial Position Statement of Financial Position Statement of Financial Position Statement of Financial Position Statement of Financial Position Statement of Financial Position The assets of the Corporation as at 31st The assets of the Corporation as at 31st The assets of the Corporation as at 31st December 2014 comprise of the following: December 2014 comprise of the following: December 2014 comprise of the following: The assets of the Corporation as at 31st The assets of the Corporation as at 31st the Corporation as at 31st December 2014 comprise of the following: December 2014 comprise of the following: The assets of December 2014 comprise of the following: 12000 12000 12000 12000 12000 Assets & Liabilities Assets & Liabilities Assets & Liabilities Assets & Liabilities Assets & Liabilities ($'000) ($'000) ($'000) ($'000) ($'000) 10000 10000 10000 10000 10000 57% 57% 57% 16% 16% 16% 5% 5% 5% 20% 20% 20% 2% 2% 2% 57% Financial Assets Financial Assets Financial Assets Financial Assets 57% Financial Assets 16% Cash & Cash Equivalents Cash & Cash Equivalents Cash & Cash Equivalents Cash & Cash Equivalents Cash & Cash Equivalents 16% 5% Receivables Receivables Receivables Receivables 5% Receivables 20% Property, Plant & Equipment Property, Plant & Equipment Property, Plant & Equipment Property, Plant & Equipment 20% Property, Plant & Equipment 2% Other Assets Other Assets Other Assets Other Assets 2%
 Other Assets in 2014 Total Assets in 2014 Total Assets in 2014 Total Assets in 2014 Total Assets Total Assets in 2014 Total Assets in 2014 compared to an increase of 4.56% in 2013. compared to an increase of 4.56% in 2013. compared to an increase of 4.56% in 2013. compared to an increase of 4.56% in 2013. compared to an increase of 4.56% in 2013. compared to an increase of 4.56% in 2013.
Over the last 5 years, Total Assets have Over the last 5 years, Total Assets have Over the last 5 years, Total Assets have Over the last 5 years, Total Assets have Over the last 5 years, Total Assets have last 5 years, Total Assets have Over the increased by 18.6% and net assets increased increased by 18.6% and net assets increased increased by 18.6% and net assets increased increased by 18.6% and net assets increased increased by 18.6% and net assets increased assets and by increased by 24.8%.

by 24.8%.


by 24.8%.

by 24.8%.

increased by 24.8%.
increased by 6% increased by 6% increased by 6% increased by 6% increased by 6% increased by 6% 18.6% net 6000 6000 6000 4000 4000 4000 8000 8000 8000 2000 2000 2000 Assets Assets Assets Liabilities Liabilities Liabilities Assets Assets Liabilities Liabilities The liabilities of the Corporation as at 31st The liabilities of the Corporation as at 31st The liabilities of the Corporation as at 31st The liabilities of the Corporation as at 31st The liabilities of the Corporation as at 31st The liabilities of the Corporation as at 31st December 2014 comprise of the following: December 2014 comprise of the following: December 2014 comprise of the following: December 2014 comprise of the following: December 2014 comprise of the following: December 2014 comprise of the following: 0 0 0 0% 0% 0% 1% 1% 1% 99% 99% 99% 0% Deferred Income Deferred Income Deferred Income Deferred Income 0% Deferred Income 1% Trade & Other Payables Trade & Other Payables Trade & Other Payables Trade & Other Payables 1% Trade & Other Payables 99% Provisions Provisions Provisions Provisions 99% Provisions The initial liabilities included the values The initial liabilities included the values the values The initial included The initial liabilities included the values The initial liabilities included the values The initial liabilities included the values represented in the trust and estate files represented in the trust and estate files trust and estate files represented represented in the trust and estate files represented in the trust and estate files represented in the trust and estate files inherited from the PTO and the startup costs.


inherited from the PTO and the startup costs.

inherited from the PTO and the startup costs.

inherited from the PTO and the startup costs.

inherited from the PTO and the startup costs.
Liabilities increased on average by 3% and Liabilities increased on average by 3% and Liabilities increased on average by 3% and Liabilities increased on average by 3% and Liabilities increased on average by 3% and began Liabilities increased on average by 3% and began to drop in 2009 after the audit and began to drop in 2009 after the audit and began to drop in 2009 after the audit and began to drop in 2009 after the audit and to drop in 2009 after the audit and payment of trust began to drop in 2009 after the audit and payment of trust & estates debts.


payment of trust & estates debts.

payment of trust & estates debts.

& estates debts.

payment of trust & estates debts.
liabilities the in Shareholders Equity Shareholders Equity Shareholders Equity Shareholders Equity Shareholders Equity ($'000) ($'000) ($'000) ($'000) ($'000) The Shareholders Equity of the Corporation The Shareholders Equity of the Corporation The Shareholders Equity of the Corporation The Shareholders Equity of the Corporation as at 31st December 2014 comprise of the as at 31st December 2014 comprise of the as at 31st December 2014 comprise of the as at 31st December 2014 comprise of the following: following: following: following: The Shareholders Equity of the Corporation The Shareholders Equity of the Corporation as at 31st December 2014 comprise of the as at 31st December 2014 comprise of the following: following: Share Capital Share Capital Share Capital Share Capital Share Capital Capital Reserve Capital Reserve Capital Reserve Capital Reserve Capital Reserve Revaluation Reserve Revaluation Reserve Revaluation Reserve Revaluation Reserve Revaluation Reserve Retained Earnings Retained Earnings Retained Earnings Retained Earnings Retained Earnings 1% 1% 1% 60% 60% 60% 3% 3% 3% 36% 36% 36% 1% 1% 60% 60% 3% 3% 36% 36% In 2014, the Corporation equity position In 2014, the Corporation equity position In 2014, the Corporation equity position In 2014, the Corporation equity position In 2014, the Corporation equity position the Corporation equity position In 2014, increased by 8% compared to 4.2% in 2013. increased by 8% compared to 4.2% in 2013. increased by 8% compared to 4.2% in 2013. increased by 8% compared to 4.2% in 2013. increased by 8% compared to 4.2% in 2013. increased by 8% compared to 4.2% in 2013.
Since 2010, the total share capital of the Since 2010, the total share capital of the Since 2010, the total share capital of the Since 2010, the total share capital of the Since 2010, the total share capital of the Since 2010, the total share capital of the Corporation has increased by 24.8%.

Corporation has increased by 24.8%.

Corporation has increased by 24.8%.

Corporation has increased by 24.8%.

Corporation has increased by 24.8%.

Corporation has increased by 24.8%.
Corporation has increased by Cash flow and Liquidity continue to be Cash flow and Liquidity continue to be Cash flow and Liquidity continue to be favorable, improving the solvency status of favorable, improving the solvency status of favorable, improving the solvency status of the corporation.

the corporation.

the corporation.


Cash flow and Liquidity continue to be Cash flow and Liquidity continue to be favorable, improving the solvency status of favorable, improving the solvency status of improving the corporation.

the corporation.

Cash flow and Liquidity continue favorable, the corporation.
to be the solvency status of PAGE 12 Page | 13 Page | 13 Page | 13 Page | 13 Page | 13 Estates Administration the distribution of deceased The FPTCL provides Executor and Administration services for Estates Administration person’s estate.
A one-stop shop in dealing with the Estate from application to High Court, collation of assets, locating beneficiaries, settlement of debts, tax clearances, transfer of property The FPTCL provides Executor and Administration services for the distribution of deceased and distribution of Assets.

person’s estate.
person’s estate.

A one-stop shop in dealing with the Estate from application to High Court, collation of assets, locating beneficiaries, settlement of debts, tax clearances, transfer of property The FPTCL administers estates where: and distribution of Assets.
- - - - Fiji Public Trustee is appointed by the High Court to administer; - there is a “Will” appointing the Fiji Public Trustee as Executor; The FPTCL administers estates where: - there is no Will and the beneficiaries or close relatives appoints Fiji Public Trustee; - an existing executor is unable to fulfill the task and renounces it in favour of Fiji Public Trustee; there is a “Will” appointing the Fiji Public Trustee as Executor; - Fiji Public Trustee is appointed by the High Court to administer; there is no Will and the beneficiaries or close relatives appoints Fiji Public Trustee; an existing executor is unable to fulfill the task and renounces it in favour of Fiji Public In 2014, the section opened 57 estates valued at $3.7M an increase of $1M from 2013 and settled Trustee; and finalized 168 estates compared to 55 in 2013.
In the year, somelong outstanding estates back dating 20 to 30 years were also settled and finalized.

There are over 298 estates on hand as at 31 In 2014, the section opened 57 estates valued at $3.7M an increase of $1M from 2013 and settled December 2014 with a total value of $19.6M and finalized 168 estates compared to 55 in 2013.

In the year, somelong outstanding estates back Other Services dating 20 to 30 years were also settled and finalized.
There are over 298 estates on hand as at 31 December 2014 with a total value of $19.6M In 2014, the corporation introduced “Other services” as new services provided to the people of Fiji Other Services that complements our core business, which includes: - Executor assistance services; In 2014, the corporation introduced “Other services” as new services provided to the people of Fiji - Power of Attorney; that complements our core business, which includes: - Transfer of Property; Executor assistance services; - Legal conveyance work Power of Attorney; - Transfer of Property; - Legal conveyance work - - The new services were introduced after collaboration and further research work by staff from the legal, estates, and trust and finance sections.
Movement in Estates for the last 6 years 2009 2010 2011 2012 2013 2014 New Estates 46 52 47 45 62 57 Value of New Estates $1.8M $3.6M $3M $2.1M $2.7M $3.7M Estates Settled & Closed 25 31 26 25 55 168 PAGE 13 Page | 14 Trust Administration Services the FNPF/Superannuation The Trust Section deals with Trust Administration services such as trust for minors, testamentary trusts through will; compensation trusts by appointment of court or individuals, disability trusts and living trusts.
Like any trustee, the FPTCL must protect trust assets and ensure they are managed and administered appropriately as per the conditions of the as per the Act for minors and people of unsound mind.

The FPTCL’s duties as trustee are to: hold and protect trust funds; invest the funds during the term of the trust; make appropriate disbursements from the trust; Pay out the funds to the beneficiary at majority age or as per the conditions of the Trust.
In 2013, the total number of new trusts dropped mainly from FNPF minor trust, which is now administered by the High Court through the changes in the FNPF Decree.

The Corporation has since made applications to court on case-by-case basis to assist minors who still prefers our services for the administration of their trust funds.
We are also working to offer other trust services based on customers demand such as personal management services to help people manage their financial and property matters and the administrations of the affairs of the elderly.

Our Finance & Administration Section the Board of directors manages the investment of trust funds through the FPTCL-Trust common pooled funds.

All investments are administered within an investment policy governed by the Fiji Public Trustee Corporation Act & the Trustee Act of Fiji.
supervised by The Fiji Public Trustee also provides quasi-judicial roles through high court orders under the various Acts of Fiji including the Trustee Act, Succession, Probate & Administration Act, Mental PAGE 14 Page | 15 Trust Administration Services The Trust Section deals with Trust Administration services such as the FNPF/Superannuation trust for minors, testamentary trusts through will; compensation trusts by appointment of court or individuals, disability trusts and living trusts.
Like any trustee, the FPTCL must protect trust assets and ensure they are managed and administered appropriately as per the conditions of the as per the Act for minors and people of unsound mind.

The FPTCL’s duties as trustee are to:  hold and protect trust funds;  invest the funds during the term of the trust;  make appropriate disbursements from the trust;  Pay out the funds to the beneficiary at majority age or as per the conditions of the Trust.
In 2013, the total number of new trusts dropped mainly from FNPF minor trust, which is now administered by the High Court through the changes in the FNPF Decree.

The Corporation has since made applications to court on case-by-case basis to assist minors who still prefers our services for the administration of their trust funds.
We are also working to offer other trust services based on customers demand such as personal management services to help people manage their financial and property matters and the administrations of the affairs of the elderly.

Our Finance & Administration Section supervised by the Board of directors manages the investment of trust funds through the FPTCL-Trust common pooled funds.
All investments are administered within an investment policy governed by the Fiji Public Trustee Corporation Act & the Trustee Act of Fiji.

The Fiji Public Trustee also provides quasi-judicial roles through high court orders under the various Acts of Fiji including the Trustee Act, Succession, Probate & Administration Act, Mental Health Act, FNPF Act; Income Tax Act; Reserve Bank of Fiji Act to name a few.

Trust Funds Movement in the last 6 years 2009 2010 2011 2012 2013 2014 No.
of Trust A/C on Hand 11,910 12,122 11,860 12,436 10,171 9,821 Value of Trusts $23.9M $27.2M $25.2M $25.0M $21.7M $19.4M Page | 15 Trust Administration Services The Trust Section deals with Trust Administration services such as the FNPF/Superannuation trust for minors, testamentary trusts through will; compensation trusts by appointment of court or individuals, disability trusts and living trusts.
Like any trustee, the FPTCL must protect trust assets and ensure they are managed and administered appropriately as per the conditions of the as per the Act for minors and people of unsound mind.

The FPTCL’s duties as trustee are to:  hold and protect trust funds;  invest the funds during the term of the trust;  make appropriate disbursements from the trust;  Pay out the funds to the beneficiary at majority age or as per the conditions of the Trust.
In 2013, the total number of new trusts dropped mainly from FNPF minor trust, which is now administered by the High Court through the changes in the FNPF Decree.

The Corporation has since made applications to court on case-by-case basis to assist minors who still prefers our services for the administration of their trust funds.
We are also working to offer other trust services based on customers demand such as personal management services to help people manage their financial and property matters and the administrations of the affairs of the elderly.

Our Finance & Administration Section supervised by the Board of directors manages the investment of trust funds through the FPTCL-Trust common pooled funds.
All investments are administered within an investment policy governed by the Fiji Public Trustee Corporation Act & the Trustee Act of Fiji.

The Fiji Public Trustee also provides quasi-judicial roles through high court orders under the various Acts of Fiji including the Trustee Act, Succession, Probate & Administration Act, Mental Health Act, FNPF Act; Income Tax Act; Reserve Bank of Fiji Act to name a few.

Trust Funds Movement in the last 6 years 2009 2010 2011 2012 2013 2014 No.
of Trust A/C on Hand 11,910 12,122 11,860 12,436 10,171 9,821 Value of Trusts $23.9M $27.2M $25.2M $25.0M $21.7M $19.4M Page | 15 Trust Administration Services The Trust Section deals with Trust Administration services such as the FNPF/Superannuation trust for minors, testamentary trusts through will; compensation trusts by appointment of court or individuals, disability trusts and living trusts.
Like any trustee, the FPTCL must protect trust assets and ensure they are managed and administered appropriately as per the conditions of the as per the Act for minors and people of unsound mind.

The FPTCL’s duties as trustee are to:  hold and protect trust funds;  invest the funds during the term of the trust;  make appropriate disbursements from the trust;  Pay out the funds to the beneficiary at majority age or as per the conditions of the Trust.
In 2013, the total number of new trusts dropped mainly from FNPF minor trust, which is now administered by the High Court through the changes in the FNPF Decree.

The Corporation has since made applications to court on case-by-case basis to assist minors who still prefers our services for the administration of their trust funds.
We are also working to offer other trust services based on customers demand such as personal management services to help people manage their financial and property matters and the administrations of the affairs of the elderly.

Our Finance & Administration Section supervised by the Board of directors manages the investment of trust funds through the FPTCL-Trust common pooled funds.
All investments are administered within an investment policy governed by the Fiji Public Trustee Corporation Act & the Trustee Act of Fiji.

The Fiji Public Trustee also provides quasi-judicial roles through high court orders under the various Acts of Fiji including the Trustee Act, Succession, Probate & Administration Act, Mental Health Act, FNPF Act; Income Tax Act; Reserve Bank of Fiji Act to name a few.

Trust Funds Movement in the last 6 years 2009 2010 2011 2012 2013 2014 No.
of Trust A/C on Hand 11,910 12,122 11,860 12,436 10,171 9,821 Value of Trusts $23.9M $27.2M $25.2M $25.0M $21.7M $19.4M Page | 15 Trust Administration Services The Trust Section deals with Trust Administration services such as the FNPF/Superannuation trust for minors, testamentary trusts through will; compensation trusts by appointment of court or individuals, disability trusts and living trusts.
Like any trustee, the FPTCL must protect trust assets and ensure they are managed and administered appropriately as per the conditions of the as per the Act for minors and people of unsound mind.

The FPTCL’s duties as trustee are to:  hold and protect trust funds;  invest the funds during the term of the trust;  make appropriate disbursements from the trust;  Pay out the funds to the beneficiary at majority age or as per the conditions of the Trust.
In 2013, the total number of new trusts dropped mainly from FNPF minor trust, which is now administered by the High Court through the changes in the FNPF Decree.

The Corporation has since made applications to court on case-by-case basis to assist minors who still prefers our services for the administration of their trust funds.
We are also working to offer other trust services based on customers demand such as personal management services to help people manage their financial and property matters and the administrations of the affairs of the elderly.

Our Finance & Administration Section supervised by the Board of directors manages the investment of trust funds through the FPTCL-Trust common pooled funds.
All investments are administered within an investment policy governed by the Fiji Public Trustee Corporation Act & the Trustee Act of Fiji.

The Fiji Public Trustee also provides quasi-judicial roles through high court orders under the various Acts of Fiji including the Trustee Act, Succession, Probate & Administration Act, Mental Health Act, FNPF Act; Income Tax Act; Reserve Bank of Fiji Act to name a few.

Trust Funds Movement in the last 6 years 2009 2010 2011 2012 2013 2014 No.
of Trust A/C on Hand 11,910 12,122 11,860 12,436 10,171 9,821 Value of Trusts $23.9M $27.2M $25.2M $25.0M $21.7M $19.4M Page | 15 Trust Administration Services The Trust Section deals with Trust Administration services such as the FNPF/Superannuation trust for minors, testamentary trusts through will; compensation trusts by appointment of court or individuals, disability trusts and living trusts.
Like any trustee, the FPTCL must protect trust assets and ensure they are managed and administered appropriately as per the conditions of the as per the Act for minors and people of unsound mind.

The FPTCL’s duties as trustee are to:  hold and protect trust funds;  invest the funds during the term of the trust;  make appropriate disbursements from the trust;  Pay out the funds to the beneficiary at majority age or as per the conditions of the Trust.
In 2013, the total number of new trusts dropped mainly from FNPF minor trust, which is now administered by the High Court through the changes in the FNPF Decree.

The Corporation has since made applications to court on case-by-case basis to assist minors who still prefers our services for the administration of their trust funds.
We are also working to offer other trust services based on customers demand such as personal management services to help people manage their financial and property matters and the administrations of the affairs of the elderly.

Our Finance & Administration Section supervised by the Board of directors manages the investment of trust funds through the FPTCL-Trust common pooled funds.
All investments are administered within an investment policy governed by the Fiji Public Trustee Corporation Act & the Trustee Act of Fiji.

The Fiji Public Trustee also provides quasi-judicial roles through high court orders under the various Acts of Fiji including the Trustee Act, Succession, Probate & Administration Act, Mental Health Act, FNPF Act; Income Tax Act; Reserve Bank of Fiji Act to name a few.

Trust Funds Movement in the last 6 years 2009 2010 2011 2012 2013 2014 No.
of Trust A/C on Hand 11,910 12,122 11,860 12,436 10,171 9,821 Value of Trusts $23.9M $27.2M $25.2M $25.0M $21.7M $19.4M FIJI PUBLIC TRUSTEE CORPORATION LIMITED FINANCIAL STATEMENTS 31 DECEMBER 2014 PAGE 15 FIJI PUBLIC TRUSTEE CORPORATION LIMITED DIRECTORS' REPORT FOR THE YEAR ENDED 31 DECEMBER 2014 In accordance with a resolution of the Board of Directors, the directors herewith submit the statement of financial position of the Fiji Public Trustee Corporation Limited ("the corporation") as at 31 December 2014, the related statement of comprehensive income, statement of changes in equity and statement of cash flows for the year ended on that date and report as follows: Directors The names of directors in office at the date to which this report refers are: Mr. Ikbal [annif (Chairman) Mr. Carl Ngamoki Cameron Ms. Berny Nicholls Principal Activities The principal activity of the corporation in the course of the financial year was to act as custodians and provide administrative services to estates of those persons who are deceased, of unsound mind or persons incapable of conducting their own affairs.
Results The Net operating profit for the year was $709,737 (2013: $353,788) after providing $72,386 (2013: $97,327) for income tax.

Dividends The Directors recommend that no dividends be declared or paid for the year.

- Reserves The directors recommended that no transfer be made to reserves within the meaning of the Seventh Schedule of Companies Act, 1983.
Bad and Doubtful Debts The directors took reasonable steps before the financial statements were made out to ascertain that all known bad debts were written off and adequate provision was made for doubtful debts.

At the date of this report, the directors are not aware of any circumstances which would render the amount written off for bad debts, or the amount of the provision for doubtful debts, inadequate to any substantial extent.
PAGE 16 FIJI PUBLIC TRUSTEE CORPORATION LIMITED DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2014 Non-Current Assets to the completion of the financial statements of Prior took reasonable steps to ascertain whether any non-current assets were unlikely to be realised in the ordinary course of business compared to their values as shown in the accounting records of the corporation.
Where necessary these assets have been written down or adequate provision has been made to bring the values of such assets to an amount that they might be expected to realise.

the corporation, the directors As at the date of this report, the directors are not aware of any circumstances, which would render the values attributed to non-current assets in the corporation's financial statements misleading.
Related Party Transactions In the opinion of the directors all related party transactions have been adequately recorded in the books of the Corporation.

Other Circumstances At the date of this report, the directors are not aware of any circumstances not otherwise dealt with in this report or financial statements which would render any amounts stated in the financial statements misleading.
Unusual Transactions Apart from these matters and other matters specifically referred to in the financial statements, in the opinion of the directors, the results of the operations of the corporation during the financial year were not substantially affected by any item, transaction or event of a material unusual nature, nor has there arisen between the end of the financial year and the date of this report any item, transaction or event of a material unusual nature likely, in the opinion of the directors, to affect substantially the results of the operations of the corporation in the current financial year, other than those reflected in the financial statements.
Events Subsequent To Balance Date There has not arisen in the interval between the end of the financial year and the date of this report any item, transaction or event of a material and unusual nature likely, in the opinion of the directors of those operations, or the state of affairs of the Corporation in subsequent financial years.
to affect significantly the operations and the Corporation, the results of PAGE 17 FIJI PUBLIC TRUSTEE CORPORATION LIMITED DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2014 Other Circumstances As at the date of this report: 1. ii.

iii.
no charge on the assets of the corporation has been given since the end of the financial year to secure the liabilities of any other person; no contingent liabilities have arisen since the end of the financial year for which the corporation could become liable; and no contingent liabilities or other liabilities of the corporation has become or is likely to become enforceable within the period of twelve months after the end of the financial year which, in the opinion of the directors, will or may substantially affect the ability of the corporation to meet its obligations as and when they fall due.
As at the date of this report, the directors are not aware of any circumstances that have arisen, not otherwise dealt with in this report or the corporation's financial statements, which would make adherence to the existing method of valuation of assets or liabilities of the corporation misleading or inappropriate.
Directors' Benefits No director has received or become entitled to receive a benefit (other than those included in the aggregate amount of emoluments received or due and receivable by directors shown the financial statements or received as the fixed salary of a full-time employee of the corporation or of a related corporation) by reason of a contract made by the corporation or by a related corporation with the director or with a firm of which he is a member, or with a company in which he has a substantial financial interest.
in For and on behalf of the board and in accordance with a resolution of the directors.

Dated this 29th day of June 2015.

Chairman Director PAGE 18 FIJI PUBLIC TRUSTEE CORPORATION LIMITED STATEMENT BY DIRECTORS FOR THE YEAR ENDED 31 DECEMBER 2014 In accordance with a resolution of the Board of Directors of Fiji Public Trustee Corporation Limited, we state that in the opinion of the directors: i. j. iii.

iv.

v. vi.
the accompanying statement of comprehensive income of the corporation is drawn up so as to give a true and fair view of the results of the corporation for the year ended 31 December 2014; the accompanying statement of changes in equity of the corporation is drawn up so as to give a true and fair view of the changes in equity of the corporation for the year ended 31 December 2014; the accompanying statement of financial position of the corporation is drawn up so as to give a true and fair view of the state of affairs of the corporation as at 31 December 2014; the accompanying statement of cash flows of the corporation is drawn up so as to give a true and fair view of the cash flows of the corporation for the year ended 31 December 2014 at the date of this statement there are reasonable grounds to believe the corporation will be able to pay its debts as and when they fall due; and all related party transactions have been adequately recorded in the books of the corporation.
For and on behalf of the board and in accordance with a resolution of the directors.

Dated this 29th day of June 2015.
Chairman Director PAGE 19 OFFICE OF THE AUDITOR GENERAL Excellence in Public Sector Auditing 6_STH Floor, Raeu Sukun a House 2-10 McArthur St P.O.Box 2214, Government Buildines Suva, Fiji Telephone: (679) 330 9032 Fax· {679} 3303812 Email.info@auditoreeneral·eov.fj Website:http://www.oae·eov.fj FIJI PUBLIC TRUSTEE CORPORATION LIMITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2014 INDEPENDENT AUDIT REPORT I have audited the accompanying financial statements of Fiji Public Trustee Corporation Limited, which comprise the statement of financial position as at 31 December 2014, and the statement of comprehensive income, statement of changes in equity and statement of cash flows for the year then ended, and a summary of significant accounting policies and other explanatory information as set out on notes I to 24.
Directors and Management's Responsibility for the Financial Statements Directors and management are responsible for the preparation and fair presentation of these financial statements in accordance with International Financial Reporting Standards and the requirements of Fiji Public Trustee Corporation Act.
This responsibility includes: designing, implementing and maintaining internal controls relevant to the preparation of financial statements that are free from material misstatement, whether due to fraud or error; selecting and applying appropriate accounting policies, and making accounting estimates that are reasonable in the circumstances.

Auditor's Responsibility My responsibility is to express an opinion on these financial statements based on my audit.
I have conducted my audit in accordance with International Standards on Auditing.

Those standards require that I comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements.
The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error.
In making those risk assessments, the auditor considers internal control relevant to the entity's preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity's internal control.
An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

I believe that the audit evidence I have obtained is sufficient and appropriate to provide a basis for my audit opinion.
Audit Opinion In my opinion: a) b) proper books of account have been kept by the Fiji Public Trustee Corporation Limited, so far as it appears from my examination of those books, and the accompanying financial statements which have been prepared 111 accordance with International Financial Reporting Standards: PAGE 20 i) are in agreement with the books of account; and ii) to the best of my information and according to the explanations given to me: .
give a true and fair view of the state of affairs of the Corporation as at 31 December .

2014 and of the results, movement in reserves and cash flows of the Corporation for the year ended on that date; and give the information require by the Companies Act 1983 in the manner so required.
Atunaisa Nadakuitavuki for AUDITOR GENERAL Suva, Fiji 29 June 2015 PAGE 21 FIJI PUBLIC TRUSTEE CORPORATION LIMITED STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED31 DECEMBER 2014 Fees Interest income Aid Other income Total Revenue Note 2014 $ 2013 $ 3 580,285 655,664 493,252 56,132 408,498 2,915 126,500 1,129,669 1,193,577 General and administration expenses 4 221,488 263,884 Selling expenses Staff and employee costs Total Expenses Operating profit before income tax Income tax expense Operating profit after income tax Other comprehensive income 4 6 3 23,354 440,564 685,406 5,633 472,945 742,462 444,263 451,115 72,386 97,327 371,877 353,788 337,860 Net profit for the year 709,737 353,788 The accompanying notes form an integral part of this statement of comprehensive income.
PAGE 22 FIJI PUBLIC TRUSTEE CORPORATION LIMITED STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2014 2014 $ 2013 $ Current Assets Cash and cash equivalents Trade and other receivables Other current assets Total Current Assets Non-Current Assets Deferred tax asset Financial assets Property, plant and equipment Intangible assets Total Non-Current Assets Total Assets Current Liabilities Deferred revenue Trade payables and Provisions Total Current Liabilities Non-Current Liabilities Deferred tax liability Total Non-Current Liabilities Total Liabilities Net Assets Shareholders' Equity Share capital Share premium reserve Capital reserve Revaluation reserve Retained earnings Total Shareholders' Equity PAGE 23 FIJI PUBLIC TRUSTEE CORPORATION LIMITED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2014 Share Capital Opening balance Issues during the year Closing balance Reserves Share Premium Reserve Balance at the beginning of the financial year Balance at the end of the financial year Capital Reserve Balance at the beginning of the financial year Recovery / (Payment) on PrO debts/ cases Balance at the end of the financial year Revaluation Reserve Balance at the beginning of the financial year Fair value movements - PPE Unrealised gain/ (losses) - Financial Assets Balance at the end of the financial year Total Reserves Retained Earnings Opening balance Net profit after tax for the year Dividend paid Closing balance Note 2014 $ 2013 $ 2 2 2 2 99,998 99,998 99,998 99,998 5,690,897 (11,305) 5,679,592 5,689,595 1,302 5,690,897 351,220 (13,360) 337,860 6,117,452 5,790,897 3,024,770 371,877 2,670,982 353,788 3,396,647 3,024,770 Total Shareholders' Equity 9,514,099
 8,815,667 The accompanying notes form an integral part of this statement of changes in equity.
PAGE 24 FIJI PUBLIC TRUSTEE CORPORATION LIMITED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2014 Cash Flows from Operating Activities Receipt from customers Payment to suppliers and employees Interest received Income taxes paid Notes 2014 $ 2013 $ 877,265 (789,884) 549,384 430,837 (701,710) 408,498 (100,761) (77,515) Net cash provided by operating activities 17 536,004 60,110 Cash Flows from Investing Activities Acquisition of property, plant and equipment (459,935) (187,127) Payment for investments (600,000) Net cash (used)/provided by investing activities Cash Flows from Financing Activities (1,059,935) (187,127) Recovery / (Payment) on PTO debts/ cases (11,302) 1,302 Net cash (used by) Financing Activities (11,302) 1,302 Net increase/ (decrease) in cash (535,233) (125,715) Cash at the beginning of the year 2,015,587 2,141,302 Cash at the end of the year 5 1,480,354 2,015,587 The accompanying notes form an integral part of this statement of cash flows.
PAGE 25 FIJI PUBLIC TRUSTEE CORPORATION LIMITED NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2014 1.

Corporate Information Fiji Public Trustee Corporation Limited domiciled ____ 2015. in Fiji.

These financial statements were authorized for is a limited liability company issue by incorporated and the directors on The principal activities of the corporation are described in Note 22.

2.
2.

Statement of Significant Accounting Policies Set out below corporation consistently applied to all the years presented, unless otherwise stated.

the preparation of the financial summary of is a the in significant accounting policies adopted by the statements.

These policies have been Statement of Compliance The financial statements have been prepared and Accounting Standards Board.
International Financial Reporting Standards in accordance with (IFRS) prescribed by the Companies Act, 1983 International the (a) Basis of Preparation These financial take not unless otherwise stated.

The financial Company's functional currency, rounded to the nearest dollar.
statements have been prepared under historical cost accounting and do into account changing money values or current valuations of non-current assets the in Fiji dollars, which is presented report is (b) Significant Accounting Judgements, Estimates and Assumptions estimates the corporation's financial and liabilities and to make The preparation of revenue, judgrnents, the reporting date.
expenses, assets, However, uncertainty about that could require a material adjustment to the carrying amount of the asset or liability affected in the future.
requires management of reported liabilities at result these assumptions and estimates could the disclosure of contingent in outcomes assumptions statements amounts affect that the Judgements In following effect on the amounts recognised in the financial statements: the process of applying judgement, apart the corporation's accounting policies, management has made from involving estimations, which has most the significant those PAGE 26 FIJI PUBLIC TRUSTEE CORPORATION LIMITED NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2014 2.
Statement of Significant Accounting Policies (continued) (b) Significant Accounting Judgements, Estimates and Assumptions (Cont'd) Operating Lease Commitments The corporation has entered leases.

The corporation has determined based on an evaluation of the terms and conditions of the arrangements, that it does not retain all the significant risks and rewards of ownership of the property and so accounts for the contracts as operating leases.
in commercial property Estimations and Key Assumptions The key assumptions concerning the future and other key sources of estimation uncertain at balance date, that have a significant risk of causing of a material adjustment to the carrying amount of assets and liabilities within the next financial year are discussed below.

Impairment of Non-Financial Assets The corporation assesses whether there are any indicators of impairment for all non- financial assets at each reporting date.
Non-financial assets are there are indicators that the carrying amounts may not be recoverable.

impairment when tested for (c) Taxes Current Income Tax Current income tax assets and liabilities for the current and prior period are measured at the amount expected to be recovered from or paid to the taxation authorities.

The tax rates and tax laws used to compute the amount are those that are enacted or substantively enacted by the balance sheet date.
Current income tax relating to items recognised directly in equity is recognised in equity and not in profit or loss.

Deferred Income Tax Deferred income tax is provided using the balance sheet method on temporary differences at the balance date between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes.
Deferred income tax liabilities are recognised for all taxable temporary differences, except: PAGE 27 FIJI PUBLIC TRUSTEE CORPORATION LIMITED NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2014 2.
Statement of Significant Accounting Policies (continued) (c) Taxes (continued) the Where the deferred income tax liability arises from goodwill amortisation or the initial recognition of an asset or liability in a transaction that is not a business combination and, at the accounting profit nor taxable profit or loss; and In in subsidiaries, associates and interest in joint ventures, except where the timing of the reversal of temporary difference can be controlled and it is probable that the temporary difference will not reverse in the foreseeable future.
transaction, affects neither temporary differences associated with respect of investments time of taxable the income Deferred forward of unused available against which unused tax credits and unused tax losses can be utilised except: tax assets are to the deductible recognised the extent losses, tax for all deductible that is probable it temporary differences, and temporary differences, carry taxable profit will be that forward of the carry Where the deferred tax asset relating to the deductible temporary difference arises from the initial recognition of an asset or liability in a transaction that is not a business combination and, at the time of accounting profit nor taxable profit or loss; and transaction, affects neither the the respect of deductible investments in In subsidiaries, associates and tax assets are recognised only to the extent that it is probable that the temporary differences will reverse in the foreseeable future and taxable profit will be available against which the temporary differences can be utilized.
temporary differences associated with joint ventures, deferred interests in to income is reviewed at each balance date and tax assets The carrying amount of deferred reduced taxable profit will be longer probable the extent available to allow all or part of the deferred income tax asset to be utilised.
Unrecognised deferred income tax assets are reassessed at each balance sheet date and are recognised to the extent that it has become probable that future taxable profit will allow the deferred tax asset to be recovered.

that sufficient is no that it PAGE 28 FIJI PUBLIC TRUSTEE CORPORATION LIMITED NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2014 2.
Statement of Significant Accounting Policies (continued) (c) Taxes (continued) Deferred income tax assets and liabilities are measured at the tax rates that are expected to apply to the year when the asset is realized or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the balance sheet date.

Deferred income tax relating to items recognised directly in equity is recognised in equity and not in the income statement.
income Deferred tax enforceable right exists deferred income taxes relate to the same taxable entity and the same taxation authority.
income tax assets against current tax assets and deferred to set off current liabilities are offset, tax if a liabilities and legally the Value Added Tax Revenue, expenses and assets are recognised net of the amount of Value Added Tax except: Where the sales tax incurred on a purchase of assets or services is not recoverable from the taxation authority, in which case the sales tax recognised as part of the acquisition of the asset or as part of the expense item applicable; and Receivables and payables are stated with the amount of sales tax included.
(d) Property, plant and equipment Land and Building Head-quarters situated at Lot 83 Amy Street Toorak, Suva are stated based increases arising on revaluation and a on straight the same.

The Land and Building will be valued every 3 years to recognize the market or fair value.

the_purchase price plus cost of renovation plus line method of depreciation is used for to initial recognition, revaluation Subsequent income and to other comprehensive are credited in shareholder's equity.
Any decreases will off-set previous revaluation recorded as income and the same asset and will be charged against other comprehensive increases of revaluation reserves in equity; all other decreases are charged as an expense in the statements of comprehensive income.

the carrying amount arising on the statement of comprehensive increases income reserve in in PAGE 29 FIJI PUBLIC TRUSTEE CORPORATION LIMITED NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2014 2.
Statement of Significant Accounting Policies (continued) (d) Property, plant and equipment (Continue) losses.

Such costs All other plant and equipment is stated at cost less accumulated depreciation and accumulated impairment the property, plant and equipment when that cost is incurred, if the recognition criteria are met.

Likewise, when a the carrying amount of plant and is recognised inspection major equipment as a repair and maintenance costs are recognised in the profit or loss as incurred.
recognition criteria are satisfied.

All other the cost of replacing part of is performed, replacement its cost the include in if Items of plant and equipment transferred from the former Office of Public Trustee have been fully depreciated.

Depreciation is calculated on a straight line method basis so as to write off the net cost of property, plant and equipment during its expected useful life.
Plant and Machinery Motor Vehicle Furniture and Fittings Computers Building & Improvements 12% 18% 12% 24% 1.25% An item of property, plant and equipment is derecognised upon disposal or when no future economic benefits are expected loss arising on derecognising of the asset (calculated as the difference between the net disposal proceeds and the carrying amount of is recognised.

its use or disposal.


Any gain or in profit or the asset) the asset the year included from loss in is The asset's residual values, useful lives and methods of depreciation are reviewed, and adjusted if appropriate, at each financial year-end.

(e) Inventories The corporation does not have any major inventories apart from stationeries which have been accounted as expenses.

Any to be classified as inventories are valued at the lower of cost and net realisable value.
Net realisable value is the estimated selling price in the ordinary course of business, less estimated costs of completion and the estimated costs necessary to make the sale.

recognition criteria item meeting the PAGE 30 FIJI PUBLIC TRUSTEE CORPORATION LIMITED NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2014 2.
Statement of Significant Accounting Policies (continued) (f) Financial Assets Financial assets within through profit or loss, sale financial assets, as appropriate.

When financial assets are recognised measured at fair value, plus, or loss, directly attributable transaction costs.
the scope of IAS 39 are classified as financial assets at fair value investments, or available- for- loans and receivables, held-to-maturity they are through profit investments not at fair value the case of initially, in The corporation determines the classification of and, where allowed and appropriate, re-evaluates The corporation's financial assets short-term deposits, receivables, loan and other receivables and quoted and unquoted financial instruments.
recognition the designation at each financial year end.

trade and other its financial assets on include cash and initial Subsequent measurement The subsequent measurement of financial assets depends on their classification as follows: Financial assets at fair value through profit or loss Financial assets at fair value through profit or loss include financial assets held for trading loss.
and financial assets designated upon the purpose of Financial assets are classified as held for selling loss are the near carried losses recognised in the income statement.

initial recognition at fair value if the statement of financial position at fair value with gains or term.

Financial assets at fair value they are acquired for through profit and through profit or them in trading in receivables Loans and receivables determin- and Loans able payments that are not quoted in an active market.
Such financial assets are carried at amortised cost using in the profit or loss when the loans and receivables are derecognised or impaired, as well as through the amortisation process.

interest rate method.


Gains and losses are recognised non-derivative the effective assets with financial fixed are or Held-to-maturity investments Non-derivative financial assets with fixed or determinable payments and fixed maturities are classified as held-to-maturity the effective that exactly discounts estimated interest method.

This method uses an effective future cash the net carrying amount of the financial asset.
Gains and losses are recognised in the profit or loss when the the amortisation process.

The investments are derecognized or corporation has designated bonds and three months as held-to-maturity investments.
investments are measured at amortised cost using interest rate term deposits with maturity dates of more impaired, as well as the financial asset the expected through through receipts life of than to PAGE 31 FIJI PUBLIC TRUSTEE CORPORATION LIMITED NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2014 2.
Statement of Significant Accounting Policies (continued) (f) Financial Assets (continued) Available-far-sale financial assets that are designated as Available-for-sale financial assets are non-derivative financial assets initial available-for-sale or not classified fair value with unrealised measurement, available-for-sale financial assets are measured at gains or is derecognised, at which time the cumulative gain or loss recorded in equity is recognised in the profit or loss, or determined to be impaired, at which time the cumulative loss recorded in equity is recognised in the Income Statement.
three preceding categories.

After losses recognised directly in equity until in any of investment the the Impairment of financial assets carried at amortised cost The corporation assesses at each balance sheet date whether a financial asset or group of financial assets is impaired.

(g) Financial Liabilities liabilities within through profit or the scope of IAS 39 are classified as financial liabilities at fair Financial value the classification of its financial liabilities at initial recognition.
Financial liabilities are recognised initially at fair value and transaction costs.

The corporation's financial liabilities include trade and other payables and loans and borrowings.

loss and borrowings.

The corporation determines loans and borrowings, directly attributable the case of in Subsequent measurement The measurement of financial liabilities depends on their classification as follows: Financial liabilities at fair value through profit or loss Financial trading and financial profit or loss.
liabilities designated upon liabilities at fair value through profit or loss includes financial initial recognition as at fair value liabilities held for through Financial liabilities are classified as held for trading if they are acquired for the purpose of selling in the near term.

Gains and losses on liabilities held for trading are recognised in the liabilities as at fair value profit or through profit or loss loss.
The corporation has not designated any financial PAGE 32 FIJI PUBLIC TRUSTEE CORPORATION LIMITED NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2014 2.

Statement of Significant Accounting Policies (continued) (g) Financial Liabilities (continued) initial recognition, Loans and borrowings After loans and borrowings are subsequently measured at amortised cost using the effective interest rate method.
Gains and losses are recognised in the profit or loss when the liabilities are derecognised as well as through the amortisation process.

interest bearing Offsetting of financial instruments Financial assets and financial liabilities are offset and the net amount reported in the balance the recognised sheet amounts and there is an intention to settle on a net basis, or to realise the assets and settle the liabilities simultaneously.
is a currently enforceable if, and only legal right to offset there if, Fair value of financial instruments The fair value of financial instruments that are actively traded in organized financial markets is determined by reference to quoted market bid prices at the close of business on the balance sheet date.
For financial instruments where there is no active market, fair value is determined using valuation length market transactions; reference to the current fair value of another instrument that is substantially the same; discounted cash flow analysis or other valuation models.

techniques.
techniques.

Such techniques may include using recent arm's Amortised cost of financial instruments Amortised cost is computed using for into account any impairment and principal premium or discount on acquisition and includes transaction costs and fees that are an integral part of the effective interest rate.

interest method reduction.


The calculation less any allowance takes repayment or the effective (h) Leases The determination of whether an arrangement is, or contains a lease is based on the substance of the arrangement at inception date: whether fulfillment of the arrangement is dependent on the use of a specific asset or assets or the arrangement conveys a right to use the asset.
PAGE 33 FIJI PUBLIC TRUSTEE CORPORATION LIMITED NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2014 2.

Statement of Significant Accounting Policies (continued) (h) Leases (continued) to transfer leases, which the corporation substantially all risks and benefits Finance incidental to ownership of the leased item, are capitalised at the commencement of the lease at the fair value of the leased property or, if lower, at the present value of the minimum lease payments.
Lease payments are apportioned between finance charges and reduction of the lease liability so as to achieve a constant rate of interest on the remaining balance of the liability.

Finance charges are recognised in the profit or loss.

the is no Leased assets are depreciated over reasonable certainty lease the corporation will obtain ownership by term, the asset is depreciated over the shorter of the estimated useful life of the asset and the lease term.

the asset.
the asset.

However, there the the end of the useful life of that if Operating line basis over the lease term.

lease payments are recognised as an expense in the profit or loss on a straight (i) Intangible Assets recognition, Intangible assets acquired separately are measured on initial and any accumulated as finite.

intangible assets are carried at cost losses.

The useful impairment initial recognition at cost.


Following less any accumulated amortisation intangible assets are assessed lives of that there is an the economic lives are amortised over indication the amortisation method life is reviewed at least at each financial year end.

Changes in Intangible assets with finite for impairment whenever impaired.
The amortisation period and intangible asset with a finite useful the expected useful life or the asset the amortisation period or method, as appropriate, and intangible are assets with finite lives is recognised in the profit or loss in the expense category consistent with the function of the intangible asset.

the expected pattern of consumption of future economic benefits embodied in accounting estimates.
The amortisation expense on is accounted for by changing intangible asset may be treated as changes life and assessed for an the in PAGE 34 FIJI PUBLIC TRUSTEE CORPORATION LIMITED NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2014 2.

Statement of Significant Accounting Policies (continued) (j) Impairment of Non-Financial Assets there is an indication the asset's is determined for an the corporation estimates in use and inflows recoverable amount.
An asset's The corporation assess at each reporting date whether that an asset may be impaired.

If any indication exists, or when annual impairment testing for an asset is required, recoverable amount is the higher of an asset's or cash-generating unit's (CGU) fair value less costs to sell the asset does not its value and generate cash those from other assets or groups of independent of assets.

Where the carrying amount of an asset or CGU exceeds its recoverable amount, the asset its recoverable amount.
In assessing their present value using value a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset.

In determining fair value less costs to sell, an appropriate is used.

These valuations are corroborated by valuation multiples, quoted valuation model share prices for publicly traded subsidiaries or other available fair value indicators.
the estimated future cash flows are discounted is considered in use, individual asset, unless is written down impaired and that are largely to to (k) Provisions are the obligation recognised when result of a past event, has a is probable to be reimbursed, for example under an present that an outflow of or corporation Provisions constructive) as a resources it embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation.
Where the corporation expects some or all of a the reimbursement provision is recognised as a separate asset but only when is virtually certain.

The statement net of any expense reimbursement.

If the effect of the time value of money is material, provisions are discounted using a current pre-tax rate that reflects, where appropriate, the risks specific to the liability.

Where the discounting is used, the increase in the provision due to the passage of time is recognised as a finance cost.
the reimbursement income the to any provision insurance contract, is presented relating (legal in PAGE 35 FIJI PUBLIC TRUSTEE CORPORATION LIMITED NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2014 2.

Statement of Significant Accounting Policies (continued) (1) Revenue Recognition Revenue is recognised to the extent that it is probable that the economic benefits will flow to the corporation and the revenue can be reliably measured.
Revenue is measured at the fair value of tax or duty.

The following specific recognition criteria must also be met before revenue is recognised: the consideration received, excluding discounts, rebates and sales Fees and charges The corporation charges fees and other charges in accordance with Part 7 of the Fiji Public Trustee Corporation Act 2006.

Management and administration fees are charged on a monthly basis while other fees and charges are accrued when the service is rendered.
Interest income Revenue income is included in finance revenue in the profit or loss.

interest accrues recognised as is (using the effective interest method).

Interest Dividends Revenue is recognised when the corporation's right to receive payment is established.

(m) Cash and Cash Equivalents Cash and cash equivalents comprise cash at bank and in hand and short term deposits with an original maturity of three months or less.
For the purposes of the Statement of Cash Flows, cash and cash equivalents consist of cash and cash equivalents as defined above.

(n) Employee Benefits salaries and annual for wages, Liabilities undiscounted amount unpaid as at present obligations employee recognised is a services provided by employees, amount, and the obligation can be measured reliably.

the amount expected there for for leave are recognised and measured as reporting date at current pay the services provided up to rates that date.
A provision to be paid under a bonus plan in legal or constructive obligation in the respect of is respect of past this to pay Liabilities for other employee entitlements, which are not expected within present value of future amounts expected to be paid.
reporting date, are accrued twelve months of in respect of all employees at to be paid or settled the (0) Comparatives Where necessary, presentation in the current year comparative figures have been adjusted to conform to changes in PAGE 36 FIJI PUBLIC TRUSTEE CORPORATION LIMITED NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2014 3.
Revenue Fees Acceptance fees Distribution fees Income fees Investment fees Legal fees Service fees Fee Revenue Other Comprehensive Income Land & Building Opening Balance Additions Less depreciation Net book value Revaluation Price as at 31 Dee Fair value movement Available- for-sale-Assets (Financial Assets) Opening Balance Additions Net book value Unrealised Gain/(Loss) Other Comprehensive Income 2014 $ 33,064 111,006 57,522 111,980 15,100 251,613 256,404 2013 $ 54,571 113,345 78,904 123,942 28,498 256,404 655,664 $ $ 1,081,950 343,192 (16,362) 1,408,780 1,760,000 351,220 – 600,000 586,640 (13,360) 337,860 905,999 191,547 (15,596) 1,081,950 – – – – PAGE 37 FIJI PUBLIC TRUSTEE CORPORATION LIMITED NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2014 4.
Expenditure General and Administration expenses Audit fees Professional/Legal fees Depreciation Directors remuneration Operating lease rentals - office Other operating expenses General and Administration expenses Staff and Employee costs Wages and salaries Superannuation TPAF levy Training Other costs(Other Allowances, Annual Leave) Staff and Employee costs 5.
Cash and Cash Equivalents Cash on hand Cash at bank 2014 $ 2013 $ Cash at bank earns interest at floating rates based on daily deposit rates of 2% 6.
Income Tax The major components of income tax expense for the years ended 31 December 2014 and 2013 are: Income tax expense Current income tax charge Adjustments in respect of previous year Origination/ reversal of temporary differences Income tax expense 71,906 – 480 90,223 – 7,104 72,386 97,327 PAGE 38 FIJI PUBLIC TRUSTEE CORPORATION LIMITED FOR THE YEAR NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2014 2014 $ 2013 $ A reconciliation between tax expense and the product of accounting profit multiplied by the prima facie tax rate for the years ended 31 December 2013 and 2014 are: Accounting profit before income tax At Fiji's tax rate of (20%-2013,20%-2014) Adjustments in respect to previous year Non-deductible income Prior year over/under provision Non-deductible expenses Income tax expense Deferred tax asset relates to: 444,263 88,853 – (16,947) – 480 72,386 451,125 90,223 – – – 7,104 97,327 Employee entitlements 2,671 1,856 7.
Trade and Other Receivables Fees and V AT receivable from Trust & Estates Interest receivable Receivable Others 224,877 229,314 4,252 458,443 401,288 287,673 3,254 692,215 Trade receivables are non-interest bearing and are generally on 30 - 90 day terms.

As at 31 December, trade and other receivables at initial value of nil (2013: nil) were impaired and fully provided for.

8.

9.
8.

9.

Other Current Assets Interest receivable Prepayments & Deposits Paid Resident Interest Withholding Taxes and others Financial Assets Held-to-maturity investments UTOF FHUT – 32,514 205,361 237,883 – 16,365 270,743 287,108 4,864,630 300,790 285,849 5,451,269 4,864,630 – – 4,864,630 Surplus of assets over liabilities arising from the assumption of assets and liabilities of the former Office of the Public Trustee was transferred to the corporation on establishment.
The initial surplus funds was $7,864,629 of which $2.5M was paid on 8th December 2011 as approved in the 2nd AGM on 1st December 2011.

The balance is the retained earnings placed with financial institutions in interest bearing term deposit and balance is cash at bank.

PAGE 39 FIJI PUBLIC TRUSTEE CORPORATION LIMITED NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2014 10.
Property, Plant and Equipment Land and Building Cost at beginning of the year Additions during the year Fair value movements Disposals Cost at 31 December Depreciation and impairment Accumulated balance at beginning of the year Depreciation charge for the year (1.25%) Disposals during the year Accumulated balance at 31 December Net book value - Land and Building Furniture and Fittings Cost at beginning of the year Additions during the year Disposals during the year Cost at 31 December Depreciation and impairment Accumulated balance at beginning of the year Depreciation charge for the year Disposals during the year 2014 $ 2013 $ 1,097,546 343,192 351,221 – 1,791,959 905,999 191,547 – – 1,097,546 15,596 16,362 – 4,664 10,932 – 31,958 15,596 1,760,001 1,081,950 105,722 19,805 – 125,527 105,722 – – 105,722 78,455 10,497 – $65,775 12,680 – Accumulated balance at 31 December 88,952 78,455 Net book value - Furniture and Fittings 36,575 27,267 PAGE 40 FIJI PUBLIC TRUSTEE CORPORATION LIMITED NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2014 10.
Property, Plant and Equipment (continued) Office Equipment Cost at beginning of the year Additions during the year Disposals during the year Cost at 31 December Depreciation and impairment 2014 $ 2013 $ 122,788 33,029 – 115,04 7,747 – 155,817 122,788 Accumulated balance at beginning of the year Depreciation charge for the year Disposals/ adjustments during the year 98,324 8,258 – 94,639 3,685 – Accumulated balance at 31 December 106,582 98,324 Net book value - Office Equipment 49,235 24,464 Motor Vehicles 50,201 50,201 Cost at beginning of the year Additions during the year Disposals during the year Cost at 31 December Depreciation and impairment Accumulated balance at beginning of the year Depreciation charge for the year Disposals during the year Accumulated balance at 31 December Net book value - Motor Vehicles WIP 63,913 (50,201) – – 63,913 50,201 50,165 72 (50,201) 36 63,877 49,026 1,103 – 50,165 36 – 222,661 NET WRITTEN DOWN VALUE 1,909,688 1,133,717 PAGE 41 FIJI PUBLIC TRUSTEE CORPORATION LIMITED NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2014 In prior Years FPTCL did not own any property and was using the cost model, however in year 2014 after shifting in the new headquarters at 83 Amy Street Toorak, Suva FPTCL has a revaluation increment of $351,221 as at 31/12/2014.
Land and Building Opening Net book value - PPE Additions Disposals Less Value Depreciation for year 2014 Total Value as at 31/12/2014 Less Revalued Value as at 31/12/2015 Increase/Decrease in Value of Property recognised as Other Comprehensive Income/Loss 2014.

1,081,950 343,192 – (16,363) 1,408,779 1,760,000 351,221 PAGE 42 FIJI PUBLIC TRUSTEE CORPORATION LIMITED NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2014 11.
Intangible Assets Computer Software Cost at beginning of the year Transfer from WIP during the year Additions during the year Cost at 31 December Amortisation and impairment Accumulated balance at beginning of the year Depreciation charge for the year Disposals during the year Accumulated balance at 31 December Net book value - Intangible Assets 12.
Deferred Income AusAID Grant Funds utilised in: Vetting of files Policies & procedures manual Human Resources consultancy Strategic Planning workshop IT Systems Development/Depreciation Audit Prior year adjustments Other Office Equipment/Depreciation AusAID Funds held 2014 $ 99,035 – – 99,035 99,035 – 99,035 – – – – – – – – – 2013 $ 99,035 – – 99,035 99,035 – 99,035 – 2,915 – – – – – 2,915 – PAGE 43 FIJI PUBLIC TRUSTEE CORPORATION LIMITED NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2014 13.
Trade, Other Payables and Provisions Trade payables and accruals Amounts payable to Trust and Estates Provisions Provision for Employee Entitlements Balance at beginning of the year Arising during the year Amounts utilised/ paid Balance at end of the year Provision for Income Tax Balance at beginning of the year Arising during the year 2014 $ 2013 $ (3,376) 83,675 43,869 (3,376) 127,554 7284 13,352 (7,284) 13,352 16,565 3,740 (13,021) 7,284 44,608 24,047 24,671 90,223 Amounts paid (52,422) (70,286) Balance at end of the year Total Provisions 16,233 29,585 44,608 51,892 Trade & Other Payables and provisions 26,209 179,446 14.
Capital Authorised Capital 100,000,000 Ordinary Shares of $1.00 each Issued and Paid Up Capital 2 ordinary shares at $1.00 each Share Premium Reserve Share premium paid on ordinary shares Capital Reserve Balance at beginning of the year Recovery / (Payment) on PTO debts/ cases Capital reserve redeemed Balance at end of the year PAGE 44 100,000 100,000 2 2 99,998 99,998 5,690,897 (11,30) – 5,679,592 5,689,595 1,302 – 5,690,897 FIJI PUBLIC TRUSTEE CORPORATION LIMITED NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2014 14.
Capital- (continued) Capital Reserve in the represents the Government form of net assets of these net assets were debts of Trust & Estate accounts the contributed The Capital Reserve former Office of Public Trustee.

Excluded corporation remained outstanding from on establishment of required under section 12(5) of the Fiji Public Trustee Corporation Act 2006 that "it shall continue to take all possible steps to recover the monies outstanding".
The recognition of debts previously not recognised on establishment, when collected by the corporation is reflected as an increase in Capital Reserve.

the corporation.
The corporation of Fiji's equity that the to is Revaluation Reserve Balance at the beginning of the financial year Fair value movements - PPE Unrealised gain/ (losses) - Financial Assets Balance at the end of the financial year 2014 $ – 351,220 13,360 337,860 2013 $ – – – – The asset revaluation reserve consists of increments arising from the revaluation of the corporation property, plant, equipment and unrealised gains or losses from changes in the fair value of available-for-sale financial assets.

15.
Commitments Commitments a) Commitments Commitments - Nil (2013: Nil) b) Operating lease commitments Future operating lease rentals not provided for in the financial statements and payable: Not later than one year Later than one year but not later than three years Later than three years but not later than five years Balance at end of the year 2014 $ 2013 $ 35,087 34,185 – – 35,087 34,185 PAGE 45 FIJI PUBLIC TRUSTEE CORPORATION LIMITED NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2014 16.
Trusts & Estates Under Management client Total assets These amounts are not reflected in in trust on behalf of the corporation's clients and liabilities under management and trusteeship are the Statement of Financial Position as as follows.
they are held 2014 $ 2013 $ 926,862 29,308,000 60,228 14,768,466 10,006 45,073,556 2,415,649 230,512 1,099 941,812 3,589,072 2014 $ 709,737 35,185 (337,860) 296,980 (124,866) (12,985) (815) (57,747) – – 536,004 5,938,702 27,259,000 74,399 14,314,496 10,006 47,596,603 2,507,341 689,994 0 1,079,087 4,276,422 2013 $ 353,788 28,405 (342,843) (13,953) (2,915) (3,897) 1,457 28,615 19,937 (8,484) – 60,110 Assets Cash at Bank Investments in Pooled Funds Investments held individually Non Cash Assets Receivable from corporation Balance at end of year Liabilities Provision for Trust Claims Fees and other payables to the Corporation Payable to Corporation Interest Due for Distribution Balance at end of year 17.
Notes to the Statement of Cash Flows i) Reconciliation of net cash inflows from operating activities to operating profit after income tax: Operating profit after income tax Depreciation Other comprehensive income Changes in assets and liahilities: Decrease in receivables (Decrease in accounts payable and accruals (Decrease) in deferred income (Increase) in prepayments (Increase) / decrease in deferred tax asset (Increase)/ decrease in other assets Increase in income tax payable (Increase) in amounts payable to Trusts & Estates (Decrease) in future tax liability Net cash provided by Operating Activities PAGE 46 FIJI PUBLIC TRUSTEE CORPORATION LIMITED NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2014 18.
Financial Risk Management Objectives and Policies corporation's principal financial The main purpose of these financial trade and other corporation has that arrive directly from its operations.

liabilities liabilities is receivables, comprise trade and other payables.

The to the corporation's operations.

The investments and cash and cash equivalents facilitate is exposed corporation to market senior management The corporation's Appropriate policies identified, measured and managed appetite.
shall be undertaken.

The Board of Directors each of these risks which are summarised below.

the corporation's policy and procedures is It and directors oversee risk, credit risk liquidity and the management of to are in place in accordance with trading reviews and agrees policies that no that financial risks the corporation's policies and in speculative financial ensure these risk.

The risks.
The risks.

are risk instruments for managing Market risk Market risk will fluctuate because of changes of risk: market risk includes deposits and investments.

the risk is that instrument types interest rate risk, currency risk and other price risks.

Financial risk affected by the fair value of future cash flows of a financial in market prices.

Market prices comprise three 19.


Financial Risk Management Objectives and Policies (continued) Market risk (continued) is rate risk Interest rate risk Interest the irtstr urrierrt will fluctuate because of changes in market exposure and deposits are on held until maturity.

risk of changes risk that the the to fair value or in rnar ket rates interest future cash flows of a financial interest rates.

The corporation's investments is redeemed limited as its in fixed deposit accounts.
These deposits are not Foreign currency risk The corporation's transactions involving foreign currency is minimal or nil.

is the risk risk Credit risk Credit instrument or customer contract, to credit risk its from and and other financial instruments.

from investing activities, that counterparty will not meet leading its obligations under a financial is exposed loss.
The corporation receivables) trade and other for institutions including deposits with banks and financial to a financial (primarily its operating activities PAGE 47 FIJI PUBLIC TRUSTEE CORPORATION LIMITED NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2014 19.

Financial Risk Management Objectives and Policies (continued) Credit risk (continued) risk related Credit from Trust & Estate funds which the corporation manages itself.
The settlement of this debt is within the corporation's control.

receivables: The Corporation's largest credit exposure to is risk related to financial from balances Credit with banks and financial its is managed by policies.

Investments of surplus funds are made only with approved counterparties and are reviewed by the directors during the year.
instruments and cash deposits: Credit in accordance with the corporation instruments risk The carrying amount of financial assets represents the maximum credit exposure.
The maximum exposure to credit risk at the reporting date was: Cash and cash equivalents Trade and other receivables Held-to-maturity investments Carrying amount 2014 $ 2013 $ 1,480,354 2,015,587 458,443 5,451,269 7,390,066 692,215 4,864,630 7,572,432 Liquidity risk The corporation monitors its risk to a shortage of funds using a recurring liquidity planning tool.
The corporation's objective is to maintain a balance between continuity of funding and flexibility through the use of varying maturity terms of investments.

Refer to Note 9 for details of held-to-maturity investments 20.

Contingent Liabilities As at balance date there are no known contingent liabilities.

FPTCL has not granted any securities in respect of liabilities payable by any other parties whatsoever.

21.
21.

Related Parties Transactions with related entities during the year ended 31 December 2013 with approximate transaction values are summarized as follows: a.

The names of persons who were directors of the corporation at any time during the financial year are: Mr Ikbal Jannif Mr Carl Cameron Ms Berny Nicholls PAGE 48 FIJI PUBLIC TRUSTEE CORPORATION LIMITED DETAILED INCOME STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2014 Transactions with directors for the year were: Directors'remuneration 22.
Principal Activities 2014 $ 2013 $ 29,500 29,500 The principal activity of the corporation in the course of the financial year was to act as those persons who are custodians and provide administrative services deceased, of unsound mind or persons incapable of conducting their own affairs.

to estates of 23.
to estates of 23.

Subsequent Events this report any There has not arisen in the interval between the end of the financial period and the transaction or event of a material and unusual nature date of the likely, corporation, the results of those operations or the state of affairs of the corporation in the subsequent financial period.

to affect significantly the operations of the opinion of the directors, item, in 24.
Registered Office The Corporation is incorporated in the Republic of Fiji Islands and governed by the Companies Act1983 and Fiji Public Trustee Corporation Act 2006.

Fiji Public Trustee Corporation Limited Public Trustee House 83-85 Amy Street, Toorak, Suva PO Box ~276, Government Buildings Suva.

PAGE 49