Source document: https://docs-lawep.s3.us-east-2.amazonaws.com/1697764362924.pdf (Fiji)
Fiji Public Trustee Corporation Pte Limited 2019 ANNUAL REPORT PARLIAMENT OF FIJI PARLIAMENTARY PAPER 69/2021 Corporate Statements Our Vision Our Mission To be Fiji’s trusted independent Estates and Trust administration service provider.

To provide specialist and independent Estate and Trustee services to all Fijians.

Our Purpose Our Values Is to deliver trustee, estate and administration services accessible to all Fijians.
We provide professional and accessible: Estate Administration services Trust Administration Will Making-Life planning services Legal Services To achieve the mission and vision of the Corporation, the primary values of our team are Respect We will treat everyone with high regard and self-esteem through our services.

Integrity We will adhere to moral and ethical principles of the business.
Professional Service We will discharge our duties with integrity, provide quality service and be reliable and responsible.
Table of Contents Chairman’s Foreword Chief Executive Officer’s Report Highlights as at 31st December 2019 What We Do Our Strategic Challenges & Opportunities Board Directors Management Team Corporate Governance Testimonials Estates & Trust Administration Services Legal Services Financial Performance Our Corporate Diary 2019 Media Relations / E-Channels Financial Statements 31st December 2019 2 10-11 12 13 14 15 17-20 22 23-58 1 Chairman’s Foreword Dear Shareholders On behalf of the Board of Directors of the Fiji Public Trustee Corporation (FPTCL), I present with pleasure the 2019 Annual Report of the company.
The Board and Management of FPTCL has made significant progress and has achieved and delivered ver y well on its Corporate Plan that ended in December 2019 and is now progressed into the new Corporate Plan of three years ending 31st December 2022 Update and Initiatives The notable progress has been the almost completion of the Digitisation of the operations and functions of the business.
This has resulted in enhanced performance and more ably equipped team with the ability to deliver on the objectives of the business with more modern and efficient tools on hand.

Another significant achievement in keeping with enhancing the business and a first for FPTCL was the appointment of the Audit, Governance and Risk and Legal and Human Resourcessubcommittees.

This has resulted in a heightened attention to the audit and oversight functions.
Such attention has trans- lated in the engagement of anexternally appointed Internal auditor for the business.

Under the guidance of the Board, FPTCL has also undertaken a review of its legal framework and has identified areas for improvement including the proposal for certain legislative amendments that will bring the complementary support that is required to operate in the new Digitised environment of FPTCL.
Business Performance FPTCL has seen revenue increase by 37 percent during this year and this has been the upward trend for the past two years and is projected to continue into the coming year.

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This positive trend has definitely been influenced by the increased visibility in the market with a targeted approach and the appointment of a Marketing Officer.
Additionally, there has been an increased level of engagement with our various stakeholders and more visibility in the community through our various Corporate Social Responsibility initiatives such as the Bushells Fiji’s Biggest Morning Tea organised by the Fiji Cancer Society including Public Awareness Engagement in the major township centres.
Our capacity building and training activity designed to support the development of a better skilled and flexible workforce and to encourage the development of individual staff.

This assistance is available to staff members to improve their education and the condit ions under w hi ch f inanci a l and ot he r assistance can be granted.
With all these focussed and targeted initiatives together with the investment into modernisation through digitisation and improved governance structures, the business of FPTCL is well positioned to capitalise further on its delivery of service and increase its customer base with the offerings that is has.
Future Outlook and Direction The Board together with the Management remains focussed on sustainability and adherence to best business practice compatible to a global organisation which encompasses the adoption of International Financial Reporting Standards.

FPTCL remains committed to providing optimum estate advisory and management services to all the families of Fiji and is now very well positioned to deliver on that and grow as a business for the benefit of its stakeholders.
The B o ard ack now le dges t he supp or t of t he Government as our shareholder.

In conclusion, I extend my sincere appreciation to the Directors for their commitment and time towards continually improving the business of FPTCL.

I also wish to express on behalf of the Board our gratitude to the Chief Executive Officer and the Management and Team at FPTCL for delivering another successful year.
Sunil Sharma CHAIRMAN 2 33 Chief Executive Officer’s Report Efforts in effectively handling customer complaints have improved with the introduction of monitoring process, and capacity training of officers.

We saw an increase in the number of awareness presentations to workers, civil societies and community groups.
On the digital social media platform, there was an increase in the number of followers and likes by some 40 percent and extending our reach to over 150,000 individuals throughout Fiji and the world.

Our People and Culture As we continue to transform our business, we have invested in the development of our people and culture.

We are committed to promoting Equal Employment Opportunity and this is reflected in our new Human Resource Manual, Code of Conduct and other policies.
The composition of the workforce for non-management roles was 65 percent female and 35 percent male and 50 percent each for management positions.

Corporate Governance & Stakeholders In July 2019, Parliament passed the new Public Enterprises Act that governs and provides the legal framework for all public enterprises in Fiji.

Our Board of Directors were re-appointed for a term of three years in July and the composition is 25 percent male and 75 percent female.
The Board had two subcommittees during the reporting period: Audit and Risk subcommittee and the Legal and Human Resources subcommittee.

The Board and each subcommittee have board charters that govern their roles, responsibilities, and structures.

In improving stakeholder relationship, Management continues to meet and consult with our stakeholders and partners.

In 2019, the Corporation signed a signed a partnership agreement with Telecom Fiji Limited (TFL) to implement a Document Management system.
The Corporation also signed a Memorandum of Understanding with the Fiji Revenue & Customs Service (FRCS) for information sharing, consultation and collaboration.

I wish to thank the Board, Management, staff and our valued customers for another successful year.
Atonio Takala CHIEF EXECUTIVE OFFICER 4 This financial year has been both challenging and exciting for the Corporation against our strategic plans and corporate objectives The Corporation’s achievements are a testament of teamwork and dedication from our Team.

Service to Fijians The Corporation continues to offer estates administration, trustee services, will making, and other legal services to all Fijians at no cost to Government.
In 2019, 114 new estates and trusts were accepted, while 245 estates and trust were settled from families and households throughout Fiji.

The Team drafted 290 wills and executed 55 wills with over 216 beneficiaries in 2019, We also provided other legal services to 54 individuals.

The Corporation distributed $130,000 to eight charitable organisations on behalf of an estate client.

Sustainable Business The Corporation has once again delivered positive financial results.
Our net assets increased by $1.2 million or eight percent compared to 2018.

Our core business income saw a growth of seven percent, other income and returns from investments had moderate increases resulting in a total income growth of two percent compared to 2018.

The net profit including gains in our investments increased our comprehensive income by 41 percent.

Customer Service Customer expectations are higher than ever and word of mouth travels fast.
As the customer becomes more empowered, it increases the importance of customer experience.

For the Corporation, meeting our customer expectations through enhancement of our service delivery remains a significant strategy in achieving our vision and in sustaining our business.

Highlights as at 31st December 2019 Total value of Estates as at 31st December 2019, $67.1 million.
In 2019, 58 new estates were accepted and valued at $7.8 million 4,293 Registered Wills as at 31st December, of which 290 were drafted and 55 executed in 2019 Total value of Trusts as at 31st December, $13 million.

In 2019, 66 new trusts were accepted and valued at $66,000 Corporation’s Net Value as at 31st December, $17 million 6,861 Trusts administered as at 31st December 2019 1,895 Deceased Estates as at 31st December with over 11,000 beneficiaries 30 Permanent Staff as at 31st December.
Females: 65 percent Males: 35 percent Partnerships signed with Telecom Fiji Limited and Fiji Revenue and Customs Service in 2019 Assisted eight Charities – value of $130,000 in 2019 5 What We Do We provide estate planning and administration services, trust services and other legal services for all Fijians in accordance with the Fiji Public Trustee Act 2006 Part 2, section 8(e).

Estate Planning We write Wills.


Wills set out the wishes of our customers for how their affairs are to be managed after they are gone.

Trust Administration Services The Trust Team deals with trust administration services such as the Fiji National Provident Fund (FNPF)/ superannuation trust for minors, testamentary trusts through a Will; compensation trusts by appointment of court or individuals, disability trusts and living trusts.
Estate Administration Services We provide executor and administration services for the distribution of a deceased person’s estate.

The Corporation is a one-stop shop in dealing with the estate from application to High Court, collating assets, locating beneficiaries, settling debts, tax clearances, transfer of property and distribution of assets.
We administer and manage 1,895 Estates, carrying out the wishes of customers as set out in their Wills to ensure assets are transferred to beneficiaies as smoothly and efficiently as possible.

Legal Services Our Legal and Conveyance Team provides legal advice to the Corporation pertaining to our role as an executor, trustee, manager and attorney consistent with relevant legislations.
We also offer other legal services like executor services, where we work with private executors, assisting them with some or all the tasks associated with being an executor, from probate applications, transfer of property tax clearance, searches (Titles, Wills and Probate) on behalf of Executors.

6 Our Strategic Challenges & Opportunities In developing our Strategic Plan, we considered the major challenges facing everyday Fijians now and in the future, including how they will impact the Corporation.
We have identified several key risks and opportunities in achieving our vision and purpose, as illustrated below.
Strategic Plan 2018-2020 Our Vision Our Purpose To be Fiji’s trusted independent Estates and Trust administration service provider Is to deliver trustee, estate and administration services accessible to all Fijians Objectives and Strategies Performance Indicators Customer Service Improve communication with customers Simplify processes and response time Implement suggestions from customers on how we can better serve them Improved customer satisfaction Expanded client base Improved accessibility of services Reduced customer complaints People and Culture Succession planning Build our professional and enhance workforce Enhance staff wellbeing Improved workforce satisfaction Training Workforce capability Business Enhancement Sustainable and a profitable business Upgrade and enhance ICT capabilities Improve marketing and awareness Explore new business Optimise our assets to meet business objectives Return on assets improved Service delivery innovation Services and initiatives are delivered within the approved budgets strategic plan Stakeholder Engagement Improve community engagement Promote knowledge and benefit of FPTCL’s services Enhance better working relationships and understanding stakeholders Stakeholder engagement and satisfaction analysed for continuous improvement Effective Engagement and partnerships 7 Board Directors Sunil Sharma Mr Sharma was appointed Chairman of the Corporation in July 2018 for one year.
He was reappointed as Chairman on 17th, July 2019 for the next three years.

He is a Senior Partner of PKF aliz pacific, Chartered Accountants and Business Advisors.

He has more than 28 years of experience years’ experience in Auditing/Assurance, Taxation and Business Advisory, of which 20 years have been in executive leadership roles.
He is a current Independent Director of Merchant Finance Limited, Chair of the University of the South Pacific Grants Committee, Executive Board Member and Company Secretary/Treasurer of the Fiji Chamber of Commerce & Industry (FCCI), a member of the Employer Panel of the Arbitration Court and a member of the National Employment Centre Board (as a representative of the FCCI).

He is also a member of the Australian Institute of Company Directors and holds post graduate qualifications in Management.
His interests as a professional lie in the area of business development for growth prospects and risk management.

This is well served through his various executive and advisory roles.

Lorraine Seeto Ms Seeto was appointed director in July 2018 for one year.

In July 2019, Ms Seeto was reappointed for another three years and appointed Deputy Chair the same year.

She was also appointed the Chair of the Audit, Risk and Finance subcommittee on 20th October 2019.
Ms Seeto holds a Masters of Commerces degree from the University of New South Wales and a Bachelor of Arts degree from the University of the South Pacific (USP).

She is a career central banker and was Chief Manager Governor’s Office at the Reserve Bank of Fiji (RBF).

She joined the RBF in 1981 and was the Bank’s first female executive.

She was promoted in 1998 as to Chief Manager Currency and Corporate Services.
She has also performed the role of Chief Manager Corporate Planning and Assurance, Advisor to the Governors and Chief Manager Risk Management and Communications.

Sera B Nicholls Ms Nicholls was appointed as director in 2013 and was reappointed in 2017.

She is the Chair of the Legal and Human Resources subcommittee in 2018.

From 2010 to 2011, she had held the role of Trade Liaison with the British High Commission and Regional Representative for Crown Agents for Overseas Governments.
From 2009 to 2004, Ms Nicholls held various roles at ANZ Pacific Operations including Manager Risk and later, Head of Governance, Projects and Special Initiatives.

In 2002, she established Fiji’s first public private partnership with the Fiji Export Council.

She also established the Purchasing & Logistics Management Association in 2000 and was President until 2004.

Ms Nicholls is the Managing Director of her company, Plumbing & Property Services.
8 Management Team Atonio Takala Chief Executive Officer Mr Takala joined the Corporation in November 2008 as the Manager Finance & Administration and was appointed Chief Executive Officer in August 2013.

Mr Takala holds an Masters of Business Administration and a Bachelor’s degree in Commerce from USP and is an Associate of the Society of Trust & Estates Practitioners of New Zealand, an accredited mediator with the Singapore Mediation Centre and a member of the Fiji Institute of Accountants (FIA).
Prior to joining FPTCL, he was employed with other organisations and accounting firms.

John Mow Manager Finance & Administration/Board Secretary Mr Mow joined the Corporation in 2018.

He holds a Bachelor’s degree in Commerce (Accounting & Economics) from USP.

He was previously employed as a senior financial analyst with the Ministry of Public Enterprises and as an auditor with PricewaterhouseCoopers.

He is a provisional member of the FIA.

He is an associate member of CPA Australia.


Priya Lal Manager Legal Ms Lal joined the Corporation in 2018 and is the Manager Legal.

She holds a Bachelor of Laws (LLB) and Professional Diploma in Legal Practice from USP.

She holds a valid legal practicing certificate for Fiji.

Prior to joining FPTCL, she was employed as a Senior Legal Officer with the Legal Aid Commission.
Salaseini Drekeni Manager Estates & Trust Ms Drekeni joined the Corporation in 2014 as an Estate Officer and was promoted to Team Leader Estates & Trust in 2016 before her appointment as Manager Estates & Trust in June 2017.

She was previously employed in paralegal work with various law firms, statutory organisations and government departments.

She is currently pursuing studies in Bachelor of Laws (LLB) with USP.
9 Corporate Governance Overview Director Board Meeting Attendance The Corporation is a public enterprise and is governed by the Fiji Public Trustee Corporation Act 2006.

The functions and the duties of the Corporation are specified in the Fiji Public Trustee Corporation Act 2006.

Role of the Board The Board of the Fiji Public Trustee is appointed by the Minster responsible for Public Enterprises as stated in the Public Enterprise Act of 2019, Part 6 section 30.
The Board provides strategic guidance and advice to Management to ensure the sound and in- vestment of trust beneficiaries funds as required un- der the Fiji Public Trustee Corporation Act 2006.

The Board comprises the Chairman and two independent board members.

One board observer from the Ministry of Economy attends board meetings.
In carrying out its responsibilities the Board: Establishes strategic direction for the organisation Ensures compliance with statutory requirements Leadership selection Financial oversight Risk management frame work The Board encourages diversity in its composi- tion and expects a high level of performance from each of its director.

The Board is committed to the highest standards of behaviour and accountability.
The Board is required to meet at least five times in a calendar year or at any other time that the board considers necessary for the efficient management of the business and affairs of the public enterprise as per the Public Enterprise Act 2019, Part 6, section 3 sub-section 48.

In 2019, the Board met on five occasions and attendance was 100 percent.
Sunil Sharma Lorraine Seeto Sera B Nicholls Source: FPTCL 5 5 5 Board Subcommittees There are currently two subcommittees of the Board: Audit, Risk and Governance subcommittee (ARGC); Legal and Human Resources subcommittee (LHRC).

The Subcommittee’s objective is to report to the Board and provide appropriate advice and recommendations on matters relevant to its Charters in order to facilitate decision making by the Board.

In 2019 four Board subcommittees were held.


The Board subcommittees attendance was 100 percent.

Role of the Subcommittees The LRHC and ARGC subcommittees are not policy making bodies nor do they have substantive executive functions.
However, the subcommittees are to ensure that adequate internal and risk management controls are in place, to advise the Board regarding accounting policies, practices and disclosures, to review the scope and outcome of the internal audit and external audit, the review of annual and half-yearly financial statements for the Corporation and its investments prior to approval by the Board and to report the proceedings of each meeting to the Board.
10 Corporate Governance The LHRC is responsible for: Role of the Management Reviewing significant issues arising from the reports of Legal, Estates & Trusts required actions against FPTCL and recommending next course of action as when required Reporting to and assist the Board in relation to matters arising with respect to FPTCL’s compliance with legal and regulatory requirements Any other matters as may be directed by the Board The ARGC is responsible for: Financial reporting and underlying financial policies Working with the internal and external auditor through Management Risk management and internal controls C omp l i a n c e w it h l aw s , re g u l at i on s , e t h i c a l requirements, internal policies, and industry standards Financial management and reporting of fraud.
Other responsibilities as deemed important and delegated by the Board Ensure governance is practiced at the Corporation Audits conducted during the year were: Area of Audit Type of Audit Human Resources & Payroll Properties & Facilities 2018 Accounts Audit Internal Internal External Auditor KPMG KPMG Office of the Auditor-General Information Technology Internal KPMG Source: FPTCL The Management Team at FPTCL comprises the CEO and the Management team of three departments, namely Finance & Administration, Estates & Trust and Legal Services.
The CEO is responsible to the Board Directors for the implementation of its pol- icies and directions.

The CEO is to ensure that the management of the Corporation is in accordance with section 5(5) of the Fiji Public Trustee Act 2006.

The Management team ensures the organisation’s functions and operations are within the guidelines of a trustee service and the management of trusts is in accordance with the provisions of this Act, the Trustee Act (Cap.

65), the Trustee Corporations Act (Cap.


66) and any other law.
Responsibilities The Management Team also performs the following functions: Planning Strategic direction for the organisation Financial management Setting timelines and standards for completion of projects Allocating employee resources Organising Establishing internal processes and structures Hiring and staffing Training new employees Coaching and capcity building Leading Setting goals and communicating new processes, and services, or internal policy Problem resolution and decision-making Monitoring Monitoring and controlling expenses and budgets Ensures compliance with statutory requirements The Management team met fortnightly during 2019 to enhance the efficacy of the organisation.
11 Testimonials Support a cause and someone to administer Testimonials your Estate Support a cause and someone to administer your Joyce was born in Trinidad and Tobago.

She Estate moved to Fiji in the late 1970s to teach at the University of the South Pacific.

Joyce was Joyce was born in Trinidad and Tobago.

She moved to Fiji single.

In 2018, Joyce sought the servies of in the late 1970s to teach at the University of the South the Fiji Public Trustee Corporation Pte Limted to Pacific.

Joyce was single.
Joyce was single.

In 2018, Joyce sought the services draft her final wishes in the form of a Will and of the Fiji Public Trustee to draft her final wishes in the appoint FPTCL as her Estate Administrator.

In her form of a Will and appoint Fiji Public Trustee as her Estate Will, Joyce had set aside funds that would go to Administrator.
In her Will, Joyce had set aside funds that charitable organisations like the St Christpher’s like the St would go to charitable organisations home, Fiji Cancer Society, Fiji Red Cross Society, Christopher’s home, Fiji Cancer Society, Fiji Red Cross Home of Compassion and Viti Spinal Injuries Society, Home of Compassion and Viti Spinal Injuries Association.

As Joyce’s administrator Fiji Public Association.


As Joyce’s administrator Fiji Public Trustee Trustee has acted on her behalf to ensure that the has acted on her behalf to ensure that the funds set aside funds set aside for these charitable organisations for these charitable organisations went to them and to went to them and to remember her legacy.

remember her legacy.


A will would not be able to cover all the complexities in my life A will would not be able to cover all the complexities in my life Charlie was a copra farmer from Savusavu.

He Charlie was a copra farmer from Savusavu.

He had six children.

had six children.

Charlie had come into the Fiji Charlie had come into the Fiji Public Trustee Office and had his Public Trustee Office and had his will written and will written and appointed FPTCL as the administrator.
In his appointed FPTCL as the administrator.

In his will, Charlie had instructed that his properties be subdivided, and will, Charlie had instructed that his properties be separate titles be issued to his nominated beneficiaries.

Part of subdivided, and separate titles be issued to his Charlie’s estate land was used for copra farming with the copra being sold to Morris Hedstrom Limited.

When Charlie died all nominated beneficiaries.


Part of Charlie’s estate proceeds from selling copra were remitted to Fiji Public Trustee land was used for copra farming with the copra office which were then paid out to the beneficiaries to assist them to Morris Hedstrom Limited.

being sold with the maintenance of the farm, and for their support.
The Fiji When Charlie died, all proceeds from selling Public Trustee with the consent of the beneficiaries had engaged copra were remitted to Fiji Public Trustee office a Registered Surveyor to subdivide the land into seven lots – six which were then paid out to the beneficiaries lots for the beneficiaries and one lot for sale.
The subdivision was successfully completed by Fiji Public Trustee and separate titles to assist them with the maintenance of the were later issued to the beneficiaries, administration finalised farm, and for their support.

The FPTCL with the and the file was closed.

consent of the beneficiaries had engaged a Registered Surveyor to subdivide the land into seven lots – six lots for the beneficiaries and one lot for sale.
The subdivision was successfully completed by FPTCL and separate titles were later issued to the beneficiaries, administration finalised and the file was closed.

12 15 Estates & Trust Administration Services Estates Administration Services (EAS) The Corporation is Fiji’s largest estate administration s er v ic es prov ider.
E AS includ es exe c ut i on , administration, management, and distribution of a deceased person’s estate and is 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 and distribution of assets.

In 2019, the Estates Section accepted 58 estates valued at $7.8 million compared to 33 estates valued at $8.4 million in 2018.
($m) Value of New Estates 8 7 6 5 4 3 2 1 0 Source: FPTCL 2015 2016 2017 2018 2019 Income from trust and estate funds are placed in pooled funds and invested in bonds, term deposits and in managed funds locally.

All interest income from pooled funds are distributed to beneficiaries less taxes and other administration expenses.

In 2019, the total interest inc ome du e for dist r ibut i on to beneficiaries was $642,000 or 4.9 percent compared to $524,000 or 4.1 percent in 2018.
Interest Distributed to Beneficiaries ($m) 1,000 800 600 400 200 0 2015 2016 2017 2018 2019 Source: FPTCL Trust Administration Services (TAS) The Trust Team deals with trust administration services such as the FNPF superannuation trust for minors, testamentary trusts through a Will; compensation trusts by appointment of court or individuals, disability trusts and living trusts.The Trust Section accepted 66 new trusts valued at $66,000 compared to 74 new trusts valued at $261,000 in 2018.
The Total Value of Trusts on hand Trust on hand as at 31st December 2019 was $13 million compared to $12.6m in 2018.

($m) Value of Trusts 20 15 10 5 0 2015 2016 2017 2018 2019 Source: FPTCL 13 The Legal Team also conducts regular refresher training for staff on the various Acts and legislations that directly affects the services provided by the Corporation.

This to includes legislations, lessons from various estates, trust and Will cases from the local and the commonwealth jurisdiction.
A significant is the increase in volume of estates and cases with legal issues of increasing commercial complexity.
future challenge amendments Services (Numbers) 2017 2018 2019 Application for Court Grants Application for Property Transfers Other Conveyance services Other legal services TOTAL Source: FPTC 29 12 9 24 74 30 8 20 26 84 54 25 21 38 138 Legal Services The Legal and Conveyance Team provides legal advice to the Corporation pertaining to its role as an executor, trustee, manager and attorney consistent with relevant legislations.
2019 saw a positive increase in requests for the various services our team provides.

The Legal Services Team also assists in the conduct of: Litigation for contested estate and trust matters and for Wills prepared by the Corporation.
Guidance to staff on specific legal matters and in training and developing staff on legislation and legal updates Conveyance work related to client estate, trust and administration matters The Legal Team also offers other legal services, which were introduced in 2014 and have become very popular with private executors and administrators of estates.
This includes: Executor services Application for grant to the High Court Transfer of Property including Stamp Duties application and Capital Gains lodgements Tax Clearance Searches (Title, Wills, Probates etc.)

Legal conveyance work Deed Poll Deed of family arrangements.
The new services were introduced after collaboration and research work by staff including a review by the Corporation 14 Financial Performance Over the last five years, the Corporation has worked on innovating and identifying new services based on customer demands.

The Corporation’s revenue is earned from its fees and charges, interest on investments and other income sources.

All fees charged by the Corporation are the Fiji Public Trustee legislated under Corporation Act, 2006.
Despite the shifting of market forces and increased competition, the Corporation’s financial performance in 2019 indicated another year of achieving its goals as an entity that has continued to be profitable despite the challenges faced.

Business challenges arise from competition in the market, and the increasing cost of doing business and staying ahead to meet customers changing demands.
Whilst our primary objective is the long-term financial viability of our business and in ensuring that the Corporation remains a relevant part of the economy, we also provide quasi-judicial duties at our own cost and waiver of fees and charges to disadvantaged Fijians as part of our non-commercial obligation to the people of Fiji.

In 2019, the Corporation recorded a net profit after tax of $652,386 a decrease of 25 percent over 2018.
However, total comprehensive income increased by 37 percent in 2019 to $1.2million, from $0.9million in 2018 revenue collected in 2019 was $1.94 Total million compared to $1.98million in 2018.

This income from fees and charges, interest income and other income to the business.
included The Corporation’s in 2019 increased by 23 percent to $1.2million, compared to $1.0million in 2018. total expenditure The Corporation also recorded a 10 percent increase its total assets to $17.3million from $15.6 million in 2018.

Total assets is a combine of 76 percent, Financial Assets, 14 percent for Property, Plant and Equipment and 10 percent for other assets.
15 ($m) Financial Performance 2.5 2 1.5 1 0.5 0 2015 2016 2017 2018 2019 Total Expenses Total Revenue Net Profit after tax Source: FPTCL Total Assets ($m) 18 16 14 12 10 8 6 4 2 - 2015 2016 2017 2018 2019 Source: FPTCL ($m) Total Shareholders Equity 18 16 14 12 10 8 6 4 2 - 2015 2016 2017 2018 2019 Source: FPTCL 16 OUR CORPORATE DIARY 2019 FEBRUARY 2nd FPTCL Team participated at the Fiji Cancer Society organised Health Walk for Cancer MAY 6th Radio Interview in the iTaukei vernacular station aired on FBC’s Radio Fiji 1 17th Radio interview in the Hindi vernacular station aired on FBC Radio Fiji 2 17th A cheque of $35,000 was presented to the Fiji Red Cross Society.
The cheque payout was on behalf of the Estate of the Late Joyce Heeraman JUNE 3rd Will Awareness Presentation to the Asian Development Bank Office Suva 12th-14th Participated in the 5th Fiji National Expo, National Gymnasium, Suva APRIL 4th In-house training on Public Speaking and Will Presentation at the Southern Cross Conference Room in Suva, for all Estates and Trust Officers and Management 17 19th-21st Nadi Town Outreach Programme 20th-21st Will Awareness Presentations to Pacific Destination, Nadi; Shipping Services, Lautoka 29th Will Awareness Presentation to National Union of Public Workers annual general meeting (AGM), Epworth Hall, Suva AUGUST 22nd Will Awareness Presentation to Nat i on a l D i s a s t e r Ma n a g e m e nt O f f i c e Will Awareness Presentation to 3FIR Army Wives, Queen Elizabeth Barrack, Nabua 22nd-23rd Sigatoka Town Outreach Programme OCTOBER 7th A cheque of $20,000 was presented to Viti Spinal Injuries Association of Fiji (VSIA).
The payout was on behalf of the Estate of the Late Joyce Heeraman 9th Presented the 2016/2017 Audited Accounts to the Parliament – Standing Committee on Public Accounts 4th FPTCL signed a partnership agreement with Telecom Fiji Limited (TFL), for the implementation of the Document Management System (DMS) 9th-13th Will Awareness Presentations to SOFITEL Resort & Spa staff, Denarau Nadi; Nadi Chamber of Commerce, Nadi; Castaway Island Resort, Mamanuca 13th Kalabu Methodist Church Outreach programme 16th-24th Will Awareness Presentation to: Fij i Air ways (Nadi/Suva Of f ic es); L ands Department, Lautoka; Pecani Methodist Church, Nadi; Fiji Nurses Association Annual General Meeting, Suva JULY 4th Will Awareness Presentation to Army Wives Executive Committee 9th Will Awareness Presentation to Navy Wives, Naval Base 11th Will Awareness Presentation to United Containers, Lautoka 13th Labasa Town Outreach in Labasa Town participated at the Fiji Showcase, National Gymnasium, Suva 16th-17th Ba Town Outreach at Bus Stand Kiosk 18th Tavua Town Outreach 26th CEO attended the Top Executive (TOPEX) Conference at the Pullman Nadi Bay Resort & Spa SEPTEMBER 3rd Will Awareness Presentation to Pullman Nadi Bay Resort and Spa 3rd-5th Will Awareness Presentation to Higgins Fiji 18 6th Will Awareness Presentation to Ministry of Employment, Productivity & Industrial Relations 20th A cheque of $10,000 was presented to WOWS Kids Fiji.
The payout was on behalf of the Estate of the Late Joyce Heeraman 9th & 11th Will Awareness Presentation to Fiji Ports Corporation Limited 11th Pinktober - A cheque of $10,000 was presentated to Fiji Cancer Society.
The payout was on behalf of the Estate of the Late Joyce Heeraman 28th FPTCL Strategic Planning Workshop held at the Peninsula Conference room 15th Ministry of Economy Awareness on Public Enterprise Act 2019 17th Will Awareness Presentation to Women Entrepreneurs & Business Council 19 NOVEMBER 2nd FPTCL the Fiji Business Excellence Awards held at the Sheraton Fiji Resort on Denarau Island recognised at DECEMBER 6th Movember – Prostate Cancer awarness breakfast fundraiser, with 6 of our male staff shaving off their moustache and beards 13th, 20th, 27th Will Awareness Presentation Kontiki Finance (Suva, Lautoka, Labasa) to 22nd Will Awareness Presentation to Reserve Bank of Fiji 26th Signed a Memorandum of Understanding between FRCS and FPTCL (MOU) to share information 30th FPTCL Staff Family Day at Takalana Bay, Fiji Women Enterprenurs Business Council workshop in Labasa, Will Awareness Presentation to ANZ Banking Group, Suva 21st Women In Business Pinktober breakfast at the Grand Pacific Hotel 22nd Will Awareness Presentation to Fijian Holdings Limited shareholders AGM 16th A cheque of $20,000 was presented to Home of Compassion.
The payout was on behalf of the Estate of the Late Joyce Heeraman 18th A cheque of $10,000 was presented each to Salvation Army Fiji Division and the Fiji Society for the Blind.

The payout was on behalf of the Estate of the Late Joyce Heeraman 18th FPTCL Manager Estates & Trust Salaseini Drekeni was Chief Guest to Officiate at the opening of the Viti Spinal Injuries Association of Fiji New Office Premises.

19th A cheque of $15,000 was presented to St Andrews Presbyterian Church.
The payout was on behalf of the Estate of the Late Joyce Heeraman 20 Media Relations the need to The Corporation understands increase brand awareness, achieve and improve our reputation and to know what our customer’s preference and choices are.

Communication plays a vital role in effective media relations.

The media plays an important in terms of disseminating crucial information to not only our customer but also our stakeholders.
The Corporation had worked closely with the media releasing statements on our charity payouts, new partnership agreements and responding to queries, arranging interviews, to our events.

and organising media coverage E-Channels As dig it a l t rends e volve e ver y ye ar, t he Corporations E-channels has continued to attract new and returning customers.

This is expected to be even more popular as the Corporation moves its services online.
The Corporation’s online presence throughout social media platforms Facebook, Twitter and LinkedIn has helped develop new ways to grow its business, generate leads and improve the relationship with our existing customers.
22 FIJI PUBLIC TRUSTEE CORPORATION PTE LIMITED FINANCIAL STATEMENTS 31st DECEMBER 2019 Directors’ Report Directors’ Declaration Independent Auditor’s Report Statement of Comprehensive Income Statement of Financial Position Statement of Changes in Equity Statement of Cash Flows 24-26 27 28-31 32 33 34 35 Notes to and forming part of Financial Statements 36- 59