Source document: https://docs-lawep.s3.us-east-2.amazonaws.com/1697787558216.pdf (Fiji)
TABLE OF CONTENTS Chairman’s Foreword........................................................ 2 Chief Executive Officer’s Report....................................... 3 Snapshot of Fiji Public Trustee 2018................................. 4 Board of Directors............................................................. 5 Management Team............................................................ 6 Organisation Chart............................................................ 7 Strategic Plan 2018-2020................................................ 8 Workforce & Human Resources........................................ 9 Marketing & Awareness.....................................................
Operational Performance.................................................. 10 11 Financial Performance...................................................... 12-14 Estates Services................................................................ 15 Trust Services.................................................................... Legal Services................................................................... 16 17 Financial Statements 31st December 2018....................... 18-47 1 CHAIRMAN’S FOREWORD better management and application of our human resources capabilities.
Legal Framework The business operations of the Corporation is guided and monitored by the Fiji Public Trustee Corporation Act, 2006 and I am pleased to note that with the newly appointed Board Team we find ourselves better equipped with relevant credentials to ensure sound practice and management of the Corporation’s pivotal role in estate management service offerings to the public of Fiji.
Having set our strategic direction and in keeping with our Mission to become “Fiji’s trusted service provider of Estate and Trust administration services” we are aiming to deliver on that with utmost pride and commitment and to support our Management team in driving this agenda.
As a Government owned entity adherence to and working within the ambit of the legal framework set out by the Fiji Public Trustee Corporation Act, 2006 is mandatory to ensure the perception of independence is maintained at all times.

The Board will remain mindful and focussed on this perception of the Corporation.
Future Direction We at the Board of Directors believe that FPTCL has to direct attention and energies to growing the business with sustainability as this will ensure continuity of the company while providing the much needed estate services and education in this space to all Fijians.

We want to become accessible and readily available to all Fijians.

Finally, I wish to express my gratitude to all my fellow Board members for their support and service to the Corporation.
I also wish to acknowledge the hard and committed work of the Chief Executive Officer and his Management Team in achieving the commendable financial performance for the 2018 year.

Sunil Sharma Chairman 2 Dear Shareholders On behalf of the Board of Directors and Management of the Fiji Public Trustee Corporation Pte Limited (FPTCL) it gives me great pleasure to present the 2018 annual report of the Company.
This is my first annual report after being appointed as Chairman in July 2018 along with two additional members, so essentially, we at the Board were a set of new recruits except for one existing member.

I am therefore pleased to report that the notable growth in profitability for the 2018 year compared to that of the previous year can be attributed to the focussed and committed leadership of the new board.
Profitability for the 2018 year grew by almost 50 percent which is a high achievement by most standards for business.

Our Focus and Strategy As a new Board, we were strongly committed to the implementation of the Corporate Plan for the three years from 2018 to 2020 which we inherited and had the opportunity to review for immediate implementation.
In addition to the Corporate Plan, the Board mobilised the implementation of the Digitisation Plan during the 2018 year for better service delivery and performance of the Corporation.

In keeping with the focus on better performance and to maintain our premier status as the preferred service provider of trustee services and estate planning and related advisory service, the Board appointed two sub-committees: Audit, Governance & Risk and Legal & Human Resources.
These two committees will ensure the adherence to best practice for risk evaluation and CHIEF EXECUTIVE OFFICER’S REPORT This programme also includes developing skills to better recognise and serve the special needs of clients.

A group of Managers were engaged in exploring other services through a study visit to the Public Trust in New Zealand and research is underway in developing new trust services to provide to the people of Fiji.
Governance & the Digital journey Keeping in line with Corporate Governance, we are working on recommendations from internal audits which focus on strengthening value- adding changes to the current business processes in key risk areas as determined by the internal auditors.

The Board is leading the charge on this enhancement initiative and we now have in place recommendations which are practical and monitored strictly, together with the Management on critical actions and tasks.
We initiated a digitisation project that we believe will deliver organisational efficiencies and sustainable improvement in business processes.

Increased digital capabilities will also enhance our clients’ experience, as we make it easier, faster and more efficient for people to access our information and services whether that is online, over the telephone, or in person.
Corporate Social Responsibility As part of the Corporation’s Corporate Social Responsibility, in 2018 the former board Chair opened the newly renovated Penang Primary School – Kindergarten which was funded by the Corporation through the “Prime Minister’s Adopt a School Programme” for schools destroyed during Tropical Cyclone Winston.

I wish to thank the Board, Management and Staff for another successful year.
Atonio Takala Chief Executive Officer 3 The year 2018 was challenging but a productive one for the Fiji Public Trustee Corporation Pte Limited as we shifted our focus towards our “2018-2020” Vision which is “To be Fiji’s trusted independent Estates and Trust administration service provider”, with the primary goal “To be financially viable”, whilst providing services to the people of Fiji at no cost to the Fijian Government.
Financial & Operational Performance The Corporation recorded a net profit after taxes of $875,565 compared to $455,925 in 2017.

Income increased as a result of high-value estates settled, increase in investment fees and the increase in net value of our investments.

The Team accepted a total value of $3.96 million of Estates and Trust compared to $3.98 million in 2017.

We settled a total value of $8.04 million compared to $7.37 million in 2017.
A total of 287 wills were prepared in 2018 compared to 240 last year.

Our Services & Our People Work was focussed on delivering quality frontline services and responding to the changing needs of our clients and the community.

Our services through new marketing and have spread awareness activities such as presentations to workers, community groups, roadshows as well as participating in various expos throughout Fiji.

The use of social media has attracted a wider audience that extends to Fijians overseas.
An enduring strength of the Fiji Public Trustee is the people who work here.

We provide a broad and encompassing initiative, which helps to ensure employees receive professional development upon joining, and ongoing capacity building as they progress in their career with us.
training SNAPSHOT OF FIJI PUBLIC TRUSTEE 2018 Permanent Secretary for Public Enterprises Jitendra Singh (second from left), received the dividend cheque of $500,000 from Fiji Public Trustee Corporation Limited board members (from left) Lorraine Seeto, Sunil Sharma, Bernie Nicholls The Corporation funded the renovation works for Penang Primary School – Kindergarten school that was destroyed during Tropical Cyclone Winston Pinktober celebrations at the Corporation Headquarters Estate Charity donation to St Christopher’s Home Adopting a School Project Fiji Public Trustee Corporation Limited CEO Antonio Takala (centre) and his Management sit before the Parliamentary Standing Committee on Social Affairs The Government Services Expo Roadshow in Lau Community awareness and outreach in Rakiraki 4 BOARD OF DIRECTORS Sunil Sharma Mr Sharma was appointed Chairman of the Corporation in July 2018.
He is a Senior Partner of PKF aliz pacific, Chartered Accountants and Business Advisors.

He comes with more than 28 years’ of 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 South Pacific Grants Committee, Executive Board Member & 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 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 and she is the Chair of the Audit, Risk and Finance sub-committee.

Ms Seeto is a career central banker and is Chief Manager Governor’s Office.
She joined the Reserve Bank of Fiji in 1981 and was the Bank’s first female executive, promoted in 1998 as 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 re-appointed in 2017.

She is the Chair of the Human Resource & Legal sub-committee.
She has held a range of roles including Trade Liaison with the British High Commission and Regional Representative for Crown Agents for Overseas Governments.

She is a Managing Director of her company Plumbing & Property Services.

Timaima Vakadewabuka Ms Vakadewabuka was appointed as a director in July 2018.

She is the Principal Legal Officer with the Office of the Attorney-General/Office of the Solicitor- General.
She also serves on the Film Fiji Board and is a Legal Advisor to Maritime Affairs Coordinating Committee and also a Member of the Fiji Fisheries Licensing Committee.

She was also a member of the Fiji Delegation to COP 21, COP 22, COP 23 and COP 24.

5 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 MBA and a Bachelor’s in Commerce from the University of the South Pacific (USP) and is an Associate of the Society of Trust & Estates Practitioners of New Zealand, an accredited mediator from the Singapore Mediation Centre and a member of the Fiji Institue of Accountants (FIA).

Prior to joining FPTCL, he was employed with other organisations and accounting firms.
Salaseini Drekeni Manager Estates & Trust Ms Drekeni joined the Corporation in 2014 as an Estate Officer, 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.
John Mow Manager Finance & Administration/Board Secretary Mr Mow joined the Corporation in 2018.

He holds a Bachelor’s in Commerce (Accounting & Economics) from the 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.
6 ORGANISATION CHART Board of Directors Chief Executive Officer Executive Support Manager Legal Manager Estates & Trust Manager Finance & Administration Legal Executive Team Leader Estates Team Leader Trust Trust Accountant Conveyance Estate Officers Trust Officers Clerical Officers Driver/Messenger Registry Clerk 7 0 2 0 2 – ff a t s p o e v e D l g n e b i l l e w ff ff fi o r p d n a i l e b a n a t s u S • • • • • • • • • • • • ff s
’ : , • f t c e p s e R • y t i r g e t n I • WORKFORCE & HUMAN RESOURCES As at 31st December 2018, the Corporation staff workforce complement was 23 compared to 22 in 2017.
During the year, four Staff were recruited while three resigned.

The workforce comprised 60 percent female and 40 percent male.

Females represent 50 percent of the Management Team.

In the same trend, the Board composition was 75 percent female and 25 percent male.

While the Corporation ensures the best team is in place, gender equality and diversity are addressed in all requirements, training and development, promotion and outsourcing of services in our operations.
The years of service of Staff ranges from two years to 15 years.

The Corporation’s offices include the headquarters in Suva and branches in Lautoka and Labasa where two staff each are stationed respectively.

Our strategies in maintaining and developing our people includes training in leadership, governance, risk and quality management, customer services, legal and trust updates provided inhouse and also by various training providers, consultants and industry experts.
Furthermore, our focus on “Change Management” is vital as we commence the digitisation of operations through the new document and workflow management system that is expected to lift our level of services and enhance staff competencies and skills.

Several Staff are enrolled at local universities for courses and programmes such as business management, commerce and law.

These are the Corporation’s education provided under assistance programme that helps Staff achieve formal qualifications.
The strengthening of our human resources management systems also began in 2018 with the appointment of a board sub-committee, the audit of our HR system and structure, which led to the development and enhancement of policies, standards and best practices in people management.

A group of executives including a Director, the CEO and two Managers went on a week’s study programme to the New Zealand Public Trust (NZPT).
The study visit provided insights and knowledge on the Team with better business practices through technological advancement and services provided by NZPT.

The outcome of this visit has seen the commencement of work on new services to be provided to Fijians in the coming year and technological advancement in our operations.
Our staff welfare include medical initiatives benefits, health activities such as Team and group walks, staff and family fun day and staff involvement in the community through charity fundraising activities for breast cancer and prostate cancer patients.
Furthermore, our engagement with the community through our estate charity distribution awareness and advocacy activities include the Team’s participation at the National Financial Inclusion Taskforce’s Financial Literacy Working Group’s Retirement Expo, the Ministry for Women’s National Women’s Expo, the Fijian Government Services Expo to the rural areas of Fiji and the outer islands of Kadavu and the Lau group.
Corporation Staff and Families at the Family Day outing on Mosquito Island 9 MARKETING & AWARENESS The Corporation carried out awareness drives around the country to enhance its profile and presence in the community.

These awareness or information sessions were to advise and educate the general public about FPTCL and its services.

The feedback our Team established, was the need to be visible and our Will services be readily available to the public.
These awareness drives also helped the Corporation in improving its services to meet our customers’ expectations.

The Corporation organised an Outreach programme - Wills week, mobilising teams to Sigatoka, Nadi, Lautoka, Ba, Tavua and Rakiraki and in Labasa and Savusavu.

The Corporation’s Marketing Team also partnered with stakeholders like the National Financial Inclusion Taskforce’s Financial Literacy working group organisers of the Retirement Expo and the National Women’s Expo.
We also participated in the annual Government Services Expo to Lau.

This enabled the Corporation to take our services to the doorstep of customers and have their Wills drafted.

Our team participating at the Retirement Expo The Corporation has realised the need to invest in digital marketing.

Online marketing using social media platforms, has a far greater reach.

Consumers are spending more time online shopping and researching new products.
Digital Marketing has made it easier for us to connect with our customers through our Facebook, Twitter and LinkedIn accounts.

This has also seen the effectiveness of digital marketing in growing our business brand.

CEO Atonio Takala (fourth from left) presenting to stakeholders in Rakiraki town 10 OPERATIONAL PERFORMANCE The Corporation’s revenue is derived from fees and charges, interest on investments and other income.
The fees charged by the Corporation are as legislated under the Fiji Public Trustee Corporation Act, 2006.

Estate administration fees are determined by the timing of services provided and the valuation of assets under administration.

The major fees and charges are the investment fees, service fees, distribuition fees, acceptance fess, and income fees.
Fees and Charges – 2018 Acceptance Fees 6% Distribution Fees 13% Income Fees 5% Services Fees 28% Investment Fees 48% In 2018, income from fees and charges from core business increased by 61 percent, whilst income from investments reduced by 13 percent.

Total revenue in 2018 was $1.98 million compared to $1.19 million in 2017.

The Team accepted a total value of $3.96 million of Estates and Trusts compared to $3.98 million in 2017.
We settled a total value of $8.04 million compared to $6.71 million in 2018.

A total of 238 wills were prepared in 2018, 287 wills were prepared in 2017 compared to 240 in 2016.

The revenue growth was attributed to the increase in value of estates administered, the revaluation of financial assets to revenue and the increase in investment fees.
In the last 10 years, the drop in income from superannuation had an impact on our Trust business and income from investments depended largely on the volatility of the financial market.

The Corporation continues working towards being a viable business amongst competition in the legal/ estate and trust services industry.
It has continued to innovate by introducing other services to the people to complement our core business; invest on client services to maintain customer loyalty and increase marketing and awareness.
Income Trend 1,200 1,000 800 600 400 200 - 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Fees & Charges Interest Income Other Income We anticipate that our investments in technology will improve operational and customer services, business efficiencies and risks associated with the safe custody of documents and records in the Corporation.
11 FINANCIAL PERFORMANCE Financial Performance Over the last 10 years, the average annual increase in revenue was four percent, and the average increase in net profit before tax was 36 percent.

The Corporation continues the trend of achieving profitability for the 13th consecutive year despite facing numerous business challenges.
financial year and net profit after tax in the current period, the Corporation has declared a dividend of $500,000 for the 2017 financial year, taking the total dividend paid to Government in the last 10 years to $5 million, which on average is 34 percent of the total shareholders’ funds.
Financial Performance Revenue Composition 2,500 2,000 1,500 1,000 500 - 1,400 1,200 1,000 800 600 400 200 - The financial performance of the Corporation over the years has been affected by many factors in 2018 the revenue comprises fees and charges, interest income from investment, other Income and net change in fair value of equity instruments (managed funds).
Revenue 2,500 2,000 1,500 1,000 500 - As at 31st December 2018, the Corporation adopted the changes in International Financial Reporting Standards (IFRS).

This included IFRS 9 (Financial Instruments) and IFRS 15 (Revenue from Contracts with Customers).

in our business arise The challenges from aggressive competition in the market, certain legislation and policy changes affecting our trust business, increasing cost of doing business and innovating to meet customers’ changing demands.
Over the years, we have been working on identifying new services based on customers’ demand and this has generated the much-needed income to supplement the Corporation’s core business.

However, despite the business challenges faced and also the reduction in revenue for the 2017 12 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 The fees and charges are legislated fees charged at various stages of the administration process and based on the value of the estates or trusts.
Other income comprises rental income and training grants reimbursed.

Net change in fair value of equity instrument comprises gain in revaluation of investments in managed funds.

Interest income from investments has been volatile in the past years mainly due to the performance of the financial markets.

The Corporation’s investments are 78 percent in financial assets and 22 percent in real property.
Expenditure Trend As a provider of estate and trust administration services, the Corporation is a labour intensive business.

Maintaining staff over the years had its challenges, resulting in high staff turnover.

A staff salary review was conducted in 2013 and management in 2016.

In addition, training and development costs increased over the years including general administration and marketing expenses.
Expenditure 800 600 400 200 - 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Financial Position Total assets of the Corporation as at 31st December 2018 was $15.75 million an increase of three percent from 2017.
Total assets comprised the following: Type of Assets Financial Assets Property, Plant & Equipment Trade & Other Receivables Cash & Cash Equivalents Other Assets Total Composition (%) 78 12 4 2 4 100 Total liabilities of the Corporation as at 31st December 2018 was $0.16 million comprising the following: Type of Liabilities Trade & Other Payables Composition (%) 73 Provisions Total 27 100 In 2017, $500,000 dividend was recorded as payable, which was paid to Government in 2018.
The current liabilities are mainly debts from operations that are cleared within the year.
Financial Position 18,000 16,000 14,000 12,000 10,000 8,000 6,000 4,000 2,000 0 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 18,000 16,000 14,000 12,000 10,000 8,000 6,000 4,000 2,000 - 13 Ratio (%) Return on Assets 7 4 3 2 2014 2015 2016 2017 2018 6 Return on Equity 8 5 3 2 6 Current Ratio 83:1 1:1 12:1 2:1 10:1 Debt to Equity 0 19 1 4 1 Major Financial Achievements The Corporation has achieved the following due to the stringent and prudent management of finances: • 13th consecutive year recording net profit after tax and average growth in net profit after tax of 36 percent in the last 10 years • Paid a total of $5 million in dividends and reserves to Government in the last 10 years • Stable cash flow position with no overdraft recorded in the past 10 years from 2009 to 2018 • Zero long term borrowings for the last 10 years • Stable liquidity and solvency position Total assets of the Corporation as at 31st December 2018 is depicted below.
Total Assets Total Shareholders’ Equity of the Corporation as at 31st December 2018 was $15.60 million, an increase of six percent.

Shareholder’s Equity Share Capital 1% Retained Earnings 29% Public Trustee Office Reserve 30% Asset Revaluation Reserve 2% Other Reserve 38% The share capital remains at $0.1million, the Public Trustee Office reserves at $4.5 million consist of the surplus funds as per section 12 of the FPTC Act.

2006.
2006.

Other reserves amounting to $5.98 million relates to building reserve fund for extensions to the headquarters building; the retained earnings are $4.5 million prior year profits less dividends paid to Government amounting to $5 million to date.

The revaluation reserves are gains and losses recorded through the revaluation of property, plant and equipment and financial assets over the years.

Cash flow and liquidity continue to be favourable, improving the solvency status of the Corporation.
The table shows the key liquidity and solvency ratios.

14 ESTATES SERVICES The Estates Team provides 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, collation of assets, locating beneficiaries, settlement of debts, tax clearances, transfer of property and distribution of assets.
The Corporation administers estates where: • There is a Will appointing the Fiji Public Trustee as the executor • There is no Will and the beneficiaries or close relatives appoint Fiji Public Trustee to act • An existing executor is unable to fulfill the task and renounces it in favour of Fiji Public Trustee • When the High Court appoints Fiji Public Trustee to administer Administering deceased estate is a specialised activity requiring some knowledge of the legal and financial issues involved.
Many clients choose the Fiji Public Trustee for the impartiality that an independent executor can offer, particularly where there is a likelihood of family conflict over inheritance.

An Estate comprises everything you own The Estates Team also manages estates for people who have died intestate, (without making a Will) usually at the request of beneficiaries of the deceased person, or where there is no obvious next of kin.
Where there is no known next of kin, the Corporation actively seeks to locate the beneficiaries entitled to share in the distribution of the estate under the laws of intestacy.

In 2018, the Estate Team opened 41 estates valued at $3.9 million and settled and finalised 33 estates at a value of $8.04 million.

Your Will guides us through your Estate plan in distributing your assets to your listed beneficiaries Estates staff carry out their important role with empathy, tact and professionalism.
Staff always consult with beneficiaries, particularly regarding the sale of property and personal effects.

Ultimately, we ensure that the wishes of the deceased are met.

15 Protect your loved ones and your wishes with a will TRUST SERVICES Generally, a trust is a right in property (real or personal) which is held in a fiduciary relationship by one party for the benefit of another.
The Trust Team deals with trust administration services such as the Fiji National Provident Fund/ superannuation trust for minors, testamentary trusts through a Will; compensation trusts by appointment of court or individuals, disability trusts and living trusts.

Like any trustee, the Corporation must protect trust assets and ensure they are managed and administered appropriately as per the conditions of the trust including those for minors and people of unsound mind.
We also manage trust funds for a number of people with unsound mind and those with disabilities and incapacities where we work closely with guardians to ensure that the welfare of the beneficiaries are taken care off.

In the last two years, the total number of new trusts declined mainly from FNPF (minor trust which is now administered by the High Court through changes in the FNPF Act 2011).
In 2018, there were 78 new trusts accepted with a value of $161,764 and settled 218 trust accounts valued at $1.3 million compared to 280 trusts settled and valued at $1.4 million in 2017.

Trust Funds are invested in a common pooled fund, which is maintained by management and closely monitored by the Board of Directors and Management.

Investments are placed in managed funds, bank term deposits and government bonds for both income and growth.
Trust Funds on hand as 31st December: Excited Children of St Christopher’s Home during the Estate Charity Donation on behalf of the late Joyce Heerman The Corporation’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 Life interest is a trust created by a Will to allow a nominated beneficiary to live in a property for the duration of their lifetime.
The Fiji Public Trustee retains ownership of the property for the life of the beneficiary known as the life tenant.

On the death of the life tenant, the Will usually directs the Corporation to distribute the house to another beneficiary or beneficiaries who are referred to as remainderman.
16 The Estate Charity Donation on behalf of the late Mrs Forster to Dilkusha Home LEGAL SERVICES The Legal and Conveyance Team provides legal advice to the Corporation pertaining to the corporation’s role as an executor, trustee, manager and attorney consistent with relevant legislations.
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 Tax lodgments • 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.
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 includes amendments to legislations, lessons from various estates, trust and Will cases from the local and the commonwealth jurisdiction.

A significant future challenge is the increase in volume of estates and cases with legal issues of increasing commercial complexity.
Our Awareness Team on the go The other legal services provided in 2018 were as follows: Services Application for Court Grants 2017 29 2018 30 Application for Property Transfers 12 8 Other Conveyance services Other legal services 9 20 24 26 Specialists in Wills, Trust & Estate Administration 17 FIJI PUBLIC TRUSTEE CORPORATION PTE LIMITED FINANCIAL STATEMENTS 31st DECEMBER 2018 Directors’ Report................................................................... 19-21 Directors’ Declaration............................................................ 22 Independent Auditor’s Report............................................... 23-24 Statement of Comprehensive Income...................................
Statement of Financial Position.............................................

Statement of Changes in Equity............................................
Statement of Cash Flows...................................................... 25 26 27 28 Notes to and forming part of Financial Statements.............. 29-47 1818 26 FIJI PUBLIC TRUSTEE CORPORATION (PTE) LIMITED STATEMENT OF CHANGES IN EQUITY AS AT 31 DECEMBER 2018 Share Capital Opening balance Transfer from share premium reserve Closing balance Reserves Share Premium Reserve Balance at the beginning of the financial year Transfer to share capital Balance at the end of the financial year Public Trustee Office Reserve Balance at the beginning of the financial year Balance at the end of the financial year Other Reserve Building fund reserve Asset Revaluation Reserve Balance at the beginning of the financial year Effect of IFRS 9 impact – transfer to retained earnings Balance at the end of the financial year Total Reserves Retained Earnings Opening balance Dividend Tax (1%) Net profit after tax for the year Dividend declared Effect of IFRS 9 impact – transfer from asset revaluation reserve Closing balance Note 2018 $ 2 99,998 100,000 2017 $ 2 - 2 99,998 (99,998) - 99,998 - 99,998 4,583,342 4,583,342 4,583,342 4,583,342 5,983,778 5,983,778 578,326 (227,106) 351,220 381,924 196,402 578,326 11,018,340 11,245,446 3,475,419 - 875,565 - 227,106 3,746,038 (30,142) 259,523 (500,000) - 4,578,090 3,475,419 Total Shareholders’ Equity 13 15,596,430 14,720,865 The accompanying notes form an integral part of this statement of changes in equity.
27 11 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48