Summary financial statements

Summary statement of financial position as at 30 June 2017


FY2016 (audited)
$’000
FY2017 (audited)
$’000
Assets
Investments 16,424,412
19,107,338
Other assets 163,043
171,483
Total assets
16,587,455
19,278,821
Less liabilities

Income tax liabilities
208,844
301,286
Other liabilities
167,319
252,025
Total liabilities
376,163
553,311
Equals net assets available for member benefits
16,211,292
18,725,510
Represented by:
 
Member liabilities     16,111,731   18,601,169
Equity (Reserves)* 99,561 124,341

16,211,292
18,725,510

* The reserve includes an administration reserve amount of $250,000 required under VicSuper RSE Licence.

Summary income statement for the financial year ended 30 June 2017


FY2016 (audited)
$’000
FY2017 (audited)
$’000
Revenue
Investment income 364,600
1,826,479
Other revenue   2,931  3,408
Total revenue  367,531   1,829,887
Less expenses

Investment expenses   34,848  40,061
Administration expenses
53,428
57,456
Total expenses 88,276
97,517
Equals operating results before income tax
279,255
 1,732,370
Income tax benefit/(expense) on investment revenue and expenses
                         12,256  (104,581)
Equals operating results after income tax
291,511
1,627,789
Less net benefits allocated to and changes in member liabilities
271,790
1,603,009
Equals operating results net of tax and benefits allocated to members
19,721 24,780
Less earnings attributable to reserves
2,533 4,680
Equals balance transferred to the general reserve
17,188 20,100

The statutory Financial Statements for the year ended 30 June 2017 have been prepared in accordance with AASB 1056 Superannuation Entities and other relevant Australian Accounting Standards (AAS).

Summary Statement of changes in Member Benefits for the financial year ended 30 June 2017

 

2016 (audited)

$'000

2017 (audited)

$'000 

Opening balance   15,131,753 16,111,731
Contributions and transfers from other funds
1,828,398 2,191,376
Less income tax expenses on net contributions  136,579  147,998
Equals net after tax contributions 1,691,819  2,043,378
Increase/(decrease) in members’ account balances  (711,841) 446,060 
Closing balance 16,111,731 18,601,169