Public Trust - Annual Report 2011 - Crown Ownership Monitoring Unit

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32Report on the Statement of IntentFor the year ended 30 June 2011The Statement of Intent sets out a number of performance measures and targets. The following table outlines actualperformance against these.2009/10ACTUAL2010/11ACTUAL2010/112011/12TARGET 1 TARGET 2Ownership perspectiveProfit (loss) post-tax ($000) 4,818 582 400 1,900Return on equity 3 n/a 2.8% 1.8% 7.9%Distributions to Crown Nil Nil Nil NilEfficiency and effectiveness perspectiveCost/revenue 4 108.6% 97.0% 96.6% 97.4%Capability perspectiveEmployee engagement 5 41% 39% 56% 50%Customer and market perspectiveMarket shares 6– Wills 15.0% 14.0% 15.0% 15.1%– Estates (probates) 13.9% 14.2% 14.5% 14.2%Customer satisfaction 7 7.0 8.1 8.2 7.8Net promoter score 8 n/a 23 18 181 Source: 2011/13 Statement of Intent.2Source: 2012/14 Statement of Intent.3Return on equity was not calculated for 2009/10 due to negative equity as at 30 June 2009. Return on equity is profit (loss) post tax divided by the averageopening and closing equity. Profit (loss) does not include the movement in the cash flow hedging reserve.4Total expenses as a percentage of total revenues (excluding investment gains/losses). In 2010/11 the measure is total expenses (excluding change, restructuringand mortgage losses) as a percentage of revenue (excluding investment gains/losses).5Independent survey of employee engagement (2009 Global benchmark = 34%, New Zealand benchmark = 42%).6Independently conducted survey of market share.7Independently conducted survey of customer satisfaction (Range: 1 = poor, 10 = excellent).8The Net Promoter Score is derived from asking customers the question “Would you recommend Public Trust to friends and family.” The score is the numberof people who gave us 9 or 10 out of 10 (10 being positive), minus those who give you a score of 5 or less (being negative). The first Net promoter score wasmeasured in September 2010.Public Trust has fiduciary responsibility for trusts under management and trusts under supervision. The following table details thefiduciary assets under management or supervision.2009ACTUAL$m2010ACTUAL$m2011ACTUAL$mFiduciary assetsFunds under managementCommon Fund 1,086 883 869Managed Funds 354 376 395Assets under management 2,614 2,649 2,755Funds under supervision 24,370 28,975 34,931B9Financial Information Annual Report of Public Trust for the year ended 30 June 2011
Statement of ResponsibilityFor the year ended 30 June 201133The Board and management of Public Trust accept responsibilityfor the preparation of the financial statements and Statementof Service Performance and for the judgements in them. Thejudgements applied in the preparation of the financial statementsare reported in the Statement of Accounting Policies and theNotes to the Financial Statements.The Board and management of Public Trust accept responsibilityfor establishing, and have established and maintain a system ofinternal control designed to provide reasonable assurance as to theintegrity and reliability of financial reporting.In the opinion of the Board and management of Public Trust, thefinancial statements and Statement of Service Performance forthe year ended 30 June 2011 fairly reflect the financial position,results of operations and cash flows of Public Trust.Trevor D Janes Robin Hill Grenville GaskellChair Deputy Chair Chief Executive23 September 2011B9
Page 3 and 4: Contents1Public Trust Profile 2Chai
Page 5 and 6: 3B9
Page 7 and 8: I felt valued as a customer and lef
Page 9 and 10: 7It would be fatuous to suggest tha
Page 11 and 12: 9“Events during the2010/11 financ
Page 13 and 14: 11In particular we continue to impr
Page 15 and 16: 13Our programme of support to help
Page 17 and 18: Operating Costs$m40200Operating cos
Page 19 and 20: Public Trust has 85 employees in Ch
Page 21 and 22: 19To achieve this, Public Trust is
Page 23 and 24: 21The Board of Public Trust, which
Page 25 and 26: 23Performance Targetsand Other Meas
Page 27 and 28: BoardRight, top to bottom: Trevor D
Page 29 and 30: Executive Leadership TeamRight, top
Page 31 and 32: 29These included:• provision of g
Page 33: 31financialinformationReport on the
Page 37 and 38: Statement of Changes in EquityFor t
Page 39 and 40: Statement of Cash FlowsFor the year
Page 41 and 42: Statement of Accounting PoliciesFor
Page 43 and 44: Statement of Accounting Policies (c
Page 51 and 52: Notes to the Financial Statements (
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Notes to the Financial Statements (
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85Hedge Accounting Loans and receiv
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87Hedge Accounting Loans and receiv
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Statement of Service PerformanceFor
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Statement of Service Performance (c
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103Audit ReportINDEPENDENT AUDITOR
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Directory105ShareholdersThe Ministe
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Public Trust - Annual Report 2011 - Crown Ownership Monitoring Unit

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