Statement of Corporate Intent

Introduction

This Statement of Corporate Intent (SCI) is a high-level summary of the Corporate Plan and includes a performance agreement between the Board of the Public Trustee and the Shareholding Ministers.

The performance agreement details the key financial and non-financial targets for the Public Trustee for 2025-26, as agreed between the Board and the Shareholding Ministers through the 2025-26 Corporate Planning process.  It also details estimates for the following three years.

The SCI has been prepared in accordance with the Ministerial Charter for the Public Trustee.

Strategic Direction  

The Public Trustee is a Government Business Enterprise (GBE) owned by the Government on behalf of the Tasmanian community. It is established under the Public Trustee Act 1930.

The main undertaking of Public Trustee is to offer trustee services to the Tasmanian community including:

  • preparation of Wills, Enduring Powers of Attorney
  • acting as an executor or administrator of estates or estate administrator if there is no Will
  • assuming the role of executor when an executor named in a Will is unable or unwilling to act
  • acting as attorney for people requiring assistance to manage their financial affairs
  • acting as trustee for various types of trusts, including accident compensation awards
  • managing the financial affairs of people when Public Trustee has been appointed as a financial administrator by TASCAT; and
  • managing funds under the control of Public Trustee to provide a commercial rate of return to contributors.

Corporate Plan Summary

The Public Trustee is a Government Business Enterprise (GBE) whose basic powers and duties are set out in the Public Trustee Act 1930. Our aim is to provide support to all Tasmanians: helping them to protect their legacy and interests through our services of wills, estates, and financial administration. Core to our purpose is the provision of financial administration services to Represented Persons.

Our values

  • Service – a client service focus achieved by teamwork across the whole organisation
  • Respect – personal and professional respect for each other and our clients
  • Integrity – open, honest, and ethical service delivery
Our Goals
Goal 1: Our clients Our clients are central to everything we doGoal 2: Our stakeholders Strong and trusted relationships with stakeholdersGoal 3: Our people A committed, capable, and engaged workforceGoal 4: Fit for purpose A sustainable model meeting the needs of the Tasmanian community.

We provide our services with empathy, dignity, and respect. We have our clients at the centre of everything we do. Sound governance, communication and a responsive and personable culture underpin our work at Public Trustee.

The Treasurer and the Attorney-General have advised that no dividend will be payable in relation to the Public Trustee’s 2025-26 operations. Instead, any profits are expected to be invested by the Public Trustee into supporting its response to the recommendations from the 2021 Independent Review.

Performance Agreement

This Performance Agreement sets out the key financial and non-financial targets for 2025-26 and estimates for the following three years. They are detailed in the tables below.

Financial Returns to Government

 TargetEstimates
 2025-262026-272027-282028-29
Dividends Paid ($ ‘000)
Tax Equivalents Paid/(Refund) ($ ’000)
Total

Financial Targets

 TargetEstimates
 2025-262026-272027-282028-29
Operating Expenditure ($’000)14,37814,48615,20015,625
Operating Profit/(Loss) After Tax ($’000)50217687865
Total Comprehensive Income ($’000)9064211,0911,269
Capital Expenditure ($ ‘000)957100100100
Operating Margin1.031.001.051.06
Return on Assets (%)1.80.12.35.9
Return on Equity (%)7.63.38.28.7
Capital Adequacy (%)37.738.440.742.4
Performance of Common FundReturn objective: Performance above RBA Cash rate.
Performance of Group Investment Fund No.2Return objective: CPI + 2% per annum over rolling 5 year periods.
Performance of Corporate InvestmentsReturn objective: CPI + 2% per annum over rolling 5 year periods.

Key Non-Financial Performance Indicators

 TargetEstimates
 2025-262026-272027-282028-29
Number of total new Wills completed750800850900
Number of Wills revoked / later Wills (average per month)15151515
Will client survey results (Overall satisfaction rating) (%)95959595
Beneficiary survey results (Overall satisfaction rating) (%)95959595
Represented Person survey (%)85858585
Stakeholder engagement survey (%)85858585
Culture – Staff engagement survey results (%)85858585
Obligations under the Guardianship and Administration Act 1995 Act to Represented Persons in respect of promoting their independence and communication in respect of their wishes:
New clients consulted following receipt of order from TASCAT:
——————–
Will, preference and rights identified and documented (%)
90909090
New clients: Contact to be made within 5 days of receipt of order from TASCAT (%)90909090
Existing clients consulted annually:
——————–
Will, preference and rights reviewed, confirmed, and documented (%)
90909090
Consult with clients where possible to identify participation in financial independence program (%)90909090

The challenging nature of the lives and personal situations of clients supported by the Public Trustee means there will always be people we are unable to engage with.  The key performance indicators have been adjusted, factoring this into consideration.

Community Service Obligations

In line with the terms of the Public Trustee’s Ministerial Charter, the

Government will provide funding to assist in meeting the cost of non-

commercial activities   (Community Service Obligations) required to be undertaken by the Public Trustee.

The Public Trustee performs the following Community Service Obligations on behalf of the Government:

  • Administration of Absolute Estates with a gross asset value of less than $60,000.
  • Administration of Continuing Trust and Life Tenancy Estates with a gross asset value of less than $100,000.
  • Administration and management of Minor Trusts with a gross asset value of less than $20,000.
  • Management of assets for Represented Persons with a gross asset value of less than $100,000.

A summary of the expected funding levels allocated in the 2025-26 Tasmanian Budget is set out as follows:

CSO FundingTargetEstimates
 2025-262026-272027-282028-29
Community Service Obligations
($ ‘000)
6,2106,5116,9077,000

A new CSO Agreement has been agreed for the 2024-25 and 2025-26 periods.

Definitions

Operating   Profit   Before   Tax means operating revenue less operating expenditure.

Comprehensive Income includes remeasurement of defined benefit obligation and fair value movements in investments in managed funds (net of related tax)

Total Comprehensive Income means operating profit for the year after tax + Comprehensive Income.

Operating Margin means operating revenue / operating expenditure.

Return on Assets means operating profit before Tax/ [(Opening Assets + Closing Assets)/2].

Return on Equity means Total Comprehensive Income/ [(Opening Equity + Closing Equity)/2]. Capital Adequacy means Tangible Reserves / Tangible Assets.

Sign Up to receive our news

We’ll keep you informed but not overwhelmed.

Follow us

Your feedback

Give us a compliment

Tell us your complaint

Make a suggestion

Skip to content