Comcare - Australian Government
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Note 17: Assets Held in Trust

Comcare Beneficiaries Trust Account (BTA)

The BTA was established on 1 December 1988 to administer compensation benefits paid under both the Compensation (Commonwealth Government Employees) Act 1971 and the SRC Act to beneficiaries that are under a legal disability. The vast majority of these are children under the age of 18 who have been awarded compensation following the death of a parent under compensable circumstances.

These monies are not available for other purposes of Comcare and are not recognised in the financial statements.

  2011
$’000
2010
$’000
Cash at Bank
Total amount held by Comcare at the beginning of the reporting period 1,179 1,863
Add: Funds deposited 497 170
Interest earned 44 80
Available for payment 1,720 2,113
 
Less: Funds transferred to licensees - 476
Final payouts 242 433
Ad-hoc payments 32 25
Available for payment 274 934
     
Total Value held by Comcare at the end of the reporting period 1,446 1,179
 
Total 1,446 1,179

The above values are estimated at fair value at the time when acquired.