The year that’s been
Financial statements
Commonwealth Superannuation Scheme unaudited financial statements for 2009/10
| $ million | |
|---|---|
| Value of Fund as at 1 July 2009 | 4,741.4 |
| Inflows | |
| Changes in market value of investments | 447.6 |
| Other income | 1.6 |
| Employee contributions | 103.0 |
| Employer contributions | 37.4 |
| Government co-contributions | 1.9 |
| Appropriation from CRF | 3,144.0 |
| Outflows1 | |
| Benefits paid | (3,703.4) |
| Income tax expense | (5.8) |
| Value of the Fund as at 30 June 2010 | 4,767.7 |
| Assets and liabilities as at 30 June 2010 | |
| Investments2 | 4,747.8 |
| Cash at bank | 41.1 |
| Amounts to be appropriated from Consolidated Revenue Fund | 0.3 |
| Other receivables | 0.2 |
| Benefits payable | (16.0) |
| Other payables | (0.2) |
| Provision for tax | (5.5) |
| Net assets as at 30 June 2010 | 4,767.7 |
- The expenses of the CSS are met in the ARIA Investments Trust and accordingly no administration or investment expenses appear here.
- The value of investments shown above reconciles with the Total Fund values shown in the CSS investments section of this report and as follows:
| $ million | |
|---|---|
| Default Fund | 4,484.7 |
| Cash Investment Option | 254.0 |
| Total Fund | 4,738.7 |
| Add/(less): | |
| Valuation difference due to timing | 9.1 |
| 4,747.8 |
The assets of the CSS are invested in the ARIA Investments Trusts (AIT), where they are pooled with the investments of the other Commonwealth public sector superannuation funds – the Public Sector Superannuation (PSS) and the Public Sector Superannuation accumulation plan (PSSap) – in order to deliver a cost efficient investment process. The AIT invests in multiple specialist investment funds and portfolios.
The AIT receives income such as dividends, interest, trust distributions and gains and losses on sale and incurs administration and management expenses including expenses that would otherwise be incurred by the CSS.
The operating surplus or deficit generated by the AIT is reflected in daily unit prices provided by the AIT for its unitholders including the CSS, and daily earning rates based on the unit prices are published on the CSS website. If you would like to see a copy of the CSS audited financial statements for this year and the reports from the auditor please refer to our Annual Report to Parliament (which is published and tabled in the Parliament in October) at www.aria.gov.au, send an email to members@css.gov.au, call us on 1300 000 277 or write to CSS, PO Box 22 Belconnen ACT 2616.
