tasmanian perpetual trustees - tpt wealth · tasmanian perpetual fixed term fund 093 458 256 25 876...

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TTPPTT WWeeaalltthh LLiimmiitteedd || ABN 97 009 475 629

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MMaannaaggeedd IInnvveessttmmeenntt SScchheemmeess

ARSN ABN Directors’ Report

TPT At Call Fund 093 458 336 29 582 720 727 Auditor’s Independence Declaration

TPT Fixed Term Fund 093 458 256 25 876 726 361 Financial Statements

TPT Long Term Fund 093 255 791 65 594 087 278 Statement of Comprehensive Income

TPT Select Mor t gage Fund 089 139 382 27 353 447 647 Statement of Financial Position

TPT Aust ralian Share Fund 093 457 955 50 533 546 434

TPT Diversif ied Proper t y Fund 120 944 318 24 320 516 538 Statement of Cash Flows

TPT Balanced Fund 093 458 461 46 836 427 632Notes to the Financial Statements

TPT In t ernat ional Share Fund 120 944 470 42 291 442 712 Directors’ Declaration

TPT Equit y Fund 090 694 456 84 330 349 225Independent Auditor’s Report

ContentsThis Report comprises these Managed Investment Schemes:

Statement of Changes in Net Assets Attributable to Investors

1

ARSN ABN Directors’ Report

TPT At Call Fund 093 458 336 29 582 720 727 Auditor’s Independence Declaration

TPT Fixed Term Fund 093 458 256 25 876 726 361 Financial Statements

TPT Long Term Fund 093 255 791 65 594 087 278 Statement of Comprehensive Income

TPT Select Mor t gage Fund 089 139 382 27 353 447 647 Statement of Financial Position

TPT Aust ralian Share Fund 093 457 955 50 533 546 434

TPT Diversif ied Proper t y Fund 120 944 318 24 320 516 538 Statement of Cash Flows

TPT Balanced Fund 093 458 461 46 836 427 632Notes to the Financial Statements

TPT In t ernat ional Share Fund 120 944 470 42 291 442 712 Directors’ Declaration

TPT Equit y Fund 090 694 456 84 330 349 225Independent Auditor’s Report

ContentsThis Report comprises these Managed Investment Schemes:

Statement of Changes in Net Assets Attributable to Investors

11

▪

▪ TPT At Call Fund (f o rm er ly t he Tasm anian Perpet ual At Call Fund ) ▪ ▪ TPT Fixed Term Fund (f o rm er ly t he Tasm anian Perpet ual Fixed Term Fund )▪ TPT Long Term Fund (f o rm er ly t he Tasm anian Perpet ual Long Term Fund )▪ TPT Select Mor t gage Fund (f o rm er ly t he Tasm anian Perpet ual Select Mor t gage Fund ) ▪ ▪ TPT Aust ralian Share Fund (f o rm er ly t he Tasm anian Perpet ual Aust ralian Share Fund )▪ TPT Diversif ied Proper t y Fund (f o rm er ly t he Tasm anian Perpet ual Diversif ied Proper t y Fund )▪ TPT Balanced Fund (f o rm er ly t he Tasm anian Perpet ual Balanced Fund )▪ TPT In t ernat ional Share Fund (f o rm er ly t he Tasm anian Perpet ual In t ernat ional Share Fund )▪ TPT Equit y Fund (f o rm er ly t he Tasm anian Perpet ual Equit y Fund ) Scheme information

Directors

▪ Mr Miles Ham p t on, BEc(Hons), FCPA, FAICD, Chairm an o f t he Board ;▪ Mr Melos Sulicich , BBus, GAICD, SA FIN, Managing Direct o r ; Significant changes in the state of affairs▪ Mr Rober t Gordon, BSc, MIFA, MAICD, FAMI;▪ Mr War ren Lee, BCom , CA;▪ Ms Sibylle Kr ieger , LLB (Hons), LLM, FAICD, MBA;▪ Mr St ephen Lon ie, BCom , MBA, FCA, FFin , FAICD, FIMCA (deceased 20 Novem ber 2019);▪ Ms And rea Wat ers, BCom , FCA, GAICD; and▪ Mr Vaughn Rich t o r , BA(Hons), MAICD (appo in t ed 1 Sep t em ber 2019).

Principal activities

Directors' Report

The Direct o rs o f TPT Wealt h Lim it ed (f o rm er ly know n as Tasm anian Perpet ual Trust eesLim it ed ), t he Responsib le Ent it y o f t he f o llow ing Managed Invest m ent Schem es ('t heFunds'), subm it t heir repor t f o r t he Funds f o r t he year ended 30 June 2020:

The Funds generally invest in a range o f asset s w h ich First m or t gages over real est at e in Aust ralia, w it h t he p redom inant geographybeing Tasm ania.

TPT Wealt h Lim it ed ABN 97 009 475 629 is a w ho lly ow ned subsid iary o f MySt at e Lim it edABN 26 133 623 962.

The Direct o rs w ere in o f f ice f rom t he beginn ing o f t he year un t il t he dat e o f t h is repor tun less o t herw ise st at ed . All t he Direct o rs o f t he Responsib le Ent it y are non-execut iveDirect o rs, un less o t herw ise st at ed .

The Funds are regist ered m anaged invest m ent schem es t hat seek t o deliver consist en t lycom pet it ive ret urns t o invest ors t h rough t he d iscip lined im p lem ent at ion o f t heird iversif ied invest m ent st rat egies, w h ich are set in accordance w it h each Fund 's ProductDisclosure St at em ent and Const it ut ion .

The nam es o f t he Direct o rs o f t he Responsib le Ent it y in o f f ice dur ing t he year and un t il t he dat e o f t h is repor t w ere:

The Funds are Aust ralian regist ered schem es. TPT Wealt h Lim it ed , t he Responsib leEnt it y o f t he Funds, is incorporat ed and dom iciled in Aust ralia. The basis f o rvaluat ion o f t he Fund 's asset s are d isclosed in not e 3 t o t he f inancial st at em ent s.In f o rm at ion about un it s on issue in t he Funds are p resent ed in not e 11. Feesreceived by t he Responsib le Ent it y f rom t he incom e of t he Funds are d isclosed innot e 5.

The regist ered o f f ice o f t he Responsib le Ent it y is locat ed at 137 Har r ingt on St reet ,

Cash and Fixed in t erest secur it ies, w h ich include m oney m arket inst rum ent ssuch as t erm deposit s, negot iab le cer t if icat es o f deposit , cred it m arketsecur it ies such as f loat ing rat e no t es, bonds and m or t gage backed secur it ies.Aust ralian un it t rust s, invest ed in t he shares o f d iversif ied lead ing in t ernat ionaland /or Aust ralian com pan ies, select ed f or t heir ab ilit y t o grow in value overt im e and pay f ranked d ividends.

There has been no sign if ican t changes in t he nat ure o f t hese invest ing act ivit ies dur ing t he year .

On t he 15t h o f Oct ober 2019, t he Tasm anian Perpet ual Mor t gage Fund w as closed .The f inal f inancial repor t f o r t h is Fund w as issued by t he d irect o rs on t he 21st o fNovem ber 2019.

On t he 17t h o f June 2020 t he Board passed a reso lut ion t o close t he TPT Equit yFund , due t o it being sub -scale in size, w it h closure t o occur on t he 30t h o fSep t em ber 2020.

The com pany has been under t aking a review of it s p roduct range and f ur t herchanges w ill be cont em p lat ed w here t here are oppor t un it ies t o enhance ret urns t oinvest ors.

There have been no ot her sign if ican t changes in t he nat ure o f t he Funds' act ivit iesdur ing t he year .

22

Review and results of operations

3 Months 6 Months 1 Year 3 Years pa 5 Years pa

6.16% (-5.75%) 1.34% 6.95% 6.78%8.61% (-4.26%) 3.99% 8.58% 8.44%

Cash FundFund (Net) 3 Months 6 Months 1 Year 3 Years pa 5 Years pa 3 Months 6 Months 1 Year 3 Years pa 5 Years paAt Call Fund 0.10% 0.22% 0.47% 1.13% 1.37% 14.18% -13.64% -13.65% -1.13% 2.63%Benchm ark 0.26% 0.64% 0.84% 1.53% 1.73% 15.63% -11.52% -11.65% 1.15% 2.55%

Income FundsFund (Net) 3 Months 6 Months 1 Year 3 Years pa 5 Years pa 3 Months 6 Months 1 Year 3 Years pa 5 Years paFixed Term Fund 1.79% 1.95% 2.18% 2.70% 2.88% 4.06% -7.59% -4.49% 2.43% 3.60%Long Term Fund 1.90% 2.07% 2.25% 2.71% 2.93% 6.41% -4.79% -1.45% 5.51% 5.56%Select Mor t gage Fund 2.14% 2.21% 2.35% 2.82% 2.98%Benchm ark 0.26% 0.64% 0.84% 1.53% 1.73%

Unitised FundsFund (Net) 3 Months 6 Months 1 Year 3 Years pa 5 Years paDiversif ied Prop er t y Fund 8.51% -17.05% -14.97% 2.47% 4.29%Benchm ark 11.03% -19.42% -16.96% 1.68% 3.99%

Fund (Net) 3 Months 6 Months 1 Year 3 Years pa 5 Years paEq uit y Fund 11.18% -11.77% -10.35% 0.49% 3.27%Benchm ark 13.35% -8.34% -4.12% 6.38% 2.55%

Af t er show ing a st eady increase t hroughout t he year , f unds under m anagem ent reducedby $101 m illion t o $1.07 b illion by year end , as equit y m arket s f ell f rom t heir h igh po in t inm id t o lat e Feb ruary 2020, and cust om ers w it hd rew m oney f rom bot h our incom e andGrow t h f unds t o p rovide t hem selves w it h liquid it y and cer t ain t y in uncer t ain econom ict im es.

Th is out f low w as m uch sm aller t han w e have seen in sim ilar sit uat ions in t he past andinvest ors have now st ar t ed t o m ove back in t o t hese p roduct s m ore recent ly.

[Benchm ark is t he average q uar t er ly Cash Rat e + 100 p o in t s. Bo t h t he Fund s and Benchm ark ret urns includ ef ees and charges and assum e incom e is no t reinvest ed .]

Fund (Net)In t ernat ional Share Fund

Benchm ark

Fund (Net)

[Benchm ark is a com p osit e consist ing o f 70% w eigh t ing t o t he In t ernat ional Shares To t al Ret urn Ind exin Aust ralian d o llars, 25% In t ernat ional Shares To t al Ret urn Ind ex hed ged in t o Aust ralian d o llars and 5%Shor t Term Money Market Ind ex. Bo t h t he Fund and Benchm ark ret urns assum e incom e is reinvest ed .]

[Benchm ark is a com p osit e b enchm ark w eigh t ed eq uivalen t t o t he Fund t arget asset allocat ion andcom p r ising: ASX 300 Accum ulat ion Ind ex; MSCI In t ernat ional To t al Accum ulat ed Ret urn in AUD Wor ld Ind ex exAust ; and , t he UBS Aust ralian Bank Bill Ind ex. Bo t h t he Fund and Benchm ark ret urns assum e incom e isreinvest ed .]

[Benchm ark is com p osit e o f 50% Aust ralian List ed REIT To t al Ret urn Ind ex, 30% Glob al List ed REIT To t al Ret urn Ind ex in AUD, 15% Glob al List ed In f rast ruct ure To t al Ret urn Ind ex Hed ged in t o Aust ralian Do llars, 5% Shor t Term Money Market Ind ex. Bo t h t he Fund and Benchm ark ret urns assum e incom e is reinvest ed .]

[Benchm ark is t he Bloom b erg Bank Bill Ind ex. Bo t h t he Fund and Benchm ark includ e f ees and charges andassum e incom e is no t reinvest ed .]

Benchm ark[Benchm ark is a com p osit e consist ing o f 20% Aust ralian Fixed In t erest Ind ex, 15% Shor t Term MoneyMarket Ind ex, 30% Aust ralian Shares To t al Ret urn Ind ex, 20% In t ernat ional Shares To t al Ret urn Ind ex inAust ralian d o llars, 10% Glob al List ed In f rast ruct ure To t al Ret urn Ind ex in Aust ralian d o llars and 5%Shor t Term Money Market Ind ex. Bo t h t he Fund and Benchm ark ret urns assum e incom e is reinvest ed .]

[Benchm ark is a com p osit e o f 95% Aust ralian Shares (High Yield ) To t al Ret urn Ind ex and 5% Shor t TermMoney Market Ind ex. Bo t h t he Fund and Benchm ark ret urns assum e incom e is reinvest ed .]

Fund (Net)Balanced Fund

Aust ralian Share Fund

Benchm ark

33

Likely developments and expected results

Indemnification and insurance of directors and officers

Matters subsequent to the end of the financial period

Environmental regulation and performance

Auditor's independence declaration

Signed in accordance w it h a reso lut ion o f t he Direct o rs

Miles Hampton Melos SulicichChairman Managing Director and Chief Executive Officer

Hobar t , 19 August 2020

The invest m ent st rat egies o f t he Funds w ill be m ain t ained in accordance w it h eachFund 's Const it ut ion and Invest m ent Ob ject ives.

The Aud it o r ’s Independence Declarat ion is set out on t he f o llow ing page and f orm s par tof t he Direct o rs’ Repor t f o r t he year ended 30 June 2020.

Dur ing t he f inancial year , t he Responsib le Ent it y paid a p rem ium insur ing t he Direct o rsand Of f icers o f t he Responsib le Ent it y against liab ilit ies incur red as a Direct o r o r Of f icer t ot he ext en t perm it t ed by t he Corporations Act 2001 . The cont ract o f insurance p roh ib it sd isclosure o f det ails o f t he insurance cover and t he p rem ium paid .

The Responsib le Ent it y has not o t herw ise, dur ing or since t he f inancial year , indem nif iedor agreed t o indem nif y an Of f icer o r Aud it o r o f t he Responsib le Ent it y o r o f any relat ed

The operat ion o f t he Funds is no t sub ject t o any par t icular o r sign if ican t environm ent alregulat ion under a law of t he Com m onw ealt h , a St at e, o r a Ter r it o ry. There have been noknow n b reaches o f any o t her environm ent al requirem ent app licab le t o t he Funds.

Excep t as d isclosed in t he f inancial repor t , no o t her m at t er o r circum st ance has ar isensince t he f inancial year end t hat has sign if ican t ly af f ect ed , o r m ay sign if ican t ly af f ect t heoperat ions o f t he Funds in f ut ure f inancial years, t he result s o f t hose operat ions in f ut uref inancial years; o r t he st at e o f af f airs o f t he Funds in f ut ure f inancial years.

44

1st Floor 160 Collins Street, Hobart TAS 7000 GPO Box 1083 Hobart TAS 7000

03 6223 6155 Move Forward

[email protected] www.wlf.com.au

``

5

STATEMENT OF COMPREHENSIVE INCOME For the year ended 30 June 2020

Note 2020 2019 2020 2019 2020 2019 2020 2019 $ $ $ $ $ $ $ $

RevenueInterest revenue - Cash & cash equivalents 141,277 273,578 106,763 212,192 102,104 223,809 1,367,160 2,501,626 - Investments 3,566,571 6,240,543 5,814,586 7,570,214 5,356,060 6,940,845 3,624,469 4,011,479 - Loans and advances - - 4,813,302 5,826,463 4,079,347 4,776,608 4,018,210 4,344,437 Distribution income - - - - - - - - Change in the fair value of investments - - - - - - - - Net gain / (loss) on disposal of units at cost in unit trusts - - - - - - - -

Total revenue 3,707,848 6,514,121 10,734,651 13,608,869 9,537,511 11,941,262 9,009,839 10,857,542 ExpensesResponsible Entity fees 5 1,288,042 1,318,147 3,081,234 2,976,483 2,651,810 2,515,329 2,118,917 2,042,426 Other expenses 5 193,077 231,755 403,707 431,195 342,253 327,086 302,781 251,421 Provision for doubtful debts - - - - - - - -

Total expenses 1,481,119 1,549,902 3,484,941 3,407,678 2,994,063 2,842,415 2,421,698 2,293,847

Profit / (loss) from operating activities 2,226,729 4,964,219 7,249,710 10,201,191 6,543,448 9,098,847 6,588,141 8,563,695

Financing costs attributable to investorsDistributions to investors 6 2,226,729 4,964,219 7,249,710 10,201,191 6,543,448 9,098,847 6,588,141 8,563,695

Net profit / (loss) for year - - - - - - - -

Other comprehensive income - - - - - - - -

Change in net assets attributable to investors from trading - - - - - - - - The accompanying notes form part of these financial statements. 0 (1)

TPT Long Term Fund

TPT Select Mortgage Fund

TPT Fixed Term Fund

TPT At Call Fund

66

STATEMENT OF COMPREHENSIVE INCOME (CONTINUED)For the year ended 30 June 2020

Note 2020 2019 2020 2019 2020 2019 2020 2019 2020 2019 $ $ $ $ $ $ $ $ $ $

RevenueInterest revenue - Cash & cash equivalents - - - - - - - - - - - Investments 30,653 50,357 27,613 35,497 123,290 163,606 52,711 100,483 6,036 13,112 - Loans and advances - - - - - - - - - - Distribution income 1,628,973 2,315,158 1,291,091 1,313,814 584,499 775,599 2,308,085 2,544,664 343,956 544,271 Change in the fair value of investments (5,747,436) 746,779 (5,799,676) 2,234,527 (1,215,109) 163,507 (905,700) 2,774,066 (1,381,362) 58,825 Net gain / (loss) on disposal of units at cost in unit trusts (286,178) (18,824) 56,722 58,712 (128,280) - 299,923 819,220 244,311 174,662

Total revenue (4,373,988) 3,093,470 (4,424,250) 3,642,550 (635,600) 1,102,712 1,755,019 6,238,433 (787,059) 790,870 ExpensesResponsible Entity fees 5 352,273 340,648 298,820 250,636 184,182 182,244 689,539 653,772 89,536 92,676 Other expenses 5 96,527 46,311 96,793 44,622 73,885 40,955 105,315 64,600 22,468 24,740 Provision for doubtful debts - - - - - - - - - -

Total expenses 448,800 386,959 395,613 295,258 258,067 223,199 794,854 718,372 112,004 117,416

Profit / (loss) from operating activities (4,822,788) 2,706,511 (4,819,863) 3,347,292 (893,667) 879,513 960,165 5,520,061 (899,063) 673,454

Financing costs attributable to investorsDistributions to investors 6 1,192,118 1,902,051 348,811 408,355 408,111 716,510 2,318,466 2,757,139 192,991 361,576

Net profit / (loss) for year (6,014,906) 804,460 (5,168,674) 2,938,937 (1,301,778) 163,003 (1,358,301) 2,762,922 (1,092,054) 311,878

Other comprehensive income - - - - - - - - - -

Change in net assets attributable to investors from trading (6,014,906) 804,460 (5,168,674) 2,938,937 (1,301,778) 163,003 (1,358,301) 2,762,922 (1,092,054) 311,878 The accompanying notes form part of these financial statements. (1) 2

TPT Equity Fund

TPTDiversified Property Fund

TPTAustralian Share Fund

TPTBalanced Fund

TPT International Share Fund

77

As at 30 June 2020

Note 2020 2019 2020 2019 2020 2019 2020 2019 $ $ $ $ $ $ $ $

AssetsCash & cash equivalents 12 17,015,011 18,986,247 18,473,544 14,074,794 17,000,030 18,596,886 61,249,280 101,935,480 Receivables 151,373 666,421 385,534 698,077 591,210 941,387 651,748 669,515 Financial instruments at amortised cost

Short term investments 10 87,965,588 145,351,590 73,989,077 85,942,545 47,487,694 75,940,002 - - Long term investments 10 76,777,464 76,587,891 128,135,008 117,062,370 112,803,949 105,625,935 94,562,511 87,846,026 Loans & advances 7 - - 100,200,430 113,235,543 84,117,752 89,283,535 84,415,567 83,595,703

Investments designated as fair value through profit or lossUnlisted managed investment schemes - - - - - - - -

Other assets 133,487 6,474 56,038 40,119 46,785 121,070 40,563 148,069

Total assets 182,042,923 241,598,623 321,239,631 331,053,448 262,047,420 290,508,815 240,919,669 274,194,793

LiabilitiesTrade & other payables 188,087 6,474 165,238 14,485 146,885 44,762 131,563 36,589

188,087 6,474 165,238 14,485 146,885 44,762 131,563 36,589

Net assets attributable to investors 181,854,836 241,592,149 321,074,393 331,038,963 261,900,535 290,464,053 240,788,106 274,158,204

Undistributed earnings - - - - - - - - (1) (1) (1) (0) (1) (1)

Note 2020 2019 2020 2019 2020 2019 2020 2019 $ $ $ $ $ $ $ $

Opening value 241,592,149 233,989,813 331,038,963 331,536,389 290,464,053 298,202,156 274,158,204 244,156,421 Deposits during the period 345,027,932 377,531,664 98,939,360 103,449,281 76,335,188 72,371,319 94,069,057 113,694,731 Withdrawals during the period (404,765,245) (369,929,328) (108,903,930) (103,946,707) (104,898,706) (80,109,422) (127,439,155) (83,692,948)Change in net assets attributable to investors from trading - - - - - - - -

Closing value 11 181,854,836 241,592,149 321,074,393 331,038,963 261,900,535 290,464,053 240,788,106 274,158,204

The accompanying notes form part of these financial statements. -0.23 0.4 0.27


STATEMENT OF FINANCIAL POSITION

TPT At Call Fund

TPT Fixed Term Fund

TPT Long Term Fund

For the year ended 30 June 2020TPT

At Call FundTPT

Fixed Term FundTPT

Long Term FundTPT

Select Mortgage Fund

STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO INVESTORS

Total liabilities excluding net assets attributable to investors

88

As at 30 June 2020

Note 2020 2019 2020 2019 2020 2019 2020 2019 2020 2019 $ $ $ $ $ $ $ $ $ $

AssetsCash & cash equivalents 12 2,227,841 1,926,153 2,629,027 2,060,725 3,912,328 4,068,829 3,466,562 2,347,117 372,170 548,116 Receivables - - - - - - - - - - Financial instruments at amortised cost

Short term investments - - - - - - - - - - Long term investments - - - - - - - - - - Loans & advances - - - - - - - - - -

Investments designated as fair value through profit or lossUnlisted managed investment schemes 28,112,203 32,897,823 23,009,096 24,517,052 11,418,697 13,925,106 58,049,500 61,435,801 6,487,885 8,441,436

Other assets 9,188 17,886 9,865 12,750 8,928 13,894 14,314 12,482 5,477 7,375

Total assets 30,349,232 34,841,862 25,647,988 26,590,527 15,339,953 18,007,829 61,530,376 63,795,400 6,865,532 8,996,927

LiabilitiesTrade & other payables 47,847 5,905 57,570 4,585 29,229 3,427 58,654 11,300 1,098 1,560

47,847 5,905 57,570 4,585 29,229 3,427 58,654 11,300 1,098 1,560

Net assets attributable to investors 30,301,385 34,835,957 25,590,418 26,585,942 15,310,724 18,004,402 61,471,722 63,784,100 6,864,434 8,995,367

Undistributed earnings - - - - - - - - - -

Note 2020 2019 2020 2019 2020 2019 2020 2019 2020 2019 $ $ $ $ $ $ $ $ $ $

Opening value 34,835,957 31,579,865 26,585,942 22,904,613 18,004,402 17,022,326 63,784,100 58,849,418 8,995,367 9,413,922 Deposits during the period 3,892,346 4,928,897 6,447,792 2,075,151 4,181,379 3,649,301 2,586,957 4,676,919 404,724 850,703 Withdrawals during the period (2,412,012) (2,477,265) (2,274,642) (1,332,759) (5,573,279) (2,830,228) (3,541,034) (2,505,159) (1,443,603) (1,581,136)Change in net assets attributable to investors from trading (6,014,906) 804,460 (5,168,674) 2,938,937 (1,301,778) 163,003 (1,358,301) 2,762,922 (1,092,054) 311,878

Closing value 11 30,301,385 34,835,957 25,590,418 26,585,942 15,310,724 18,004,402 61,471,722 63,784,100 6,864,434 8,995,367

The accompanying notes form part of these financial statements.


TPTBalanced Fund




TPTBalanced Fund


STATEMENT OF FINANCIAL POSITION (CONTINUED)

TPT Equity Fund

STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO INVESTORS (CONTINUED)


TPT Equity Fund

Total liabilities excluding net assets attributable to investors

For the year ended 30 June 2020

99

0 - (0) (0) 0 (0) 0 0

STATEMENT OF CASH FLOWS

Note 2020 2019 2020 2019 2020 2019 2020 2019 $ $ $ $ $ $ $ $

Cash flows from operating activitiesInterest received 4,222,896 6,618,174 11,047,194 13,611,267 9,887,688 11,960,848 9,027,606 10,754,668 Distributions received - - - - - - - - GST received / (paid) 71,692 83,356 157,688 180,342 167,993 151,887 132,291 119,078 Responsible Entity fees paid (1,288,042) (1,318,147) (3,081,234) (2,976,483) (2,651,810) (2,515,329) (2,118,917) (2,042,426)Other receipts / (payments) from operating activities (83,156) (312,632) (410,642) (597,052) (408,123) (459,559) (340,096) (334,356)

Net cash flows from / (used in) operating activities 12 2,923,390 5,070,751 7,713,006 10,218,074 6,995,748 9,137,846 6,700,884 8,496,964

Cash flows from investing activitiesNet (payment) / proceeds from investments 57,196,429 (3,006,479) 880,830 (5,591,456) 21,274,294 5,385,057 (6,716,485) (16,347,166)(Increase) / decrease in loans & advances - - 13,035,113 7,107,811 5,165,783 7,590,324 (819,864) 923,922 Other receipts / (payments) from investing activities (127,013) 665 (15,919) (14,420) 74,285 (83,023) 107,506 (120,927)

Net cash flows from / (used in) investing activities 57,069,416 (3,005,814) 13,900,024 1,501,935 26,514,362 12,892,358 (7,428,843) (15,544,171)

Cash flows from financing activitiesIncrease / (decrease) in investors' funds (59,737,313) 7,602,336 (9,964,570) (497,426) (28,563,518) (7,738,102) (33,370,100) 30,001,783 Distributions paid (2,226,729) (4,964,219) (7,249,710) (10,201,191) (6,543,448) (9,098,847) (6,588,141) (8,563,695)

Net cash flows from / (used in) financing activities (61,964,042) 2,638,117 (17,214,280) (10,698,617) (35,106,966) (16,836,949) (39,958,241) 21,438,088

Net increase / (decrease) in cash and cash equivalents (1,971,236) 4,703,054 4,398,750 1,021,392 (1,596,856) 5,193,256 (40,686,200) 14,390,880 Cash at the beginning of period 18,986,247 14,283,193 14,074,794 13,053,402 18,596,886 13,403,630 101,935,480 87,544,600

Cash & cash equivalents at the end of period 17,015,011 18,986,247 18,473,544 14,074,794 17,000,030 18,596,886 61,249,280 101,935,480


TPT At Call Fund

TPT Fixed Term Fund

TPT Long Term Fund



1010

0 0 (1) (0) 1 0 0 (0) 0 0

STATEMENT OF CASH FLOWS (CONTINUED)

Note 2020 2019 2020 2019 2020 2019 2020 2019 2020 2019 $ $ $ $ $ $ $ $ $ $

Cash flows from operating activitiesInterest received 30,653 50,357 27,613 35,497 123,290 163,606 52,711 100,483 6,036 13,112 Distributions received 1,628,973 2,315,158 1,291,091 1,313,814 584,499 775,599 2,308,085 2,544,664 343,956 544,271 GST received / (paid) 21,811 16,584 19,260 14,568 13,523 10,986 42,752 36,155 6,430 5,552 Responsible Entity fees paid (352,273) (340,648) (298,820) (250,636) (184,182) (182,244) (689,539) (653,772) (89,536) (92,676)Other receipts / (payments) from operating activities (76,396) (61,192) (63,068) (58,218) (61,606) (51,064) (100,713) (98,860) (29,360) (30,187)

Net cash flows from / (used in) operating activities 12 1,252,768 1,980,259 976,076 1,055,025 475,524 716,883 1,613,296 1,928,670 237,526 440,072

Cash flows from investing activitiesNet (payment) / proceeds from investments 4,785,620 (3,367,955) 1,507,956 (3,123,238) 2,506,409 (1,328,506) 3,386,301 870,157 1,953,551 186,512 (Increase) / decrease in loans & advances - - - - - - - - - - Other receipts / (payments) from investing activities 8,698 (12,474) 2,886 (9,137) 4,966 6,660 (1,832) (3,077) 1,898 11,102

Net cash flows from / (used in) investing activities 4,794,318 (3,380,429) 1,510,842 (3,132,375) 2,511,375 (1,321,846) 3,384,469 867,080 1,955,449 197,614

Cash flows from financing activitiesIncrease / (decrease) in investors' funds (4,553,280) 3,179,587 (1,569,805) 3,035,631 (2,735,289) 982,580 (1,559,854) 5,765,046 (2,175,930) (496,946)Distributions paid (1,192,118) (1,902,051) (348,811) (408,355) (408,111) (716,510) (2,318,466) (2,757,139) (192,991) (361,576)

Net cash flows from / (used in) financing activities (5,745,398) 1,277,536 (1,918,616) 2,627,276 (3,143,400) 266,070 (3,878,320) 3,007,907 (2,368,921) (858,522)

Net increase / (decrease) in cash and cash equivalents 301,688 (122,634) 568,302 549,925 (156,501) (338,894) 1,119,445 5,803,657 (175,946) (220,836)Cash at the beginning of period 1,926,153 2,048,787 2,060,725 1,510,800 4,068,829 4,407,723 2,347,117 (3,456,540) 548,116 768,952

Cash & cash equivalents at the end of period 2,227,841 1,926,153 2,629,027 2,060,725 3,912,328 4,068,829 3,466,562 2,347,117 372,170 548,116





TPT Equity Fund

TPTBalanced Fund


1111

Notes to and forming part of the financial report

1

2 Basis of accounting

3


Reporting entityThe Funds are registered Managed Investment Schemes under the Corporations Act 2001 .

(a) Statement of compliance

Significant accounting policiesThe following accounting policies have been applied consistently to all periods presented in these financial statements.

(a) Interest revenueInterest income is recognised in the Statement of Comprehensive Income as it accrues, using the effective interest rate of theinstrument as calculated at the acquisition date. Interest income includes the amortisation of any discount or premium or otherdifferences between the initial carrying amount and its amount at maturity calculated on an effective interest rate basis.

The financial report, comprising the general purpose financial reports of nine Managed Investment Schemes, has beenprepared in accordance with the Funds' Constitutions and the requirements of the Corporations Act 2001 and AustralianAccounting Standards. The report has been prepared on an accruals basis. The Funds are for-profit entities for the purposesof preparing the financial statements.

The financial report complies with Australian Accounting Standards ("AAS"), which include Australian equivalents toInternational Financial Reporting Standards (“AIFRS”). The financial report also complies with International FinancialReporting Standards (“IFRS”).

The Financial Statements were authorised for issue by the Directors on 19 August 2020

(b) Functional and presentation currencyThese financial statements are presented in Australian dollars, which is the functional currency of all funds.

(b) Distribution revenueDistributions from Unlisted Managed Investment Schemes are recognised in the Statement of Comprehensive Income in theyear the income was earned by the Unlisted Managed Investment Schemes. Distributions received may include capital gains.The Funds are required to offset carried forward capital losses with any capital gains received as part of a distribution. If thissituation arises the distributable income of the Funds will not be the same as the distributions the Funds receive.

(c) ExpensesAll expenses, including Responsible Entity fees, are recognised in the Statement of Comprehensive Income on an accrualsbasis. Operating expenses reimbursed to the Responsible Entity include, but are not limited to, software maintenance,Australian Securities and Investments Commission (ASIC) fees, postage, printing, legal, audit fees, insurance, advertising andelectronic banking facility costs.

(d) Receivables Receivables include amounts where settlement has not yet occurred. Interest is accrued at the reporting date from the time ofthe last payment. Amounts are generally received within 30 days of being recorded as receivables.

(e) Trade and other payablesPayables are recognised for amounts to be paid in the future for goods and services received, whether or not billed to theFunds, and include outstanding settlements on the purchase of investments and distributions payable. The carrying period isdictated by market conditions and is generally 30 days.

(f) Redeemable investor depositsFinancial liabilities arising from the redeemable investor deposits are carried at cost (the redemption amount), representingthe Investor's right to withdraw their full contribution, at the Investors' option, when the Funds are operating on a goingconcern basis.

1212

Notes to and forming part of the financial reportFor the year ended 30 June 2020

(k) Types of funds referred to in these statementsThe financial report refers to the "cash fund", "income funds" and "unitised funds".

The "cash fund" is the:▪ TPT At Call Fund (formerly the Tasmanian Perpetual At Call Fund).

The "income funds" are the:▪ TPT Fixed Term Fund (formerly the Tasmanian Perpetual Fixed Term Fund);▪ TPT Long Term Fund (formerly the Tasmanian Perpetual Long Term Fund); and▪ TPT Select Mortgage Fund (formerly the Tasmanian Perpetual Select Mortgage Fund).

The "unitised funds" are the:▪ TPT Australian Share Fund (formerly the Tasmanian Perpetual Australian Share Fund);▪ TPT Diversified Property Fund (formerly the Tasmanian Perpetual Diversified Property Fund);▪ TPT Balanced Fund (formerly the Tasmanian Perpetual Balanced Fund);▪ TPT International Share Fund (formerly the Tasmanian Perpetual International Share Fund); and▪ TPT Equity Fund (formerly the Tasmanian Perpetual Equity Fund).

(g) Terms and conditions on investorsEach interest issued confers upon the investors an equal interest in the relevant Fund. An investor does not have any interestin any particular asset or investment of the Fund. Investors have various rights under the Constitution and the Corporations Act 2001, including the right to:▪ Have their interests redeemed;▪ Receive income distributions;▪ Attend and vote at meetings of investors; and▪ Participate in the termination and winding up of the Fund. The rights, obligations and restrictions attached to each investor are identical in all respects.

(h) TaxationUnder current legislation, the Funds are not subject to income tax provided investors are presently entitled to the income ofthe Funds, and the Funds fully distribute their taxable income.

(i) Goods and services tax (GST)Expenses incurred by the Funds are recognised net of the amount of GST that is able to be recovered from the AustralianTaxation Office (ATO). Reduced input tax credits recoverable by the Funds from the ATO are recognised as receivables in theStatement of Financial Position.

(j) New accounting standards and interpretationsA number of Australian Accounting Standards and Interpretations have recently been issued or amended but have not beenadopted by the Funds for the reporting period. The impact of the standards and interpretations applicable to the Funds havebeen assessed, these standards and interpretations are not expected to have a material impact on the recognition,measurement or disclosure in the financial statements of the Funds.

1313


2020 2019 2020 2019 2020 2019 2020 2019 $ $ $ $ $ $ $ $

4 Auditors remuneration

During the financial year, the following fees were paid or payable for services provided by the auditor of the Group, Wise Lord & Ferguson:

Audit services

- Audit and review of the financial reports 2,400 2,400 2,400 2,400 2,400 2,400 2,400 2,400 - Audit and review of the compliance plan 5,100 4,400 5,100 4,400 5,100 4,400 5,100 4,400

Total auditors remuneration 7,500 6,800 7,500 6,800 7,500 6,800 7,500 6,800

2020 2019 2020 2019 2020 2019 2020 2019 2020 2019 $ $ $ $ $ $ $ $ $ $

- Audit and review of the financial reports 2,400 2,400 2,400 2,400 2,400 2,400 2,400 2,400 2,400 2,400 - Audit and review of the compliance plan 5,100 4,400 5,100 4,400 5,100 4,400 5,100 4,400 5,100 4,400

Total auditors remuneration 7,500 6,800 7,500 6,800 7,500 6,800 7,500 6,800 7,500 6,800


TPT At Call Fund

TPT Fixed Term Fund



TPTBalanced Fund

TPT Long Term Fund


TPT Equity Fund

1414


2020 2019 2020 2019 2020 2019 2020 2019 $ $ $ $ $ $ $ $

5 Related party information

Management fees 1,288,042 1,318,147 3,081,234 2,976,483 2,651,810 2,515,329 2,118,917 2,042,426

193,077 231,755 403,707 431,195 342,253 327,086 302,781 251,421

Total related party information 1,481,119 1,549,902 3,484,941 3,407,678 2,994,063 2,842,415 2,421,698 2,293,847

2020 2019 2020 2019 2020 2019 2020 2019 2020 2019 $ $ $ $ $ $ $ $ $ $

Management fees 352,273 340,648 298,820 250,636 184,182 182,244 689,539 653,772 89,536 92,676

96,527 46,311 96,793 44,622 73,885 40,955 105,315 64,600 22,468 24,740

Total related party information 448,800 386,959 395,613 295,258 258,067 223,199 794,854 718,372 112,004 117,416



Expenses incurred on behalf of the Fund and reimbursed by the Fund

TPT At Call Fund


Key Management Personnel (KMP)The Funds do not employ personnel in their own right. However, they are required to have an incorporated Responsible Entityto manage their activities. The Directors of the Responsible Entity are KMP of that entity and they are also considered to bethe KMP of the Funds. The names of the Directors during the year and up to the date of this report were as follows: MilesHampton, Melos Sulicich, Robert Gordon, Warren Lee, Sibylle Krieger, Stephen Lonie (deceased 20 November 2019),Andrea Waters and Vaughn Richtor (appointed 1 September 2019). Directors do not receive any remuneration from theFunds.


TPT Equity Fund

TPT Long Term Fund

TPT Fixed Term Fund

Expenses incurred on behalf of the Fund and reimbursed by the Fund

Management feesTPT Wealth Limited, in its capacity as Responsible Entity of the Funds, is entitled to charge management fees on the value of the Fund's assets, as stated in the PDS of the Funds. The rate charged for management fees is 1.1% pa inclusive of GST, with the exceptions being:▪ Effective 25th of May 2020, a temporary rebate of 0.275% (GST inclusive) to the TPT At Call Fund management▪ fee due to falling interest rates, to be reviewed in three months.▪ Effective 1 June 2020, the management fee on the TPT Select Mortgage Fund increased to 1.21% pa (GST ▪ inclusive), to reflect the higher running costs of this Fund. The management fees are deducted from the income of the Funds, together with out-of-pocket expenses and Government taxes, where not recouped from the investors. There are no other fees, commissions, benefits or advantages derived by the Responsible Entity or its employees or associates in connection with the management of the Funds.

TPTBalanced Fund

1515


2020 2019 2020 2019 2020 2019 2020 2019 $ $ $ $ $ $ $ $

5 Related party information (continued)

28,889,118 23,630,705 15,146,137 18,867,305 27,279,863 31,992,643 16,384,570 14,957,532

Investments in the Fund by Funds also managed by the Responsible Entity:- TPT At Call Fund - - - - - - - - - TPT Equity Fund 342,084 465,927 - - - - - - - TPT Balanced Fund 774,887 906,311 - - 2,668,425 3,125,000 - - - TPT Australian Share Fund 1,416,042 1,750,461 - - - - - - - TPT Diversified Property Fund 582,169 1,394,222 - - - - - - - TPT International Share Fund 2,436,251 3,248,577 - - - - - - - TPT Select Mortgage Fund 63,477,701 102,318,948 - - - - - - - Tasmanian Perpetual Mortgage Fund - 766,987 - - - - - 6,229,509 Total investments held at balance date 69,029,134 110,851,433 - - 2,668,425 3,125,000 - 6,229,509 Investments by the Fund in other Funds also managed by the Responsible Entity:- TPT At Call Fund - - - - - - 63,477,701 102,318,948 - TPT Select Mortgage Fund - - - - - - - - Total investments held at balance date - - - - - - 63,477,701 102,318,948 Details of the investment in the Fund by the Parent Entity of the Responsible Entity- MyState Limited 1,937,376 867,319 - - 43,562 1,435,842 - - Total investments held at balance date 1,937,376 867,319 - - 43,562 1,435,842 - -

TPT At Call Fund

Estates & agencies managed by the Responsible Entity with investments in the Fund

TPT Fixed Term Fund

TPT Long Term Fund


1616


2020 2019 2020 2019 2020 2019 2020 2019 $ $ $ $ $ $ $ $


Details of investments held by the Fund in other entities controlled by the Parent Entity of the Responsible Entity:- MyState Bank Limited 2,742,284 9,250,000 250,000 3,244,627 10,000 5,250,000 - - - Conquest 2013-1 Trust Class B RMBS Notes - - 803,473 1,040,502 803,473 1,040,502 803,473 1,040,502 - Conquest 2014-2 Trust Class A2 RMBS Notes 477,422 610,804 - - - - - Conquest 2014-2 Trust Class B1 RMBS Notes - - 902,159 1,480,561 869,081 1,427,684 610,685 1,004,667 - Conquest 2014-2 Trust Class B2 RMBS Notes - - 700,000 700,000 600,000 600,000 500,000 500,000 - Conquest 2014-2 Trust Class B3 RMBS Notes - - 500,000 500,000 500,000 500,000 300,000 300,000 - Conquest 2016-1 Trust Class B1 RMBS Notes - - 7,074,791 8,595,450 1,967,919 5,757,230 4,176,290 4,652,320 - Conquest 2016-1 Trust Class B2 RMBS Notes - - - 6,822,184 - 4,941,331 - 3,440,485 - Conquest 2016-2 Trust Class B1 RMBS Notes - - 706,562 750,000 706,562 750,000 471,041 500,000 - Conquest 2016-2 Trust Class B2 RMBS Notes - - 471,041 500,000 471,041 500,000 471,041 500,000 - Conquest 2016-2 Trust Class B3 RMBS Notes - - 471,041 500,000 471,041 500,000 471,041 500,000 - Conquest 2016-2 Trust Class AB RMBS Notes 1,893,634 2,012,504 - - - - - - - Conquest 2017-1 Trust Class B1 RMBS Notes - - 1,350,000 1,350,000 1,100,000 1,100,000 750,000 750,000 - Conquest 2017-1 Trust Class B2 RMBS Notes - - 750,000 750,000 750,000 750,000 500,000 500,000 - Conquest 2017-1 Trust Class B3 RMBS Notes - - - 600,000 600,000 - - - Conquest 2019-2 Trust Class B RMBS Notes - - - - - - 1,600,000 - Total investments held at balance date 5,113,340 11,873,308 13,979,066 26,233,325 8,849,116 23,716,747 10,653,571 13,687,974

Responsible Entity's interest in the FundOpening interest 2,098,036 1,919,748 - - 6,400,663 3,199,878 - - Applications 7,299,525 13,254,857 - - 126,774 3,200,784 - - Redemptions (9,329,401) (13,076,569) - - (6,279,970) - - - Total interest held at the end of the financial year 68,160 2,098,036 - - 247,467 6,400,663 - - Interest in the Fund 0.04% 0.87% - - 0.09% 2.20% - - Distributions received 11,906 67,941 - - 126,774 131,947 - -

Unitised Funds


TPT Long Term Fund

TPT Fixed Term Fund

TPT At Call Fund

Both the Parent Entity and Responsible Entity do not hold any interests in the Unitised Funds.

1717


2020 2019 2020 2019 2020 2019 2020 2019 2020 2019 $ $ $ $ $ $ $ $ $ $


16,742,593 18,195,467 16,282,749 19,803,069 4,559,950 6,037,727 56,527,694 58,117,097 1,848,757 2,116,617

Investments in the Fund by Funds also managed by the Responsible Entity:

- TPT Equity Fund 4,947,251 6,328,459 - - - - 1,540,634 2,112,977 - - Total investments held at balance date 4,947,251 6,328,459 - - - - 1,540,634 2,112,977 - -

Investments by the Fund in other Funds also managed by the Responsible Entity:- TPT At Call Fund 1,416,042 1,750,461 582,169 1,394,222 774,887 906,311 2,436,251 3,248,577 342,084 465,927 - TPT Long Term Fund - - - - 2,668,425 3,125,000 - - - - - TPT Australian Share Fund - - - - - - - - 4,947,251 6,328,459 - TPT International Share Fund - - - - - - - - 1,540,634 2,112,977

1,416,042 1,750,461 582,169 1,394,222 3,443,312 4,031,311 2,436,251 3,248,577 6,829,969 8,907,363

TPT Equity Fund



Estates & agencies managed by the Responsible Entity with investments in the Fund


TPTBalanced Fund

Total investments held at balance date

1818


2020 2019 2020 2019 2020 2019 2020 2019

$ $ $ $ $ $ $ $

6 Distributions to investors

Distributions paid or provided for- For the quarter ended 30 September 834,556 1,249,524 2,206,295 2,628,435 1,964,796 2,365,832 1,905,813 2,120,587 - For the quarter ended 31 December 740,395 1,255,520 1,971,175 2,607,799 1,767,016 2,315,853 1,793,772 2,159,179 - For the month ended 31 January 189,199 - 647,627 - 601,155 - 582,481 - - For the month ended 29 February 164,857 - 603,054 - 568,722 - 554,051 - - For the month ended 31 March 114,764 1,271,410 335,001 2,531,917 326,280 2,262,771 347,434 2,163,637 - For the month ended 30 April 64,323 - 532,673 - 468,518 - 500,138 - - For the month ended 31 May 71,508 - 497,249 - 439,996 - 480,474 - - For the month ended 30 June 47,127 1,187,765 456,636 2,433,040 406,965 2,154,391 423,978 2,120,292

Total distributions paid or provided for 2,226,729 4,964,219 7,249,710 10,201,191 6,543,448 9,098,847 6,588,141 8,563,695

Cents per unit Cents per unit Cents per unit Cents per unit Cents per unit Cents per unit Cents per unit Cents per unit

Distributions paid or provided for (cents per unit)- For the quarter ended 30 September N/A N/A N/A N/A N/A N/A N/A N/A - For the quarter ended 31 December N/A N/A N/A N/A N/A N/A N/A N/A - For the month ended 31 January N/A N/A N/A N/A N/A N/A N/A N/A - For the month ended 29 February N/A N/A N/A N/A N/A N/A N/A N/A - For the month ended 31 March N/A N/A N/A N/A N/A N/A N/A N/A - For the month ended 30 April N/A N/A N/A N/A N/A N/A N/A N/A - For the month ended 31 May N/A N/A N/A N/A N/A N/A N/A N/A - For the month ended 30 June N/A N/A N/A N/A N/A N/A N/A N/A

N/A N/A N/A N/A N/A N/A N/A N/A

Distributions to investors

TPT At Call Fund

TPT Fixed Term Fund

Realised capital losses are not distributed to investors but are retained in the Funds to be offset against any future realisedcapital gains. If realised capital gains exceed realised capital losses, the excess is distributed to investors. Unrealised gainsand losses on investments are not assessable or distributable until realised.

In accordance with the Funds' Constitutions and tax legislation, the Funds fully distribute all of their distributable income toinvestors. Total distributions paid or provided is calculated based on the yearly net revenue from investments, less trustexpenses, plus any applicable capital gains on sale of investments.

TPT Long Term Fund


Total distributions paid or provided for (cents per unit)

1919


2020 2019 2020 2019 2020 2019 2020 2019 2020 2019 $ $ $ $ $ $ $ $ $ $

6 Distributions to investors (continued)

Distributions paid or provided for

- For the quarter ended 30 September 447,922 559,051 37,378 26,612 49,300 115,867 - - - - - For the quarter ended 31 December 317,901 528,915 174,766 285,071 98,947 231,643 - 193,001 124,343 212,662 - For the quarter ended 31 March 209,297 465,614 136,667 96,672 64,395 114,400 - - - - - For the quarter ended 30 June 216,998 348,471 - - 195,469 254,600 2,318,466 2,564,138 68,648 148,914

Total distributions paid or provided for 1,192,118 1,902,051 348,811 408,355 408,111 716,510 2,318,466 2,757,139 192,991 361,576 0 0 0

Cents per unit Cents per unit Cents per unit Cents per unit Cents per unit Cents per unit Cents per unit Cents per unit Cents per unit Cents per unit

Distributions paid or provided for (cents per unit)

- For the quarter ended 30 September 1.24 1.74 0.09 0.07 0.34 0.83 - - - - - For the quarter ended 31 December 0.86 1.54 0.40 0.76 0.66 1.58 - 0.36 1.32 2.13- For the quarter ended 31 March 0.58 1.32 0.31 0.26 0.50 0.79 - - - - - For the quarter ended 30 June 0.59 1.00 - - 1.46 1.76 4.36 4.78 0.81 1.55

3.27 5.60 0.80 1.09 2.96 4.96 4.36 5.14 2.13 3.68

Net gain / (loss) on disposal of units at cost in unit trusts


TPTBalanced Fund


TPT Equity Fund

Total distributions paid or provided for (cents per unit)

The net gain/(loss) shown is the taxable gains or loss realised upon disposal. These realised capital gains are then netted withany available prior year carried forward capital losses (if available), then added to the years income distributions to investors.


2020


2020 2019 2020 2019 2020 2019 2020 2019 $ $ $ $ $ $ $ $

7 Loans & advances

Loans & advances - - 100,200,430 113,235,543 84,117,752 89,283,535 84,415,567 83,595,703 Provision for doubtful debts - - - - - - - -

Total loans & advances - - 100,200,430 113,235,543 84,117,752 89,283,535 84,415,567 83,595,703

Provision for doubtful debtsOpening balance - - - - - - - - Charge against profit - - - - - - - - Write back against profit - - - - - - - -

Closing balance - - - - - - - -

Non-accrual loans included above - - - - - - - -

Classification The effective interest rate is the rate that exactly discounts estimated future cash payments or receipts through the expectedlife of the financial instrument.

ImpairmentLoans and advances are reviewed at each reporting date, to determine whether there is objective evidence of impairment. Ifany such indication exists, impairment testing is carried out and an expense is recognised in the Statement of ComprehensiveIncome as the difference between the carrying amount and the present value of estimated future cash flows discounted at theasset's original effective interest rate. At 30 June 2020, there were two mortgages totalling $2,100,000 that had applied forfinancial hardship relief due to COVID-19 in the form of capital payment deferrals. No impairment expense has been raised asthese are not expected to result in any financial losses to the Funds.

DerecognitionThe Funds derecognise financial assets when the contractual rights to the cash flows from the financial assets expire or theFunds transfer the assets and the transfer qualifies for derecognition.

Loans and advances are held until they mature with the intention of collecting contractual cash flows, consisting solely ofpayments of principal and interest, for the benefit of investors. They are therefore carried at amortised cost.

Recognition and measurementLoans and advances are initially recognised at cost, being the fair value of the consideration given plus directly attributableacquisition costs at the date the Funds become a party to the contractual provisions of the instrument using trade dateaccounting. Subsequent to initial recognition, the carrying amount of loans and advances is determined using the effectiveinterest rate method, less any impairment losses. The effective interest method is a method of calculating the amortised costof a financial instrument and of allocating the interest income or expense over the relevant period.


TPT Long Term Fund

TPT At Call Fund

TPT Fixed Term Fund

2121


8 Investments designated as fair value through profit or loss

2020 2019 2020 2019 2020 2019 2020 2019 2020 2019 % % % % % % % % % %

Interest bearingTPT At Call Fund 5% 5% 2% 5% 5% 5% 4% 5% 5% 5%TPT Long Term Fund - - - - 18% 17% - - - -

Non interest bearingAB Global Equities Fund - - - - 11% - 10% - - -Antipodes Global Share Fund - - - - - - 1% 8% - -Colonial First State Equity Income Fund - - - - 15% - - - - -Epoch Global Equity Fund - - - - 8% - 9% 10% - -Investors Mutual Equity Income Fund 14% 15% - - - - - - - -Magellan Global Fund - - - - - - 22% 19% - -Magellan Infrastructure Fund - Hedged - - 18% 16% - - - - - -Magellan Infrastructure Fund - Unhedged - - - - 9% 12% - - - -Nikko AM Australian Share Income Fund 15% 16% - - 14% 31% - - - -Plato Australian Share Income Fund 17% 15% - - - - - - - -Plato Global Share Fund - - - - - 18% - 4% - -Resolution Capital Global Property Securities Fund - - 19% 16% - - - - - -TPT Australian Share Fund - - - - - - - - 72% 71%TPT International Share Fund - - - - - - - - 23% 24%Vanguard Australian Fixed Interest Index Fund - - - - 20% 17% - - - -

- - 47% 49% - - - - - - Vanguard Australian Shares High Yield Fund 50% 49% - - - - - - - -

- - 14% 14% - - - - - - Vanguard International Shares Index Fund (Hedged) - - - - - - 27% 26% - - Vanguard International Shares Index Fund (Unhedged) - - - - - - 27% 28% - -

Vanguard Australian Property Securities Index Fund

TPT Equity Fund


TPTBalanced Fund

Vanguard International Property Securities Index Fund (Unhedged)



2222


8 Investments designated as fair value through profit or loss (continued)

9 Financial risk management

Overview

ClassificationFinancial assets at fair value through profit and loss include equity securities and investments in other managed investmentschemes. These assets are designated on the basis that they are managed and have their performance assessed on a fairvalue basis in accordance with the risk management and investment strategies of the Funds. Should an investment'sperformance evaluation not be satisfactory the investment could be sold and replaced with a different investment.

Recognition & measurementFinancial assets at fair value through profit and loss are recognised by the Funds at the date they become a party to thecontractual provisions of the instrument using trade date accounting. Financial assets designated at fair value through profitand loss are initially measured at fair value being the consideration given. Acquisition charges associated with the financialinstruments are expensed. After initial recognition, they are measured at fair value with changes in their fair value recognisedin the Statement of Comprehensive Income.

Assets are held at the discretion of the Responsible Entity, in accordance with its published investment strategy.

Cash fundThis Fund’s assets principally consist of financial instruments which comprise non-quoted fixed interest investments. Theobjective of this investment is to provide relatively secure investments, together with a competitive return of income. Theinvestment activity of this fund exposes it to market risk (including interest rate risk), credit risk and liquidity risk.

Income fundsThese Funds principally consist of financial instruments which comprise mortgages and an investment in a related party fund.The objective of these investments is to provide relatively secure investments, together with a competitive return of income.The investment activity of these Funds contain exposure to market risk (including interest rate risk, property risk and currencyrisk), credit risk and liquidity risk.

Unitised fundsThese Funds' assets consist of investments in wholesale Managed Investment Schemes. The composition is shown in note 8.The objective of the investments is to provide opportunity for capital growth over the medium to long term together with taxeffective franked dividend income. The Funds' investing activities expose them to market risk (including market price risk,property index risk and currency risk), investment manager risk and liquidity risk.

The nature and extent of the financial instruments employed by the Funds are discussed in the following section. This notepresents information about the Funds' exposure to each of these risks, the Funds' objectives, policies and processes formeasuring and managing risk.

The Board of Directors of the Responsible Entity has overall responsibility for the establishment and oversight of the Funds'risk management framework. The Board of the Responsible Entity has established an Asset and Liability Committee, which isresponsible for developing and monitoring the Funds' risk management policies, including those policies related to itsinvestment activities. The Responsible Entity’s risk management policies are established to identify and analyse the risksfaced by the Funds, including those risks managed by the Scheme’s Investment Managers, to set appropriate risk limits andcontrols and to monitor risks and adherence to limits. These risk management policies and systems are reviewed regularly toreflect changes in market conditions and the Funds' activities.

The Responsible Entity's Asset and Liability Committee receives quarterly activity reports from management and, in turn,reports regularly to the Board of Directors of the Responsible Entity on its activities. The quarterly activity reports includedetails on compliance with the Funds' investment strategies, asset allocations of the Funds and performance.

2323


9 Financial risk management (continued)

Impact on fund assets Beta 2020 2019

TPT Australian Share Fund 1.00 1% 305,944 311,379

TPT Diversified Property Fund 0.89 1% 228,365 260,176

TPT International Share Fund 0.91 1% 579,830 573,457

TPT Equity Fund 0.96 1% 66,653 76,385

TPT Balanced Fund 0.97 1% 149,733 171,971 Index is a composite consisting of 20% Australian Fixed Interest Index, 15% Short Term Money Market Index, 30% Australian Shares Total Return Index, 20% International Shares Total Return Index in Australian dollars, 10% Global Listed Infrastructure Total Return Index in Australian dollars and 5% Short Term Money Market Index.

Index is a composite consisting of 70% weighting to the International Shares Total Return Index in Australian dollars, 25% International Shares Total Return Index hedged into Australian dollars and 5% Short Term Money Market Index.

Interest rate risk - cash and income fundsThe majority of the Funds' financial assets are held in interest bearing assets that are expected to mature within 12 months orin financial assets that reset to the prevalent market interest rate on a monthly or quarterly basis. As a result the Funds aresubject to limited exposure to interest rate risk due to fluctuations in the prevailing levels of market interest rates.

The Funds interest rate risks are managed on a daily basis in accordance with policies and procedures in place. Interest raterisk is managed by:• Ensuring that the Funds have a tactical asset allocation that provides for the effective management of interest rate andassociated liquidity risk;

• Ensuring that there is adequate matching of the duration of assets with the likely duration of investors’ funds;• Continually monitoring the effect upon yield and liquidity, of probable movements in interest rates; and• Continually modelling the effect of utilising a hedging strategy to counteract the probable movement in interest rates.

The Funds overall interest rate risks are monitored on a monthly basis by the Responsible Entity's Asset and LiabilityCommittee which reports to the Board of Directors of the Responsible Entity. From March 2020 the frequency of themonitoring was increased to weekly or bi-weekly as a result of extra precautions during the COVID-19 pandemic.

(a) Market risk

Market price riskMarket price risk is the risk the value of the investments will fluctuate as a result of changes in market prices, this risk isapplicable to the unitised Funds. The risk is mitigated by selecting quality Investment Managers that have a robust investmentprocess in place. Risk is further reduced by selecting a diverse portfolio of managers and holding part of the portfolio in cash.

Market price risk sensitivityThe Market Price Risk of the Unitised Funds has been measured using the beta of the Fund as compared to the compositebenchmark of the Fund. The following table sets out the impact that a 1% increase in the index would have on the value of theFund. A 1% decrease would have an equal and opposite effect.

Relevant index Index is a composite of 95% Australian Shares (High Yield) Total Return Index and 5% Short Term Money Market Index.

Index is composite of 50% Australian Listed REIT Total Return Index, 30% Global Listed REIT Total Return Index in AUD, 15% Global Listed Infrastructure Total Return Index Hedged into Australian Dollars, 5% Short Term Money Market Index.

% rise in bench mark

Index is a composite benchmark weighted equivalent to the Fund target asset allocation comprising: ASX 300 Accumulation Index; MSCI International Total Accumulated Return in AUD World Index ex Aust; and the UBS Australian Bank Bill Index.

2424



2020 2019 2020 2019 2020 2019 2020 2019 $ $ $ $ $ $ $ $

Financial assetsCash and cash equivalents

Weighted average interest rate 0.79% 1.57% 0.72% 1.60% 0.73% 1.59% 1.53% 2.53%Floating interest rate 17,015,011 18,986,247 18,473,544 14,074,794 17,000,030 18,596,886 61,249,280 101,935,480

InvestmentsWeighted average interest rate 1.76% 2.71% 2.74% 3.82% 2.97% 3.90% 3.92% 4.07%

Floating interest rate 164,743,052 221,939,481 202,124,085 203,004,915 160,291,643 181,565,937 94,562,511 87,846,026

Loans and advancesWeighted average interest rate - - 4.60% 5.02% 4.66% 5.05% 4.80% 5.17%

Floating interest rate - - 60,664,241 56,009,342 63,180,668 60,802,356 43,214,551 42,582,577

Fixed rate maturing in 1 year or less - - 28,539,117 44,066,422 9,641,295 18,183,872 19,138,791 26,623,984 Fixed rate maturing in 2 to 5 years - - 10,997,072 13,159,779 11,295,789 10,297,307 22,062,227 14,389,142

Other assetsWeighted average interest rate - - - - - - - -

Floating interest rate - - - - - - - -

Total financial assets 181,758,063 240,925,728 320,798,059 330,315,252 261,409,425 289,446,358 240,227,359 273,377,210

Financial liabilitiesTrade and other payables - - - - - - - -

(a) Market risk (continued)

Interest rate risk - cash and income funds (continued)The Fund's exposure to interest rate risk is as follows:

TPT Long Term Fund

TPT At Call Fund

TPT Fixed Term Fund


2525


- - - - - - 1 1 9 Financial risk management (continued)

2020 2019 2020 2019 2020 2019 2020 2019 2020 2019 $ $ $ $ $ $ $ $ $ $

5,570 4,815 6,573 5,152 9,781 10,172 8,666 5,868 930 1,370

The Responsible Entity continually monitors property market trends, through analysis of commodity price movements,geographical price trends and other such localised issues. The measurement of the Funds' exposure to property market pricerisk is based upon the analysis of loans, at the time of review, being reported as being in excess of the investment policy's setloan to valuation ratios.

The impacts of the COVID-19 pandemic are yet to be seen in a property market context due to the less liquid nature of theseassets. The policies in place for the management of property price risk are there to minimise this risk in the event of propertyprice declines.



TPTBalanced Fund


Property market price risk - income fundsProperty market price risk is the risk that adverse movements in the market value of a property could result in financial loss tothe Funds.

The objective of property market price risk management is to ensure that movements in the market value of individualproperties mortgaged to the Funds do not result in financial losses to the Funds. The Responsible Entity manages propertymarket price risk by rigorously applying the mortgage lending policy, which forms part of its investment policies. The mortgagelending policy outlines exposure limits permitted by the Funds to different types mortgage and different sectors.

The mortgage lending policy is specifically designed to manage property market price risk, whilst providing competitivelypriced funds to property owners and investors.

The primary exposure to interest rates arises on cash balances held by the Funds, which are held in floating interest rateaccounts. Based on the cash balances held by the Funds at 30 June 2020, an increase in Australian interest rates of 0.25%would increase the annual interest earned by the Funds by the amounts shown in the following table. A decrease would havean equal but opposite effect. The level of cash held may vary from time to time depending on the level of recent capital flowsinto and out of the Funds and on the manager's judgement. The cash balances held by the Funds as at 30 June 2020 maytherefore not be typical of the amounts of cash generally held by the Funds.

TPT Equity Fund

Interest revenue - cash and cash equivalents


Interest rate risk - unitised fundsThe majority of the Fund’s assets are held in non-interest bearing investments. However, these assets and the interestbearing investments are subject to interest rate risk. In general, equity investments usually increase in a falling interest rateenvironment and conversely, decrease in a rising interest rate environment. The investment in the TPT At Call Fund isexpected to move in line with changes in Australian interest rates, since the underlying investments in this Fund are cash,bank bills and floating rate notes.

2626




Currency riskCurrency risk arises as the value of monetary securities denominated in other currencies will fluctuate due to changes inexchange rates.

Units in international funds are held and an exposure to foreign exchange risk arises as the offshore securities held by theunderlying funds are valued in foreign currency. These international funds may have also entered into derivatives in order togain exposure to offshore markets. As these investments are non-monetary assets, the currency risk is a component of pricerisk.

The Fund's currency risk is managed on a daily basis by the appointed investment managers which is determined by theinvestment objectives of the Fund's investments. These Funds may also manage this risk by entering into foreign exchangeforward contracts to hedge these risks.

As at 30 June 2020, no significant direct currency risk is deemed to exist in the Funds.

(c) Liquidity risk

Liquidity risk is the risk that the Funds will not be able to meet their financial obligations as they fall due. The Funds' approachto managing liquidity is to ensure that it will have sufficient liquidity to meet their liabilities as and when they fall due. TheFunds' liquidity risk is managed on a daily basis by the Responsible Entity in accordance with the Investment Policy Statementand Liquidity Management Policy. The liquidity risk of the Funds is limited to the trade and other payables balance and the netassets attributable to investors which are repayable within 30 days.

(d) Credit risk - cash and income funds

Credit risk is the risk that a counterparty to a financial instrument will fail to discharge an obligation or commitment that it hasentered into with the Funds. All investments within the cash and income Funds are subject to credit risk. The Funds have acredit policy in place and the exposure to credit risk is monitored on a daily basis.

Credit risk is mitigated by investing in instruments with credit ratings issued by Standard and Poor’s. Certain assets with aStandard and Poor's rating below A- must first be approved by the Asset and Liability Committee prior to the initial investment.Credit concentration is managed by applying a credit risk matrix, which is designed to diversify the financial assets of theFunds by industry and counterparty.

As at 30 June 2020, across all of the Funds there were two mortgages with a total value of $2,100,000 where the borrowerhas applied for payment deferrals as a result of COVID-19.

(b) Investment manager risk

Investment manager risk is the risk that an investment in a fund managed by an external fund manager does not achieve thespecified investment performance mandate of the Funds.

The Responsible Entity has adopted a Core-Satellite fund approach to investing for the Funds. This philosophy bringstogether the best of the index investment approach and the actively managed investment approach. It involves using indexfunds as the core of an investor's portfolio, and direct and actively managed investments as the satellites. The ResponsibleEntity undertakes a rigorous due diligence process when selecting and reviewing investment managers. The selection, reviewand replacement of investment managers is carried out by the Responsible Entity's own experienced investment team.Managers are reviewed on a quarterly basis with the review process focusing on:• Performance against benchmark and peers;• Continuity in investment philosophy and style; and• Maintenance of the agreed investment approach.

2727



(d) Credit risk (continued)

2020 2019 2020 2019 2020 2019 2020 2019 % % % % % % % %

The Fund’s financial assets exposed to credit risk were concentrated in the following classifications:Major Australian Banks 32.62% 31.51% 16.58% 16.63% 16.93% 16.82% 0.64% 0.51%Asset Backed Securities 10.33% 14.81% 20.26% 25.11% 22.00% 25.92% 21.20% 21.95%Other Banks 57.05% 53.68% 22.47% 15.68% 18.74% 17.90% 4.11% 2.55%Managed Investment Scheme - - 6.96% 8.44% 7.40% 8.65% 35.43% 44.44%Mortgages - - 33.73% 34.14% 34.93% 30.70% 38.62% 30.54%

Total 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

At 30 June the Fund has invested in debt securities with the following credit quality:AAA 11.95% 14.81% 3.28% 2.29% 3.27% 1.54% N/A N/A AA+ - - 0.32% 0.34% 0.40% 0.37% N/A N/A AA - - 7.78% 8.12% 9.40% 8.58% N/A N/A AA- 31.50% 31.51% 26.99% 31.63% 27.35% 31.29% N/A N/A A+ 1.40% 4.06% 4.82% 7.60% 6.17% 7.67% N/A N/A A - - 3.44% 3.10% 2.77% 2.03% N/A N/A A- - - - - 0.23% 0.25% N/A N/A BBB+ 38.15% 17.47% 22.88% 11.29% 20.18% 11.94% N/A N/A BBB 17.00% 32.15% 7.25% 10.41% 5.12% 12.27% N/A N/A BBB- - - 0.64% 0.23% 0.80% 0.25% N/A N/A BB+ - - - 0.46% - 0.50% N/A N/A BB - - - - - - N/A N/A Unrated - - 22.60% 24.53% 24.31% 23.31% N/A N/A

Total 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% N/A N/A


TPT Long Term Fund

TPT At Call Fund

TPT Fixed Term Fund

2828


10 Fair value of financial instruments

Assets Carrying amount Aggregate net fair

value Carrying amount Aggregate net fair



value

30 June 2020 Short term investments (1) 87,965,588 87,965,588 73,989,077 73,989,077 47,487,694 47,487,694 - - Long term investments (1) 76,777,464 76,777,464 128,135,008 128,135,008 112,803,949 112,803,949 94,562,511 94,562,511 Loans & advances - variable rate (1) - - 60,664,241 60,664,241 63,180,668 63,180,668 43,214,551 43,214,551 Loans & advances - fixed rate (2) - - 39,536,189 39,071,960 20,937,084 20,680,623 41,201,016 40,617,270

30 June 2019 Short term investments (1) 145,351,590 145,351,590 85,942,545 85,942,545 75,940,002 75,940,002 - - Long term investments (1) 76,587,891 76,587,891 117,062,370 117,062,370 105,625,935 105,625,935 87,846,026 87,846,026 Loans & advances - variable rate (1) - - 56,009,342 56,009,342 60,802,356 60,802,356 42,582,577 42,582,577 Loans & advances - fixed rate (2) - - 57,226,201 56,602,592 28,481,179 28,193,185 41,013,126 40,482,300

(1)

(2)

Unitised fundsThe unitised funds hold investments in unlisted managed investment schemes. These are carried at fair value through profit or loss with fair value determined by reference to the publicly available quoted unit price. These therefore sit in Level 1 of the fair value hierarchy.

Cash and liquid assets, receivables, other assets, trade and other payables are carried at cost. As these assets are short term assets, their cost is considered to approximate their fair value.

The level in the fair value hierarchy of the inputs used in determining the fair values is as follows: ● Level 1 - inputs that are prices quoted for identical instruments in active markets; ● Level 2 - inputs based on observable market data other than those in level 1; and ● Level 3 - inputs for which there is no observable market data.

The short and long term investments contained in the following table sit in level 2 of the fair value hierarchy, whilst loans and advances sit in level 3. These assets are also carried at amortised cost in the Statement of Financial Position, the carrying value may differ from fairvalue as shown below.

TPT At Call Fund

TPT Fixed Term Fund

TPT Long Term Fund


The amortised cost carrying amount of these assets in the Condensed Statement of Financial Position is a reasonable approximation of fair value due to the short term to maturity or periodic yield resets. Fair values have, therefore, not been calculated.The majority of short term investments are negotiated with a maturity between three and six months. The interest rates on all long term investments reset to a specific margin above current market rates, either monthly or quarterly. The interest rates onloans & advances with a variable rate, change based on market interest rate movements.The fair value of loans & advances with a fixed rate is calculated as the present value of future known cash flows using the Fund's current variable rate as the discount factor.

2929


11 Net assets attributable to investors

30 June 2020 $ Units $ Units $ Units $ Units

Investors' transactionsOpening issued units 241,592,149 N/A 331,038,963 N/A 290,464,053 N/A 274,158,204 N/A

Units issued during year 344,362,302 N/A 94,727,392 N/A 72,528,214 N/A 90,336,402 N/A

Units reinvested during year 665,630 N/A 4,211,968 N/A 3,806,974 N/A 3,732,655 N/A

Units redeemed during year (404,765,245) N/A (108,903,930) N/A (104,898,706) N/A (127,439,155) N/A

Change in net assets attributable to investors - N/A - N/A - N/A - N/A

Closing issued units 181,854,836 N/A 321,074,393 N/A 261,900,535 N/A 240,788,106 N/A -0.25 -0.17 -0.07 0.00

30 June 2019

Opening issued units 233,989,813 N/A 331,536,389 N/A 298,202,156 N/A 244,156,421 N/A Units issued during year 375,238,903 N/A 95,936,934 N/A 65,929,382 N/A 107,206,600 N/A Units reinvested during year 2,292,761 N/A 7,512,347 N/A 6,441,937 N/A 6,488,131 N/A Units redeemed during year (369,929,328) N/A (103,946,707) N/A (80,109,422) N/A (83,692,948) N/A Change in net assets attributable to investors - N/A - N/A - N/A - N/A

Closing issued units 241,592,149 N/A 331,038,963 N/A 290,464,053 N/A 274,158,204 N/A

Cash and income fundsThe Funds' net assets attributable to investors is the capital of the Funds, notwithstanding the classification as a liability. Net assets attributable to investors is the pool of funds contributed by investors over time. The objective of the Funds is to provide returns to investors inaccordance with the Product Disclosure Statement. Note 9 provides detailed information on how the Responsible Entity manages the Funds' capital to achieve the Funds' objectives.

TPT At Call Fund

TPT Fixed Term Fund

TPT Long Term Fund


3030


11 Net assets attributable to investors (continued)

30 June 2020 $ Units $ Units $ Units $ Units $ Units

Investors' transactionsOpening issued units 34,835,957 34,932,303 26,585,942 38,472,052 18,004,402 14,584,192 63,784,100 53,815,621 8,995,367 9,713,968 Units issued during year 3,427,376 3,674,111 6,231,252 8,671,507 4,026,821 3,283,054 2,586,957 2,169,138 404,724 439,355 Units reinvested during year 464,970 491,755 216,540 326,108 154,558 125,769 - - - - Units redeemed during year (2,412,012) (2,615,829) (2,274,642) (3,360,273) (5,573,279) (4,678,694) (3,541,034) (2,965,790) (1,443,603) (1,678,325)Change in net assets attributable to investors (6,014,906) - (5,168,674) - (1,301,778) - (1,358,301) - (1,092,054) -

Closing issued units 30,301,385 36,482,340 25,590,418 44,109,393 15,310,724 13,314,321 61,471,722 53,018,968 6,864,434 8,474,998 (1) 0 (0) (1) 0

30 June 2019

Opening issued units 31,579,865 32,354,217 22,904,613 37,408,666 17,022,326 13,902,527 58,849,418 51,958,809 9,413,923 10,516,234 Units issued during year 4,474,511 4,834,757 1,997,272 3,660,838 3,241,894 3,022,761 4,457,949 4,403,037 610,918 720,724 Units reinvested during year 454,386 478,599 77,878 126,656 407,407 337,465 218,970 185,576 239,785 277,006 Units redeemed during year (2,477,265) (2,735,270) (1,332,759) (2,724,108) (2,830,228) (2,678,560) (2,505,159) (2,731,801) (1,581,136) (1,799,996)Change in net assets attributable to investors 804,460 - 2,938,937 - 163,003 - 2,762,922 - 311,878 -

Closing issued units 34,835,957 34,932,303 26,585,942 38,472,052 18,004,402 14,584,192 63,784,100 53,815,621 8,995,367 9,713,968


TPTBalanced Fund


TPT Equity Fund

Unitised FundsThe Funds' net assets attributable to investors is the capital of the Funds, notwithstanding the classification as a liability. Net assets attributable to investors is the pool of funds contributed by investors over time. The objective of the Funds is to provide returns to investors inaccordance with the relevant Product Disclosure Statement. Note 9 provides detailed information on how the Responsible Entity manages the Funds' capital to achieve the Funds' objectives.


3131


12 Statement of Cash Flows

2020 2019 2020 2019 2020 2019 2020 2019 $ $ $ $ $ $ $ $

(a) Reconciliation of profit / (loss) from operating activities to the net cash flows provided / (used) by operating activitiesProfit / (loss) from operating activities 2,226,729 4,964,219 7,249,710 10,201,191 6,543,448 9,098,847 6,588,141 8,563,695 (Increase) / decrease in receivables 515,048 104,053 312,543 2,398 350,177 19,586 17,767 (102,875)(Decrease) / increase in trade and other payables 181,613 2,479 150,753 14,485 102,123 19,414 94,976 36,142

2,923,390 5,070,751 7,713,006 10,218,074 6,995,748 9,137,846 6,700,884 8,496,962 0 0 0 0 0 0 0 -2

(b) Reconciliation of cash:Cash balance comprises:- Cash and deposits 17,015,011 18,986,247 18,473,544 14,074,794 17,000,030 18,596,886 61,249,280 101,935,480

0.170000002 0 0.229999863 0.359999897 0.41 0.02 (0) -0.100000009(c) Non-cash financing and investing activitiesNon-cash financing and investing activities- Reinvestment of investor distributions 665,630 2,292,761 4,211,968 7,512,347 3,806,974 6,441,937 3,732,655 6,488,131

0.040000002 0 0.020000004 0.17 0 -0.300000001 0 -1.83

Net cash flow provided / (used) by operating activities

TPT Long Term Fund


TPT At Call Fund

Cash & cash equivalentsCash comprises current deposits with banks. Cash equivalents are short term, highly liquid investments with an original maturity of three months,that are readily convertible to known amounts of cash, are subject to insignificant risk of changes in value and are held for the purpose of meetingshort term cash commitments rather than any other purposes.

TPT Fixed Term Fund

3232


12 Statement of Cash Flows (continued)

2020 2019 2020 2019 2020 2019 2020 2019 2020 2019 $ $ $ $ $ $ $ $ $ $

(a) Reconciliation of profit / (loss) from operating activities to the net cash flows provided / (used) by operating activitiesProfit / (loss) from operating activities (4,822,788) 2,706,511 (4,819,863) 3,347,292 (893,667) 879,513 960,165 5,520,061 (899,063) 673,454 Change in market value of investments 5,747,436 (746,779) 5,799,676 (2,234,527) 1,215,109 (163,507) 905,700 (2,774,066) 1,381,362 (58,825)Capital (gain) / loss on sale of investments 286,178 18,824 (56,722) (58,712) 128,280 - (299,923) (819,220) (244,311) (174,662)(Increase) / decrease in receivables - - - - - - - - - - (Decrease) / increase in trade and other payables 41,942 1,703 52,985 972 25,802 877 47,354 1,895 (462) 105

1,252,768 1,980,259 976,076 1,055,025 475,524 716,883 1,613,296 1,928,670 237,526 440,072 - - - - - - - - -

(b) Reconciliation of cash:Cash balance comprises:- Cash and deposits 2,227,841 1,926,153 2,629,027 2,060,725 3,912,328 4,068,829 3,466,562 2,347,117 372,170 548,116

- - - - - (c) Non-cash financing and investing activitiesNon-cash financing and investing activities- Reinvestment of investor distributions 464,970 454,386 216,540 77,878 154,558 407,407 - 218,970 - 239,785

0 (0) 0 0 (0)

13 Contingent assets & liabilities 15 Matters subsequent to the end of the financial period

14 Segment informationFor management purposes, each Fund is organised as one operating segment. Each of the Funds activities are interrelated.

Net cash flow provided / (used) by operating activities


Since 30 June 2020, there has not been any matter or circumstance not otherwise dealt with in the financial report that hassignificantly affected or may significantly affect the Funds.

There has been no material change in any contingent assets or contingent liabilities since the last annual reporting date.



TPTBalanced Fund

TPT Equity Fund

3333


▪ TPT At Call Fund ; ▪ TPT Aust ralian Share Fund ;▪ TPT Fixed Term Fund ; ▪ TPT Diversif ied Prop er t y Fund ;▪ TPT Long Term Fund ; ▪ TPT Balanced Fund ;▪ TPT Select Mor t gage Fund ; ▪ TPT In t ernat ional Share Fund ; and

▪ TPT Eq uit y Fund ;

We d eclare t hat :

(a) The f inancial st at em ent s and no t es o f t he Fund s:(i) (i i)

(b ) (c)

On b ehalf o f t he Board o f TPT Wealt h Lim it ed

Miles Hampton Melos SulicichChairman Managing Director and Chief Executive Officer

Hob ar t , 19 August 2020 Hob ar t , 19 August 2020

The f inancial st at em ent s are in accord ance w it h t he p rovisions o f t he Fund s' Const it u t ions.There are reasonab le ground s t o b elieve t hat t he Fund s w ill b e ab le t o p ay t heir d eb t s as and w hen t hey b ecom e d ue and p ayab le; and

In accord ance w it h a reso lut ion o f t he Direct o rs o f TPT Wealt h Lim it ed as Resp onsib le En t it y f o r t he f o llow ing Fund s:

Give a t rue and f air view o f t he Fund s f inancial p osit ion as at 30 June 2020 and o f it s p er f o rm ance f o r t he year end ing on t hat d at e; andCom p ly w it h Aust ralian Accoun t ing St and ard s and t he Corporations Act 2001 ; and

Directors' Declaration

3434

351st Floor 160 Collins Street, Hobart TAS 7000 GPO Box 1083 Hobart TAS 7000

03 6223 6155 Move Forward

[email protected] www.wlf.com.au

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38

FFiinnaanncciiaall RReeppoorrtt || YYeeaarr eennddeedd 3300 JJuunnee 22002200

TTPPTT WWeeaalltthh LLiimmiitteedd || ABN 97 009 475 629

TTPPTT WWeeaalltthh

MMaannaaggeedd IInnvveessttmmeenntt SScchheemmeess1300 138 044

[email protected]

www.tasmanianperpetual.com.au

Tasmanian Perpetual Trustees Limited ABN 97 009 475 629 AFS Licence 234630 Australian Credit Licence Number 234630

is a wholly owned subsidiary of MyState Limited ABN 26 133 623 962

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