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ISSUES ARISING 5 JUNE 2015 1. For what person or persons was the sum of $156,586 held, in 2009, on trust by the ETU (NSW)?1 How did the above sum come to be held on trust? 2. In what circumstances were the above trust funds increased by $200,000 from $156,586 to $356,586 in the year ending 31 December 2010.2 Was the amount of the MERT grant of $858,8453 depleted by $200,000 by reason of the 3. said increase in trust funds? 4. Given that the ETU (NSW) held as at 31 December 2010 a portfolio with a total value of $4,020,065 in Chifley Financial Services: (a) Where is this reflected in the ETU Financial Statements? If it was accounted for at cost, why? (b) did this portfolio include units to the value of $367,692.92 which were accounted for as trust funds held by the ETU? (c) what was the original source of the moneys used to acquire the Units? If it was the figure of $254,972.954 was this reflected in the financial statements or accounts of ETU (NSW) and if so where? (d) was tax paid on the income earned in relation to, or the gain in value of, the Units, and if so by who? 1 See note 7 to the Financial Statements for the period ending 30 December 2010, , Sinclair MFI-2, 5/6/2015, p 152. 2 See note 7 to the Financial Statements for the period ending 30 December 2010, , Sinclair MFI-2, 5/6/2015, p 152. 3 See Statement of Financial Performance, Financial Statements for the period ending 31 December 2010, Sinclair MFI-2, 5/6/2015, p 154. 4 See Sinclair MFI-2, 5/6/ 2015, p 210.