Introductory statement
We, the Board of Trustees of the Australian Military Forces Relief Trust Fund (AMFRTF), as the accountable authority of the Fund present the AMFRTF 2019-20 Annual Performance Statement as required under section 39 (1) of the Public Governance, Performance and Accountability Act 2013 (PGPA Act).
In our opinion, this Annual Performance Statement is based on properly maintained records, accurately reflects the performance of the AMFRTF and complies with the requirement under section 39(2) of the PGPA Act.
Purpose
The purpose of the AMFRTF is to provide benefits through loans and grants that contribute to the welfare of members of the Australian Army, in particular members who have served in the Australian Army and for the dependants of these members. This accords with the objectives as defined in the Services Trust Funds Act 1947.
The AMFRTF has set goals to continually achieve this purpose. These goals cover the current and subsequent years of the AMFRTF Corporate Plan 2019-20.
Results
Performance criterion Provide financial assistance to members of the Army through the provision of low cost and affordable loans. | ||
Criterion source AMFRTF Corporate Plan 2019-20 Activity 1 | ||
Results
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Loan Type | Numbers of loans | Amounts $ |
Debt consolidation Dental Education Funeral expenses Furniture / household needs Housing purchase / repair / moving Legal Medical Other – multi types Travel Vehicle repair / purchase Wedding / engagement | 149 8 24 9 115 71 36 39 81 27 179 30 | 704,900 38,400 112,500 43,000 541,500 345,700 169,900 179,500 352,400 119,000 852,400 141,300 |
Total | 768 | 3,600,500 |
3.. The target of greater than 75% of loans issued to junior ranks (Sergeant and below) was met. The following table shows the analysis of loan funds for the year ended 30 June 2020: | ||
Ranks | Loans % | Amounts $ |
Private | 42.5 | 1,577,800 |
Lance Corporal | 9 | 311,700 |
Corporal | 22 | 788,700 |
Sergeant | 9 | 336,200 |
Warrant Officer | 7 | 239,600 |
Lieutenant | 3 | 103,500 |
Captain | 4 | 123,000 |
Major | 3 | 102,000 |
Lieutenant Colonel | 0.5 | 18,000 |
Total | 100 | 3,600,500 |
Performance criterion Provide financial assistance to former members or dependants in financial and necessitous circumstances through hardship grants. |
Criterion source Corporate Plan 2019-20 Activity 2 |
Results A total of $2,885 was funded under hardship grants in this reporting period. These grants were within the approach to the strategic direction of the Board. Two hardship grants were provided to an Army member’s funeral cost and a grant paid to cover expenses for a member’s family. |
Performance criterion Use sound financial management and investment practices in accordance with PGPA Act and Services Trust Funds Act 1947 and other relevant standards, rules and legislation. |
Criterion source Corporate Plan 2019-20 Activity 3 |
Results
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Visit
https://www.transparency.gov.au/annual-reports/australian-military-forces-relief-trust-fund/reporting-year/2019-20-11