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 2020-21 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 2020-21.
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 2020-21 Activity 1 | ||
Results 1. Funds disbursed within the guidance annual budget $4.420m. 2. Number and types of loans are in scope. The following table shows the analysis of loan funded for the year ended 30 June 2021: | ||
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 | 131 16 12 3 97 50 26 39 62 6 111 32 | 623,220 77,944 57,400 12,300 469,600 238,400 124,800 168,050 281,916 30,000 516,400 156,000 |
Total | 585 | 2,756,030 |
3. The target of greater than 75 per cent 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 2021: | ||
Ranks | Loans % | Amounts $ |
Private | 38 | 1,050,820 |
Lance Corporal | 9 | 249,200 |
Corporal | 23 | 634,750 |
Sergeant | 13 | 365,700 |
Warrant Officer | 9 | 254,944 |
Lieutenant | 2 | 55,000 |
Captain | 4 | 106,600 |
Major | 1 | 31,116 |
Lieutenant Colonel | 1 | 7,900 |
Total | 100 | 2,756,030 |
Performance criterion Provide financial assistance to former members or dependants in financial and necessitous circumstances through hardship grants. |
Criterion source Corporate Plan 2020-21 Activity 2 |
Results A total of $13,222 was funded under hardship grants in this reporting period. These grants were within the approach to the strategic direction of the Board. Four hardship grants were provided to member, ex-servicemen and dependants helping with essential expenses. |
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 2020-21 Activity 3 |
Results 1. The Statement of Comprehensive Income demonstrates the AMFRTF continues to be self-sustaining with a profit of $178,693 for the reporting period. 2. There are no non-compliant findings on governance and legislative requirements for the reporting period. 3. Interest income on investment of $22,686 has been reported for this period. The AMFRTF strategy of holding four term deposits with a minimum $1.5m capital is to earn interest as a means to cover costs and ensure self-sustainment. It stands at $2,881,759 and earns interest between 0.3% - 0.85% p.a. 4. Trustees approved $9,861 of bad and doubtful debts to be written off. This was within the acceptable less than 1% range of the total debtor control. |
Visit
https://www.transparency.gov.au/annual-reports/australian-military-forces-relief-trust-fund/reporting-year/2020-21-18