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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.
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.
Provide financial assistance to members of the Army through the provision of low cost and affordable loans.
AMFRTF Corporate Plan 2020-21 Activity 1
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:
Numbers of loans
Furniture / household needs
Housing purchase / repair / moving
Other – multi types
Vehicle repair / purchase
Wedding / engagement
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:
Provide financial assistance to former members or dependants in financial and necessitous circumstances through hardship grants.
Corporate Plan 2020-21 Activity 2
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.
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.
Corporate Plan 2020-21 Activity 3
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.