Annual Performance Statement
The Trustees, as the accountable authority of the Royal Australian Air Force Welfare Trust Fund, present the 2018 – 2019 annual performance statement of the Royal Australian Air Force Welfare Trust Fund, as required under paragraph 39(1)(a) 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 entity, and complies with subsection 39(2) of the PGPA Act.
The purpose of the Royal Australian Air Force Welfare Trust Fund is to provide benefits for members of the Defence Forces who have served in, or in association with, the Royal Australian Air Force and to the dependants of such members.
The following activities, as detailed in the Royal Australian Air Force Welfare Trust Fund corporate plan for the reporting period 2018 -2019, enabled the Fund to meet objectives.
Activity |
Performance Monitoring and Measurement |
Analysis |
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Low cost loans |
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Objective: Make low cost loans available to eligible persons Results: The Fund provided 3182 loans to Air Force members totalling $14,792,100. |
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1. $14,792,100 was loaned to Air Force members compared with $14,588,500 in the previous year. Loans issued were above reported resourcing forecasts but did not adversely impact on cash reserves. 2. Loans paid to lower-paid personnel represented 63% of all loans. 3. The maximum value of the loan available to service personnel increased to $5,000 from $4,500 in January 2018. |
Grants to Individuals |
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Objective: Make grants available to serving and ex-serving personnel who are suffering from financial hardship or from the effects of natural disaster. Results: Five requests for support were approved. Floods in Townsville resulted in receipt of requests for emergency assistance from 19 serving Air Force members. |
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1. Five hardship requests in support of serving members or their families were approved totalling $17,500. 2. All nineteen individual requests totalling $34,600 were approved and paid as a result of the Townsville Floods. 3. These requests ($52,100) although significant, had no real impact on financial operations during the reporting period. |
Grants to Bases |
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Objective: Provide grants to RAAF Bases for welfare related projects. Results: The sum of $145,824 was approved and distributed among RAAF Bases for welfare related projects. |
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1. Grants to Bases were approved by the Board. The Board increased the maximum amount available to $150,000 due to the strong financial position of the Fund. 2. The grants provided to Bases covered a wide range of welfare related activities and are expected to have a significant positive affect on the welfare and amenity of Air Force members and their families. 3. Previous funding under the scheme must be acquitted before current grants are paid. 4. After grant payments the Fund realised a surplus of income over expenditure in excess of $250,000. This surplus is sufficient to cover expected expenses and provide growth for the Fund. |
Group Life Insurance Scheme |
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Objective: Provide permanent serving Air Force members with the opportunity to participate in a low cost insurance scheme. Results: 7808 permanent Air Force members were participating in the scheme as at 30 June 19. Membership remained steady with a slight decrease from 7811 from the end of the previous financial year. |
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1. Based on a permanent Air Force workforce of approximately 14,370 personnel the participation rate achieved was 54%. 2. Contractor (Ezidebit) provided an appropriate means of managing and collecting member contributions. 3. 4 payments of $15,000 were made to beneficiaries of deceased personnel during the reporting period. |
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