1. Expenses
1.1a. Employee Benefits
2019 |
2018 |
|
---|---|---|
$ |
$ |
|
Wages and Salaries received Free of Charge |
158,834 |
155,961 |
Total: Employee Benefits |
158,834 |
155,961 |
1.1b. Supplier
2019 |
2018 |
|
---|---|---|
$ |
$ |
|
Comcover |
2,583 |
2,407 |
System Software Maintenance |
5,050 |
- |
Advertising |
1,214 |
374 |
Bank Fees |
2,156 |
1,623 |
Audit Fees |
34,870 |
15,180 |
Debt Recovery Expenses |
- |
39 |
Total: Supplier Expenses |
45,873 |
19,623 |
1.1c. Grants
2019 |
2018 |
|
---|---|---|
$ |
$ |
|
Grants to eligible members |
10,108 |
15,500 |
Keeping Watch grants to eligible members |
62,224 |
64,671 |
Total: Grants |
72,332 |
80,171 |
1.1d. Write – Down and Impairment of Assets
2019 |
2018 |
|
---|---|---|
$ |
$ |
|
Impairment of loans |
10,000 |
6,974 |
Total: Write-down and Impairment of Assets |
10,000 |
6,974 |
1.1e. Losses From Loan Re-measurement
2019 |
2018 |
|
---|---|---|
$ |
$ |
|
Loss from initial recognition of loans and receivables at fair value. |
558,775 |
484,946 |
Total Losses from Loan Re-measurement |
558,775 |
484,946 |
Losses are recognised for interest foregone on interest free loans issued by the Fund at the time the loan is issued (refer Note 6.3 below)
Accounting Policy Competitive Neutrality The Fund was established to provide benefits to eligible persons and does not carry out Government business activities on a commercial basis nor operate in a competitive, or potentially competitive, environment. Therefore, it is not required to make Australian Income Tax Equivalent payments to the Government. Bad and Doubtful Debts Bad debts are provided for or written off during the period in which they are identified according to the impairment requirements of AASB 9 Financial Instruments. |
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Visit
https://www.transparency.gov.au/annual-reports/royal-australian-navy-relief-trust-fund/reporting-year/2018-2019-31