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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.