Objective of the Royal Australian Navy Relief Trust Fund (RANRTF)
The RANRTF (the Fund) is a corporate Commonwealth entity established by the Services Trust Funds Act 1947. The Act provides that the Trustees shall, subject to and in accordance with the regulations, apply the Fund in providing benefits for members of the Australian Defence Force who have served in, or in association with, the Royal Australian Navy and to the dependants of such members.
The Fund does not directly receive nor is reliant on Government funding. The Fund has a single outcome, which is to provide benefits to eligible persons.
The Trustees administer the Fund to assist current and former members of the Australian Defence Force (ADF) who have served in, or in association with, the RAN and to the dependants of such members (eligible persons).
The Fund seeks to use available assets to deliver significant value to eligible persons in a timely, relevant, and meaningful manner.
The Basis of Preparation
The Financial Statements are general purpose financial statements and are required by section 42 of the Public Governance, Performance and Accountability Act 2013.
The financial statements have been prepared in accordance with:
- Public Governance, Performance and Accountability (Financial Reporting) Rule 2015 (FRR); and
- Australian Accounting Standards and Interpretations – Reduced Disclosure Requirements issued by the Australian Accounting Standards Board (AASB) that apply for the reporting period.
The financial statements have been prepared on an accrual basis and in accordance with historical cost convention, except for certain assets and liabilities at fair value. Except where stated, no allowance is made for the effect of changing prices on the results or the financial position. The financial statements are presented in Australian dollars.
New Accounting Standards
Adoption of New Australian Accounting Standard Requirements
No accounting standard has been adopted earlier than the application date as stated in the standard.
The Fund has applied the requirements of AASB 1058 Income of not-for-profits entities effective from 01 July 2019. The management of the Fund has undertaken an assessment and concluded that the income recognition methods that have historically been in place are consistent with the requirements of the new standard. There were no amounts taken to retained surplus on initial adoption of the standard.
Future Australian Accounting Standard Requirements
All new/revised/amending standards and/or interpretations that were issued prior to the sign-off date and are applicable to the current reporting period did not have a material effect, and are not expected to have a future material effect, on the Fund’s financial statements.
The Fund is exempt from all forms of taxation except Fringe Benefits Tax (FBT) and the Goods and Services Tax (GST). The Australian Taxation Office has advised that the Fund is a ‘financial supply provider’, consequently GST is not charged on revenue. The Fund has no entitlement to input tax credits. Expenses are GST inclusive.
Events After the Reporting Period
There was no subsequent event that had the potential to significantly affect the ongoing structure and financial activities of the Fund.