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1. Expenses

1.1a. Employee Benefits

2020

2019

$

$

Wages and Salaries received Free of Charge

166,876

158,834

Total: Employee Benefits

166,876

158,834

1.1b. Supplier

Comcover

2,631

2,583

System Software Maintenance

1,308

5,050

Advertising

1,812

1,214

Bank Fees

1,995

2,156

Audit Fees

20,570

34,870

Training

50

-

Miscellaneous

2,830

-

Total: Supplier Expenses

31,196

45,873

1.1c. Grants

Grants to eligible members

19,100

10,108

Keeping Watch grants to eligible members

70,354

62,224

Total: Grants

89,454

72,332

1.1d. Write – Down and Impairment of Assets

Impairment of loans

-

10,000

Total: Write-down and Impairment of Assets

-

10,000

1.1e. Losses From Loan Re-measurement

Loss from initial recognition of loans and receivables at fair value.

506,592

558,775

Total Losses from Loan Re-measurement

506,592

558,775

Losses are recognised for interest foregone on interest free loans issued by the Fund at the time the loan is issued.

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.