The following benefits were provided by the Fund during the period:

Loans

During the period, 2,051 loans were made compared to 2,199 in the previous period
(1 July 2018 – 30 June 2019) and, as a result, the total amount of the loans decreased from $9.4m in the previous period to $9.1m.

The breakdown of loans made in the year ended 30 June 2020 and 30 June 2019 is as follows:

Expenditure on loans in the years ended 30 June 2020 and 30 June 2019 was as follows:

Grants

During the period 28 grants (18 from funds held in Keeping Watch and 10 from other funds held by the Fund) totalling $89,454 were made to assist serving members and their dependants.

This included eight bereavement grants to assist with covering short-term expenses ahead of Defence entitlements being accessed.

Implication of COVID-19

There were no major disruptions to the operation of the Principal Office as a result of the COVID-19 pandemic. Continuity planning, including working from home arrangements for Trustees and staff was able to be quickly implemented through access to Defence remote access technology.

Three members sought assistance related to COVID-19 for which KW grants were provided totalling $15,500, this comprised 22% of the total KW grants made to eligible members.

The ability to vary or suspend repayment of a loan for a specified period where instances of financial hardship have occurred due to unforeseen and compelling reasons was agreed in principal by the trustees, however not required during the period. The trustees remain ready to assess each request individually.

Whilst fortunate to maintain very strong support from the RAN Central Canteens Board through regular grants which enable the interest free loans and support, it is noted that Canteen sales significantly declined during the period due to COVID-19. It is likely that this will impact the provision and quantity of future grants during the forthcoming financial year.