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1. Expenses

2021

$

2020

$

1.1A. Employee benefits

Wages and Salaries received free of charge

181,743

166,876

Total employee benefits

181,743

166,876

1.1B. Supplier

Goods and services supplied or rendered

Comcover

3,035

2,631

System software maintenance

1,308

1,308

Advertising

788

1,812

Bank fees

1,669

1,995

Audit fees

20,680

20,570

Training

-

50

Miscellaneous

-

2,830

Total goods and services supplied or rendered

27,480

31,196

Total suppliers

27,480

31,196

1.1C. Grants

Grants to eligible members

21,952

19,100

Keeping Watch grants to eligible members

50,350

70,354

Total grants

72,302

89,454

1.1D. Depreciation and amortisation

Amortisation

7,703

-

Total depreciation and amortisation

7,703

-

1.1E. Losses from loan re-measurement

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

305,952

506,592

Total Losses from Loan Re-measurement

305,952

506,592

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.