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. |
Visit
https://www.transparency.gov.au/annual-reports/royal-australian-navy-relief-trust-fund/reporting-year/2020-21-23