3.1 Key Management Personnel Remuneration
Key management personnel are those persons having authority and responsibility for planning, directing and controlling the activities of the Fund directly or indirectly, including any Trustee (whether executive or otherwise) of that Fund. The Fund has determined the key management personnel to be the Trustees.
Under Part 2, Section 11 (1) of the Services Trust Funds Act 1947, Trustees are not entitled to receive from the Fund any remuneration for any work done by them in relation to the administration of the Fund. Under Part 2, Section 14 of the Services Trust Funds Act 1947, a person who is a Trustee or a dependant of a Trustee shall not receive any benefits from the Fund.
The Trustees received no remuneration or loans during the period, other than as disclosed in Note 3.2 Related Party Disclosures.
The following persons were Trustees during the reporting period:
Commodore Shane Glassock, CSC, RAN (Appointed: 08 April 2019)
Captain Katrina Ryan, RAN (Appointed: 24 April 2021)
Commander Christina Ween, RAN (Appointed: 01 March 2018)
Commander Susan Harris, CSM, RAN (Appointed: 29 February 2016)
Lieutenant Loretta Houlahan, RAN (Appointed: 03 September 2019)
Commander Mark Lee, RAN (Appointed: 03 September 2019)
Chief Petty Officer Andrea Kerr, CSM, RAN (Appointed: 03 September 2019)
Commander Adrian Kemp, RAN (Appointed: 01 July 2018; Resigned on 24 April 2021)
Key management personnel remuneration excludes the remuneration and other benefits of the Minister for Defence Personnel. The Minister for Defence Personnel’s remuneration and other benefits are set by the Remuneration Tribunal and are not paid by the Fund.
3.2 Related Party Disclosures
Related party relationships:
The Fund is an Australian Government controlled entity. Related parties to the Fund are the Minister for Veterans’ Affairs and Defence Personnel, Cabinet Ministers, Trustees, Key Management Personnel including the Executive, and other Australian Government entities.
Transactions with related parties:
Significant transactions with related parties can include:
- the payments of grants or loans;
- purchases of goods and services;
- asset purchases, sales transfers or leases;
- debts forgiven; and
Giving consideration to relationships with related parties, and transactions entered into during the reporting period by the Fund, it has been determined that there was one related party transaction to be separately disclosed.
The following transaction with related party occurred during the financial year:
- The Fund provided a general purpose loan of $7,040 to the spouse of Commander Susan Harris in contravention of paragraph 14 of the Services Trust Fund Act 1947 which prohibits a person who is a trustee or a dependent of a trustee to receive benefits from the Fund. This loan was provided in the normal course of business and no special terms were applied. The outstanding balance at year end is $3,517.00 which was repaid fully on
14 July 2021.
3.3 Resources provided “Free of Charge” to the Fund
During the year, the following resources were provided free of charge by the Department of Defence:
- Use of ADF and APS personnel;
- Office accommodation with computer, telephone and postage support; and
- Use of the ADF pay system to recover loan repayments from serving RAN members.
The value of ADF and APS personal services provided has been recognised as employee benefits expense (Note 1.1A) and resources received free of charged (Note 1.2D).
All other resources cannot be reliably measured and have not been recognised in the