The Fund was established by the Services Trust Funds Act 1947 (STF Act). The STF Act provides that the Trustees shall apply the Fund to providing benefits for members of the Australian Defence Force (ADF) who have served in, or in association with, the Royal Australian Navy (RAN) and to the dependants of such members.

As part of enabling legislation for the Fund to provide a broader range of benefits, in 2013 the Trustees established the ‘Keeping Watch’ program within the Fund to provide for the comfort or welfare of a person who is currently appointed or enlisted as a Permanent or Reserve member of the RAN. The Fund has received Deductible Gift Recipient status for the ‘Keeping Watch’ program.

The Trustees administer the Fund to assist current and former members of the Australian Defence Force (ADF) who have served in, or in association with, the RAN and to the dependants of such members (eligible persons). The Fund seeks to use available assets to deliver significant value to eligible persons in a timely, relevant, and meaningful manner.