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Summary of Benefits Provided

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

Loans

During the period, 1,772 loans were made compared to 2,051 in the previous period
(1 July 2019 – 30 June 2020) and, as a result, the total amount of the loans decreased from $9.1m in the previous period to $7.6m.

The breakdown of loans made in the year ended 30 June 2021 and 30 June 2020 is as follows:

Nature

Loans Made

Percentage of Cases

Year ended 30 June 21

Year ended 30 June 20

Year Ended 30 June 21

Year ended 30 June 20

General Purpose Loans

1,282

1,612

72.35

78.60

Trainee Loans

9

9

0.51

0.43

Special Loans

13

17

0.73

0.83

Christmas Loans

468

413

26.41

20.14

TOTALS

1,772

2,051

100.00

100.00

Expenditure on loans in the years ended 30 June 2021 and 30 June 2020 was as follows:

Nature

Year

Year ended 30 June 21

$

Year ended 30 June 20

$

General Purpose Loans

6,848,595

8,489,068

Other Loans

63,431

76,664

Christmas Loans

693,305

612,740

TOTALS

7,605,331

9,178,472

Grants

During the period 26 grants (17 from funds held in Keeping Watch and 9 from other funds held by the Fund) totalling $72,302 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. A donation was also made to the Jalasenastri (Navy Officer Wives Association) of 2nd Fleet Command (Pangkoarmada II) on behalf of the sailors and officers of the Royal Australian Navy in support of the families KRI Nanggala-402 lost at sea.

Implication of COVID-19

There were no major disruptions to the operation of the Principal Office due to the COVID-19 pandemic. Continuity planning, including working from home arrangements for Trustees and staff were maintained through access to Defence remote access technology.

As a result of COVID-19 the number of loans provided during the period decreased by 13.60% as compared to previous year resulting in decreased total value of loans (total value of loans decreased by 17.14%).

As an additional measure, the Fund introduced a mid-year reduced admin fee interest free loan based on the standard Christmas loan product. The intent being to assist those seeking a short holiday or dealing with unexpected costs. A total of 170 loans were provided to a value of $251,515.00.

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

The RAN Central Canteens Board continued to provide strong support for the Fund through regular grants, made possible through canteen sales.