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Note 1. Financial Performance

Defence Service Homes Insurance Scheme
Notes to and forming part of the Financial Statements

for the year ended 30 June 2017

This section analyses the financial performance of DSHIS for the year ended 2017.

Note 1.1. Expenses

Note 1.1A: Employee benefits equivalent
  2017 2016
  $'000 $'000
Wages and salaries 3,080 2,729
Superannuation    
    Defined contribution plans 280 231
    Defined benefit plans 258 239
Leave and other entitlements 14 26
Total employee benefits 3,632 3,225
Note 1.1B: Suppliers
  2017 2016
  $'000 $'000
Goods and services supplied or rendered    
Consultants 742 140
Contractors 1,795 1,941
Travel 53 70
IT services 595 616
Other 332 269
Total goods and services supplied or rendered 3,517 3,036
     
Goods supplied 80 92
Services rendered 3,437 2,944
Total goods and services supplied or rendered 3,517 3,036

Note 1.2. Own-Source Income and Gains

Own-Source Revenue

Note 1.2A: Commissions received
  2017 2016
  $'000 $'000
Insurance agency commission 2,810 2,846
Total commissions received 2,810 2,846
Note 1.2B: Revaluation of investments at fair value through profit or loss
  2017 2016
  $'000 $'000
Change in market value - -
Interest revenue realised - 140
Total revaluation of investments at fair value through profit or loss - 140
Note 1.2C: Interest
  2017 2016
  $'000 $'000
Deposits 1,493 1,218
Total Interest 1,493 1,218

In 2016, DSHIS brought the management of investments in-house. The portfolio consists of term deposits and negotiable certificates of deposit. Previously, funds were in a managed fund with UBS and any gain/loss on investment was recognised at fair value through profit or loss (Note 1.2B).

Note 1.2D: Resources received free of charge
  2017 2016
  $'000 $'000
Remuneration of auditors 56 58
Total resources received free of charge 56 58
Note 1.2E: Revenue from Government
  2017 2016
  $'000 $'000
Interest appropriations 120 120
Total revenue from Government 120 120
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