KEY POINTS
"Supporting vulnerable children"
» Trading while insolventLiquidator report states that Grow Fit Fund had been insolvent from inception. » Breach of director duties
The potential claim for insolvent trading may also constitute a breach of directors’ duties. » $100,000 in losses
The children's charity lost $44,171 in 2023 and $54,990 in 2024. » Where did the money go?
89 per cent of donation income was paid to staff, and 99.9 per cent of all charity income went to administration expenses. |
In a manner similar to the collapse of at least seven other companies, the report by Hugh Martin of insolvency specialist firm Bernardi Martin provides new details on a complex and intriguing array of director- and family-related activities that, to date, have amassed liabilities exceeding $14 million.
Furthermore, new information has come to light regarding the money ‘lost’ by the children’s charity, Grow Fit Fund, raising additional questions about possible breaches of director duties, amid other concerns.
The charity was registered with the Australian Securities and Investments Commission (ASIC) and listed two directors, Andy Phanthapangna and Glenn Murray Fuller.
Grow Fit Fund was registered with the Australian Charities and Not-for-profits Commission (ACNC) in February 2021 and had several peculiar connections to the jewellery industry.
Phanthapangna was described as the ‘chairman’ of Grow Fit Fund and was joined on the board by fellow Jewellery Industry Network founding director Laura Moore.
Moore, a former vice president of the Jewellers Association of Australia (JAA), promoted her position with the children’s charity on social media.
While the website of the Adelaide-based charity is still ‘live’ - and which states it was established to “support young and vulnerable children” - the ACNC recently revoked its registration.
With that said, examination of the charity’s financial statements revealed that the directors, and presumably the charity’s board, had approved spending 89 per cent of all income (donations) on payments to Grow Fit Fund staff.
Ultimately, 99.9 per cent of the charity's income was spent on administrative expenses.
Trading while insolvent
Martin’s most recent report on the collapse of Grow Fit Fund has revealed that it was insolvent from the day it commenced. According to the liquidator, this may constitute a breach of director duties for Phanthapangna and Fuller.
As it concerns Moore and the remainder of the charity’s board, the ACNC stipulates that board members “must act with reasonable care, diligence, and honesty in the best interests of the charity.”
The fact that board members, which the government regulator describes as ‘Responsible People’, are typically in honorary positions does not preclude them from proper governance and key duties.
Among them are “managing financial affairs, preventing insolvent trading, disclosing conflicts of interest, and ensuring compliance with ACNC Governance Standards.”
The ACNC guidelines also confirm that these individuals must “also ensure proper record-keeping and strategic oversight.”
Grow Fit Fund was placed under external administration on 25 September 2025. At the time, its financial statements for the year ending 30 June 2023 were examined.
These documents revealed that the charity received $228,037 in donations for that financial year; however, 99.9 per cent of all income was spent on administration expenses, leaving a surplus (profit) of only $289 (.01 per cent).
More interesting was the fact that $203,010 (89 per cent) of income was paid in wages and superannuation, while a further $10,078 (4.42 per cent) was attributed to advertising and promotional expenses.
There is also evidence to indicate that staff on the Grow Fit Fund payroll were simultaneously employed by other companies owned or associated with Fuller and/or Phanthapangna.
Given that almost the entire donation income was spent in administration in FY23, it was speculated that the charity may have performed differently in FY24.
Where did the money go?
On 28 January 2026, Bernardi Martin published a dividend report for the liquidation of Grow Fit Fund.
Discussing the timing of the charity’s insolvency, liquidator Hugh Martin revealed that Grow Fit Fund incurred losses of almost $100,000 across two years ($44,171 in 2023 and $54,990 in 2024).
Interestingly, the liquidator’s report notes that Grow Fit Fund was reliant on donations and loans from a related company, AG Marketing Pty Limited.
Otherwise known as Fullhammer, AG Marketing Pty Limited went into liquidation on 30 January 2024 and ceased trading.
Phanthapangna and Fuller were directors of AG Marketing Group, which had two shareholders at the time, Alphabet Technologies and Something Now, the same two companies that were shareholders of Grow Fit Fund when it was established.
These companies are owned by Phanthapangna and Fuller, respectively.
Fullhammer was an exhibitor at the Jewellery Industry Fair, organised by the Jewellery Industry Network, where Phanthapangna and Moore were founding directors.
Fuller was promoted as a speaker at the event and received favourable editorial coverage in Jewellery World, another business owned by Phanthapangna and Moore at the time.
As previously reported, this practice was commonplace at Jewellery Industry Network events.
In one article Fuller discussed his company's work, which included producing branded apparel, including sports clothing.
The Grow Fit Fund website lists four ‘goals’, which included providing “funding to support youth facing economical or social disadvantage into clubs through payment of registration fees, new apparel, transportation & potential scholarships.” [Emphasis added]
Another company owned by Phanthapangna – Apeirogon - which is currently in liquidation, also received favourable coverage in Jewellery World.
These business and/or personal connections were not declared to fair visitors or magazine readers.
Background reading: Former 'network' directors issue statement
Martin’s most recent report states: “The Director [Phanthapangna] informs me that the principal reason for the Company’s failure was due to the inability to generate revenue from non-related entities. I am of the opinion that the Director’s reasons are broadly accurate.”
With that said, based on the report, it would seem that Phanthapangna has not been forthcoming with other valuable information.
“As I have not received records which correctly and sufficiently record and explain the Company’s transactions, financial position and performance to enable true and fair financial statements to be prepared and audited, I am of the opinion that the Company has not kept its books and records in accordance with section 286 of the Corporations Act,” continued Martin.
Martin was also the liquidator of AG Marketing Group, which collapsed with liabilities of $2,489,833. AG Marketing Group was determined to be trading while insolvent, and this charge has now been levied against Grow Fit Fund.
“In my investigations as Liquidator of AG Marketing, I formed the opinion that it was insolvent from the inception of AG Marketing, which predates the Company [Grow Fit Fund],” wrote Martin.
“As the Director of the Company and AG Marketing were the same and the Company wholly relied on donations and loans from AG Marketing, I am of the opinion that the Company [Grow Fit Fund] was also insolvent from inception.” [Emphasis added]
Martin also noted that: “The potential claim for insolvent trading may also constitute a breach of the directors’ duties; being the requirement to act with reasonable care and diligence.”
The report noted that unpaid expenses include more than $35,000 in payments to staff, while the Australian Taxation Office (ATO) has provided proof of more than $43,000 in debt.
Charity's connects to the jewellery industry
ACNC records indicate Grow Fit Fund was established on 8 February 2021. The following day, 9 February 2021, the charity was registered with ASIC and had two directors: Phanthapangna and Fuller.
In addition to Phanthapangna and Fuller, the Grow Fit Fund website previously displayed a four-person board. As mentioned, it included Moore (a founding director of Jewellery Industry Network) and Nunzio Giurastante.
Grow Fit Fund had an active Instagram account for less than two years. The first post on the charity’s account was on 16 June 2022, and the account abruptly stopped posting on 8 February 2024.
During this time, the Instagram account identified Phanthapangna as the chairman of the children’s charity, and Fuller was recognised as the president. As mentioned, Moore has previously used social media to detail the charity's work.
"Part of the mission of Grow Fit Fund is to support kids get into activities that they otherwise may not have, due to a lack of resources,” writes Moore.
“As a board member, I am very proud to help shape the direction of this amazing organisation which strives to assist kids all over Australia."
Jeweller attempted to contact Moore in October to clarify various matters about the charity's financial management and whether she and/or other board members benefited financially from the $203,000 paid to ‘staff’. She did not reply at the time.
Following the release of the liquidator’s report, Moore was presented with additional questions about her position on Grow Fit Fund board, including whether or not she was aware that the charity had been trading while insolvent since its inception.
Moore was also asked whether she had taken any action to ensure that Grow Fit Fund was not in breach of ACNC, ASIC, and ATO regulations.
She was also asked if she, or any of the many businesses with which she has been affiliated, had financially benefited from the charity while it remained operational. She did not reply.
Unhappy anniversary
As previously reported, Moore was the vice president of the JAA in 2016 when the organisation attempted to transform from an industry association to an event organiser, placing members’ money at risk.
The JAA Jewellery Trade Show was announced in May 2016, and the decision proved disastrous, with the event cancelled due to a lack of industry support. Before the 2016 decision, the JAA had 744 members.
In the fallout of the JAA’s failed trade show, membership fell by 20 per cent within the next year. Membership continued to decline over the ensuing years and today sits at around 320, a 43 per cent decline in 10 years.
By way of further comparison, prior to 2016, the JAA’s total revenue exceeded $540,000, made up of $321,000 in membership income and $222,000 in sponsorship revenue.
As recently reported, the JAA announced a loss of $21,000.
Its 2024 financial report shows revenue has fallen by 72 per cent to $156,787, made up of $148,574 in membership income and a mere $8,213 in sponsorship revenue.
With that said, the JAA has consistently been an exhibitor at, and a supporter of, Jewellery Industry Network events in Melbourne and Sydney organised by Moore and, until recently, Phanthapangna.
Since Moore was forced to resign as JAA vice president, Jeweller has detailed at least 14 companies that she and/or Phanthapangna have created that operate in the jewellery industry as part of a complex and intriguing array of director and family-related activities across these and many other companies.
Indeed, Grow Fit Fund is one of many companies associated with Phanthapangna and Moore, which, in totality, have amassed liabilities of around $14 million, including unpaid staff entitlements ($1.5 million) and debts to the ATO ($7 million).
Phanthapangna quit the Jewellery Industry Network in December 2024, shortly before the appointment of administrators and/or liquidators to other companies for which he owned and/or was a director.
Jeweller contacted Phanthapangna regarding the recent liquidator’s report and provided questions about his time as director and chairman of Grow Fit Fund. He did not reply.
Martin’s report concludes with the expectation that the liquidation of Grow Fit Fund will be concluded by 31 December 2026.
The Full Story
More reading
Former Jewellery Industry Network directors issue statement
Surprising twist in Jewellery Industry Network connections and collapses
Jewellery Industry Network: Connecting the dots in a $14 million collapse
Jewellery Industry Network: Unravelling a web of collapsing companies
Jewellery Industry Network: Insolvency connections everywhere you look
Last one standing: Jewellery Industry Network linked to three collapsed companies