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Transcript of ontents - Bendigo Bank 2019-05-26آ  Annual Report 4Mukinbudin Community Bankآ® Branch Limited...

  • Annual Report Mukinbudin Community Bank® Branch Limited 1


    Chairperson’s report 2 Bendigo Bank Limited report 4 Directors’ report 5 Auditor’s Independence Declaration 10 Financial statements 11 Notes to financial statements 15 Directors’ declaration 37 Auditor Independence declaration 38

    Our Mission Statement To be a leader in the provision of banking services to Mukinbudin and surrounding districts and to return profits generated back to the local communities.

    Company Objectives To provide Shareholders and the community with a quality banking service, to observe best practice business ethics, and a safe workplace for employees. To pursue our mission statement we will communicate with our local community and seek their support in achieving our goals.

  • Annual Report Mukinbudin Community Bank® Branch Limited 2

    Chairperson’s Report

    For the year ending 30 June 2017

    Current Position Mukinbudin Community Financial Services Limited is pleased to report on the last 12 months of your

    Community Bank® Branch. The 2016/17 financial year saw us celebrate our 15th year in operation which is

    a major milestone achievement in our story so far.

    The Board and staff are working hard to grow the business and retain profitability and I am happy to

    announce on behalf of the Board that the branch’s portfolio continues to experience growth for the year,

    increasing from $85.3 million to $96.3 million.

    The Mukinbudin and surrounding district’s communities have again been a significant beneficiary of our

    continued success, with the Board sponsoring a wide range of worthy community activities and events.

    Acknowledgements I would like to start by thanking the Directors for their continued work for the best interest of the company

    on behalf of the shareholders and the community. This year saw a significant reduction in our Board numbers

    with a large number of Directors retiring, so I would like to acknowledge the additional time you have

    volunteered to address the challenges we have faced.

    I would like to acknowledge retiring Directors, starting with the retiring Chairman in Steve Smith, as well as

    Directors Darren Marquis, Jenny Heaney, Susan Geraghty and Gavin Stevens. I would like to thank and

    welcome our newest Directors this year in Troy Baker and Hugh Morgan, the Board still has further vacancies

    for community members who have an interest in contributing to the success of the Mukinbudin Community

    Bank® Branch.

    The Board has taken the time this year to review and update a range of governance structures and policies.

    This has led to the following key changes:

    - Stella Carlson was appointed as the Board’s Administrator. The administration of the Board is

    significant, so the appointment of Stella has been extremely helpful in reducing Directors workload

    and helping the Board be more efficient.

    - Karen Beale was appointed as the Board Bookkeeper. Her reports to the Board have greatly assisted

    in understanding the company’s financial position.

    - The Board is in the process of developing and adopting a new sponsorship policy and framework for

    implementing this.

    - The set up of a portable Community EFTPOS machine which is available for use by branch customers

    to support them when holding community and private events and functions. This is a great initiative

    than can benefit our communities.

    - Our partnership with Rural Bank as the provider of our agribusiness financial services continues to

    build and provides support and expertise to our staff to be able to offer agribusiness products to


    Our committed and experienced Manager, Tara Chambers, continues to oversee the branch and all our

    branch staff, I thank them for their professionalism and hard work.

    The continued success of our agencies in Beacon and Koorda is pleasing to see. The efforts of both branch

    and agency staff has seen a sustained and encouraging response to community banking services in these


    I would also like to thank Bendigo Bank and the support provided by Martyn Neville and Alex Dickson to the

    Board and myself. Your guidance and knowledge provided this year has been invaluable.

  • Annual Report Mukinbudin Community Bank® Branch Limited 3

    Chairperson’s Report (continued)

    I also have only joined the Board in this last year and circumstances at that time lead me to step into the

    position of Chairman. This role has been a steep learning curve without having spent time as a Director

    learning the business of the Board. Unfortunately, my circumstances have changed where I can no longer

    continue to be Chairman of the Board and so I’d like to thank the Deputy Chairman Kim Storer for stepping

    into the role as interim Chairman.

    Moving forward, the importance of utilising our banking services is the key to growing the company which in

    turn increases the Board’s ability to support and invest back into our communities through sponsorship and

    provision of financial services.

    Pace Vernon


  • Annual Report Mukinbudin Community Bank® Branch Limited 4

    Bendigo Bank Limited Report

    For year ending 30 June 2017 As we approach 20 years since the first Community Bank® branch opened its doors, it’s timely to reflect on the role of our network’s 70,000-strong shareholders and its army of nearly 2,000 passionate local Directors. As a group of people, you are a powerful force that continues to influence change both locally and nationally. United for a shared purpose in your communities, you are making big things happen beyond the delivery of great banking products and services; you’re creating jobs, helping businesses to thrive, solving problems and achieving outcomes that will make your communities better places to live and do business. Amongst other things, you are providing hundreds of thousands of people in communities around Australia with new opportunities to: • Play sport in new Community Bank® funded centres. • Continue their education thanks to a Community Bank® scholarship. • Seek treatment in hospitals closer to home with equipment funded through a Community Bank® grant. • Reap the environmental benefits of Community Bank® funded solar panels and LED lighting, and • Access mental health services for teenage children with a service supported by a local Community Bank® branch. In fact, since the model’s inception your investment in local communities exceeds $165 million and that figure continues to grow every year. This amount excludes the significant co-investment on key projects that many companies have obtained from Government and other parties. Nationally our voices are increasingly being heard, and our collaborative approach recognised and celebrated. Representing us all at a recent forum at Canberra’s Parliament House, Bendigo Bank’s Managing Director and Chairman reinforced the significance of the Community Bank® model’s achievements and called for regulatory change that would help us compete in a crowded and ever-evolving banking sector. Just two months later, the Federal Government announced a levy on Australia’s biggest banks that is set to re-level the playing field as we’ve regularly advocated for. But for us this is more than a levy. The Turnbull Government’s announcement recognises the importance of customers having access to a robust, competitive and customer-focused banking sector. On this note Bendigo Bank was recently recognised as the banking provider of choice in the annual Mozo People’s Choice Awards. Better yet, out of 110 banking providers nationally, we were the only bank recognised in all eight banking categories – and were rated the leading bank in six of those eight categories. This is an extraordinary achievement for you and our bank. Not only does it demonstrate that, in the eyes of our customers, we are doing something right – it very clearly outlines that together we can continue to achieve results. As we’ve long known, the more successful our customers are, the stronger our communities become. In this regard the Community Bank® model enables these outcomes for customers and communities, as increasingly recognised by more and more Australians. So, thank you for your investment in your local Community Bank® company, for your ongoing contribution and support, tireless advocacy and continued commitment to building strong local communities. Without this, our Community Bank® branches would be just another bank.

    Robert Musgrove Executive Engagement Innovation

  • Annual Report Mukinbudin Community Bank® Branch Limited 5

    Directors’ Report Your directors submit the financial statements of the company for the financial year ended 30 June 2017.

    Directors The names and details of the company’s directors who held office during or since the end of financial year:

    Kim Storer Acting Chairman Occupation: Manager Koorda Community Resource Centre Kim is a Community Development Officer and Manager at Koorda Community Resource Centre. She has experience in event planning and management, as well as social, economic and business development. Kim is currently the Executive Officer of the Koorda Agricultural Society and Central