Annual Report 2015 - Bendigo Bank · 2019-05-26 · Annual report Geographe Bay Community...

Busselton & Dunsborough Community Bank®branches

Annual Report2015

ABN 40 146 993 982

Geographe Bay CommunityEnterprises Limited

Annual report Geographe Bay Community Enterprises Limited 1

Contents

Chairman’s report 2

Manager’s report 3

Directors’ report 5

Auditor’s independence declaration 10

Financial statements 11

Notes to the financial statements 15

Directors’ declaration 39

Independent audit report 40

Annual report Geographe Bay Community Enterprises Limited2

For year ending 30 June 2015

Shareholders and supporters it is with much pleasure and significant sense of optimism I report to you as Chairman in relation to the 2014/15 financial year. At the beginning of this period a new and effectively non local Board had taken over. Over the past 12 months the Board has focused on only four simple goals;

• Togrowourbusiness

• ToworkmorecloselyandeffectivelywithourpartnersatBendigoandAdelaideBank

• Tomanageourcosts

• ToengagenewlocalDirectors.

Growing our business is the first and most important ingredient to sustainable long term success and continued community investment. We must be profitable so we can be charitable or philanthropic. At the 2014 Annual General meeting (AGM), I reported a nett growth in business of zero during the 2013/14 period. It is therefore with muchpleasureIreportgrowthintheorderof$27millionforthe2014/15financialyear.Thisgrowthandongoinggrowth will lead to long term success.

Thissuccessisduetothegreatworkofallofourstaffandistestamenttotheirhardworkanddedicationinsomeverytoughtimes.Theircommunityconnectednessandeffortshavebeenpivotaltodayandwillcontinuetobesoas we move forward.

Our partners at Bendigo and Adelaide Bank have continued to put their shoulder to the wheel alongside our staff andyourDirectors,weallstrivetodelivertheverybestwecan,supportourstaffwithexpertadviceandtimelyandpromptsupportsowecangetthebusinessthroughthedoorandacrosstheline.Therelationshipweenjoywith our partners is a very positive one and has always been an ingredient of long-term success right across the Community Bank®networkandDunsboroughandBusseltonwillbenodifferent.

Themanagementofcostsacrossourtwobrancheshasandcontinuestobefirstclassandthereportingprovidedto the Board has allowed us to make decisions with the confidence of sound financial data. Our costs have been well managed as we strive to achieve profitability. We have worked harder and smarter with less because everydollarwesavegoesonthebottomline.TheworkofretiringDirectorPeterEnglishasTreasurerissincerelyappreciatedandwewelcomenewDirectorWarwickHowardintotheroleofTreasurer.

WehavenowintroducedthreenewlocalDirectorstotheBoardwithafourthduetojoininthecomingmonths.JessO’Malley,GordonBleechmoreandWarwickHowardarelocaladditionsandthefourthwilljoinshortly.WearealsoindiscussionwithotherDunsboroughandBusseltonlocalswhohavetheskills,capacityandtimetocontribute.Iwouldanticipatethatbythecompletionofthe2015/16financialyearthevastmajoritywillbelocal.

Much is still to be done to achieve long term sustainability and success but mostly we simply need more customers andmorebusinessfromourexistingcustomers.Pleaseconsiderwhatadifferenceyourbankingandfinancialservices will make to your community, simply by doing it with the most connected and friendly staff in town!

Toourlongstandingshareholdersandsupportersthankyouonceagainwhilstwecontinuetoworkhardtomakeyour investment and commitment a positive one and to share in the success of the Community Bank® model whichhascreated1,500jobsacrossAustraliaandinvested$135millionbackinAustraliancommunities.Ourtime will come!

FinallytoallthoseinvolvedasDirectors,staff,shareholders,partnersandsupportersmightIoffermypersonalthanks for your efforts and ongoing commitment which is simply tremendous and might I share with you my vision for ongoing growth and success for our Community Bank® branches.

Glyn Yates,

Chairman

Chairman’s report


For year ending 30 June 2015

Theendofthe2014/15financialyearshowsabusinessthathasundergonesignificantchangeinthelast

12 months. Actions by the new Board that were enacted last year have directly resulted in the business beginning

to show signs significant growth thanks our staff and the support of our business partner Bendigo Bank.

Whilethebusinessisstillinachallengingposition,wenowhaveaplantomoveforwardandweexpectcontinued

growth.

Asa10-yearresidentofDunsboroughIseepotentialinBusseltonandDunsboroughcombined.Wearethefastest

growing regional area in Western Australia. From a Community Bank® company perspective, we have a massive

opportunity to grow side by side with local businesses and community groups. I firmly believe the Community

Bank®modelcanbeamajorassetinourgrowingregionalarea.I’velivedandbreathedfinancialservicesin

regionalWAoverthelastsixyearsfortwodifferentinstitutions,andthedirectbenefitthisbusinessmodelbrings

to regional Australia is limited only by the level of support from the local community.

I would like to personally recognise the efforts of our business partner, Bendigo Bank, in providing a substantial

supportoverthepast12months.TheprovisionofafundedBusinessDevelopmentManagerhasassistedusto

grow assets by $27.2 million over the past 12 months. In a low interest rate market our margins are squeezed,

andyetwe’vehadourbestyearofrevenuesinceopening.Theincreaseincustomernumbershasalsoraisedthe

profileoftheDunsboroughandBusseltonCommunity Bank® branches in the local area and allowed our staff to

becomeinvolvedinnewcommunityprojects.

As a new Manager to the business, I come in with my eyes wide open to the challenges we face. I believe we need

to be better at telling our story, be better at communicating the Community Bank® message. We need to show

theBusseltonandDunsboroughcommunitiesthatweofferthesameproductsasourcompetitorsinthearea,but

with a vastly superior level of local service. We need to communicate that we are here to do business, to provide

funding for local enterprise and to support local community organisations. At a time when the trend is to centralise

services and consolidate personnel, we still offer one on one, local, personal interactions with our clients and

stakeholders.

Overthepast12monthswehavesupportedanumberofnewcommunityprojectsincludingamathsliteracy

programatDunsboroughPrimarySchool,anequestrianeducationprogramatBusseltonSeniorHighSchoolanda

returntoschoolbankingatDunsboroughPrimary.WehavesupportedlocalsportinggroupssuchastheOnshore

CupFootballAssociation,theLeeuwinNaturalisteJuniorSoccerAssociationandtheDunsboroughYallingupMulies

Football Club.

ThroughourpartnershipwiththeDunsboroughProgressAssociationwehavebeenthenamingrightssponsorof

the Sculptures by the Bay. Some highlights of our community investment actions this year included our support

forthefirsteverundertakingof“Rocco’sRide”,astaffinitiativetoprovidesupportfortheBusseltonHospice.

Oursupervisor,SueWatson’s,sonRoccowantedtoraisefundstohelpthehospicebyridingfromDunsborough

toBusselton,notabadeffortforaneightyearoldboy!OurflagshipeventTheDunsboroughBayFunRunwas

anothermassivesuccessthisyearaswellwithover700peopleenjoyingabeautifulmorningofexercisealongthe

bay.Thesecommunityeventsaddtothefabricoftheareaweliveinandareourrealpointofdifference,awayto

illustrate how banking with us has a direct benefit to our local area.

Looking forward, we as a business are as well positioned to continue our massive growth. We have taken on three

newstaffmembersinTashHill,GemmaBennettandMalinSelemarkwhohaveclear,rapiddevelopmentplansto

moveintoapositionwheretheyarewritingbusinessdirectlyontoourbook.Ournewstaffcomplementourexisting

teamofDonnaBrown,ChrisBartlett,MicheleAdamsandSueWatsontoreallyallowustoworktoourindividual

strengths within the business.

Manager’s report


We are 100% focussed on maintaining business growth as our number one priority and I am very impressed with

howtheteamhascometogetherasonetosupportbothmyselfandourCustomerRelationshipManagerDebbie

Hancockingettingoutoftheofficeandinfrontofnewandexistingclientstoassistintheachievementoftheir

financialgoals.Debbiehasalsoincreasedherexposureinthelocalcommunityoverthelast12monthsandnow

sitsontheexecutiveoftheDunsboroughYallingupChamberofCommerceandhasestablishedherown‘Women

inBusiness’referralgroup.IwouldpersonallyliketorecogniseDebbie’seffortsinsupportingourbusinessasshe

has been here since day one.

I believe one of the keys to our ongoing success is you, our shareholders. I recognise that as a business,

shareholder engagement to this point in time has not been a strong point, however this is something I intend to

change.You,asshareholders,haveshownthatyoubelieveinwhattheCommunity Bank® model can do and I

wouldliketoextendapersonalinvitationtocomeandhaveachatwithmeaboutthebusinessincludingwhatyou

think we can do better and what you would like to see us support. I would also like the opportunity to discuss your

personal financial requirements. As shareholders, wouldn’t you like to see your business help your investment

grow?

InachallengingenvironmentthisbusinesshasshownthecapacityforexceptionalgrowthandIseethenext

12 months as an opportunity for us to continue to build on the gains of the last financial year, while also positioning

the business to be in a position to capitalise once conditions ease. It’s certainly not going to be smooth sailing all

theway,butwiththesupportoftheBusseltonandDunsboroughcommunities,ourshareholdersandourbusiness

partner, I believe we have the potential to create something special, much like the area we live in.

In conclusion I would like to thank our dedicated staff who have made a substantial effort in growing our business

overthelast12months,theygiveuptheirtimetosupportlocalcommunitygroupsandprojectsandtheirefforts

make this business a pleasure to be a part of.

Luke Pearce

Branch Manager

Busselton and Dunsborough Community Bank® branches

Manager’s report (continued)


Directors’reportFor the financial year ended 30 June 2015

Yourdirectorssubmitthefinancialstatementsofthecompanyforthefinancialyearended30June2015.

Directors

Thenamesanddetailsofthecompany’sdirectorswhoheldofficeduringorsincetheendofthefinancialyear:

Glyn Yates

Chair

Occupation:CompanyDirector

Qualifications,experienceandexpertise:TertiaryqualificationsinForestry,DirectorCollie&DistrictsCFSLfor

thelast11years.LocalGovernmentcouncillor17years,DeputyShirePresident5years,WArepresentative

on Community Bank®StrategicAdvisoryBoard.CompanyDirectorin2successfulForestryandManufacturing

businesses for 25 years.

Specialresponsibilities:Chair,HumanResourcesCommittee

Interestinshares:Nil

Peter Edmund English

Treasurer

Occupation:SeniorManager-Community Bank®Analytics&StrategicSupport

Qualifications,experienceandexpertise:Diploma:Business/Accounting,StateAdmin.Manager(NSW):Ansett

FreightExpress.32yearsexperienceinRetailBankinginBranch,Area,RegionalandSeniorManagerroles.

16 years with Bendigo Bank, all with Community Bank®Dept.andcurrentlySeniorManager-Community

Bank®Analytics&StrategicSupport.Inthisrolewemonitor,analyseandreportontheperformanceofthe

300 plus Community Bank®branches nationally and provide support directly and indirectly as required.

Communityinvolvementisprimarilyinlocalbusinessandagriculturalbasedorganisatione.g.PolwarthSheep

BreedersAssocofAust.(pastPresident),BendigoAgriculturalShowSociety(pastPresident),BendigoCentral

Traders(pastVicePresident)andGoornongIrrigators’Syndicate(currentlySecretary/Treasurer).

Specialresponsibilities:TreasurerandChairofBudgetCommittee


Michael Bernard Clutterham

Secretary

Occupation:StateCommunityEnterpriseManagerBendigoSA/NTandAdelaideBank

Qualifications,experienceandexpertise:MikehasworkedintheBankingindustryfor43yearsandwith

Bendigofor15years.DuringhistimewithBendigoandAdelaideBankLtdhehasheldnumerousroles

includingSeniorBusinessBankingManager,RegionalManagerSA/NTandhasbeeninhiscurrentrolefor

8years.HehasextensiveexperiencewiththeCommunity Bank®network across the South Australian and

NorthTerritorynetwork.Mikehasbeeninvolvedincommitteeroleswithswimmingclubs,netballandfootball

clubs.HehasbeeninstrumentalinassistingtheKatherineNTCommunityinleveraging$2.5Minfundingfrom

theFederalGovernmentfor4ChemotherapyChairsfortheKatherineHospital.

Specialresponsibilities:Secretary,HumanResourcesCommittee



Directors’report(continued)

Directors (continued)

Andrew James Murray

Director

Occupation:Contractor/BusinessOwner

Qualifications,experienceandexpertise:16yearsVineyardManager,7yearssmallbusinessowner/farmer.

CaptainFranklandTownBFB.DirectorGreatSouthernCommunityFinancialServicesLimitedsince2002.

NationalSteeringCommitteeRepresentativeProjectHorizon.StateRepresentativeNationalFutureLeaders

Forum.

Specialresponsibilities:DeputyChair,ChairMarketingCommittee


Gordon Clive Bleechmore (Appointed 27 February 2015)

Director

Occupation:Farmer

Qualifications,experienceandexpertise:MemberBusseltonStateEmergencyServices(8Years),Councellorat

City of Busselton (6 years).

Specialresponsibilities:MarketingCommittee,FinanceCommittee


Jessica Claire O’Malley (Appointed 30 April 2015)

Director

Occupation:BusinessOwner-Licensee-SettlementAgent

Qualifications,experienceandexpertise:Current:Licensee/OwnerSouthWestPropertySettlements&

Licensee/OwnerofRegionalBusinessNews.Over13yearsexperienceinrealestateandsettlementindustry.

LicensedRealEstateandBusinessAgent-(holdingcurrentlicensecertificatecompletedin2006RA60498).

LicensedSettlementAgent(DiplomainFinancialServicesConveyancing-holdingcurrentlicensecertificate

SA58363)completedin2007.HolderofTriennialCertificate.Othercertifications-RegisteredPropertyManager

Victoriain2005,CertificateIIIinBusinessOfficeAdministration2002.SchoolingMacKillopCatholicCollege,

CompletedSouthWestYoungAchieversProgramBunbury.Occupations:StrataManagement,TrustAccount

Manager,PropertyManager,SalesAdministrator,Director,Licenseeincontrolofsettlementagencyandproperty

managementagency,HRManager,Payroll,Officegeneralaccountsmanager,waitressing,functionworkfor

waitressingbarandkitchen.VolunteermemberofBusseltonJettyEnvironment&ConservationAssociation,

Secretary of Geographe Bay Referral Group Inc and on GBRG sub committee to run events raising money for

South West Autism Network, Ironman volunteer, Busselton Bowling Club function help and corporate member,

MemberofDunsboroughYallungupChamberofCommerce,BussletonChamberofCommerceandBunbury

ChamberofCommerce.PriorandcurrentBusinesssponsorshipinvolvementforGolfClub,BusseltonBowls

Club,GeographeBayYachtClub,CornerstoneSchool,StJosephsSchool,BusseltonCancerCouncil,Busselton

Hampers.

Specialresponsibilities:MarketingCommittee


Directorswereinofficeforthisentireyearunlessotherwisestated.

No directors have material interests in contracts or proposed contracts with the company.

Company Secretary

ThecompanysecretaryisMichaelBernardClutterham.Michaelwasappointedtothepositionofsecretaryon

13 May 2014.

MikehasworkedintheBankingindustryfor42yearsandwithBendigofor15years.DuringhistimewithBendigo

and Adelaide Bank Ltd he has held numerous roles.



Principal Activities

TheprincipalactivitiesofthecompanyduringthefinancialyearwerefacilitatingCommunity Bank® services under

management rights to operate franchised branches of Bendigo and Adelaide Bank Limited.

Therehavebeennosignificantchangesinthenatureoftheseactivitiesduringtheyear.

Operating results

Operationshavecontinuedtoperforminlinewithexpectations.Thelossofthecompanyforthefinancialyearafter

provisionforincometaxwas:

Year ended 30 June 2015$

Year ended 30 June 2014$

(406,156) (586,754)

Remuneration report

No director of the company receives remuneration for servces as a company director or Committee member.

Directors’shareholdings

No director holds shares in the company.

Balance at start of the year

Changes during the

year

Balance at end of the year

GlynYates - - -

PeterEdmundEnglish - - -

Michael Bernard Clutterham - - -

Andrew James Murray - - -

Gordon Clive Bleechmore (Appointed 27 February 2015) - - -

Jessica Claire O'Malley (Appointed 30 April 2015) - - -

Dividends

No dividends were declared or paid for the previous year and the directors recommend that no dividend be paid for

the current year.

Significant changes in the state of affairs

In the opinion of the directors there were no significant changes in the state of affairs of the company that

occurred during the financial year under review not otherwise disclosed in this report or the financial statements.

Events since the end of the financial year

Therearenomattersorcircumstancesthathavearisensincetheendofthefinancialyearthathavesignificantly

affected or may significantly affect the operations of the company the results of those operations or the state of

affairs of the company, in future years.



Likely developments

Thecompanywillcontinueitspolicyoffacilitatingbankingservicestothecommunity.

Environmental regulation

Thecompanyisnotsubjecttoanysignificantenvironmentalregulation.

Indemnification and insurance of directors and officers

Thecompanyhasindemnifiedalldirectorsandthemanagerinrespectofliabilitiestootherpersons(otherthan

the company or related body corporate) that may arise from their position as directors or manager of the company

exceptwheretheliabilityarisesoutofconductinvolvingthelackofgoodfaith.

Disclosureofthenatureoftheliabilityandtheamountofthepremiumisprohibitedbytheconfidentialityclauseof

thecontractofinsurance.Thecompanyhasnotprovidedanyinsuranceforanauditorofthecompanyorarelated

body corporate.

Directors’ meetings

Thenumberofdirectors’meetingsattendedbyeachofthedirectorsofthecompanyduringtheyearwere:

Board Meetings Attended

Committee Meetings Attended

MarketingHuman

Resources

Eligible Attended Eligible Attended Eligible Attended

GlynYates 13 13 - - - -

PeterEdmundEnglish 13 13 - - - -

Michael Bernard Clutterham 13 13 - - 1 1

Andrew James Murray 13 13 6 6 1 1

Gordon Clive Bleechmore (Appointed 27 February 2015) 5 3 - - - -

Jessica Claire O'Malley (Appointed 30 April 2015) 3 3 - - - -

Proceedings on behalf of the company

No person has applied to the Court under section 237 of the Corporations Act 2001 for leave to bring proceedings

on behalf of the company, or to intervene in any proceedings to which the company is a party, for the purpose of

taking responsibility on behalf of the company for all or part of those proceedings.

No proceedings have been brought or intervened in on behalf of the company with leave of the Court under section

237 of the Corporations Act 2001.

Non audit services

Thecompanymaydecidetoemploytheauditoronassignmentsadditionaltotheirstatutorydutieswherethe

auditor’sexpertiseandexperiencewiththecompanyareimportant.Detailsoftheamountspaidorpayabletothe

auditor (Andrew Frewin Stewart) for audit and non audit services provided during the year are set out in the notes

to the accounts.

Theboardofdirectorshasconsideredtheposition,andissatisfiedthattheprovisionofthenon-auditservicesis

compatible with the general standard of independence for auditors imposed by the Corporations Act 2001.



Non audit services (continued)

Thedirectorsaresatisfiedthattheprovisionofnon-auditservicesbytheauditor,assetoutinthenotesdidnot

compromisetheauditorindependencerequirementsoftheCorporationsAct2001forthefollowingreasons:

• allnon-auditserviceshavebeenreviewedtoensuretheydonotimpactontheimpartialityandobjectivityofthe

auditor

• noneoftheservicesunderminethegeneralprinciplesrelatingtoauditorindependenceassetoutinAPES110

CodeofEthicsforProfessionalAccountants,includingreviewingorauditingtheauditor’sownwork,actingin

amanagementoradecision-makingcapacityforthecompany,actingasadvocateforthecompanyorjointly

sharing economic risk and rewards.

Auditor’s independence declaration

A copy of the auditor’s independence declaration as required under section 307C of the Corporations Act 2001 is

set out on page 10.

Signed in accordance with a resolution of the board of directors at Bussellton, Western Australia on 25 September

2015.

Glyn Yates,

Chairman


Auditor’s independence declaration


Financial statementsStatementofProfitorLossandOtherComprehensiveIncome for the year ended 30 June 2015

Notes 2015 2014 $ $

Revenuefromordinaryactivities 4 393,594 280,409

Employeebenefitsexpense (381,451) (403,936)

Charitabledonations,sponsorship,advertisingandpromotion (16,602) (29,201)

Occupancyandassociatedcosts (118,686) (109,913)

Systemscosts (67,065) (70,944)

Depreciationandamortisationexpense 5 (74,910) (86,117)

Finance costs 5 1,864 (3,444)

Generaladministrationexpenses (142,900) (163,608)

Loss before income tax (406,156) (586,754)

Incometaxcredit 6 - -

Loss after income tax (406,156) (586,754)

Total comprehensive income for the year (406,156) (586,754)

Earnings per share for loss attributable to the ordinary

shareholders of the company: ¢ ¢

Basicearningspershare 20 (25.58) (36.96)

Theaccompanyingnotesformpartofthesefinancialstatements.


Financial statements (continued)

Balance Sheet as at 30 June 2015

Notes 2015 2014 $ $

ASSETS

Current Assets

Cash and cash equivalents 7 36 -

Tradeandotherreceivables 8 64,779 14,930

Total Current Assets 64,815 14,930

Non-Current Assets

Property,plantandequipment 9 245,612 284,546

Intangibleassets 10 46,934 82,910

Total Non-Current Assets 292,546 367,456

Total Assets 357,361 382,386

LIABILITIES

Current Liabilities

Tradeandotherpayables 11 22,258 16,892

Borrowings 12 803,928 420,441

Provisions 13 12,393 13,946

Total Current Liabilities 838,579 451,279

Non-Current Liabilities

Borrowings 12 5,276 11,572

Provisions 13 8,109 7,982

Total Non-Current Liabilities 13,385 19,554

Total Liabilities 851,964 470,833

Net Liabilities (494,603) (88,447)

Equity

Issuedcapital 14 1,542,942 1,542,942

Accumulatedlosses 15 (2,037,545) (1,631,389)

Total Equity (494,603) (88,447)




StatementofChangesinEquity for the year ended 30 June 2015

Issued Accumulated Total capital losses equity $ $ $

Balance at 1 July 2013 1,542,942 (1,044,635) 498,307

Total comprehensive income for the year - (586,754) (586,754)

Transactions with owners in their capacity as owners:

Shares issued during period - - -

Costs of issuing shares - - -

Dividendsprovidedfororpaid - - -

Balance at 30 June 2014 1,542,942 (1,631,389) (88,447)

Balance at 1 July 2014 1,542,942 (1,631,389) (88,447)

Total comprehensive income for the year - (406,156) (406,156)

Transactions with owners in their capacity as owners:

Shares issued during period - - -

Costs of issuing shares - - -

Dividendsprovidedfororpaid - - -

Balance at 30 June 2015 1,542,942 (2,037,545) (494,603)




Statement of Cash Flows for the year ended 30 June 2015

Notes 2015 2014 $ $

Cash flows from operating activities

Receipts from customers 373,384 317,854

Paymentstosuppliersandemployees (752,403) (804,604)

Interest received - 15

Interest paid (5,850) (3,444)

Interest rebate on bank overdraft 7,714 -

Net cash provided by/(used in) operating activities 16 (377,155) (490,179)

Cash flows from investing activities

Paymentsforproperty,plantandequipment - 10,909

Net cash provided by investing activities - 10,909

Cash flows from financing activities

Repaymentofborrowings (5,943) (5,304)

Net cash provided by/(used in) financing activities (5,943) (5,304)

Net increase/(decrease) in cash held (383,098) (484,574)

Cashandcashequivalentsatthebeginningofthefinancialyear (414,805) 69,769

Cash and cash equivalents at the end of the financial year 7(a) (797,903) (414,805)



Notes to the financial statementsFor year ended 30 June 2015

Note 1. Summary of significant accounting policies

a) Basis of preparation

ThesegeneralpurposefinancialstatementshavebeenpreparedinaccordancewithAustralianAccounting

Standards and Interpretations issued by the Australian Accounting Standard Boards and the Corporations Act

2001.Thecompanyisafor-profitentityforthepurposeofpreparingthefinancialstatements.

Compliance with IFRS

ThesefinancialstatementsandnotescomplywithInternationalFinancialReportingStandards(IFRS)asissuedby

the International Accounting Standards Board (IASB).

Critical accounting estimates

Thepreparationofthefinancialstatementsrequirestheuseofcertaincriticalaccountingestimates.Italso

requiresmanagementtoexerciseitsjudgementintheprocessofapplyingthecompany’saccountingpolicies.

Theseareasinvolvingahigherdegreeofjudgementorcomplexities,orareaswhereassumptionsandestimates

are significant to the financial statements are disclosed in note 3.

Historicalcostconvention

Thefinancialstatementshavebeenpreparedunderthehistoricalcostconventiononanaccrualsbasisas

modified by the revaluation of financial assets and liabilities at fair value through profit or loss and where stated,

currentvaluationsofnon-currentassets.Costisbasedonthefairvaluesoftheconsiderationgiveninexchange

for assets.

Comparative figures

WhererequiredbyAustralianAccountingStandardscomparativefigureshavebeenadjustedtoconformwith

changes in presentation for the current financial year.

Application of new and amended accounting standards

ThefollowingamendmentstoaccountingstandardsandanewinterpretationissuedbytheAustralianAccounting

Standards Board (AASB) became mandatorily effective for accounting periods beginning on or after 1 July 2014,

and are therefore relevant for the current financial year.

• AASB2012-3AmendmentstoAustralianAccountingStandards(AASB132)–OffsettingFinancialAssetsand

Financial Liabilities.

• AASB2013-3AmendmentstoAASB136–RecoverableAmountDisclosuresforNon-FinancialAssets.

• AASB2013-4AmendmentstoAustralianAccountingStandards(AASB139)–NovationofDerivativesand

ContinuationofHedgeAccounting.

• AASB2013-5AmendmentstoAustralianAccountingStandards(AASB10)–InvestmentEntities.

• AASB2014-1AmendmentstoAustralianAccountingStandards(PartA:AnnualImprovements2010-2012and

2011-2013 Cycles).

• AASB2014-1AmendmentstoAustralianAccountingStandards(PartB:DefinedBenefitPlans:Employee

ContributionsAmendmentstoAASB119).


Notes to the financial statements (continued)

Note 1. Summary of significant accounting policies (continued)

a) Basis of preparation (continued)

Application of new and amended accounting standards (continued)

• Interpretation21Levies.

• AASB1031Materiality,AASB2013-9AmendmentstoAustralianAccountingStandards–Conceptual

Framework,MaterialityandFinancialInstruments(PartB:Materiality),AASB2014-1AmendmentstoAustralian

AccountingStandards(PartC:Materiality).

None of the amendments to accounting standards or the new interpretation issued by the Australian Accounting

Standards Board (AASB) that became mandatorily effective for accounting periods beginning on or after 1 July

2014, materially affected any of the amounts recognised in the current period or any prior period and are not likely

to affect future periods.

ThefollowingaccountingstandardsandinterpretationsissuedbytheAustralianAccountingStandardsBoard

(AASB) become effective in future accounting periods.

Effective for annual reporting periods beginning on or after

AASB9FinancialInstruments,andtherelevantamendingstandards. 1 January 2018

AASB 15 Revenue from Contracts with Customers and AASB 2014-5

Amendments to Australian Accounting Standards arising from AASB 15.1 January 2017

AASB2014-3AmendmentstoAustralianAccountingStandards–Accounting

for Acquisitions of Interests in Joint Operations.1 January 2016

AASB2014-4AmendmentstoAustralianAccountingStandards–Clarification

ofAcceptableMethodsofDepreciationandAmortisation.1 January 2016

AASB2014-6AmendmentstoAustralianAccountingStandards–Agriculture:

BearerPlants.1 January 2016

AASB2014-9AmendmentstoAustralianAccountingStandards–Equity

Method in Separate Financial Statements.1 January 2016

AASB2014-10AmendmentstoAustralianAccountingStandards–Sale

or Contribution of Assets between an Investor and its Associate or Joint

Venture.

1 January 2016

AASB2015-1AmendmentstoAustralianAccountingStandards–Annual

Improvements to Australian Accounting Standards 2012-2014 Cycle.1 January 2016

AASB2015-2AmendmentstoAustralianAccountingStandards–Disclosure

Initiative:AmendmentstoAASB101.1 January 2016

AASB 2015-3 Amendments to Australian Accounting Standards arising from

the Withdrawal of AASB 1031 Materiality.1 July 2015

AASB2015-4AmendmentstoAustralianAccountingStandards–Financial

ReportingRequirementsforAustralianGroupswithaForeignParent.1 July 2015

AASB2015-5AmendmentstoAustralianAccountingStandards–Investment

Entities:ApplyingtheConsolidationException.1 January 2016





Application of new and amended accounting standards (continued)

Thecompanyhasnotelectedtoapplyanyaccountingstandardsorinterpretationsbeforetheirmandatory

operativedatefortheannualreportingperiodbeginning1July2014.Thereforetheabovementionedaccounting

standards or interpretations have no impact on amounts recognised in the current period or any prior period.

Economicdependency-BendigoandAdelaideBankLimited

ThecompanyhasenteredintoafranchiseagreementwithBendigoandAdelaideBankLimitedthatgovernsthe

management of the Community Bank®branchesatDunsboroughandBussellton,WesternAustralia.

ThebranchesoperateasafranchiseofBendigoandAdelaideBankLimited,usingthename“BendigoBank”and

thelogoandsystemofoperationsofBendigoandAdelaideBankLimited.ThecompanymanagestheCommunity

Bank® branches on behalf of Bendigo and Adelaide Bank Limited, however all transactions with customers

conducted through the Community Bank® branches are effectively conducted between the customers and Bendigo

and Adelaide Bank Limited.

All deposits are made with Bendigo and Adelaide Bank Limited, and all personal and investment products are

products of Bendigo and Adelaide Bank Limited, with the company facilitating the provision of those products. All

loans, leases or hire purchase transactions, issues of new credit or debit cards, temporary or bridging finance and

anyothertransactionthatinvolvescreatinganewdebt,orincreasingorchangingthetermsofanexistingdebt

owed to Bendigo and Adelaide Bank Limited, must be approved by Bendigo and Adelaide Bank Limited. All credit

transactions are made with Bendigo and Adelaide Bank Limited, and all credit products are products of Bendigo

and Adelaide Bank Limited.

Thecompanypromotesandsellstheproductsandservices,butisnotapartytothetransaction.

Thecreditrisk(i.e.theriskthatacustomerwillnotmakerepayments)isfortherelevantBendigoandAdelaide

Bank Limited entity to bear as long as the company has complied with the appropriate procedures and relevant

obligationsandhasnotexercisedadiscretioningrantingorextendingcredit.

Bendigo and Adelaide Bank Limited provides significant assistance in establishing and maintaining the Community

Bank® branches franchise operations. It also continues to provide ongoing management and operational support

and other assistance and guidance in relation to all aspects of the franchise operation, including advice in relation

to:

• adviceandassistanceinrelationtothedesign,layoutandfitoutoftheCommunity Bank® branch

• trainingforthebranchmanagerandotheremployeesinbanking,managementsystemsandinterfaceprotocol

• methodsandproceduresforthesaleofproductsandprovisionofservices

• securityandcashlogisticcontrols

• calculationofcompanyrevenueandpaymentofmanyoperatingandadministrativeexpenses

• theformulationandimplementationofadvertisingandpromotionalprograms

• salestechniquesandpropercustomerrelations.

Going concern

Thenetliabilitiesofthecompanyasat30June2015were$494,603andthelossmadefortheyearwas

$406,156, bringing accumulated losses to $2,037,545.





Going concern (continued)

In addition: $

Totalassetswere 357,361

Totalliabilitieswere 851,964

Operating cash flows were (377,155)

Therewasa30%decreaseinthelossrecordedforthefinancialyearended30June2015whencomparedtothe

prior year.

Thecompanymeetsitsdaytodayworkingcapitalrequirementsthroughanoverdraftfacility.Theoverdrafthasan

approvedlimitof$1,200,000andwasdrawnto$797,939asat30June2015.

Thecompany’sbusinessactivities,togetherwiththefactorslikelytoaffectitsfuturedevelopment,performance

andpositionaresetoutinthedirectors’reportonpages5to9.Thefinancialpositionofthecompany,itscash

flows, liquidity position and borrowing facilities are described in the financial statements.

Thecurrenteconomicenvironmentisdifficultandwhilerevenuecontinuestoincreasethecompanyhasagain

reportedanoperatinglossfortheyear.Thedirectorsconsiderthattheoutlookpresentssignificantchallengesin

terms of banking business volume and pricing as well as for operating costs. Whilst the directors have instituted

measures to preserve cash and secure additional finance, these circumstances create material uncertainties over

future trading results and cash flows.

Thedirectorshaveduringthelast12monthshadfourareasoffocus;growingourbusiness,managingourcosts,

working with our partners and attracting new directors. We have grown the business by 62% in the past 12 months

and there is continued opportunity for growth (budgeted at $2.5m per month), our costs have been reduced by 8%,

we have a close working relationship with our Bendigo partners and specialist staff which help grow our business

and we have now attracted four new local directors with discussions underway with a further three. In 2015/16 we

will develop and commence implementing a comprehensive three year strategic plan and continue discussions with

Bendigo and Adelaide Bank about our overdraft facilities.

Thecompany’sforecastsandprojections,takingaccountofreasonablypossiblechangesintradingperformance,

show that the company will be able to trade within its current overdraft facilities.

ThecompanyhashelddiscussionswithBendigoandAdelaideBankLimitedaboutitsfutureborrowingneeds.

It is likely that these discussions will not be completed for some time but no matters have been drawn to its

attentiontosuggestthatrenewalmaynotbeforthcomingonacceptableterms.Thecompanyhasalsoobtainedan

undertaking of support from Bendigo and Adelaide Bank Limited that it will continue to support the company and

itsoperationsforthe2015/16financialyear.Thissupportisprovidedonthebasisthatthecompanycontinuesto

fulfil its obligations under the franchise agreement and continues to work closely with Bendigo and Adelaide Bank

Limited to further develop its business.

Thedirectorshaveconcludedthatthecombinationofthecircumstancesaboverepresentsamaterialuncertainty

that casts significant doubt upon the company’s ability to continue as a going concern and that without the

ongoing support of Bendigo and Adelaide Bank the company’s ability to continue as a going concern would be

compromised and that, therefore, the company may be unable to realise its assets and discharge its liabilities in

the normal course of business.





Going concern (continued)

Nevertheless, after making enquiries and considering the uncertainties described above, the directors have a

reasonableexpectationthatthecompanyhasadequateresources(withtheSupportofBendigo)tocontinuein

operationalexistencefortheforeseeablefuture.Forthesereasons,theycontinuetoadoptthegoingconcern

basis of accounting in preparing the annual financial statements.

Thefollowingisasummaryofthematerialaccountingpoliciesadoptedbythecompanyinthepreparationofthe

financialstatements.Theaccountingpolicieshavebeenconsistentlyapplied,unlessotherwisestated.

b) Revenue

Revenue is recognised when the amount of revenue can be reliably measured, it is probable that future economic

benefits will flow to the company and any specific criteria have been met. Interest and fee revenue is recognised

whenearned.Thegainorlossondisposalofproperty,plantandequipmentisrecognisedonanetbasisandis

classifiedasincomeratherthanrevenue.AllrevenueisstatednetoftheamountofGoodsandServicesTax(GST).

Revenue calculation

Over the period from September 2013 to February 2015, Bendigo and Adelaide Bank Limited conducted a

review of the Community Bank®model,knownas‘ProjectHorizon’.Thiswasconductedinconsultationwiththe

Community Bank®network.TheobjectiveofthereviewwastodevelopasharedvisionoftheCommunity Bank®

model that positions it for success now and for the future.

Theoutcomeofthatreviewisthatthefundamentalfranchisemodelandcommunityparticipationremain

unchanged. Changes to be implemented over a three year period reflect a number of themes, including a culture of

innovation,agilityandflexibility,networkcollaboration,directorandstaffdevelopmentandasustainablefinancial

model.ThiswillincludechangestothefinancialreturnforCommunity Bank® companies from 1 July 2016. A

funds transfer pricing model will be used for the method of calculation of the cost of funds, deposit return and

margin. All revenue paid on core banking products will be through margin share. Margin on core banking products

will be shared on a 50/50 basis.

Thefranchiseagreementprovidesthatthreeformsofrevenuemaybeearnedbythecompany–margin,

commission and fee income. Bendigo and Adelaide Bank Limited decides the form of revenue the company earns

on different types of products and services.

Therevenueearnedbythecompanyisdependentonthebusinessthatitgenerates.Itmayalsobeaffectedby

otherfactors,suchaseconomicandlocalconditions,forexample,interestrates.

Core banking products

BendigoandAdelaideBankLimitedhasidentifiedsomeBendigoBankGroupproductsandservicesas‘core

banking products’. It may change the products and services which are identified as core banking products by giving

the company at least 30 days’ notice. Core banking products currently include Bendigo Bank branded home loans,

term deposits and at call deposits.




b) Revenue (continued)

Margin

Marginisarrivedatthroughthefollowingcalculation:

• Interestpaidbycustomersonloanslessinterestpaidtocustomersondeposits,

• plusanydepositreturnsi.e.interestreturnappliedbyBendigoandAdelaideBankLimitedforadeposit,

• minusanycostsoffundsi.e.interestappliedbyBendigoandAdelaideBankLimitedtofundaloan.

Note:Inverysimplifiedterms,currently,depositreturnmeanstheinterestBendigoandAdelaideBankLimited

getswhenitinveststhemoneythecustomerdepositswithit.ThecostoffundsmeanstheinterestBendigoand

Adelaide Bank Limited pays when it borrows the money to give a customer a loan. From 1 July 2016, both will

mean the cost for Bendigo and Adelaide Bank Limited to borrow the money in the market.

Productsandservicesonwhichmarginispaidincludevariableratedepositsandvariableratehomeloans.From1

July2016,examplesincludeBendigoBankbrandedatcalldeposits,termdepositsandhomeloans.

For those products and services on which margin is paid, the company is entitled to a share of the margin earned

byBendigoandAdelaideBankLimited(i.e.incomeadjustedforBendigoandAdelaideBankLimited’sinterest

expenseandinterestincomereturn).However,ifthisreflectsaloss,thecompanyincursashareofthatloss.

Commission

Commission is a fee paid for products and services sold. It may be paid on the initial sale or on an ongoing basis.

Commissionispayableonthesaleofaninsuranceproductsuchashomecontents.Examplesofproductsand

servicesonwhichongoingcommissionsarepaidincludeleasingandSandhurstTrusteesLimitedproducts.This

currentlyalsoincludesBendigoBankbrandedfixedratehomeloansandtermdepositsofmorethan90days,but

these will become margin products from 1 July 2016.

Fee income

Feeincomeisashareofwhatiscommonlyreferredtoas‘bankfeesandcharges’chargedtocustomersby

Bendigo Bank Group entities including fees for loan applications and account transactions.

Ability to change financial return

Under the franchise agreement, Bendigo and Adelaide Bank Limited may change the form and amount of financial

returnthatthecompanyreceives.Thereasonsitmaymakeachangeincludechangesinindustryoreconomic

conditions or changes in the way Bendigo and Adelaide Bank Limited earns revenue.

Thechangemaybetothemethodofcalculationofmargin,theamountofmargin,commissionandfeeincomeor

achangeofamargintoacommissionorviceversa.Thismayaffecttheamountofrevenuethecompanyreceives

onaparticularproductorservice.Theeffectofthechangeontherevenueearnedbythecompanyisentirely

dependent on the change.

Thechangemaybetothemethodofcalculationofmargin,theamountofmargin,commissionandfeeincomeor

achangeofamargintoacommissionorviceversa.Thismayaffecttheamountofrevenuethecompanyreceives

onaparticularproductorservice.Theeffectofthechangeontherevenueearnedbythecompanyisentirely

dependent on the change.




b) Revenue (continued)

Ability to change financial return (continued)

If Bendigo and Adelaide Bank Limited makes a change to the margin or commission on core banking products

and services, it must not reduce the margin and commission the company receives on core banking products and

services Bendigo and Adelaide Bank Limited attributes to the company to less than 50% (on an aggregate basis)

of Bendigo and Adelaide Bank Limited’s margin at that time. For other products and services, there is no restriction

on the change Bendigo and Adelaide Bank Limited may make.

Bendigo and Adelaide Bank Limited must give the company 30 days’ notice before it changes the products and

services on which margin, commission or fee income is paid, the method of calculation of margin and the amount

of margin, commission or fee income.

Monitoring and changing financial return

Bendigo and Adelaide Bank Limited monitors the distribution of financial return between Community Bank®

companies and Bendigo and Adelaide Bank Limited on an ongoing basis.

Overall, Bendigo and Adelaide Bank Limited has made it clear that the Community Bank® model is based on the

principle of shared reward for shared effort. In particular, in relation to core banking products and services, the aim

is to achieve an equal share of Bendigo and Adelaide Bank Limited’s margin.

AsdiscussedaboveinrelationtoProjectHorizon,amongotherthings,therewillbechangesinthefinancialreturn

for Community Bank®companiesfrom1July2016.Thisincludes50%shareofmarginoncorebankingproducts,

all core banking products become margin products and a funds transfer pricing model will be used for the method

of calculation of the cost of funds, deposit return and margin.

c) Income tax

Currenttax

Currenttaxiscalculatedbyreferencetotheamountofincometaxespayableorrecoverableinrespectofthe

taxableprofitorlossfortheperiod.Itiscalculatedusingtaxratesandtaxlawsthathavebeenenactedor

substantivelyenactedbyreportingdate.Currenttaxforcurrentandpriorperiodsisrecognisedasaliability(or

asset)totheextentthatitisunpaid(orrefundable).

Deferredtax

Deferredtaxisaccountedforusingthebalancesheetliabilitymethodontemporarydifferencesarisingfrom

differences between the carrying amount of assets and liabilities in the financial statements and the corresponding

taxbaseofthoseitems.

Inprinciple,deferredtaxliabilitiesarerecognisedforalltaxabletemporarydifferences.Deferredtaxassets

arerecognisedtotheextentthatitisprobablethatsufficienttaxableamountswillbeavailableagainstwhich

deductibletemporarydifferencesorunusedtaxlossesandtaxoffsetscanbeutilised.However,deferredtax

assets and liabilities are not recognised if the temporary differences giving rise to them arise from the initial

recognition of assets and liabilities (other than as a result of a business combination) which affects neither

taxableincomenoraccountingprofit.Furthermore,adeferredtaxliabilityisnotrecognisedinrelationtotaxable

temporary differences arising from goodwill.




c) Income tax (continued)

Deferredtax(continued)

Deferredtaxassetsandliabilitiesaremeasuredatthetaxratesthatareexpectedtoapplytotheperiod(s)when

theassetandliabilitygivingrisetothemarerealisedorsettled,basedontaxrates(andtaxlaws)thathavebeen

enactedorsubstantivelyenactedbyreportingdate.Themeasurementofdeferredtaxliabilitiesreflectsthetax

consequencesthatwouldfollowfromthemannerinwhichtheconsolidatedentityexpects,atthereportingdate,to

recover or settle the carrying amount of its assets and liabilities.

Deferredtaxassetsandliabilitiesareoffsetwhenthereisalegallyenforceablerighttooffsetcurrenttaxand

whenthebalancesrelatetotaxesleviedbythesametaxationauthorityandthecompanyentityintendstosettle

itstaxassetsandliabilitiesonanetbasis.

Currentanddeferredtaxfortheperiod

CurrentanddeferredtaxisrecognisedasanexpenseorincomeintheStatementofProfitorLossandOther

ComprehensiveIncome,exceptwhenitrelatestoitemscreditedordebitedtoequity,inwhichcasethedeferred

taxisalsorecogniseddirectlyinequity,orwhereitarisesfrominitialaccountingforabusinesscombination,in

whichcaseitistakenintoaccountinthedeterminationofgoodwillorexcess.

d) Employee entitlements

Provisionismadeforthecompany’sliabilityforemployeebenefitsarisingfromservicesrenderedbyemployees

tobalancedate.Employeebenefitsthatareexpectedtobesettledwithinoneyearhavebeenmeasuredatthe

amountsexpectedtobepaidwhentheliabilityissettled,plusrelatedon-costs.Employeebenefitspayablelater

than one year have been measured at the present value of the estimated future cash outflows to be made for

those benefits.

Thecompanycontributestoadefinedcontributionplan.Contributionstoemployeesuperannuationfundsare

charged against income as incurred.

e) Cash and cash equivalents

For the purposes of the Statement of Cash Flows, cash includes cash on hand and in banks and investments in

money market instruments, net of outstanding bank overdrafts. Bank overdrafts are shown within borrowings in

current liabilities on the Balance Sheet.

f) Trade receivables and payables

Receivablesarecarriedattheiramountsdue.Thecollectabilityofdebtsisassessedatbalancedateandspecific

provision is made for any doubtful accounts. Liabilities for trade creditors and other amounts are carried at cost

that is the fair value of the consideration to be paid in the future for goods and services received, whether or not

billed to the company.

g) Property, plant and equipment

Plantandequipment,leaseholdimprovementsandequipmentunderfinanceleasearestatedatcostless

accumulateddepreciationandimpairment.Costincludesexpenditurethatisdirectlyattributabletotheacquisition

of the item. In the event that settlement of all or part of the purchase consideration is deferred, cost is determined

by discounting the amounts payable in the future to their present value as at the date of acquisition.




g) Property, plant and equipment (continued)

Depreciationisprovidedonproperty,plantandequipment,includingfreeholdbuildingsbutexcludingland.

Depreciationiscalculatedonastraightlinebasissoastowriteoffthenetcostofeachassetoveritsexpected

useful life to its estimated residual value. Leasehold improvements are depreciated at the rate equivalent to

theavailablebuildingallowanceusingthestraightlinemethod.Theestimatedusefullives,residualvaluesand

depreciation method are reviewed at the end of each annual reporting period.

Thefollowingestimatedusefullivesareusedinthecalculationofdepreciation:

• leaseholdimprovements 40 years

• plantandequipment 2.5 - 40 years

• furnitureandfittings 4 - 40 years

h) Intangibles

ThefranchisefeepaidtoBendigoandAdelaideBankLimitedhasbeenrecordedatcostandisamortisedona

straight line basis over the life of the franchise agreement.

TherenewalprocessingfeepaidtoBendigoandAdelaideBankLimitedwhenrenewingthefranchiseagreement

has also been recorded at cost and is amortised on a straight line basis over the life of the franchise agreement.

i) Payment terms

Receivablesandpayablesarenoninterestbearingandgenerallyhavepaymenttermsofbetween30and90days.

j) Borrowings

Allloansareinitiallymeasuredattheprincipalamount.Interestisrecognisedasanexpenseasitaccrues.

k) Financial instruments

Recognition and initial measurement

Financial instruments, incorporating financial assets and financial liabilities are recognised when the entity

becomes a party to the contractual provisions of the instrument.

Financial instruments are initially measured at fair value plus transaction costs. Financial instruments are

classified and measured as set out below.

Derecognition

Financialassetsarederecognisedwherethecontractualrightstoreceiptofcashflowsexpiresortheassetis

transferred to another party whereby the entity no longer has any significant continuing involvement in the risks

and benefits associated with the asset.

Classification and subsequent measurement

(i) Loans and receivables

Loansandreceivablesarenon-derivativefinancialassetswithfixedordeterminablepaymentsthatarenot

quoted in an active market and are subsequently measured at amortised cost using the effective interest rate

method.




k) Financial instruments (continued)

Classification and subsequent measurement (continued)

(ii) Held-to-maturityinvestments

Held-to-maturityinvestmentsarenon-derivativefinancialassetsthathavefixedmaturitiesandfixedor

determinablepayments,anditistheentity’sintentiontoholdtheseinvestmentstomaturity.Theyare

subsequently measured at amortised cost using the effective interest rate method.

(iii) Available-for-sale financial assets

Available-for-sale financial assets are non-derivative financial assets that are either not suitable to be classified

into other categories of financial assets due to their nature, or they are designated as such by management.

Theycompriseinvestmentsintheequityofotherentitieswherethereisneitherafixedmaturitynorfixedor

determinable payments.

Theyaresubsequentlymeasuredatfairvaluewithchangesinsuchfairvalue(i.e.gainsorlosses)recognised

intheStatementofProfitorLossandOtherComprehensiveIncome.Available-for-salefinancialassetsare

includedinnon-currentassetsexceptwheretheyareexpectedtobesoldwithin12monthsaftertheendof

the reporting period. All other financial assets are classified as current assets.

(iv) Financial liabilities

Non-derivativefinancialliabilities(excludingfinancialguarantees)aresubsequentlymeasuredatamortisedcost

using the effective interest rate method.

Impairment

Ateachreportingdate,theentityassesseswhetherthereisobjectiveevidencethatafinancialinstrumenthas

beenimpaired.ImpairmentlossesarerecognisedintheStatementofProfitorLossandOtherComprehensive

Income.

l) Leases

Leasesoffixedassetswheresubstantiallyalltherisksandbenefitsincidentaltotheownershipoftheasset,

but not the legal ownership are transferred to the company are classified as finance leases. Finance leases are

capitalised by recording an asset and a liability at the lower of the amounts equal to the fair value of the leased

property or the present value of the minimum lease payments, including any guaranteed residual values. Lease

paymentsareallocatedbetweenthereductionoftheleaseliabilityandtheleaseinterestexpensefortheperiod.

Leased assets are depreciated on a straight-line basis over the shorter of their estimated useful lives or the lease

term. Lease payments for operating leases, where substantially all the risks and benefits remain with the lessor,

arechargedasexpensesintheperiodsinwhichtheyareincurred.Leaseincentivesunderoperatingleasesare

recognised as a liability and amortised on a straight-line basis over the life of the lease term.

m) Provisions

Provisionsarerecognisedwhentheeconomicentityhasalegal,equitableorconstructiveobligationtomakea

future sacrifice of economic benefits to other entities as a result of past transactions of other past events, it is

probable that a future sacrifice of economic benefits will be required and a reliable estimate can be made of the

amount of the obligation.

A provision for dividends is not recognised as a liability unless the dividends are declared, determined or publicly

recommended on or before the reporting date.




n) Contributed equity

Ordinary shares are recognised at the fair value of the consideration received by the company. Any transaction

costs arising on the issue of ordinary shares are recognised directly in equity as a reduction of the share proceeds

received.

o) Earnings per share

Basicearningspershareiscalculatedbydividingtheprofitattributabletoequityholdersofthecompany,excluding

any costs of servicing equity other than ordinary shares, by the weighted average number of ordinary shares

outstandingduringthefinancialyear,adjustedforbonuselementsinordinarysharesissuedduringtheyear.

p) Goods and Services Tax

Revenues,expensesandassetsarerecognisednetoftheamountofGoodsandServicesTax(GST),exceptwhere

theamountofGSTincurredisnotrecoverablefromthetaxationauthority.Inthesecircumstances,theGSTis

recognisedaspartofthecostofacquisitionoftheassetoraspartoftheexpense.

ReceivablesandpayablesarestatedwiththeamountofGSTincluded.ThenetamountofGSTrecoverablefrom,or

payableto,thetaxationauthorityisincludedaspartofreceivablesorpayablesintheBalanceSheet.Cashflows

are included in the Statement of Cash Flows on a gross basis.

TheGSTcomponentsofcashflowsarisingfrominvestingandfinancingactivitieswhicharerecoverablefrom,or

payableto,thetaxationauthorityareclassifiedasoperatingcashflows.

Note 2. Financial risk managementThecompany’sactivitiesexposeittoalimitedvarietyoffinancialrisks:marketrisk(includingcurrencyrisk,fair

valueinterestriskandpricerisk),creditrisk,liquidityriskandcashflowinterestraterisk.Thecompany’soverall

risk management program focuses on the unpredictability of financial markets and seeks to minimise potential

adverseeffectsonthefinancialperformanceoftheentity.Theentitydoesnotusederivativeinstruments.

Risk management is carried out directly by the board of directors.

(i) Market risk

ThecompanyhasnoexposuretoanytransactionsdenominatedinacurrencyotherthanAustraliandollars.

(ii)Pricerisk

Thecompanyisnotexposedtoequitysecuritiespriceriskasitdoesnotholdinvestmentsforsaleoratfairvalue.

Thecompanyisnotexposedtocommoditypricerisk.

(iii) Credit risk

Thecompanyhasnosignificantconcentrationsofcreditrisk.Ithaspoliciesinplacetoensurethatcustomers

haveanappropriatecredithistory.Thecompany’sfranchiseagreementlimitsthecompany’screditexposuretoone

financial institution, being Bendigo and Adelaide Bank Limited.

(iv) Liquidity risk

Prudentliquiditymanagementimpliesmaintainingsufficientcashandmarketablesecuritiesandtheavailability

offundingfromcreditfacilities.ThecompanybelievesthatitssoundrelationshipwithBendigoandAdelaideBank

Limited mitigates this risk significantly.



Note 2. Financial risk management (continued)

(v) Cash flow and fair value interest rate risk

Interest-bearingassetsareheldwithBendigoandAdelaideBankLimitedandsubjecttomovementsinmarket

interest.Interest-rateriskcouldalsoarisefromlong-termborrowings.Borrowingsissuedatvariableratesexpose

thecompanytocashflowinterest-raterisk.ThecompanybelievesthatitssoundrelationshipwithBendigoand

Adelaide Bank Limited mitigates this risk significantly.

(vi) Capital management

Theboard’spolicyistomaintainastrongcapitalbasesoastosustainfuturedevelopmentofthecompany.The

board of directors monitor the return on capital and the level of dividends to shareholders. Capital is represented

by total equity as recorded in the Balance Sheet.

In accordance with the franchise agreement, in any 12 month period, the funds distributed to shareholders shall

notexceedthedistributionlimit:

Thedistributionlimitisthegreaterof:

(a) 20% of the profit or funds of the franchisee otherwise available for distribution to shareholders in that 12

month period; and

(b) subjecttotheavailabilityofdistributableprofits,therelevantrateofreturnmultipliedbytheaveragelevelof

share capital of the franchisee over that 12 month period where the relevant rate of return is equal to the

weightedaverageinterestrateon90daybankbillsoverthat12monthperiodplus5%.

Theboardismanagingthegrowthofthebusinessinlinewiththisrequirement.Therearenootherexternally

imposed capital requirements, although the nature of the company is such that amounts will be paid in the form

of charitable donations and sponsorship. Charitable donations and sponsorship paid for the year ended 30 June

2015canbeseenintheStatementofProfitorLossandOtherComprehensiveIncome.

Therewerenochangesinthecompany’sapproachtocapitalmanagementduringtheyear.

Note3.CriticalaccountingestimatesandjudgementsEstimatesandjudgementsarecontinuallyevaluatedandarebasedonhistoricalexperienceandotherfactors,

includingexpectationsoffutureeventsthatmayhaveafinancialimpactontheentityandthatarebelievedtobe

reasonable under the circumstances.

Thecompanymakesestimatesandassumptionsconcerningthefuture.Theresultingaccountingestimateswill,by

definition, seldom equal the related actual results.

Managementhasidentifiedthefollowingcriticalaccountingpoliciesforwhichsignificantjudgements,estimates

and assumptions are made. Actual results may differ from these estimates under different assumptions and

conditions and may materially affect financial results or the financial position reported in future periods.

Further details of the nature of these assumptions and conditions may be found in the relevant notes to the

financial statements.

Taxation

Judgementisrequiredinassessingwhetherdeferredtaxassetsandcertaintaxliabilitiesarerecognisedon

thebalancesheet.Deferredtaxassets,includingthosearisingfromun-recoupedtaxlosses,capitallossesand

temporary differences, are recognised only where it is considered more likely than not that they will be recovered,

whichisdependentonthegenerationofsufficientfuturetaxableprofits.



Note3.Criticalaccountingestimatesandjudgements(continued)

Taxation(continued)

Assumptionsaboutthegenerationoffuturetaxableprofitsdependonmanagement’sestimatesoffuturecash

flows.Thesedependonestimatesoffuturesalesvolumes,operatingcosts,capitalexpenditure,dividendsand

othercapitalmanagementtransactions.Judgementsarealsorequiredabouttheapplicationofincometax

legislation.

Thesejudgementsandassumptionsaresubjecttoriskanduncertainty.Thereisthereforeapossibilitythat

changesincircumstanceswillalterexpectations,whichmayimpacttheamountofdeferredtaxassetsand

deferredtaxliabilitiesrecognisedonthebalancesheetandtheamountofothertaxlossesandtemporary

differences not yet recognised. In such circumstances, some or all of the carrying amount of recognised deferred

taxassetsandliabilitiesmayrequireadjustment,resultingincorrespondingcreditorchargetotheStatementof

ProfitorLossandOtherComprehensiveIncome.

Estimationofusefullivesofassets

Theestimationoftheusefullivesofassetshasbeenbasedonhistoricalexperienceandtheconditionofthe

assetisassessedatleastonceperyearandconsideredagainsttheremainingusefullife.Adjustmentstouseful

lives are made when considered necessary.

Impairment of assets

At each reporting date, the company reviews the carrying amounts of its tangible and intangible assets that have

an indefinite useful life to determine whether there is any indication that those assets have suffered an impairment

loss.Ifanysuchindicationexists,therecoverableamountoftheassetisestimatedinordertodeterminethe

extentoftheimpairmentloss(ifany).Wheretheassetdoesnotgeneratecashflowsthatareindependentfrom

other assets, the consolidated entity estimates the recoverable amount of the cash-generating unit to which the

asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the

estimatedfuturecashflowsarediscountedtotheirpresentvalueusingapre-taxdiscountratethatreflectscurrent

market assessments of the time value of money and the risks specific to the asset for which the estimates of

futurecashflowshavenotbeenadjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount,

the carrying amount of the asset (cash-generating unit) is reduced to its recoverable amount. An impairment loss

is recognised in profit or loss immediately, unless the relevant asset is carried at fair value, in which case the

impairment loss is treated as a revaluation decrease.

Where an impairment loss subsequently reverses, the carrying amount of the asset (cash-generating unit) is

increasedtotherevisedestimateofitsrecoverableamount,butonlytotheextentthattheincreasedcarrying

amountdoesnotexceedthecarryingamountthatwouldhavebeendeterminedhadnoimpairmentlossbeen

recognised for the asset (cash-generating unit) in prior years. A reversal of an impairment loss is recognised

in profit or loss immediately, unless the relevant asset is carried at fair value, in which case the reversal of the

impairment loss is treated as a revaluation increase.



Note 4. Revenue from ordinary activitiesOperatingactivities:

-servicescommissions 393,594 280,394

Total revenue from operating activities 393,594 280,394

Non-operatingactivities:

- interest received - 15

Total revenue from non-operating activities - 15

Total revenues from ordinary activities 393,594 280,409

Note5.Expenses Depreciationofnon-currentassets:

-plantandequipment 3,443 9,271

-leaseholdimprovements 35,491 40,870

Amortisationofnon-currentassets:

- franchise agreement 2,000 2,000

- establishment fee 20,000 20,000

- sub branch franchise agreement 1,747 1,747

-subbranchestablishmentfee 12,229 12,229

74,910 86,117

Financecosts:

- interest paid (5,850) (3,444)

- interest rebate on bank overdraft 7,714 -

1,864 (3,444)

Bendigo and Adelaide Bank Limited agreed to not charge interest on the overdraft facility effective from May 2014.

Interest charged to the entity after May 2014 was rebated accordingly.

2015 2014 $ $

Bad debts 759 187

Loss on disposal of asset - 5,804

2015 2014 $ $



Note6.IncometaxexpenseThecomponentsoftaxexpensecomprise:

-Currenttax

-Futureincometaxbenefitattributabletolosses (120,135) (167,586)

-Movementindeferredtax (1,816) (327)

-Taxlossesnotbroughttoaccount 92,339 167,913

-Adjustmenttodeferredtaxtoreflectchangeoftaxrateinfutureperiods 29,612 -

- -

Theprimafacietaxonlossfromordinaryactivitiesbeforeincometaxis

reconciledtotheincometaxexpenseasfollows

Operating loss (406,156) (586,754)

Primafacietaxonlossfromordinaryactivitiesat30% (121,847) (176,026)

Addtaxeffectof:

-non-deductibleexpenses 80 10,793

-timingdifferenceexpenses 1,632 327

-otherdeductibleexpenses - (2,680)

(120,135) (167,586)

Movementindeferredtax (1,816) (327)

Taxlossesnotbroughttoaccount 92,339 167,913

Adjustmenttodeferredtaxtoreflectchangeoftaxrateinfutureperiods 29,612 -

- -

Incometaxlosses

Future income tax benefits arising from tax losses are not recognised at

reporting date as a realisation of the benefit is not regarded as virtually

certain. Future income tax benefit carried forward is: 120,135 167,586

Note 7. Cash and cash equivalents Cash at bank and on hand 36 -

36 -

2015 2014 $ $



Note 7. Cash and cash equivalents (continued)

Note 7.(a) Reconciliation to cash flow statement

Theabovefiguresreconciletotheamountofcashshowninthe

statementofcashflowsattheendofthefinancialyearasfollows:

Cash at bank and on hand 36 -

Bankoverdraft 12 (797,939) (414,805)

(797,903) (414,805)

Note8.TradeandotherreceivablesTradereceivables 55,230 1,261

Prepayments 9,549 13,669

64,779 14,930

Note9.Property,plantandequipment At cost 376,682 376,682

Lessaccumulateddepreciation (145,987) (110,559)

230,695 266,123

Plantandequipment

Atcost 10,469 10,469


- 62

Motor vehicles

Atcost 28,696 28,697


14,917 18,361

Total written down amount 245,612 284,546

Movements in carrying amounts:

Leasehold improvements

Carryingamountatbeginning 266,123 306,993

Additions - -

Disposals - -

Less:depreciationexpense (35,429) (40,870)

Carrying amount at end 230,694 266,123

Note 2015 2014 $ $



Note9.Property,plantandequipment(continued)

Plantandequipment

Carrying amount at beginning 62 3,477

Additions - -

Disposals - -

Less:depreciationexpense (62) (3,415)

Carrying amount at end - 62

Motor vehicles

Carryingamountatbeginning 18,361 40,930

Additions - -

Disposals - (10,909)

Less:depreciationexpense (3,443) (11,660)

Carrying amount at end 14,918 18,361


Note 10. Intangible assets Franchise fee

Atcost(Dunsborough) 10,000 10,000

Less:accumulatedamortisation (7,391) (5,391)

At cost (Bussellton) 8,735 8,735


4,888 8,635

Establishmentfee

Atcost(Dunsborough) 100,000 100,000


At cost (Bussellton) 61,145 61,145


42,046 74,275


2015 2014 $ $



Note11.TradeandotherpayablesTradecreditors 7,602 11,365

Other creditors and accruals 14,656 5,527

22,258 16,892

Note 12. Borrowings Current:

Bankoverdrafts 797,939 414,805

Bankloans 5,989 5,636

803,928 420,441

Thecompanyhasanapprovedoverdraftfacilityof$1,200,000.TheInterestRateiscurrently4.705%.Thebank

overdraft has a rolling renewal date and is secured by a floating charge over the company’s assets.

2015 2014 $ $

Non-Current:

Bank loans 5,276 11,572

5,276 11,572

Bank loan is repayable monthly with the final instalment due on 7 May 2017. Interest is recognised at a rate of

6.08%.Theloanissecuredbyafixedandfloatingchargeoverthecompany’sassets.

Note 2015 2014 $ $

Note 12.(a) Reconciliation to cash flow statement

Theabovefiguresreconciletotheamountofcashshowninthe

statementofcashflowsattheendofthefinancialyearasfollows:

Cash at bank and on hand 36 -

Bankoverdraft 12 (797,939) (414,805)

(797,903) (414,805)

Note13.Provisions Current:

Provisionforannualleave 12,393 13,946

12,393 13,946

2015 2014 $ $



Note13.Provisions(continued)

Non-Current:

Provision for long service leave 8,109 7,982

Note 14. Contributed equity 1,587,609ordinarysharesfullypaid(2014:1,587,609) 1,587,609 1,587,609

Less:equityraisingexpenses (44,667) (44,667)

1,542,942 1,542,942

Rights attached to shares

(a)Votingrights

Subjecttosomelimitedexceptions,eachmemberhastherighttovoteatageneralmeeting.

On a show of hands or a poll, each member attending the meeting (whether they are attending the meeting

inpersonorbyattorney,corporaterepresentativeorproxy)hasonevote,regardlessofthenumberofshares

held.However,whereapersonattendsameetinginpersonandisentitledtovoteinmorethanonecapacity

(forexample,thepersonisamemberandhasalsobeenappointedasproxyforanothermember)thatperson

mayonlyexerciseonevoteonashowofhands.Onapoll,thatpersonmayexerciseonevoteasamemberand

one vote for each other member that person represents as duly appointed attorney, corporate representative or

proxy.

Thepurposeofgivingeachmemberonlyonevote,regardlessofthenumberofsharesheld,istoreflectthe

nature of the company as a community based company, by providing that all members of the community who

have contributed to the establishment and ongoing operation of the Community Bank® branch have the same

ability to influence the operation of the company.

(b)Dividends

Generally, dividends are payable to members in proportion to the amount of the share capital paid up on the

sharesheldbythem,subjecttoanyspecialrightsandrestrictionsforthetimebeingattachingtoshares.The

franchise agreement with Bendigo and Adelaide Bank Limited contains a limit on the level of profits or funds

thatmaybedistributedtoshareholders.Thereisalsoarestrictiononthepaymentofdividendstocertain

shareholders if they have a prohibited shareholding interest (see below).

(c)Transfer

Generally,ordinarysharesarefreelytransferable.However,thedirectorshaveadiscretiontorefusetoregister

a transfer of shares.

Subjecttotheforegoing,shareholdersmaytransfersharesbyapropertransfereffectedinaccordancewiththe

company’s constitution and the Corporations Act 2001.

2015 2014 $ $



Note 14. Contributed equity (continued)

Prohibitedshareholdinginterest

A person must not have a prohibited shareholding interest in the company.

Insummary,apersonhasaprohibitedshareholdinginterestifanyofthefollowingapplies:

• Theycontrolorown10%ormoreofthesharesinthecompany(the“10%limit”).

• Intheopinionoftheboardtheydonothaveacloseconnectiontothecommunityorcommunitiesinwhichthe

company predominantly carries on business (the “close connection test”).

• Wherethepersonisashareholder,afterthetransferofsharesinthecompanytothatpersonthenumberof

shareholdersinthecompanyis(orwouldbe)lowerthanthebasenumber(the“basenumbertest”).Thebase

number is 303. As at the date of this report, the company had 334 shareholders.

As with voting rights, the purpose of this prohibited shareholding provision is to reflect the community-based nature

of the company.

Where a person has a prohibited shareholding interest, the voting and dividend rights attaching to the shares in

which the person (and his or her associates) have a prohibited shareholding interest, are suspended.

Theboardhasthepowertorequestinformationfromapersonwhohas(orissuspectedbytheboardofhaving)

a legal or beneficial interest in any shares in the company or any voting power in the company, for the purpose of

determining whether a person has a prohibited shareholding interest. If the board becomes aware that a member

has a prohibited shareholding interest, it must serve a notice requiring the member (or the member’s associate) to

dispose of the number of shares the board considers necessary to remedy the breach. If a person fails to comply

withsuchanoticewithinaspecifiedperiod(thatmustbebetweenthreeandsixmonths),theboardisauthorised

tosellthespecifiedsharesonbehalfofthatperson.Theholderwillbeentitledtotheconsiderationfromthesale

oftheshares,lessanyexpensesincurredbytheboardinsellingorotherwisedealingwiththoseshares.

Intheconstitution,membersacknowledgeandrecognisethattheexerciseofthepowersgiventotheboardmay

cause considerable disadvantage to individual members, but that such a result may be necessary to enforce the

prohibition.

2015 2014 $ $

Note 15. Accumulated lossesBalanceatthebeginningofthefinancialyear (1,631,389) (1,044,635)

Netlossfromordinaryactivitiesafterincometax (406,156) (586,754)

Balance at the end of the financial year (2,037,545) (1,631,389)

Note 16. Statement of cash flows Reconciliationoflossfromordinaryactivitiesaftertaxtonetcashusedin

operating activities

Lossfromordinaryactivitiesafterincometax (406,156) (586,754)



Note 16. Statement of cash flows (continued)

Noncashitems:

-depreciation 38,934 50,141

-amortisation 35,976 35,976

- loss on disposal of non-current asset - 5,804

Changesinassetsandliabilities:

-(increase)/decreaseinreceivables (49,849) 13,929

-increase/(decrease)inpayables 5,366 (8,935)

- increase/(decrease) in provisions (1,426) (340)

Net cash flows used in operating activities (377,155) (490,179)

Note 17. Leases Operating lease commitments

Non-cancellable operating leases contracted for but not capitalised in

the financial statements

Payable-minimumleasepayments:

-notlaterthan12months 79,434 84,353

-between12monthsand5years 27,517 109,596

- greater than 5 years - -

106,951 193,949

TherentalleaseagreementontheBusseltonbranchpremisesisanon-cancellableleasewithafiveyearterm,

withrentpayablemonthlyinadvance.Thecurrentleaseexpireson20October2016.

TherentalleaseagreementontheDunsboroughbranchpremisesisanon-cancellableleasewithafiveyearterm,

withrentpayablemonthlyinadvance.Thecurrentleaseexpireson9October2016.

2015 2014 $ $

Note 18. Auditor’s remuneration Amountsreceivedordueandreceivablebytheauditorofthecompanyfor:

-auditandreviewservices 3,950 5,910

- share registry services 1,750 5,021

- non audit services 2,320 1,500

8,020 12,431

2014 2013 $ $ 2015 2014 $ $



Note19.DirectorandrelatedpartydisclosuresNo director of the company receives remuneration for services as a company director or committee member.

Therearenoexecutiveswithinthecompanywhoseremunerationisrequiredtobedisclosed.

Note 20. Loss per share

2015 $

2014 $

(a) Loss attributable to the ordinary equity holders of the company used

in calculating earnings per share(406,156) (586,754)

Number Number

(b) Weighted average number of ordinary shares used as the

denominator in calculating basic earnings per share1,587,609 1,587,609

Note21.EventsoccurringafterthereportingdateTherehavebeennoeventsaftertheendofthefinancialyearthatwouldmateriallyaffectthefinancialstatements.

Note 22. Contingent liabilities and contingent assetsTherewerenocontingentliabilitiesorcontingentassetsatthedateofthisreporttoaffectthefinancial

statements.

Note 23. Segment reportingTheeconomicentityoperatesintheservicesectorwhereitfacilitatesCommunity Bank® services in Bussellton

andDunsborough,WesternAustraliapursuanttoafranchiseagreementwithBendigoandAdelaideBankLimited.

Note24.Registeredoffice/PrincipalplaceofbusinessTheentityisacompanylimitedbyshares,incorporatedanddomiciledinAustralia.Theregisteredofficeand

principalplaceofbusinessis:

Registered Office Principal Place of Business

Shop27C55DunnBayRoad

DunsboroughWA6281

Shop27C55DunnBayRoad

DunsboroughWA6281



Note 25. Financial instruments

Financial Instrument Composition and Maturity Analysis

Thetablebelowreflectstheundiscountedcontractualsettlementtermsforallfinancialinstruments,aswellasthe

settlementperiodforinstrumentswithafixedperiodofmaturityandinterestrate.

Financial instrument

Floating interestFixed interest rate maturing in Non interest

bearingWeighted average1 year or less Over 1 to 5 years Over 5 years

2015$

2014$

2015$

2014$

2015$

2014$

2015$

2014$

2015$

2014$

2015%

2014%

Financial assets

Cash and cash equivalents

36 - - - - - - - - - 0.00 0.00

Receivables - - - - - - - - 55,230 1,261 N/A N/A

Financial liabilities

Interest bearing liabilities

797,939 414,805 5,989 5,636 5,276 11,572 - - - - 1.16 1.47

Payables - - - - - - - - 7,602 11,365 N/A N/A

NetFairValues

Thenetfairvaluesoffinancialassetsandliabilitiesapproximatethecarryingvaluesasdisclosedinthebalance

sheet.Thecompanydoesnothaveanyunrecognisedfinancialinstrumentsattheyearend.

Credit Risk

Themaximumexposuretocreditriskatbalancedatetorecognisedfinancialassetsisthecarryingamountof

those assets as disclosed in the balance sheet and notes to the financial statements.

Therearenomaterialcreditriskexposurestoanysingledebtororgroupofdebtorsunderfinancialinstruments

entered into by the economic entity.

Interest Rate Risk

Interest rate risk refers to the risk that the value of a financial instrument or cash flows associated with the

instrument will fluctuate due to changes in market interest rates. Interest rate risk arises from the interest bearing

financialassetsandliabilitiesinplacesubjecttovariableinterestrates,asoutlinedabove.



Note 25. Financial instruments (continued)

Sensitivity Analysis

Thecompanyhasperformedsensitivityanalysisrelatingtoitsexposuretointerestrateriskatbalancedate.

Thissensitivityanalysisdemonstratestheeffectonthecurrentyearresultsandequitywhichcouldresultfroma

change in interest rates.

As at 30 June 2015, the effect on profit and equity as a result of changes in interest rate, with all other variables

remainingconstantwouldbeasfollows:

2015 $

2014 $

Change in profit/(loss)

Increase in interest rate by 1% (8,092) (4,320)

Decreaseininterestrateby1% (8,092) (4,320)

Change in equity

Increase in interest rate by 1% (8,092) (4,320)

Decreaseininterestrateby1% (8,092) (4,320)


Directors’declarationInaccordancewitharesolutionofthedirectorsofGeographeBayCommunityEnterprisesLimited,westatethat:

Intheopinionofthedirectors:

(a) the financial statements and notes of the company are in accordance with the Corporations Act 2001,

including:

(i) giving a true and fair view of the company’s financial position as at 30 June 2015 and of its performance

for the financial year ended on that date; and

(ii) complying with Accounting Standards, the Corporations Regulations 2001 and other mandatory professional

reporting requirements; and

(b) there are reasonable grounds to believe that the company will be able to pay its debts as and when they

become due and payable.

(c) the audited remuneration disclosures set out in the remuneration report section of the directors’ report comply

withAccountingStandardAASB124RelatedPartyDisclosuresandtheCorporationsRegulations2001.

Thisdeclarationismadeinaccordancewitharesolutionoftheboardofdirectors.

Glyn Yates,

Chairman

Signed on the 25th of September 2015.


Independent audit report


Independent audit report (continued)

bendigobank.com.au

Busselton Community Bank® Branch 4/50-54 Queen Street, Busselton WA 6280Phone: (08) 9754 4388 Fax: (08) 9754 4622www.bendigobank.com.au/busselton

Dunsborough Community Bank® Branch Shop 27c, Dunsborough Centrepoint Shopping Centre,55 Dunn Bay Road, Dunsborough WA 6281Phone: (08) 9759 1699 Fax: (08) 9759 1622www.bendigobank.com.au/dunsborough

Franchisee: Geographe Bay Community Enterprises Limited4/50-54 Queen Street, Busselton WA 6280Phone: (08) 9754 4388 Fax: (08) 9754 4266ABN: 40 146 993 982

www.bendigobank.com.au (BMPAR15090) (09/15)

Annual Report 2015 - Bendigo Bank · 2019-05-26 · Annual report Geographe Bay Community...

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