annual report - bendigo bank ?· • treasurer - paul adam • company secretary - gemma rafferty...

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  • annu

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    09

    Midwest Community Enterprises Limited

    ABN 90 132 512 460

    Geraldton Community BankBranch

  • Annual report Midwest Community Enterprises Limited 1

    Chairmans report 2-3

    Managers report 4

    Bendigo and Adelaide Bank Ltd report 5

    Directors report 6-10

    Financial statements 11-14

    Notes to the financial statements 15-30

    Directors' declaration 31

    Independent audit report 32-33

    Reports

  • Annual report Midwest Community Enterprises Limited2

    For year ending 30 June 2009

    Dear Shareholders,

    It is with great pleasure that I provide this report to the very first Annual General Meeting of the shareholders

    of Midwest Community Enterprises Limited.

    The opening of the Geraldton Community Bank Branch on the 18 June 2009 was a magnificent event and

    strongly supported by the attendance of our shareholders and customers. The branch was opened by Mayor

    Ian Carpenter, with Russell Jenkins, Chief General Manager, Retail and Distribution Bendigo and Adelaide

    Bank, and I in attendance.

    This milestone was only achieved because of the support and faith that the Midwest community put into

    the venture, and the many months of voluntary effort by the dedicated group of people who make up the

    founding board of your local Geraldton Community Bank Branch.

    The Board consists of:

    ChairmanRobJefferies

    DeputyChairman-PaulMacKenzie

    Treasurer-PaulAdam

    CompanySecretary-GemmaRafferty

    Directors-GaryClark,RobHouwen,WayneClarkson,HaroldMcCashney,MartindeHaasand

    KarenGodfrey.

    Regretfully Gemma Moore has resigned from the Board and we sincerely thank her for the role that she has

    played within our team.

    The Geraldton Community Bank Branch is clearly capturing the hearts and minds of the Geraldton and

    broader Midwest community and collectively we have achieved some outstanding outcomes to date:

    - Themaximumsharesubscriptionof$1.4milliontodevelopandoperatethebranchourtargetwas

    $1.1million

    - Abalanceatopeningofaround$16millioninbankingbusinessourtargetwas$10million.

    This positions us amongst the most rapidly developing Community Bank branches in the nation.

    The Geraldton Community Bank Branch has also recruited Branch Manager Jody Beven and a team that

    have outstanding credentials as friendly, responsive and competent professionals with a wealth of banking

    experienceandknowledgeofthisregionandourcommunity.

    Thispositionsusextremelywelltobuildatrulysignificantregionalbusinessthatshalltakeusquickly

    towards our targets of profitability and to the delivery of returns to both our shareholders and to

    organisations that support our community.

    Chairmans report

  • Annual report Midwest Community Enterprises Limited 3

    Our plans for the coming year include development of a new strategic business plan, establishment of

    committees and a marketing and sponsorship plan, and vigorously progress to profitability. All board

    members welcome shareholders views and ideas on these matters.

    In closing, thank you for your support and please work with us to encourage many more people to join with

    us by placing their banking business with the Geraldton Community Bank Branch.

    R W Jefferies

    Chairman

    Chairmans report continued

  • Annual report Midwest Community Enterprises Limited4

    For year ending 30 June 2009

    HavingwatchedfromadistanceastheSteeringCommitteeworkedsoveryhardoverthepast3yearsinthe

    establishment of your local Geraldton Community Bank Branch, it is now my great pleasure to present to

    the shareholders my report for the 2009 financial period.

    The Geraldton Community BankBranchprojectwasinitiatedin2006anditwaswithgreatpridethatthe

    doors were officially opened for our first day of trade on 22 June 2009.

    The Directors of the Steering Committee are to be congratulated on their efforts, and the staff thanks them

    for their support, encouragement, and enthusiasm since the branch opened its doors.

    ThestaffhavethoroughlyenjoyedtheirearlyexperienceswiththeBendigoandAdelaideBankcustomer

    service model, and Bev, Mandy, Arnika and Maddi have all been tremendous support to me since we opened

    the branch. Feedback from our customers has been very positive, and this demonstrates what some simple,

    old fashioned service and caring for customers can achieve.

    Whileitistooearlytomakebrashpredictionsaboutourachievements,nodoubtyouwouldhaveseeninthe

    GeraldtonGuardianthatwehavereachedsignificantmilestonesonaregularbasissinceweopened.WhatI

    can say is that I am very confident of surpassing even the most optimistic modified forecast disclosed in the

    Prospectus;hopefullywellwithinthefirst12months.

    Wearecurrentlyplanningourongoingmarketingstrategies,toalignwiththeoriginalbusinessplanandto

    ensure we are making the most of every opportunity to grow our business, to reach new market segments,

    andultimatelytobeassuccessfulaswecan.Weknowwehaveapointofdifferenceinthemarketplace

    withourcustomerservicemodel,andwillstrivetoestablishastandardofexcellenceinallwedo.

    The Geraldton Community BankBranchobjectivesremainasoriginallycommunicatedtobuilda

    sustainable banking business that services all segments of the market and seeks to engage with all

    partsoftheMidwestcommunity.WeintendtousetheBendigoandAdelaideBankbrandtoleveragelocal

    investment in partnership with Local, State or Federal Government funding.

    At the Geraldton Community Bank Branch we are committed to working in partnership with our

    shareholders and the local community. Ultimately the success of your branch is in all of our hands and

    the growth of your investment, and benefits to the community, will depend on a combined effort to have

    shareholders, business and individuals supporting the branch by way of accounts, loans, insurance and

    investments (to name just a few of the products and services available to everyone).

    I commend the shareholders on your support to date, and encourage you to recommend your branch to

    relativesandfriendsallofyourstaffwouldbeonlytoopleasedtocallonanyonenomatterwherethey

    reside or whatever their banking service need.

    Jody Beven

    Branch Manager

    Managers report

  • Annual report Midwest Community Enterprises Limited 5

    For year ending 30 June 2009

    2008/09 will go down as one of the most tumultuous financial years in history. The global financial

    crisis and its aftermath wiped trillions of dollars off the worlds net wealth. Some of the biggest names

    ininternationalbankingdisappeared;manyotherbanksvastlybiggerthanBendigoandAdelaideBank

    Ltdturnedtogovernmentstobailthemout.Notsurprisingly,confidencesagged,reflectedinrising

    unemployment and stock markets falling by around half their former valuations.

    In short, we have seen the biggest financial meltdown since the Great Depression of nearly 80 years ago.

    Amidst all that turmoil, though, our grassroots banking movement marched steadily on. Twenty new

    Community Bank branches joined Bendigo and Adelaide Bank Ltds national network. Around 120,000

    new customers switched to the Bendigo style of banking. And 70 more communities continued their local

    campaign to open a Community Bank branch.

    Those statistics are impressive in themselves, but it is the story behind them that is really important.

    Thatsthestoryofordinarypeopleanawfulphrase,butyouknowwhatImeanwhoinherentlyunderstand

    that the role of a bank is to feed into prosperity, rather than profit from it. That lesson was forgotten by many

    bankersacrosstheglobe,withdevastatingconsequences.Butitisnowwellunderstoodbytheresidentsof

    237 towns and suburbs that own their own Community Bank branch, because every day they see the fruits

    of their investment in locally owned banking.

    Again,thestatisticsareimpressiveenough$29millionpaidoutincommunityprojectsandnearly$11

    millioninlocalshareholderdividends.Butagain,therealstoriesliebehindthenumbersnewcommunity

    centres and fire trucks, more local nurses, new walking tracks and swimming pools, safer young drivers,

    moretreesandfewerwastefulincandescentglobes,innovativewater-savingprojectsthelistgoeson.

    And of course more money retained and spent locally. And more jobs. Fifteen hundred or so just in the

    branchesalone.Morebecauseoftheflow-on,ormultiplier,effectofthosewagesbeingspentlocally.Andyet

    morebecauseoftheextrashoppingnowdoneincommunitiesmademoreprosperousandactivebyhaving

    their own bank branch.

    Community Bank branches have not escaped the fallout from the global turmoil. Like Bendigo and Adelaide

    Bank Ltd, they have received less income than in normal times. But also like Bendigo and Adelaide Bank

    Ltd, they have not needed anyones help to get through this crisis. And every day we are reminded that banks

    that are relevant and connected locally will be valued by their customers and communities. For the better of

    all.

    Russell Jenkins

    Chief General Manager

    Bendigo and Adelaide Bank Ltd report

  • Annual report Midwest Community Enterprises Limited6

    For year ending 30 June 2009

    Your Directors submit their report of the Company for the financial year ended 30 June 2009.

    Directors

    The names and details of the Companys Directors who held office during or since the end of the

    financial year:

    Directors were in office since the registration date of 31 July 2008 unless otherwise stated.