2014 Annual Report
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Annual Report 2014 Banking for the ExxonMobil Community Banking for the ExxonMobil Community Contents Mission, Vision & Guiding Principles 2 Chairperson’s Report 3 Statistical & Financial Highlights 5 Directors’ Report 6 Financial Statements Statement of Comprehensive Income 10 Statement of Financial Position 11 Statement of Changes in Members’ Equity 12 Statement of Cash Flows 13 Notes to Financial Statements EECU 2014 Annual Report (refer to separate index on page) 14 Directors’ Declaration 33 Independent Auditor’s Report 34 Corporate Governance Disclosures 35 Site Representatives 38 Key to Abbreviations 38 EECU Staff 39 Corporate Information 40 1 Mission, Vision and Guiding Principles Mission, Vision and Guiding Principles for the year ended 30 June 2014 Our Mission EECU delivers competitive banking with exceptional service for the benefit of the ExxonMobil community. Our Vision EECU will be the primary institution meeting the personal financial services needs of the ExxonMobil community and their families. Our Guiding Principles By joining together, our members will always be able to: • access competitive finance; • achieve competitive and secure returns on savings and investments; and • advantage themselves through the quality of our service. In striving to attain our vision, the credit union will be noted for the: • personal financial security afforded to members; • prudent manner in which it equitably manages members’ resources; • way that it demonstrates to members the practical benefits and financial rewards that accrue from traditional credit union philosophy, ethics and values; • unique relationship it has with the ExxonMobil community; and • benefit it provides members through their employment with ExxonMobil. Member Relations Staff David Nicholds Melbourne: (left to right) General Manager Peter Barber, Tracey Cherubin, Mary Christou, Samantha Mackinnon Ron Cox Sale: (left to right) Senior Manager Member Relations 2 Mission, Vision and Guiding Principles Christine Smith, Trudi Elston, Vicki Gray, Susan Thomas EECU 2014 Annual Report Chairperson’s Report for the year ended 30 June 2014 are proud to release the EECU “ We Visa Platinum Credit Card featuring an ” innovative cash rewards programme... Stuart Brown EECU 2014 Annual Report Chairperson’s Report 3 Chairperson’s Report for the year ended 30 June 2014 Directors 4 Stuart Brown Chairperson Steve Dennis Kevin Dixon Mark Goonan Scott Gration Nick Heath Denis Lister Barry Thompson Chairperson’s Report EECU 2014 Annual Report Statistical & Financial Highlights for the year ended 30 June 2014 Column1 2010 2011 2012 2013 2014 Number of members¹ Number of staff - equivalent full time Member deposits ($m) Member loans under management² ($m) Member loans funded² ($m) Total assets ($m) Operating profit after income tax ($k) Profit as return on average total assets (%) Members' equity ($m) 5,678 19.8 187.7 195.8 48.8 216.8 483 0.24 9.4 5,796 20.4 214.6 213.2 45.5 238.9 941 0.41 10.3 5,635 20.4 239.6 221.9 42.1 259.7 992 0.40 11.3 5,677 20.4 249.5 229.0 43.8 272.7 1,020 0.38 12.3 6,030 20.0 262.4 227.6 51.8 286.1 1,098 0.39 13.6 ¹ Closure of joint memberships in 2014 caused increase in number of members ² Includes off-book loans Member Deposits $300 $250 $200 130.2 $ million 124.3 $150 132.1 106.3 Term deposits 96.7 Savings $100 $50 91.0 108.3 115.3 117.4 2011 2012 2013 132.2 $0 2010 2014 Member Loans $300 $250 $200 31.8 28.9 23.6 16.5 $ million 36.0 Off-book loans $150 On-book loans $100 159.8 181.4 193.0 2011 2012 205.4 211.1 2013 2014 $50 $0 2010 * includes off balance loans EECU 2014 Annual Report Statistical & Financial Highlights 5 Directors’ Report for the year ended 30 June 2014 6 Directors’ Report EECU 2014 Annual Report Directors’ Report for the year ended 30 June 2014 EECU 2014 Annual Report Directors’ Report 7 Directors’ Report for the year ended 30 June 2014 8 Directors’ Report EECU 2014 Annual Report Directors’ Report for the year ended 30 June 2014 EECU 2014 Annual Report Directors’ Report 9 Statement of Comprehensive Income for the year ended 30 June 2014 10 Statement of Comprehensive Income EECU 2014 Annual Report Statement of Financial Position as at 30 June 2014 EECU 2014 Annual Report Statement of Financial Position 11 Statement of Changes in Members’ Equity Statement of Changes in Members’ Equity for the year ended 30 June 2014 12 Statement of Changes in Members’ Equity EECU 2014 Annual Report Statement of Cash Flows for the year ended 30 June 2014 EECU 2014 Annual Report Statement of Cash Flows 13 Notes to Financial Statements for the year ended 30 June 2014 15 15 20 20 20 21 21 21 22 22 23 23 24 24 24 24 25 25 25 25 25 26 27 27 27 28 28 31 32 14 Notes to Financial Statements EECU 2014 Annual Report Notes to Financial Statements for the year ended 30 June 2014 EECU 2014 Annual Report Notes to Financial Statements 15 Notes to Financial Statements for the year ended 30 June 2014 16 Notes to Financial Statements EECU 2014 Annual Report Notes to Financial Statements for the year ended 30 June 2014 EECU 2014 Annual Report Notes to Financial Statements 17 Notes to Financial Statements for the year ended 30 June 2014 18 Notes to Financial Statements EECU 2014 Annual Report Notes to Financial Statements for the year ended 30 June 2014 EECU 2014 Annual Report Notes to Financial Statements 19 Notes to Financial Statements for the year ended 30 June 2014 20 Notes to Financial Statements EECU 2014 Annual Report Notes to Financial Statements for the year ended 30 June 2014 EECU 2014 Annual Report Notes to Financial Statements 21 Notes to Financial Statements for the year ended 30 June 2014 22 Notes to Financial Statements EECU 2014 Annual Report Notes to Financial Statements for the year ended 30 June 2014 EECU 2014 Annual Report Notes to Financial Statements 23 Notes to Financial Statements for the year ended 30 June 2014 24 Notes to Financial Statements EECU 2014 Annual Report Notes to Financial Statements for the year ended 30 June 2014 EECU 2014 Annual Report Notes to Financial Statements 25 Notes to Financial Statements for the year ended 30 June 2014 26 Notes to Financial Statements EECU 2014 Annual Report Notes to Financial Statements for the year ended 30 June 2014 EECU 2014 Annual Report Notes to Financial Statements 27 Notes to Financial Statements for the year ended 30 June 2014 ≤ ≤ • • • 28 Notes to Financial Statements EECU 2014 Annual Report Notes to Financial Statements for the year ended 30 June 2014 EECU 2014 Annual Report Notes to Financial Statements 29 Notes to Financial Statements for the year ended 30 June 2014 30 Notes to Financial Statements EECU 2014 Annual Report Notes to Financial Statements for the year ended 30 June 2014 EECU 2014 Annual Report Notes to Financial Statements 31 Notes to Financial Statements for the year ended 30 June 2014 32 Notes to Financial Statements EECU 2014 Annual Report Directors’ Declaration for the year ended 30 June 2014 EECU 2014 Annual Report Directors’ Declaration 33 Independent Auditor’s Report for the year ended 30 June 2014 34 Independent Auditor’s Report EECU 2014 Annual Report Corporate Governance Disclosures for the year ended 30 June 2014 x x x x x x EECU 2014 Annual Report Corporate Governance Disclosures 35 Corporate Governance Disclosures Corporate Governance Disclosures for the year ended 30 June 2014 x x x x x x x x x x x x x x x x x x x x x x x x x x 36 Corporate Governance Disclosures EECU 2014 Annual Report Corporate Governance Disclosures for the year ended 30 June 2014 x x EECU 2014 Annual Report Corporate Governance Disclosures 37 Site Representatives & Key to Abbreviations for the year ended 30 June 2014 Site Representatives Longford - Oil & Gas Plant Shane Bennett Angela Jones Longford - Heliport Simon Walsh Long Island Point Pamela Johnson Key to Abbreviations ADIs ADIs are authorised deposit-taking institutions and comprise credit unions, building societies and banks. They are regulated by APRA and licensed to accept deposits from the public. APRA Australian Prudential Regulation Authority APRA is responsible for the supervision of credit unions, building societies, banks, life offices, general insurers, superannuation funds and friendly societies. ASIC Australian Securities and Investments Commission ASIC is responsible for ensuring compliance of corporate entities with the Corporations Act 2001 (Cth) and with consumer protection legislation, where applicable. COBA Customer Owned Banking Association COBA, formerly known as Abacus, is the industry association for mutual authorised deposit-taking institutions, which are credit unions, mutual building societies and mutual banks. CUFSS Limited CUFSS is a voluntary self-regulated industry liquidity support scheme which is available to mutual ADIs throughout Australia. Cuscal Cuscal Limited Cuscal is a financial services company which provides industry banking and payment services. 38 Site Representatives & Key to Abbreviations EECU 2014 Annual Report EECU Staff Information for the year ended 30 June 2014 EECU 2014 Annual Report EECU Staff Information 39 EECU Corporate Information for the year ended 30 June 2014 40 EECU Corporate Information EECU 2014 Annual Report ©EECU Limited 2014 EECU Annual Report 2014 (02/10/14) Cover: The Longford Oil and Gas Plant in Victoria.
