QCCU 2012-2013 Annual Report

ANNUAL REPORT 2011 / 2012

OU UR PU U R P OS E Queensland Country Credit Union exists as a financial institution to benefit our Member-owners by providing: • Market competitive financial services • Superior personalised genuine service • Pride of ownership

C O NTE NTS CHAIRMAN AND CHIEF EXECUTIVE OFFICERS REPORT

4

S TAT E M E N T O F CHANGES IN EQUITY

17

D I R ECTO R S R E PO RT

10

S TAT E M E N T O F C A S H F L O W S

19

S TAT E M E N T O F COMPREHENSIVE INCOME

15

N OTES TO TH E F I N A N C I A L S TAT E M E N T S

20

D I R E C T O R S D E C L A R AT I O N

66

S TAT E M E N T O F F I N A N C I A L P O S I T I O N 1 6

ANNUAL GENERAL MEETING Queensland Country Credit Union will hold its 42nd Annual General Meeting at 6.00pm on Thursday 15 November 2012 at the Carpentaria Buffalo Club, Corner Simpson and Grace Streets, Mount Isa.

OU R PR R I NC C I PL LE S At Queensland Country, how we behave is guided by our core principles.

• If it’s not genuine, it’s not Queensland Country • We challenge and develop ourselves and others • People matter most • Having courage to change • Professional in business, fun to work with • Be involved, you are Queensland Country

INDEPENDENT AU D ITO R S R E PO RT

67

P R O D U CTS AN D S E RVI C ES

74

OUR CREDIT UNION

71

MANAG E M E NT TEAM

76

SPONSORSHIPS

72

AREA, BRANCH AN D R E LI E F MANAG E RS

77

C O M M U N ITY G R ANTS S C H E M E

73

C O N TA A C T D E TA I L S

78

Auditor: BDO Audit QLD Pty Ltd. Level 18, 300 Queen Street, Brisbane, Queensland 4000 Queensland Country Credit Union Limited ABN 77 087 651 027 | AFSL/Australian Credit Licence 244 533 Registered Office: 70 Camooweal Street, Mount Isa, QLD 4825 Postal Address: PO Box 679, Aitkenvale QLD 4814 Tel: 07 4750 3300 | Fax: 07 4779 7711 Web: www.qccu.com.au Email: info@qccu.com.au

Queensland Country Credit Union Limited and Controlled Entities - Annual Report 2011-2012 ABN 77 087 651 027

CHAIRMAN AND CHIEF EXECUTIVE OFFICERS REPORT

This report presents a summary of the operations of Queensland Country for the 12 months to June 2012.

Queensland Country Credit Union has performed well during a period of generally lower demand for credit.

General uncertainty around global and domestic economic conditions, including some slowing of resource projects, has resulted in greater caution when it comes to larger financial commitments. Along with other financial institutions, we have seen our Members reducing their debt levels and increasing their savings. In this environment, it was pleasing to see that our new loans issued was a little stronger compared with the previous 12 months. Memberships also grew by 3.7 percent during this period, demonstrating that we continue to offer an attractive alternative banking option within regional Queensland.

Our footprint in Queensland means that many Members are involved, directly or indirectly, in the resources sector. Recently, we have seen a small number of mine closures and deferral of other projects. Fortunately, most Members who have been impacted have found alternative employment in an economy that is still performing solidly.

FI NANCIAL PE R FOR MANCE The Total Assets of the Credit Union at June 30, 2012 were $1,167 million, representing a strong growth rate of 8.3 percent. Net Profit After Tax of $5.3 million was achieved, down 2.7 percent from the previous year’s result.

Our Capital Adequacy ratio ended the year at a solid 12.94 percent.

Net Interest Income was steady at 2.55 percent and reflects the very competitive market in recent years.

Impairment expense for the year was $1.5 million, reflecting a small number of borrowers who have experienced financial difficulties over the course of the financial year.

The loan portfolio as a whole remains strong with arrears levels of 0.85 percent and we are committed to working with any borrowers who are experiencing financial hardship.

4

5

OU R M E M B E RS

We were also pleased to extend our Retirement Savings

In November 2011, we were excited to open our first

Account (RSAs) to offer a Fixed Term investment option,

branch in Gladstone, incorporating a new branch design and

in addition to the variable option that we have offered

utilising new technologies that we intend to progressively

for a number of years to Members looking for a low-risk

extend across our branch network. Around the same time,

superannuation product.

we made the difficult decision to close our Julia Creek branch after serving that community for 17 years.

OU R COM M U N ITI ES We have again continued our Community Grants program,

During the last financial year, we continued to upgrade our branch network, with full refurbishments completed in Charters Towers and Jimboomba. We are proud to be able to provide our staff and Members with modern facilities where they can feel comfortable to discuss their financial and health insurance needs.

with more than $1.5 million distributed to community groups throughout Queensland since 2004. Our grants assessment process involves community leaders conducting an initial review with local Branch Managers, before submission to a final review process. Thank you to everyone who has contributed to assessing grant applications since the

We have continued to develop our product range this year,

commencement of this program. The funding we have

with notable developments including the extension of our

provided has directly helped over 520 local groups in the

Eco Smart Loans, catering to Members who are looking to

important roles they play in our communities.

improve the environmental sustainability of their home or to purchase an environmentally friendly vehicle. Our ‘Mullet’ home loans, combining fixed and variable components, also proved very popular and attracted significant attention with an innovative marketing campaign.

In addition, we continue to sponsor a variety of events that are important to our local communities. Major sponsorships have included the North Queensland Cowboys and the Brisbane Broncos National Rugby League teams and the Townsville Crocodiles and the Townsville Fire National Basketball teams.

GLADSTONE BRANCH

Something has changed in banking.

Imagine a branch with up-to-the-minute technology and outstanding personal service... It’s now at Gladstone.

Experience it for yourself.

find out more

a refreshing atitude to banking

Queensland Country Credit Union Limited and Controlled Entities - Annual Report 2011-2012 ABN 77 087 651 027

CHAIRMAN AND CHIEF EXECUTIVE OFFICERS REPORT

BOAR D OF DI R ECTORS During the year, Michael Beard and Mike Steindl retired on a rotational basis as required by our Constitution. Following an election process, both Directors were reappointed to the Board.

OU R STAFF Queensland Country employs over 270 staff. Periodic surveys show the high levels of staff engagement that exists across the business. This year we have increased our investment in developing our people with the establishment

Being a Director involves significant commitment of time

of an Emerging Leaders program. More recently we have

and carries a high level of responsibility. We are very

commenced delivery of a sales training program that will

fortunate to have such a dedicated group of individuals

build the confidence of our staff in matching our products to

who each contribute so effectively to the oversight of the

the needs of Members, while still being true to our Mutual,

operations and the direction of the Credit Union.

Member focused culture.

Our staff are passionate about our Members and helping

OU R FUTU R E

them to achieve their financial goals and we take this

Early in 2012, Directors and Executive staff took time

opportunity to thank each staff member for the dedication

to reassess the strategic direction of the business. Our

and commitment demonstrated over the last 12 months.

planning process included input from all staff and we took time with them to reassess the core principles and behaviours that underpin how we conduct our business.

The end result of this process was a newly crafted Strategic Plan, with a clear vision and direction for the years ahead.

Queensland Country remains firmly committed to providing for the financial and health insurance needs of Regional

Bruno Cullen, Chairman

Queenslanders.

In the year ahead we intend to progress a number of key projects that will help achieve our strategic goals. This includes delivery of a mobile banking platform, a new web site, a modern new contact centre and some improvements to our transactional accounts. We are also investing in our core banking systems and we have purchased land in Townsville with a view to constructing a new purpose built head office.

6

Aileen Cull, Chief Executive Officer

P O R T F O L I O

7

$950,504,267

2012

$900,164,284

2011

$818,221,012

2010

$726,192,151

2009

$693,246,072

2008

$626,760,244

T O TA L

L O A N S

2007

$529,891,621

2006

$457,922,156

2005

$334,366,876

2004

$312,984,592

2003

$301,349,476

2002

$272,984,049

2001

D E P O S ITS

P ORT F O LI O

$200M

TOTA L P O R T F O L I O

$800M

$1B

$1,044,275,513 $968,933,769

2011

$890,571,235

2010

$801,542,695

2009

$698,942,575

2008

$652,094,511

2007

$584,861,191

2006

$488,568,118

2005

$393,023,057

2004

$357,942,939 $312,288,874

2002

$282,995,513

2001

$200M

A S S E T S

$600M

2012

2003

T O TA L

$400M

$400M

$600M

$800M

$1B

$1.2B $1,166,587,001

2012

$1,077,519,538

2011 2010

$1,003,601,708 $899,128,614

2009

$831,072,201

2008

$753,305,945

2007

$674,005,417

2006

$554,182,184

2005

$438,839,286

2004

$407,514,559

2003

$365,351,430

2002

$328,557,537

2001

$200M

$400M

$600M

$800M

$1B

$1.2B

a refreshing atî“łitude to banking

Queensland Country Credit Union Limited and Controlled Entities - Annual Report 2011-2012 ABN 77 087 651 027

D I R ECTO R S

B R U NO CU LLE N CHAI R

KAR E N R EAD DE PUTY CHAI R

M ICHAE L B EAR D DI R ECTOR

RAY SOUTHWE LL DI R ECTOR

Bruno has served on the

Karen Read initially joined the

Michael Beard has been a

Ray Southwell started his

Board since 2001. He started

Board in 1997, serving for four

director since 1985 and is

career working as a chartered

his career with the then Isa

years before resigning due to

Queensland Country Credit

accountant in Queensland and

Mine Employees Credit Union

work commitments. She was

Union’s longest serving

Victoria. In 1982 with over a

as Loans Manager in 1977

subsequently reappointed

Board Member. His work as a

decade of experience, Ray

in Mount Isa, before being

to the Board in 2005. Karen

chartered accountant assists

opened his own business. He

promoted to Assistant General

started her finance career at

the Board with the Credit

served as a Director of the

Manager in 1979. In 1988

a chartered accounting firm in

Union’s complex financial

South East Community Credit

he transferred to Brisbane as

Mackay, and currently works

reporting requirements. Michael

Society Board from January

General Manager Development.

as the General Manager –

keeps himself busy with his

1997 until the merger of that

Then in late 1989 he became

Financial Services, Commercial

accountancy offices in Noosa

organisation with Queensland

CEO before taking up the

& Administration for Xstrata

and Mount Isa and his family

Country in 2005. Ray brings to

role of Managing Director in

Mount Isa Mines. With a career

retail clothing businesses.

the Board experience in auditing

2001. In January 2003 Bruno

spanning 25 years in the mining

When congratulated on his long

and business advisory services,

resigned from the Credit Union

industry, Karen has undertaken

standing service as a director

and has a special interest in

to take up the role of Managing

a variety of roles that have

Michael said “it’s been an

taxation law. Specifically, Ray

Director at the Brisbane

seen her work both in Australia

honour to be a Board Member

enjoys helping business owners

Broncos, but remained as a

and abroad. Karen has been

of the Credit Union for 25 years.

maximise the rewards they can

Director of Queensland Country.

a Member of Queensland

I am very proud of the fact that

achieve in their own business

In 2004 Bruno was elected

Country Credit Union for

the organisation has grown

fields.

Deputy Chair of the Board and

over 20 years and speaks

considerably over this time but

in 2006 became Chairman.

highly of the organisation for

still remains Member focused”.

continuing to provide services to Members particularly in areas of Queensland where other financial institutions choose not to service.

8

9

M I KE STE I N DL DI R ECTOR

B RAD WE B B DI R ECTOR

PAU L WH ITE DI R ECTOR

Mike Steindl became a Director

Brad joined the Board in 2007.

Paul White joined the Board in

of Queensland Country in

He is the Managing Director

2004. Prior to this Paul served

2005, having previously been

of the Townsville based BM

with the Queensland Police

a Director of South East

Webb Group. Established as

Service for almost 20 years.

Community Credit Society.

an interstate truck haulage

Leaving behind the role of

Mike commenced his career in

business in 1979, his business

Officer in Charge of Mount Isa in

retailing as a Trainee Manager

has grown into a diverse group

2003, Paul moved into a Human

after leaving school. Upon

that specialises in construction

Resource Management role with

completing the traineeship

and leasing of large industrial

Xstrata Zinc, and in 2005 took

he was appointed to a Store

warehouses. The group also

up a position as Sustainable

Manager role. Mike spent 15

includes a concrete plant, quarry,

Development Manager with

years in the retail industry in

pre-cast panel factory, transport

Anglo Coal Australia and later

southern Queensland and

fleet and civil division. Brad

the Regional Manager Employee

northern NSW, after which time

shares his wealth of regional

Strategy and Performance. In

he opened and successfully ran

business experience with

2011 Paul was appointed to

his own retailing business for

the Board.

the position of Chief Executive

25 years.

Officer with the Brisbane Broncos.

a refreshing atitude to banking

Queensland Country Credit Union Limited and Controlled Entities - Annual Report 2011-2012 ABN 77 087 651 027

D I R ECTO R S R E PO RT

10

11

D I R ECTO R S R E PO RT

a refreshing atî“łitude to banking

Queensland Country Credit Union Limited and Controlled Entities - Annual Report 2011-2012 ABN 77 087 651 027

D I R ECTO R S R E PO RT

12

13

D I R ECTO R S R E PO RT

a refreshing atî“łitude to banking

Queensland Country Credit Union Limited and Controlled Entities - Annual Report 2011-2012 ABN 77 087 651 027

D I R ECTO R S R E PO RT

14

15

S TAT E M E N T O F C O M P R E H E N S I V E I N C O M E FOR THE YEAR ENDED 30TH JUNE 2012

a refreshing atî“łitude to banking

Queensland Country Credit Union Limited and Controlled Entities - Annual Report 2011-2012 ABN 77 087 651 027

S TAT E M E N T O F F I N A N C I A L P O S I T I O N A S AT 3 0 T H J U N E 2 0 1 2

16

17

S TAT E M E N T O F C H A N G E S I N E Q U I T Y FOR THE YEAR ENDED 30TH JUNE 2012

a refreshing atî“łitude to banking

Queensland Country Credit Union Limited and Controlled Entities - Annual Report 2011-2012 ABN 77 087 651 027

S TAT E M E N T O F C H A N G E S I N E Q U I T Y FOR THE YEAR ENDED 30TH JUNE 2012

18

19

S TAT E M E N T O F C A S H F L O W S FOR THE YEAR ENDED 30TH JUNE 2012

a refreshing atî“łitude to banking

Queensland Country Credit Union Limited and Controlled Entities - Annual Report 2011-2012 ABN 77 087 651 027

N O T E S T O T H E F I N A N C I A L S TA AT E M E N T S FOR THE YEAR ENDED 30TH JUNE 2012

20

21

N O T E S T O T H E F I N A N C I A L S TA AT E M E N T S FOR THE YEAR ENDED 30TH JUNE 2012

a refreshing atî“łitude to bankin banking

Queensland Country Credit Union Limited and Controlled Entities - Annual Report 2011-2012 ABN 77 087 651 027

N O T E S T O T H E F I N A N C I A L S TA AT E M E N T S FOR THE YEAR ENDED 30TH JUNE 2012

22

23

N O T E S T O T H E F I N A N C I A L S TA AT E M E N T S FOR THE YEAR ENDED 30TH JUNE 2012

a refreshing atî“łitude to bankin banking

Queensland Country Credit Union Limited and Controlled Entities - Annual Report 2011-2012 ABN 77 087 651 027

N O T E S T O T H E F I N A N C I A L S TA AT E M E N T S FOR THE YEAR ENDED 30TH JUNE 2012

24

25

N O T E S T O T H E F I N A N C I A L S TA AT E M E N T S FOR THE YEAR ENDED 30TH JUNE 2012

a refreshing atî“łitude to bankin banking

Queensland Country Credit Union Limited and Controlled Entities - Annual Report 2011-2012 ABN 77 087 651 027

N O T E S T O T H E F I N A N C I A L S TA AT E M E N T S FOR THE YEAR ENDED 30TH JUNE 2012

26

27

N O T E S T O T H E F I N A N C I A L S TA AT E M E N T S FOR THE YEAR ENDED 30TH JUNE 2012

a refreshing atî“łitude to bankin banking

Queensland Country Credit Union Limited and Controlled Entities - Annual Report 2011-2012 ABN 77 087 651 027

N O T E S T O T H E F I N A N C I A L S TA AT E M E N T S FOR THE YEAR ENDED 30TH JUNE 2012

28

29

N O T E S T O T H E F I N A N C I A L S TA AT E M E N T S FOR THE YEAR ENDED 30TH JUNE 2012

a refreshing atî“łitude to bankin banking

Queensland Country Credit Union Limited and Controlled Entities - Annual Report 2011-2012 ABN 77 087 651 027

N O T E S T O T H E F I N A N C I A L S TA AT E M E N T S FOR THE YEAR ENDED 30TH JUNE 2012

30

31

N O T E S T O T H E F I N A N C I A L S TA AT E M E N T S FOR THE YEAR ENDED 30TH JUNE 2012

a refreshing f h atî“łitude d to b banking k

Queensland Country Credit Union Limited and Controlled Entities - Annual Report 2011-2012 ABN 77 087 651 027

N O T E S T O T H E F I N A N C I A L S TA AT E M E N T S FOR THE YEAR ENDED 30TH JUNE 2012

32

33

N O T E S T O T H E F I N A N C I A L S TA AT E M E N T S FOR THE YEAR ENDED 30TH JUNE 2012

a refreshing atî“łitude to bankin banking

Queensland Country Credit Union Limited and Controlled Entities - Annual Report 2011-2012 ABN 77 087 651 027

N O T E S T O T H E F I N A N C I A L S TA AT E M E N T S FOR THE YEAR ENDED 30TH JUNE 2012

34

35

N O T E S T O T H E F I N A N C I A L S TA AT E M E N T S FOR THE YEAR ENDED 30TH JUNE 2012

a refreshing atî“łitude to bankin banking

Queensland Country Credit Union Limited and Controlled Entities - Annual Report 2011-2012 ABN 77 087 651 027

N O T E S T O T H E F I N A N C I A L S TA AT E M E N T S FOR THE YEAR ENDED 30TH JUNE 2012

36

37

N O T E S T O T H E F I N A N C I A L S TA AT E M E N T S FOR THE YEAR ENDED 30TH JUNE 2012

a refreshing atî“łitude to banking

Queensland Country Credit Union Limited and Controlled Entities - Annual Report 2011-2012 ABN 77 087 651 027

N O T E S T O T H E F I N A N C I A L S TA AT E M E N T S FOR THE YEAR ENDED 30TH JUNE 2012

38

39

N O T E S T O T H E F I N A N C I A L S TA AT E M E N T S FOR THE YEAR ENDED 30TH JUNE 2012

a refreshing atî“łitude to bankin banking

Queensland Country Credit Union Limited and Controlled Entities - Annual Report 2011-2012 ABN 77 087 651 027

N O T E S T O T H E F I N A N C I A L S TA AT E M E N T S FOR THE YEAR ENDED 30TH JUNE 2012

40

41

N O T E S T O T H E F I N A N C I A L S TA AT E M E N T S FOR THE YEAR ENDED 30TH JUNE 2012

a refreshing atî“łitude to bankin banking

Queensland Country Credit Union Limited and Controlled Entities - Annual Report 2011-2012 ABN 77 087 651 027

N O T E S T O T H E F I N A N C I A L S TA AT E M E N T S FOR THE YEAR ENDED 30TH JUNE 2012

42

43

N O T E S T O T H E F I N A N C I A L S TA AT E M E N T S FOR THE YEAR ENDED 30TH JUNE 2012

a refreshing atî“łitude to bankin banking

Queensland Country Credit Union Limited and Controlled Entities - Annual Report 2011-2012 ABN 77 087 651 027

N O T E S T O T H E F I N A N C I A L S TA AT E M E N T S FOR THE YEAR ENDED 30TH JUNE 2012

44

45

N O T E S T O T H E F I N A N C I A L S TA AT E M E N T S FOR THE YEAR ENDED 30TH JUNE 2012

a refreshing atî“łitude to bankin banking

Queensland Country Credit Union Limited and Controlled Entities - Annual Report 2011-2012 ABN 77 087 651 027

N O T E S T O T H E F I N A N C I A L S TA AT E M E N T S FOR THE YEAR ENDED 30TH JUNE 2012

46

47

N O T E S T O T H E F I N A N C I A L S TA AT E M E N T S FOR THE YEAR ENDED 30TH JUNE 2012

a refreshing atî“łitude to b banking k

Queensland Country Credit Union Limited and Controlled Entities - Annual Report 2011-2012 ABN 77 087 651 027

N O T E S T O T H E F I N A N C I A L S TA AT E M E N T S FOR THE YEAR ENDED 30TH JUNE 2012

48

49

N O T E S T O T H E F I N A N C I A L S TA AT E M E N T S FOR THE YEAR ENDED 30TH JUNE 2012

a refreshing atî“łitude to ba banking

Queensland Country Credit Union Limited and Controlled Entities - Annual Report 2011-2012 ABN 77 087 651 027

N O T E S T O T H E F I N A N C I A L S TA AT E M E N T S FOR THE YEAR ENDED 30TH JUNE 2012

50

51

N O T E S T O T H E F I N A N C I A L S TA AT E M E N T S FOR THE YEAR ENDED 30TH JUNE 2012

a refreshing atî“łitude to bankin banking

Queensland Country Credit Union Limited and Controlled Entities - Annual Report 2011-2012 ABN 77 087 651 027

N O T E S T O T H E F I N A N C I A L S TA AT E M E N T S FOR THE YEAR ENDED 30TH JUNE 2012

52

53

N O T E S T O T H E F I N A N C I A L S TA AT E M E N T S FOR THE YEAR ENDED 30TH JUNE 2012

a refreshing atî“łitude to ban banking

Queensland Country Credit Union Limited and Controlled Entities - Annual Report 2011-2012 ABN 77 087 651 027

N O T E S T O T H E F I N A N C I A L S TA AT E M E N T S FOR THE YEAR ENDED 30TH JUNE 2012

54

55

N O T E S T O T H E F I N A N C I A L S TA AT E M E N T S FOR THE YEAR ENDED 30TH JUNE 2012

a refreshing atî“łitude to bankin banking

Queensland Country Credit Union Limited and Controlled Entities - Annual Report 2011-2012 ABN 77 087 651 027

N O T E S T O T H E F I N A N C I A L S TA AT E M E N T S FOR THE YEAR ENDED 30TH JUNE 2012

56

57

N O T E S T O T H E F I N A N C I A L S TA AT E M E N T S FOR THE YEAR ENDED 30TH JUNE 2012

a refreshing atî“łitude to banking

Queensland Country Credit Union Limited and Controlled Entities - Annual Report 2011-2012 ABN 77 087 651 027

N O T E S T O T H E F I N A N C I A L S TA AT E M E N T S FOR THE YEAR ENDED 30TH JUNE 2012

58

59

N O T E S T O T H E F I N A N C I A L S TA AT E M E N T S FOR THE YEAR ENDED 30TH JUNE 2012

a refreshing atî“łitude to bankin banking

Queensland Country Credit Union Limited and Controlled Entities - Annual Report 2011-2012 ABN 77 087 651 027

N O T E S T O T H E F I N A N C I A L S TA AT E M E N T S FOR THE YEAR ENDED 30TH JUNE 2012

60

61

N O T E S T O T H E F I N A N C I A L S TA AT E M E N T S FOR THE YEAR ENDED 30TH JUNE 2012

a refreshing atî“łitude to banking

Queensland Country Credit Union Limited and Controlled Entities - Annual Report 2011-2012 ABN 77 087 651 027

N O T E S T O T H E F I N A N C I A L S TA AT E M E N T S FOR THE YEAR ENDED 30TH JUNE 2012

62

63

N O T E S T O T H E F I N A N C I A L S TA AT E M E N T S FOR THE YEAR ENDED 30TH JUNE 2012

a refreshing atî“łitude to banking

Queensland Country Credit Union Limited and Controlled Entities - Annual Report 2011-2012 ABN 77 087 651 027

N O T E S T O T H E F I N A N C I A L S TA AT E M E N T S FOR THE YEAR ENDED 30TH JUNE 2012

64

65

N O T E S T O T H E F I N A N C I A L S TA AT E M E N T S FOR THE YEAR ENDED 30TH JUNE 2012

a refreshing f hi atitude tit d tto b banking ki

Queensland Country Credit Union Limited and Controlled Entities - Annual Report 2011-2012 ABN 77 087 651 027

D I R E C T O R S D E C L A R AT TION FOR THE YEAR ENDED 30TH JUNE 2012

66

67

I N D E P E N D E NT AU D ITO R S R E PO RT FOR THE YEAR ENDED 30TH JUNE 2012

a refreshing atitude to banking

Queensland Country Credit Union Limited and Controlled Entities - Annual Report 2011-2012 ABN 77 087 651 027

I N D E P E N D E NT AU D ITO R S R E PO RT FOR THE YEAR ENDED 30TH JUNE 2012

68

69

AU D ITO R S R E PO RT FOR THE YEAR ENDED 30TH JUNE 2012

a refreshing atitude to banking

Queensland Country Credit Union Limited - Annual Report 2011-2012 ABN 77 087 651 027

70

71

OUR CREDIT UNION

Queensland Country Credit Union is an independent, Member owned organisation providing a full range of competitive financial services.

OU R STR E NGTH & SECU R ITY Our strength and financial security are derived from our diverse asset base of over $1 billion. At any time, around 90% of savings deposited with the Credit Union are lent back to Members through personal, home and investment loans, which demonstrates our commitment to ensuring Members get the best value for money when dealing

OU R M E M B E RS

with us.

Our Members are the most important part of our service.

Our spare funds are invested conservatively and are mainly

They are always at the centre of what we do. Our primary

held in deposits with large regulated Australian Financial

business objective is to help Members meet their financial

Institutions. The Credit Union does not invest in the stock

goals whilst engaging with our communities in a way that

market or overseas.

would make our Members proud.

We are regulated by the same Government regulator as the

Every decision we make at Queensland Country Credit

major banks - the Australian Prudential Regulation Authority

Union takes into consideration the benefit for our Members

(APRA). APRA’s duty is to minimise the chance that a

and communities as we work to maintain and grow their

Financial Institution will be unable to meet its obligations

respect and trust.

to depositors. Credit Unions, Banks and Building Societies

As a mutual organisation, we remain committed to the ideals upon which we were founded. When you join Queensland Country Credit Union, you purchase one membership share.

This means you become a part-owner of the Credit Union

must all comply with the same set of APRA rules (known as Prudential Standards).

Queensland Country complies with all Prudential Standards and is in a strong and stable financial position.

and can rely on us for your savings, loans and other financial product and service needs.

You’re also entitled to vote in the election of our Board of Directors, who set the operating policies for the Credit Union and supervise the performance of the organisation.

With over 58,000 Members and 23 branches stretching from as far north as Weipa, south to Stanthorpe and west to Mount Isa, Queensland Country prides itself on being committed to fellow Queenslanders.

a refreshing atitude to banking

Queensland Country Credit Union Limited and Controlled Entities - Annual Report 2011-2012 ABN 77 087 651 027

SPONSORSHIPS

Queensland Country Credit Union is committed to making a positive contribution in our local communities.

SPONSORSH I PS

As a Queensland based organisation,

Queensland Country provides

we focus on providing sponsorship

sponsorship for a wide range of

within our branch areas.

activities and groups that offer tangible benefits to the community and encourage active participation in local events.

One of the most valuable ways we achieve this is by providing financial assistance to community organisations.

We continue to support our communities through sponsorships and our Community Grants Scheme.

MAJOR COR PORATE SPONSORSH I PS In addition to supporting the local community through sponsorships, we

We understand the important role

are also major sponsors of some of

grass-roots organisations and

Queensland’s most iconic sporting

events play in the development of a

teams:

community, and we’re committed to seeking out ways to become actively involved in these activities wherever possible.

Queensland Country sponsors events and community groups through

• The Brisbane Broncos (Official Banking Partner) • The North Queensland Cowboys (Official Banking Partner) • The Townsville Crocodiles

financial or other assistance, such as financial or banking services. This assistance helps raise the profile and awareness of an event or group and contributes to its success in delivering positive outcomes to the community.

Throughout the year, Queensland Country organises and participates at community functions with these teams to collectively demonstrate our combined support for the local community.

73

COMMUNITY G R ANTS S C H E M E

Queensland Country provides funding for not-for-profit groups across Queensland as part of our Community Grants Scheme.

The Scheme gives Queensland Country groups and develop other communities

Our Community Grants are provided for programs in the areas of:

in line with our aim to positively

•

Arts, culture and heritage

•

Sport and recreation

a proactive way to support community

contribute to our local communities and the lives of our Members.

(where the activity benefits the We understand community groups

whole community)

play an important role in shaping the

This Scheme allocates funding to groups in our branch areas for a wide range of activities, facilities and services.

Each initiative is awarded support based on the capacity of the group or project to deliver tangible, long-term improvements in the lives of their communities.

•

Health

difficult for these small organisations

•

Education

to self-fund valuable activities and

•

The environment

social fabric of a community. It is often

services and we are committed to making a difference.

Queensland Country aims to offset costs or fully fund projects that are deemed to be widely beneficial to the community every year. We are proud to assist local groups in developing and expanding their activities and reach within their communities.

a refreshing atitude to banking

Queensland Country Credit Union Limited and Controlled Entities - Annual Report 2011-2012 ABN 77 087 651 027

P R O D U CTS AND SERVICES

At Queensland Country, we have products to make banking easy. We offer a range of banking products and services like transaction, savings and long term investment accounts to meet the needs of our diverse membership base.

SAVI NGS & CASH MANAG E M E NT ACCOU NTS

EVE RYDAY TRANSACTION ACCOU NTS

Cash Management also offers a higher interest rate on at call funds with the flexibility of branch access.

Our four everyday transaction accounts have features that complement the way Members like to access their money. e-Access is ideal for Members who prefer to transact using electronic channels.

Traditional is suited to Members that like to conduct their banking in person at a branch.

Options is perfect for Members who transact infrequently and want to avoid a monthly service fee.

Options Plus is for Members who have an offset facility attached to their home loan or Members with a credit facility or Members receiving an Aged Pension from Centrelink or the Department of Veterans Affairs.

74

Our savings and cash management accounts are to assist Members reach their savings goals. We have a range of accounts to meet the needs of our Members, based on how they like to access their savings.

Online Saver is a high interest internet banking account that allows Members to access their savings at any time.

Pension Plus is designed specifically for Members receiving an Aged Pension from Centrelink or the Department of Veterans Affairs or self-funded retirees (over the age of 65) who wish to receive at least the Government deeming rate of interest.

Bonus Saver rewards Members who make monthly deposits and no withdrawals with a bonus interest rate.

Christmas Club encourages Members to contribute regular deposits throughout the year, with savings made available in either November or December.

Fixed Term Deposits offer Members peace of mind with a guaranteed interest rate on funds invested for a fixed period of time.

B I LLPAYI NG Our Members love our Billpaying account, and it’s easy to see why.

The Billpaying account is more than a savings account, it’s a unique budgeting service. Members contribute regular deposits each pay day, and when their nominated bills come in they simply provide them and Queensland Country ensures the bill is paid on time. Interest is paid when the account balance is in credit and Members are not charged interest on overdrawn funds.

SU PE R R ETI R E M E NT SAVI NGS ACCOU NT The Super Retirement Savings Account is a low-risk, worry-free superannuation investment account.

It offers Members great returns through a competitive variable or fixed term rate, with no exposure to share market volatility. Invested capital is guaranteed by the assets of Queensland Country Credit Union, and the account has all of the same benefits and rules that apply to other super funds.

LOANS Queensland Country makes it easy for our Members to borrow money for a wide range of purposes. We understand that one of the biggest things Members have in mind is wanting to pay the loan off as soon as possible with low interest rates and low fees.

75

Personal Loans can be used to fund cars, boats, holidays, home improvements or consolidate debt, and can be secured or unsecured.

well as business overdrafts and credit cards to assist in managing day-to-day cash flow and streamlining payment facilities.

ECO SMART LOANS

I NSU RANCE

Queensland Country is committed to providing sustainable banking practices and delivering products that assist Members with pursuing environmentally friendly endeavours.

We offer an Eco Smart Car Loan and an Eco Smart Green Loan to finance environmentally friendly home improvements.

General and Life Insurance Queensland Country offers insurance cover for vehicles, home and contents, landlords, life and income and travel through CGU Insurance Limited and Clearview Life Assurance Limited.

HOM E LOANS We make purchasing a house or property as easy as possible. We offer a range of home loans, with both fixed and variable rates, for buying, building, purchasing a house and land package, investing in vacant land or refinancing an existing home loan.

VISA CR E DIT CAR D Our Visa credit cards offer exceptional value with a low rate, up to 55 days interest free, four designs including the exclusive Broncos and Cowboys supporter cards, and the unique Rewarder program, which allows Members to accumulate points that can be redeemed as cash through any EFTPOS terminal in Australia.

B USI N ESS ACCOU NTS & LOANS For our business customers, we offer transaction and savings accounts as

Health Insurance Queensland Country Health Fund is a subsidiary company that provides singles, couples and families with the high quality health insurance at an affordable price.

OTH E R SE RVICES Website Our website provides information about our products and services and has comprehensive loans, saving and budgeting calculators, personal loans and credit cards online applications, current interest rates and job vacancies.

CU Online Internet Banking CU Online provides Members 24 hour secure access to their accounts.

Members can view account balances, transfer funds, pay bills using BPAY, view, print and download recent transactions and statements.

balances, verify transactions, utilise BPAY and transfer funds between accounts using phone service.

ATM & EFTPOS At Queensland Country we understand convenience is important to our Members and that’s why we have partnered with Westpac. Our partnership gives Members access to more than 2,000 fee friendly ATMs across Australia, meaning they can visit any Westpac or St George ATM to receive a number of free withdrawals each month, before being charged a reduced fee.

Our Visa Debit card can be used at all ATMs in Australia and any ATM worldwide that accepts Visa, as well as more than 60,000 EFTPOS outlets across Australia and 3,300 Australia Post Bank@Post outlets. Our CueCard also has Maestro and Cirrus access at ATM and EFTPOS facilities worldwide.

To obtain more information on any of our accounts or products, simply visit any Queensland Country Credit Union branch and obtain a copy of the relevant product information brochure.

Phone Service Our phone service provides Members with 24 hour secure access to their accounts. Members can obtain

a refreshing atitude to banking

Queensland Country Credit Union Limited and Controlled Entities - Annual Report 2011-2012 ABN 77 087 651 027

MANAG E M E NT TEAM Aileen Cull

Chief Executive Officer

Aaron Newman

Deputy CEO & General Manager | Health Fund

Katherine Brennan

General Manager | Human Resources

Cheryl Fitzgerald

General Manager | Risk & Company Secretary

Petrice Gould

Chief Financial Officer

Joan Raffé

General Manager | Legal & Compliance

Glenn Seri

General Manager | Support Services

Cameron Thompson

General Manager | Sales & Service

Shawn Anderson

Credit Manager

Peter Beaumont

Sales Manager | Health Fund

Robin Bode

Business Development Manger | Health Fund

Sue Byrnes

QC Direct Manager

Simon Coles

IT Manager

Carmel Dal Ponte

Branch Network Manager

Jodi Davies

Deputy Chief Financial Officer

Kellie Davis

Mortgage Direct Manager

Joel Flor

Branch Operations Manager

Pat Hills

Training & Development Manager

Murray Hobbs

General Insurance Manager

Peter Holzknecht

Branch Network Manager

Julie Lloyd

Billpaying Administration Manager

Damien Martin

Contact Centre Manager

Dion Matthews

Product Development Manager

Gail McKenzie

Member Administration Manager

Ros Miles

Health Fund Manager

Steve Scholefield

Human Resources Manager

Sarah Standen

Marketing & PR Manager

76

77

AREA, BRANCH AND R E LI E F MANAG E RS Area Managers Graham Barram

Mount Isa Region

Alan Cameron

Stanthorpe

Ross Meier

Bowen and Collinsville

Bob Robinson

Mackay

David Smith

Cairns and Weipa

Branch Managers Cheryl Andrews

Jimboomba

Erinn Beams

Tieri

Dianne Clarke

SmithďŹ eld

Lyn Collins

Home Hill

Dylan Dixon

Willows

Greg Gartrell

Aitkenvale & Townsville Hospital

Darryl Hill

Weipa

Ryan Keith

Ayr

Sue Murphy

Charters Towers

Lyn Nash

Gladstone

Ken Noble

Beaudesert

Marissa North

Brisbane

Carissa Paske

Collinsville

Jodie Rogers

Mount Pleasant

Ron Stephen

Magnetic Island

Kerry Young

Woodlands

Vacant

Glenden

Relief Managers Jamie Cureton Meagan Morris

Mobile Lender Nicole Stanier

a refreshing atî“łitude to banking

Queensland Country Credit Union Limited and Controlled Entities - Annual Report 2011-2012 ABN 77 087 651 027

C O N TA C T A I LS D E TA H E A D O F F I C E & A D M I N I S T R AT I O N 85 Patrick Street, Aitkenvale

4750 3300

QU E E N S LAN D COU NTRY CR E D IT U N I ON B RAN CH E S Beaudesert Bowen Brisbane Burdekin Ayr: Home Hill: Cairns Earlville: Smithfield: Charters Towers Collinsville Gladstone Glenden Jimboomba Mackay Caneland Central: Mount Pleasant: Mount Isa Stanthorpe Tieri Townsville Aitkenvale: Magnetic Island: Townsville Hospital: Willows: Woodlands: Weipa Boulia Auth representative:

8 William Street 37 Williams Street 256 Adelaide Street

5541 1544 4786 2999 3832 0200

186 Queen Street 76 Eighth Avenue

4783 5222 4782 2211

514 - 516 Mulgrave Road Smithfield Shopping Centre Town Plaza Shopping Centre 12 Stanley Street Gladstone Central Shopping Centre Glenden Shopping Centre Jimboomba Shopping Centre

4033 5299 4038 3999 4787 4199 4785 5307 4972 0304 4958 9533 5546 9916

Caneland Central Shopping Centre Mount Pleasant Shopping Centre 70 Camooweal Street 3 Maryland Street Tieri Shopping Centre

4957 3272 4942 7800 4743 6366 4681 1877 4984 8247

296 Ross River Road 98-100 Sooning Street, Nelly Bay Angus Smith Drive Willows Shopping Centre Woodlands Shopping Centre Cnr Kerr Drive Point Drive & Commercial Avenue

4750 3350 4758 1600 4725 7756 4723 0355 4751 5333 4069 7555

Shire Council Office, Herbert Street

4746 3399

Australia Post

Appointed agents: Bank@post outlets Australia-wide

www.qccu.com m.au u | info@qc ccu.com.au

Q U E E N S L A N D C O U N T R Y H E A LT H F U N D Ayr Gladstone Mackay Mount Isa Townsville Call Centre: Willows:

186 Queen Street Gladstone Central Shopping Centre Caneland Central Shopping Centre 70 Camooweal Street Level 1, 296 Ross River Road, Aitkenvale Willows Shopping Centre

www.qldcounttryhe ealth.com.au | info@qch hfund.com.au

78

4783 5222 4972 0304 4957 3272 4743 2777 1800 813 415 4723 1175

79

PHOTO CR E D ITS Page 2 Tom Anderson – Golden Sunset Amanda Neilson – Venus Battery Sarah Standen – Charters Towers Fishing Page 3 Isaac Neilson – Sky Colours Page 7 Di Leakey – Fishing at Sunrise Mike Manning – Blaze of Glory Tom Anderson – Golden Sunset Page 69 B.Reid – Campdraft Sunset Page 70 M.Benstead – Clover over the Valley

a refreshing atitude to banking

Queensland Country Credit Union Limited ABN 77 087 651 027 | AFSL/Australian Credit Licence 244 533