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Times and the Tough Annual Report 2020 2019/20 Highlights

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Times and the Tough Annual Report 2020 2019/20 Highlights Banking that works for you through the good times and the tough Annual Report 2020 2019/20 Highlights Vision Recognition Value Created To be the First $ % Choice for Easy 2.730M 88 Achieved strong profit in times of Reduced landfill wasteconsumption to Understand Named Australian uncertainty of $2.730M, allowing us by 88% Banking to continue our investment in your Mutual Lender of Credit Union The Year % Mission 77 Reduced paper waste consumption 859 by 77% Launched new initiatives to To help our strengthen customer services Customers, Inducted into the and celebrated with families, NSW Business entrepreneurs, individuals and 173 People and groups with 859 loans funded Supported 173 individuals, families, Community Chamber Hall of businesses and communities Realise Their Fame through COVID-19 Relief Packages For providing Excellence in $ and was successful in our application Dreams Professional Service, recognising our to participate in the Australian 85,000 Governments Coronavirus SME unprecedented three consecutive Partnered with over 50 local Guarantee Scheme year win in this category organisations and gave over $85,000 back to community groups across the Northern Rivers to make a real difference in the places we call home Awarded Excellence in Business At the NSW Business Chamber, Northern Rivers Regional Business Awards Contents Opening Statement CHAIRMAN & CEO’S At the heart of our strategy remains our focus on delivering a better DECLARATIONS REPORT 01 35 experience for our customers, businesses and communities. Opening Statement 01 Directors Declaration 35 Never before has this been so meaningful and timely in the unprecedented times in which we now find ourselves, and Financial Performance 06 Auditors Independence Declaration 36 as we continue our journey to invest in our systems, team, services and online technologies to be more responsive, Risk, Regulation, Compliance & Governance 08 relevant and digitally enabled. FINANCIAL REPORT 37 It is all the more important that we work towards an Investing in Our People 10 environment that is more flexible, fosters stronger relationships, while staying committed to the worldwide credit Statement of Profit & Loss 37 union philosophy of “People Helping People” and building on Investing in Our Community 12 the model that has made us successful in the past. Statement of Financial Position 38 We remain acutely aware that change is inevitable and Corporate Social Responsibility 18 that this year has only accelerated the need to do so. Our resolve to continue the transformation of our business is Statement of Changes in Equity 39 by conscious choice, ensuring that we are delivering on our Looking into the Future 20 customers’ evolving expectations while continuing to be a trusted financial partner that they can rely on, with services Statement Cash Flows 40 DIRECTORS REPORT TO that reflect their needs. MEMBERS 26 We have delivered an exemplary profit result for the last 12 Notes to the Financial Statements 41 months in a very challenging environment and we would like to thank our team, customers and community for their Your Directors Auditors Report 66 support of our Credit Union. The coming year will see our 26 profit impacted, particularly as a result of COVID-19, as well as slowing economic growth, weak consumer sentiment, Financial Performance Disclosures 29 increased competition, and as larger organisations in particular try to protect their market share. Corporate Governance Disclosures 31 We are prepared for the challenges that lie ahead and are confident in our strategic approach as we look to utilise our recent and planned technology advancements to drive sustainable cost efficiencies, expand our business via new third party distribution channels and challenge both core and non-core services to further differentiate ourselves from others. We know we need to remain nimble, and that we have an important role to play as everyone works through what has happened and what is to come. ANNUAL REPORT 2020 1 Chairman & CEO’s Report Responding to a Global able to offer eligible business customers unsecured While the situation continues to evolve, it has customer behaviour as more people align to digital loans and overdrafts as part of that scheme which highlighted the need to be technology enabled and banking and intermediated channels, however Pandemic incorporates a 6-month repayment holiday and provide customers with greater choice in how they there it is still an unknown on what the impact Regionally we once again experienced hardship loans of up to $250k. With many local businesses interact with us. Having additional channels outside will be on our revenue margin and provisioning and challenges with flooding and fires impacting forced to temporarily close their doors or of the Financial Service Centre (FSC) environment in these uncertain times and once the situation customers throughout our community and experiencing a downturn in income, being able to has been crucial and that investment in our normalises. beyond. However, the global COVID-19 pandemic offer support like this to help those business who digital capabilities remains key. We have already may be struggling was important to us. strengthened our online solutions in response Economic reports show the likelihood of the brought about an unparalleled test of our pandemic to have “long-lasting effects on resilience, as a business, team and for many of our to changing behaviours in some areas and have Amidst all the fear and uncertainty, it was brought many projects forward to speed up their the economy” and despite the RBAs renewed customers. As the situation rapidly unfolded, we so comforting to know there is kindness, optimism, the outlook remains “highly uncertain”. recognised the need to respond quickly and the delivery. We are continually assessing what changes empathy and generosity which we have may be needed to adapt to this new normal and The outlook for housing finance and residential responsibility we had to support each other more witnessed and seen first-hand through our property prices remains somewhat unclear than ever before. As a customer-owned institution, ensure we remain competitive, successful and team, customers and community. supportive, now and well into the future. which will no doubt hinder demand for housing if the pandemic for us meant being visible, vocal and market conditions deteriorate and unemployment rethinking ‘business-as-usual’, to stay true to our At the close of our financial year, we had As a business, our continuity plans were also tested continues to rise, curbing the ability of prospective mutual ethos and offering meaningful support for provided relief to 173 customers with and we were overall very pleased with the result buyers to take on debt, which would ultimately those facing an uphill battle. approved arrangements totalling $65.4M having minimal disruption to business operations. affect future mortgage demand. Our coordinated approach to the crisis focused and we continue to work closely with those Our response team remains vigil and are prepared on the safety of our team, support for customers customers to help them through the situation for any further potential disruptions that may and helping our community and the economy. We they find themselves in. present themselves. We know the industry We continue to navigate our way post COVID-19 won’t go back to the exact same have remained open for business throughout the through what is most likely to be pandemic, implementing a number of health and This represents 13% of our loan book which is environment where we have been in the past and safety measures to ensure the wellbeing of our broadly in line with market insights together we are working through what transformation for many of us once in a lifetime team and customers, following government and with projections for the unemployment rate, may be needed, from operational efficiencies and health and economic crisis, and we rhythm to increased flexible work arrangements health authorities’ advice. This included acting which range between 7-15%. are committed to assisting as many quickly to mobilise our teams where possible to and reprioritising our resources. Our efforts in this space will focus on keeping up with shifting of our customers as possible. work from home, communicating more regularly However, since 30 June 2020, and as reported and directing resources to our online channels. in the Directors Report to Members, as at Whilst the year ahead will be This specifically focused on our Customer 30 September 2020, $22.709M of loans have challenging, we remain determined Service Centre and Financial Hardship teams who voluntarily come off the COVID-19 assistance and are well placed to continue to responded to the anticipated increase in requests package and have resumed their loan obligations support customers through this for assistance and over the phone service. Our goal under the Credit Union’s standard terms and being to stay connected, while staying apart. conditions of its loan contracts. difficult time. We supported our customers with packages including a 6-month repayment deferral on home, business and personal lending and made available a range of government support packages designed to assist Australian businesses, consumers and the economy get to the other side of the pandemic. This included successfully applying to the Australian Government to participate in the Coronavirus SME Guarantee Scheme, and being 2 SOUTHERN CROSS CREDIT UNION ANNUAL REPORT 2020 3 Chairman & CEO’s Report Banking That Works for You We Continue to Invest in Your Credit Union Our strong position over the past several years has allowed our investment in your Credit Union to continue and we are not slowing down. More importantly, it helped us weather the COVID-19 storm as a business. Being ready and able to respond to the demands of a rapidly changing environment is one of the most important attributes we need to possess. This is reflected in our strategy, which continues to propel our business forward, and receives recognition at a national level.
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