2015 We’Re Australia’S Largest Local Government Self-Insurance Pool

statewide mutual.

Strength. Stability. Integrity. Statewide Mutual. Annual Report and financial statements for the year ended 30 June 2015 We’re Australia’s largest local government self-insurance pool. Our financial strength and buying power, stable member contributions, and integrity continue delivering for members. For over two decades we’ve existed solely for the benefit of NSW regional and metropolitan councils, collaborating and innovating to reduce their exposure to risk. Contents.

04. Members

06. Chairman’s welcome

09. Executive Officer’s report

10. Our risk management focus

13. Board and committees

14. Claims and Risk Management committee report

15. Marketing committee report

16. Strength. Stability. Integrity.

18. Statements of financial position

19. Statements of financial performance

20. Statements of cash flows

21. Notes to and forming part of the Financial Statements

25. Certificate by Chairman and Finance Committee Chairman

26. Independent audit report 4 STATEWIDE MUTUAL | ANNUAL REPORT 2015 Members. Cooma Monaro Coolamon Conargo Coffs HarbourCity Cobar Water Board Cobar Clarence Valley Cessnock City Central Tablelands Water Central Murray County Central Darling Castlereagh Macquarie County Carrathool Canterbury City Canada Bay City Campbelltown City Cabonne Byron Broken HillCity Brewarrina Bourke Boorowa Bombala Bogan Blayney Bland Berrigan Bellingen Bega Valley Bathurst Regional Bankstown City Balranald Ballina Ashfield Armidale/Dumaresq City Albury L L L L L L L L L L L L L L L L L L L L L L L L L L L L L L L L L L L L M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M P P P P P P P P P P P P P P P P P P P P P P P P P P P P P P P P P P P P CO CO CO CO CO CO CO CO CO CO CO CO CO CO CO CO CO CO CO CO CO CO CO CO CO CO CO CO CO CO CO CO CO Cr Cr Cr Cr Cr Cr Cr Cr Cr Cr Cr Cr Cr Cr Cr Cr Cr Cr Cr Cr Cr Cr Cr Cr Cr Cr Cr Cr Cr Cr Cr Cr Cr Cr Cr Cr Kyogle Ku-Ring-Gai Kogarah Kempsey Junee Jerilderie Inverell Hurstville City Hornsby Hay Hawkesbury River County Harden Gwydir Guyra Gunnedah Gundagai Griffith City Greater Taree City Greater Hume Great Lakes Goulburn Mulwaree Gosford City Goldenfields (Water) County Gloucester Glen InnesServern Gilgandra Forbes Far Coast North County Eurobodalla Dungog Dubbo City Deniliquin Cowra Corowa Cootamundra Coonamble All schemesasat30June2015 L L L L L L L L L L L L L L L L L L L L L L L L L L L L L L L L L L L L M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M P P P P P P P P P P P P P P P P P P P P P P P P P P P P P P P P P P P P CO CO CO CO CO CO CO CO CO CO CO CO CO CO CO CO CO CO CO CO CO CO CO CO CO CO CO CO CO CO CO CO CO CO CO Cr Cr Cr Cr Cr Cr Cr Cr Cr Cr Cr Cr Cr Cr Cr Cr Cr Cr Cr Cr Cr Cr Cr Cr Cr Cr Cr Cr Cr Cr Cr Cr Cr Cr Cr Cr Lachlan L M P CO Cr Rous County L M P CO Cr Lake Macquarie City L M P CO Cr Ryde City L M P CO Cr Leeton L M P CO Cr Shoalhaven City L M P CO Cr Leichhardt L M P CO Cr Singleton L M P CO Cr Lismore City L M P CO Cr Snowy River L M P CO Cr Lithgow City L M P CO Cr Southern Slopes County L M P CO Cr Liverpool Plains L M P CO Cr Strathfield L M P CO Cr Lockhart L M P CO Cr Sutherland L M P CO Cr Maitland City L M P CO Cr Tamworth Regional L M P CO Cr Manly L M P CO Cr Temora L M P CO Cr Mid Coast (Water) County L M P CO Tenterfield L M P CO Cr Mid Western Regional L M P CO Cr Tumbarumba L M P CO Cr Moree Plains L M P CO Cr Tumut L M P CO Cr Mosman L M P CO Cr Tweed L M P CO Cr Murray L M P CO Cr Upper Hunter County L M Cr Murrumbidgee L M P CO Cr Upper Hunter Shire L M P CO Cr Muswellbrook L M P CO Cr Upper Lachlan L M P CO Cr Nambucca L M P CO Cr Upper Macquarie County L M P CO Cr Narrabri L M P CO Cr Uralla L M P CO Cr Narrandera L M P CO Cr Urana L M P CO Cr Narromine L M P CO Cr Wagga Wagga City L M P CO Cr New England Tablelands L M P CO Wakool L M P CO Cr Newcastle City L M P CO Cr Walcha L M P CO Cr Norfolk Island L M P CO Cr Walgett L M P CO Cr North Sydney L M P CO Cr Warren L M P Cr Oberon L M P CO Cr Warringah L M P CO Cr Orange City L M P CO Cr Warrumbungle L M P CO Cr Palerang L M P CO Cr Weddin L M P CO Cr Parkes L M P CO Cr Wellington L M P CO Cr Pittwater L M P CO Cr Wentworth L M P CO Cr Port Macquarie Hastings L M P CO Cr Willoughby City L M P CO Cr Port Stephens L M P CO Cr Wingecarribee L M P CO Cr Queanbeyan City L M P CO Cr Wollondilly L M P CO Cr Randwick City L M P CO Cr Woollahra L M P CO Cr Richmond River County L M P CO Cr Wyong L M P CO Cr Richmond Valley L M P CO Cr Yass Valley L M P CO Cr Riverina (Water) County L M P CO Cr Young L M P CO Cr

Councillor’s & Officers’ Liability Scheme Motor Vehicle Cover Property Mutual Scheme Crime (Fidelity Guarantee) L M P CO Cover Cr Scheme Chairman’s welcome.

I’m proud to report on the results and achievements Property Mutual Scheme of Statewide Mutual for the twelve months ending 30 The Property Mutual Scheme had accumulated June 2015. surpluses of $14,294,587, after reporting a surplus This annual report details the financials of the of $3,771,615. As with the Liability Scheme, these mutual and outlines key operational outcomes for surplus funds belong to members. They received the period. It features commentary from Brian Bell, a distribution totalling $2 million based on claims currently chairing the Claims & Risk Management outcomes for the financial year. These Property and Marketing Committees, as well as Executive Claims Experience Discount distributions total Officer, Naamon Eurell. $32,524,449 to date. Inside you’ll also find an informative summary of our Member contributions have remained unchanged industry leading risk management program, and an since 2009, and in many instances been reduced. overview of the history behind our strength, stability, Increases are subject only to variations in the total and integrity. value of assets declared by individual member councils. Membership commitment Statewide Mutual’s success over the 2014/15 Crime (Fidelity Guarantee) Scheme financial year was due in large part to the strength The accumulated surplus of the Crime (Fidelity of our membership base. Enduring commitment Guarantee) Scheme – renamed as such in September throughout renewals meant all 146 members remain 2015 – totalled $1,569,617 at 30 June 2015. It’s noted with us today. I’d like to thank each council for their renewal terms on this scheme have remained dedication to the mutual, as well as their fellow unchanged since June 2006, except where variations members. have occurred in the amount of surplus refunded Membership across the schemes at 30 June 2015: each year. The scheme has now been re-rated; meaning the actual cost to member councils has • Liability Scheme - 146 been reduced. • Property Mutual Scheme - 145 • Crime (Fidelity Guarantee) Scheme – 144 2015 surplus distributions • Motor Vehicle Cover - 145 Adding to the $7.6 million surplus distribution to • Councillors’ and Officers’ Cover – 140 members in October 2014 from the 2013/14 financial A full list of members and schemes in which they year, I’m delighted an additional $4.85 million was participate is on the previous pages. recently distributed off the back of positive 2014/15 outcomes. Liability Scheme To date, members have received over $65 million in The Liability Scheme reported a surplus of $4,578,618 rebates, with all members having received a cheque for the financial year, which gave an accumulated since 1998. The buying power of our large member surplus of $25,884,845 at 30 June 2015. base, our expertise in the insurance market, sound Risk Management Incentive Bonuses were allocated risk management practices, and superior claims to members in November 2015, totalling $2 million handling have all contributed to this impressive for the period. These were the result of member result. participation in risk management initiatives that led to sound claims outcomes, contributing to the Preparing for the future exceptional surplus for the financial year. $32,420,901 The board undertook significant planning towards in such bonuses have been distributed to members tackling future challenges over the financial year, over the past ten years. including upcoming local government reform. The strong financial position meant the board could We’re continuing to investigate strategic direction maintain relatively stable member contributions for changes to prepare ourselves for the anticipated the period, increasing by just 2.3%. This amounts to a impact of the ‘Fit for the Future’ reform package, mere 6% change over the past seven years. associated joint organisations, and council STATEWIDE MUTUAL | ANNUAL REPORT 2015 REPORT | ANNUAL MUTUAL STATEWIDE

6 to budgets presented oneachscheme. contributions, rebates, andincreases inaccordance committee played avitalrole indetermining member SydneyNorth Council. Amongitsmany successes, the by Ross McCreanor, Director Corporate Services at committeeThe Finance continued to bechaired and thelocal government sector alike. program. Theirefforts greatly benefited members year andadvisedontheesteemed riskmanagement processing complex claimsthroughout thefinancial made somebigdecisions about administering and at Lake Macquarie CityCouncil. Thecommittee is currently chaired by Brian Bell,General Manager The board’s Claims &RiskManagement committee Committees working andutilisinghisexpertise. withGary Manager ofLismore CityCouncil. We look forward to tenure. He’sbeenreplaced by Murphy, Gary General left theboard after the2014/15 term –hissecond I’d alsoacknowledge theefforts ofKyme Lavelle who Marketing committees. also onthemutual’sClaims&RiskManagement and Council), to theboard inDecember 2014. Scott is Sutherland Shire Council (formerly ofHornsby Shire We welcomed Scott Phillips,General Manager at strong financialposition. they’ve excelled in maintainingStatewide Mutual’s interest ofmembers. It’sbeenachallenging year, yet Management whorelentlessly perform inthebest I’d like to acknowledge theefforts theBoard of and managed by Jardine Lloyd Thompson(JLT). by theBoard ofManagement (andsub-committees), Statewide Mutualisowned by members, governed Board ofmanagement collaborative approach to change willbeadopted. style, Iassure members aconsultative and integrity. Alignedwithourpreferred communication a ‘businessasusual’level ofcover, service, and councils whoare transitioning while providing amalgamations. Ourkey objectives are to assist Creative, ofthemarketing aspart strategy calendar. proposed by strategic marketing agency, Cuckoo approve allmarketing communications activities responsibility fell onthecommittee to assessand new brand. Alsocurrently chaired by BrianBell,the forceactivity infull following the2014 launchofthe period, withintegrated marketing communications Our Marketing remit committee over hadafull the Chairman oftheBoard ofManagement Bill Warne government asawhole. great outcomes for Statewide MutualandNSW local to confront thesehead-onandcontinue delivering challenges. Ilook forward to working withmembers local government; nodoubt bringingahostofnew I anticipate anexciting ofbigchanges in 2016 full impressive range ofsubjectmatter. second to none,offering advice to members onan the mutual.Hisexperience inlocal government is for hismeticulous work across themany facets of Thank you alsoto NaamonEurell, Executive Officer, efforts intheriskmanagement sphere. in London, isacknowledged. Astoo isRon Barnes’ the board andundertake thereinsurance placement Demer andStephen Penfold, whobothparticipate on government insurance. Thediligent work ofLeo arrangements andworldwide trends inlocal board throughout thefinancial year on reinsurance JLT continued to provide expertadvice to the JLT

7 STATEWIDE MUTUAL | ANNUAL REPORT 2015

Executive Officer’s. report prudent financial management. the results contained withinare atestament to his Ross committee; McCreanor aschairoftheFinance remains ofouruniqueoffering. attheheart Also and hisresolve to ensure that good riskmanagement chair oftheClaimsandRisk Management committee, success. Ialso acknowledge BrianBellfor hiswork as unrivalled andadrivingforce behindourongoing chairman BillWarne. Hispassionfor themutualis Nobody exemplifies this fortitude more than simpler. meets members’ needsmakes my jobthatmuch months. Theirdetermination to ensure ouroffering the board for theirguidance over thepasttwelve I’d alsolike to acknowledge thecontribution of Acknowledgements acts solely inthebestinterests ofmembers. board go to to ensure great Statewide lengths Mutual of management. Intheabsence ofshareholders, the member-elected andmember-represented board of integrity andtransparency, evidenced by the Underpinning ouroffering isanenviable level loyalty. retaining ashared visionofconfidence, interest, and We flourish and remain viable due to members judicial climates. low membercontributions inallmarket cycles and to minimiseclaimscosts andultimately sustain needs. Thefocus onriskmanagement continues management isdedicated to meetingmembership power are atthemutual’score. Oursuperiorclaims Ongoing stability, andbuying financialstrength, competitors. whose members’ businessisincreasingly soughtby local government self-insurance poolinAustralia, achievement. Together we proudly remain thelargest one anotherover thefinancial year, it’strulyagreat at whatwe’ve created andhow we’ve supported their commitment. Ifwe take astep backandlook council, I’d like to thankeachandevery memberfor From themostremote to thelargest metropolitan membersMembers supporting throughout renewals. to by all146councils choosingto remain withus to derive real valuefrom themutual,asattested Mutual. It’sencouraging to seemembers continue What agreat twelve monthsit’sbeenfor Statewide stable premiums, andspread ofrisk. still deliver onitscore promises ofcost containment, capacity ofthemutualto absorbadverse events and rebate program continues. Itdemonstrates the stable, to andtheopportunity participate inthe This willagainmeanmembercontributions remain capital reserves remained substantial. the mutual’sunquestionable resilience ensured significant losses to theProperty Scheme.However Liability SchemeandtheApril2015 floods caused Actuaries reported increasing claimspressure onthe available to single entitiesinthemarket. emerging riskatrates substantiallybelow those sheer sizeallowed councils to obtain cover for this with anoverwhelming 85%membertake-up. Our Guarantee)Crime (Fidelity Schemeover theyear, We rolled outacyberinsurance extension to the 2014/15 key happenings Executive Officer Naamon Eurell outcomes. solution for local government –regardless ofreform mutual alike. We’ll remain themostfit-for-purpose It’ll bebusinessasusualfor members andthe tenets ofriskandinsurance changing. work inallenvironments, withnoneoftheunderlying We remain confident thatourmodel will continue to communities. creating efficiencies,andstrengthening reforms, aimedatimproving council performance, government for theFuture withtheadvent ofFit The next 12monthswillbechallenging for NSW local Local Government reforms

9 STATEWIDE MUTUAL | ANNUAL REPORT 2015 10 STATEWIDE MUTUAL | ANNUAL REPORT 2015

involve: withineachcouncil. These risk management function Extensive initiatives support aimedatdeveloping the Member support and distinctneeds.Someofthehighlightsinclude: a combination to suittheir organisational priorities diversity of initiatives meansmembers canchoose every stage oftheir riskmanagement journey. The member feedback, aimedatassistingthem Initiatives under eachstrategy are developed from and specialprojects. riskmanagementmember support, tools, education, a robust framework offour essentialstrategies: Our riskmanagement program isconducted under Framework for operational riskmanagement measures. consequences, andestablishadequate controls and members to helpidentify risks,analysepotential From apractical pointofview, we’re working with plans andcorporate objectives atevery opportunity. management policies, bindingtheseto strategic collaborating to develop andrefine council risk been adopted by allmembers. We’re continually Today ouracclaimed riskmanagement program has system. interwoven asanintegral oftheirmanagement part within Council’s operations; rather itneeded to be shouldn’t beanindependent, discrete system The board alsounderstood riskmanagement to live, work, andvisit. importantly, communities would become safer places drop. Member contributions would stabilise.And The incidence ofclaimsandassociated costs would benefits would follow. risk through makingbetter decisions, sustainable government were empowered to manage theirown something special.They recognised iflocal Long ago, theBoard ofManagement realised Our riskmanagement focus. • • Guidance Materials Regional RiskManager network footpaths, event management, recreational practice riskmanagement for roads and satisfy theirdutyofcare. Topics include best Over 50 guidance documents to helpmembers developing tailored risk management solutions. with members to identify andassess riskswhile Seven dedicated Regional RiskManagers work

government suchas: riskmanagement functions, assist council employees engage withlocal fully Education, coaching, andmentoring programs to Education management activities. Examples include: Tools thequalityofmember’srisk furthering Risk management tools • • • • • • • Regional RiskManagement Group meetings Annual RiskManagement Conference Continuous Improvement Pathway (CIP) Member centre CIMS Coaching andmentoring JRS Profiler and networking opportunities. risk issueswhile facilitatinginformation sharing These forums promote group discussionoflocal available to members whocouldn’t attend. the first time,presentation webcasts were made experts. Itwasarecord turnoutthisyear. For with topical presentations delivered by leading Each themedconference improves onthelast, and driver oftheentire system. organisational priorities–theabsolute delivery Risk Management Action Planthatreflects Central to theCIPisacommitment to adynamic developing aneffective riskmanagement system. Framework members useto assessprogress in management tools andresources. resource centre providing readily accessible risk This members-only isaninvaluable portal online climate related risks. signage, andadecision makingframework for wide range ofe-learning training courses. can alsoregister employee details andaccess a information whenworking with members. They to register theirbusinessandinsurance Secure onlinedatabasethatallows contractors Some ofthemost popularofferings include risk groups by ourRegional RiskManager team. programs are provided to members andregional Tailored education,coaching, andmentoring charge. The software isavailable to members free of range ofpotential risksto Council’s operations. helps identify, assess,andmanage thewide This onlineriskmanagement software system

couple ofexamples: understanding ofrisksandassociated responses. A Special projects advancingtheindustry’s Special projects • • • • • Affiliated FM training portal Business Continuity Management program government Fundamentals to riskmanagement for local program Integrity Management for LocalGovernment CIMS contractor e-learning module and resource library. underwriter’s extensive onlinetraining courses Members have access to ourProperty Mutual action planfor improvement. followed by agapanalysisassessment,and an a measurable response to theirpreparedness, interruption exercises. They’re provided with event. Councils participate inscenario-based the steps to recover from abusinessdisruption their businesscontinuity systems andidentify Provides members to withanopportunity test their staff. can alsoallocate additional onlinetraining to report, andrecord risksandhazards. Councils risk assessmentprocess, andhow to identify, management. They learn thebasicsteps ofthe understanding ofwhatconstitutes good risk E-learning module thatprovides staffwithan senior managers andcouncillors to liability. that may harmtheirreputation, andexpose behaviours thatexpose organisationsto risks elected officials. Ithelpsidentify systems and training program is for seniormanagement and Institute ofCompany Directors, thisinteractive Delivered incooperation withtheAustralian online training to theirstaff. workplace. Contractors canallocate additional and how to prevent andillnessinthe injury requirements, theprinciples ofriskmanagement, with abasicknowledge ofWHSlegislative government. Thismodule provides contractors package for contractors working inlocal An Introduction to LocalGovernment training incident investigation. members, event management workshops, and management awareness training for newstaff and respected engineers intheworld. training isdelivered by someofthemosttalented experiencing real-world scenarios. Instructor-led thinking skillsto identify andmanage riskthrough environment facilitates knowledge andcritical- training facilityinBoston, USA. Thisunique prevention training atparent company FM Global’s The scholarship offers recipients hands-onloss Statewide Mutualmembers. Client RiskManagement Scholarship available to Our relationship withAffiliated FM has led to the of how seriouswe take riskmanagement excellence. ofourpartnerships isalsoindicative The strength control, andmeasurement. vital principles ofriskidentification, evaluation, illustrate how theoverall program isdrivinghome submissions are consistently outstanding.They committee members, thequalityofaward Judged by theClaimsandRiskManagement awards exist to promote: through theRiskManagement Excellence Awards. The implement superiorriskmanagement programs Each year we celebrate andrecognise members who means we deliver many otherinitiatives. But itdoesn’t stop there. Ourappetite for innovation Value-adding initiatives and on-going economic development. in sustainable growth, increased competitiveness, more prosperous andcohesive communities relishing What’s allthisreally meanfor members? Ultimately Action Plans. self-prescribed objectives oftheirRiskManagement Management Incentive Bonusesare paidfor meeting in best-practice riskmanagement activities.Risk Members alsoreceive financial rewards for engaging planning. premiums to predictable cost levels thataidin claims andinherent costs, reducing andstabilising business. At thesametime,itlimitsincidence of environments for ratepayers to go abouttheir serves communities by creating increasingly safer Empowering councils to protect themselves limit theirexposure to risk. a whole benefitfrom collaborative programs which Individual councils, andthemutual’smembership as What’s really initfor members? • • • • recognition ofthatinnovation. innovation inriskreduction; and awareness ofriskmanagement issues; management structure; recognition ofriskmanagement asa 11 STATEWIDE MUTUAL | ANNUAL REPORT 2015

Board andcommittees. Representatives for financial year ending30June2015 Claims and Risk Management Finance Marketing Board of Management committee committee committee Jack O’Hara Guy McAnally-Elwin Leo Demer Roger Bailey Brian Bell Ross McCreanor (Chair) Representative Craig Richardson Scott Phillips Jack O’Hara Ross McCreanor Melissa McCoy Guy McAnally-Elwin Kyme Lavelle Daryl Hagger Roger Bailey Brian Bell Bill Warne (Chairman) Representative Craig Richardson Scott Phillips Stephen Penfold Melissa McCoy Daryl Hagger Ron Barnes Bill Warne (ex-Chair) Kyme Lavelle (ex-Chair) Brian Bell(Chair) Representative Scott Phillips Bill Warne (ex-Chair) Brian Bell(Chair) Representative City ofWagga Wagga Sutherland Shire Council Jardine Lloyd Thompson Shoalhaven CityCouncil Kempsey Shire Council Echelon Australia Queanbeyan CityCouncil Rous Water Lake Macquarie CityCouncil Council Walcha Council Gilgandra Shire Council Jardine Lloyd Thompson Lithgow CityCouncil Lake Macquarie CityCouncil SydneyNorth Council Council Sutherland Shire Council Queanbeyan CityCouncil Lake Macquarie CityCouncil Council City ofWagga Wagga Sutherland Shire Council Walcha Council SydneyNorth Council Shoalhaven CityCouncil Gilgandra Shire Council Rous Water Kempsey Shire Council Lithgow CityCouncil Lake Macquarie CityCouncil Queanbeyan CityCouncil Council 13 STATEWIDE MUTUAL | ANNUAL REPORT 2015 14 STATEWIDE MUTUAL | ANNUAL REPORT 2015 an effective integrity management system framework. workplace cultures anddevelop skillsto implement to identify key factors contributing to damaging leader roles andresponsibilities. Participants learn government andaclearer understanding ofsenior promoting better governance practices across local Government course; aninteractive training program workplace from theIntegrity Management for Local involved inhelpingmembers applylearnings to the Over thepastyear theteam have beenheavily for theSouthEastern region for many years. knowledge, having beenthe Regional RiskManager the role. She bringswithheranenviable amountof Manager position,withMelissa Tooke stepping upto The committee approved anewSeniorRegional Risk over thefinancial year. strategies –continued to reduce incidence ofclaims while assistingthemto develop riskmanagement members to identify, assess,andcontrol risks– Our Regional RiskManagers’ effortsinworking with Regional RiskManager network the committee throughout theyear. again provided invaluable andguidance support to Michael Down andhisteam atMillsOakley Lawyers comprehensive risksolutionavailable. practices allcombine to bringmembers themost members,servicing andefficientclaimsprocessing local government, commitment to empathetically claims officers. Theirspecialisedknowledge of and theteams ofbrilliantaccount managers and The committee alsoacknowledge Gareth Edwards Acknowledgments November 2015. I accepted therole aschairofthecommittee in counties. Iwishhimallthebestfor thefuture. concentrate onhisleadership ofhisthree water Statewide Mutualboard. Kyme hasmoved onto Bill remains focused onhisrole aschairmanofthe committee atvariousstages duringthefinancial year. Coast County Councils, for theirefforts inleading the Rous County, RichmondRiver County, andFar North City Council, andKyme Lavelle, General Manager at Executive Manager -LegalandRiskatQueanbeyan From theoutset,I’d like to thankBillWarne, related initiatives. ahead witharange ofinnovative riskmanagement Regional RiskManager network, all while forging significant outcomes from thehigh-performing considerable turnover incommittee membership, Claims andRiskManagement committee. There was It wasachallenging yet rewarding year for the committee. report Claims andRiskManagement adoption ofaproactive stance to uphold integrity. and Councillors’ andOfficers’ claims, andsignalsour Plans. It’sagreat initiative to limitintegrity breaches ofmember’sRiskManagementPlans aspart Action often by way ofdeveloping Integrity Management senior management to implement theframework, Regional RiskManagers continue to work closely with Claims andRiskManagement committee Brian Bell innovative riskmanagement initiatives for less. members, while leading inproviding theindustry continue to drive optimalclaimsoutcomes for and riskmanagement matters. I’mconfident we’ll committee members throughout 2016 onallclaims I look withmy forward fellow to working further 10 and11. in the‘Ourriskmanagement focus’ sectiononpages initiatives duringtheyear, mostofwhichare outlined The committee were involved inmany other simplify library accessibility for members. is to streamline additional document creation and ‘Statewide MutualGuidance Materials’. Theaimhere and rebranded to come under theheadingof are beingtransposed into acommon template manuals, guidance notes, andtraining modules risk management resource library. Bestpractice The committee alsoinstigated re-packaging ofthe environment. attacks withinpatrol areas ofadynamiccoastal Lifeguard Team in addressing risksposedby shark risk management procedures usedby theBeach LMCC’s process ofdeveloping andimplementing winning ontheday. ManagingSharkSightingscovers councils, withLake Macquarie CityCouncil (LMCC) Eight qualitysubmissionswere received from NSW August 2015. Management Conference hosted inSydney’s CBDlate 2015. Theawards were presented at theAnnualRisk Excellence Awards were lodged leading upto June30, Submissions for the2015 RiskManagement Additional initiatives Marketing committee. report Examples ofsuchactivityare summarisedbelow. looked after by amutual with theirbestinterests at reassured theirinsurance arrangements were in anumberof letters andemails.Members were market competitor wasacommon themefeatured Addressing claimsmade by alarge commercial distributed since. the mutual’soffering. Bothhave beenbroadly brought thebrand to life andclearly articulated flyer – were released duringOctober 2014. These Sharp looking marketing collateral –abrochure and close to 2,000. grew from 609 emailaddresses inMay 2014 to now 15% while alsoconsidering thesubscription database result whencompared to average theindustry of10- Readership hovered around 46%.Thiswasagreat notes. in abundance, aswere thein-demand claimscase government newswere happenings,andindustry distributed over theperiod.Topical stories, local Three editionswere towent strength. from strength The mutual’spopulare-newsletter, Statewide News, Communications campaigns across strategic pillars, including: instrumental indevising innovative, integrated our principalsupplierofmarketing services,was Cuckoo Creative, astrategic marketing agency and contributed to somegreat results. input andspecialistlocal government knowledge and approving allactivity. Naamon’sconsidered day marketing programs through assessing,advising, Officer, for his commitment inguidingtheday-to- I’d like to acknowledge NaamonEurell, Executive Acknowledgments Council, cameonboard duringDecember 2014. Scott Phillips,General Manager atSutherlandShire role untilItook thereins duringNovember 2014. ofthefinancial at thestart year. He continued inthis Tobin, ex-General Manager at Willoughby City Council, Bill took over aschairofthecommittee from Nick members’ marketing dollars. and allocate resources to bestdeliver valuefor remit to drivePhillips, andIhadafull thisstrategy launchedinthemarket, BillWarne,now fully Scott attracting newmemberinterest. Withthebrand image, ramping upcommunications activity, and Objectives centred onenhancingStatewide Mutual’s year overseeing acoordinated marketing strategy. 2014/15 wasthecommittee’sfull financial first • • • advertising. events andsponsorship; and communications, includingonlineactivity; rate source oftools andresources. had animpressive uptake andisproving to beafirst- around thesametime.Thismembers-only has portal hit themark.TheMember Centre was re-launched the kindofwebsite they asked for, Ifeel itreally website. After listening to members anddeveloping Early 2015 saw thelaunchofnewandimproved as aresult. underwriters. We received alot ofpositive feedback notacompanyheart, aimingto generate profits for Marketing Committee Brian Bell government environment. challenges posedby thechangingNSW local wide. We’ll undoubtedly meetthecommunication great results inhaving ourmessage heard farand next 18months.We’re confident of realising more marketing plansfor projects plannedover the The committee iscurrently reviewing strategic members, andmeetlots ofnewfaces. us to re-connect withmetropolitan andregional order oftheday. Therelaxed environment allowed back rubs,shoeshines,andhealthcheckswere the range experiences of‘member-only’ attheevent; philosophy oflooking after members by offering a 2015 LGNSW AnnualConference. We continued our They alsomanaged oursponsorship presence the and developing presentations andspeeches. impressive conference programmes andmaterials, This involved streamlining logistics, producing to thelastAnnualRiskManagement Conference. Creative appliedtheirvastexperience to add value get more outofStatewide Mutualevents. Cuckoo Part ofthemarketing strategy isto ensure members Events andsponsorship Initiatives for 2016 and beyond stability, andintegrity. the brand while re-enforcing themutual’sstrength, and ALGA News.Thiscreated greater awareness of Targeted messagingwasfeatured inLG Manager Statewide Mutualinthepast. a marketing tacticwhichhadn’tbeenusedby placement publications; ofadvertising inindustry The committee approved andsupported the Advertising 15 STATEWIDE MUTUAL | ANNUAL REPORT 2015 16 STATEWIDE MUTUAL | ANNUAL REPORT 2015 covering over ofourcombined sizedirectly 500councils. reduces Thestrength memberriskeven more. And we’re not initalone. Ourliabilitycover issecured ofaNationalLocalGovernment aspart placement spread amongourmuchlarger membership base. million dollar loss may have asignificanteffect onsmaller providers, itsimpact would be absorbedwhen Members benefitfrom reduced costs through spreading theriskof exposure. While acatastrophic multi- negotiate market-leading, long-term reinsurance treaties withunderwriters. ofthemutualis alsodemonstratedThe strength through oursubstantialbuying power. We’re large enough to solvency margin. as generous redistributions to members andfor ensuringfinancialviability by maintaininganappropriate owned by membersmillion infunds since 2005.Theboard determines are used,including how thesefunds Accumulated surplusesacross allschemesreached $39.8 millionin204/15 –anincrease ofover $32.5 Bigger isbetter Strength And ifthebelow results are anything to go by, they canlook forward to many more years ofthesame. andbuyingpower,strength stable membercontributions, andoperational transparency. stability,strength, andintegrity ofthemutual’soffering. aspart Members benefitfrom unparalleled financial The board ofmanagement, sub-committees, andschememanagers have along history ofproviding superior councils asmembers. remain thelargest self-insurance poolofitstypeinAustralia, currently having almostnineoutofevery ten For many years, Statewide Mutual has beenthechoice ofinsurance provider for NSW local government. We . Stability Strength

Millions ($) 40 30 20 45 35 25 10 15 0 5 2005 2006 2007 All schemes2005-2014 Accumulated surplus 2008 2009 Y ear 2010 2011 . Integrity 2012 2013 2014 . Their needfor atrustworthy isat theforefront risk partner ofeverything we do. kept informed of allgovernance activity. We promoting pride integrity ourselves by operating on further withcomplete transparency, withmembers issues uniqueto regions. particular We feel it’svitalmembers have alocal representative to stay intouch withtheir needs andadvocate for key the Metropolitan region). including mandatingthateachboard memberhailsfrom oneoften NSW local government regions (two from Operating withintegrity to isimportant themutualandmembers alike. We achieve thisisinmany ways, Integrity Operating withtransparency help stabilisethiscost; allowing councils to budget inanenvironment where income isalways constrained. Our sheersize,effectiveness ofthereinsurance, andourinnovative riskmanagement andclaimsstrategies rated, sotheactualcost to members hasbeenreduced. variations have occurred eachyear. intheamountofsurplusrefunded Theschemehasalsonow beenre- For Guarantee) theCrime(Fidelity Scheme,contributions remained unchanged since June2006,except where member councils. been reduced. Increases are subjectonlyto variations inthetotal valueofassetsdeclared by individual Member contributions have remained unchanged since 2009for theProperty Scheme,andinmany years followed by two years ofnoincreases whatsoever. The2014/15 increase wasonly2.4%. indicator below, contributions have risenby just4.2%over thepastsixyears. Infact,2009saw adrop of5%, Member contribution increases over thepastten years have beenminimal.UsingtheLiabilitySchemeasan Stability Predictable membercontributions NSW regions

Change (%) -6 -4 -2 0 6 4 2 2005 RIVERINA ORANA 2006 MITCHELL TABLELANDS SOUTHERN Member contributionincreases 2007 Liability scheme2005-2014 NORTH WEST 2008 SOUTH COAST METROPOLITAN 2009 CENTRAL COAST HUNTER & MID NORTH NORTHERN Y RIVERS COAST ear 2010 2011 • • • • • • • • • • • Scott Philips:Metropolitan Daryl Hagger: Coast MidNorth Melissa McCoy: SouthCoast Ross McCreanor: Metropolitan Murphy: RiversGary Northern Jack O’Hara: West North Guy McAnally-Elwin: Orana Brian Bell:Hunter andCentral Coast Roger Bailey: Mitchell Craig Richardson: Riverina Bill Warne: SouthernTablelands 2012 2013 2014 17 STATEWIDE MUTUAL | ANNUAL REPORT 2015 18 STATEWIDE MUTUAL | ANNUAL REPORT 2015 (1) Statements of Financial of Position Statements The accompanying notes form Statements. anintegral oftheseFinancial part AS AT 2015JUNE 30TH AS Recoveries (Note 4) Reinsurance SURPLUS/(DEFICIT) ACCUMULATED MEMBERS EQUITY Recoveries (Note 4) Non Reinsurance Receivables (Note 4) Cash Assets(Note 3) CURRENT ASSETS /(LIABILITIES) NET ASSETS (Note 7) Outstanding Claims NON-CURRENT LIABILITIES Distributions Accrued Surplus (Note 7) Outstanding Claims Received inAdvance Contributions TOTAL LIABILITIES Debts (Notes 4&8) Provision for Doubtful Recoveries (Note 4) Reinsurance NON-CURRENT ASSETS Thecomparative numbers for 2014 have beenupdated to correctly reflect theGST treatment for the Receivables andCreditors and Accrued Expenses. Debts (Notes 4&8) Provision for Doubtful Investments (Note 3) TOTAL ASSETS Expenses Creditors andAccrued CURRENT LIABILITIES (1)

Guarantee Fund 2015 1,540,000 1,827,673 1,569,617 1,569,617 1,827,673 258,055 250,460 Fidelity Fidelity 258,055 203,582 10,972 32,213 37,642 5,000 5,859 ------Guarantee Fund 2014 1,502,000 2,012,336 2,012,336 1,475,867 1,475,867 200,000 Fidelity Fidelity 536,470 203,582 536,470 320,727 276,247 34,090 4,600 7,561 ------134,500,334 108,296,855 160,385,179 25,054,098 25,884,845 25,884,845 98,204,730 98,204,730 26,203,479 62,180,449 19,337,000 35,102,535 4,925,970 2,814,943 (507,441) Liability Liability 1,149,571 507,441 Fund (190) 2015 - - 145,090,670 119,270,268 22,504,000 22,842,000 25,820,402 25,820,402 61,608,889 30,328,219 93,118,000 83,881,781 83,481,781 26,152,268 (400,000) 3,939,073 4,837,596 1,192,098 (507,441) Liability Liability 2,118,170 507,441 Fund 2014 - 23,630,647 23,630,647 37,925,234 29,105,000 14,294,587 14,294,587 37,925,234 19,502,187 5,042,259 Property Property 3,869,109 2,047,618 1,730,357 259,351 Fund Fund 2015 ------24,966,000 17,014,298 13,706,283 29,537,270 17,014,298 12,522,972 12,522,972 29,537,270 3,308,015 Property Property 1,494,536 2,189,201 887,533 Fund Fund 2014 ------and Officers and Officers Councillors Fund 2015 47,950 47,946 47,946 47,946 47,950 47,950 (4) (4) ------and Officers and Officers Councillors Fund 2014 ------. Fund 2015 Vehicle 134,781 134,781 127,698 134,781 134,781 134,781 Motor Motor 7,083 0 0 ------Fund 2014 Vehicle Motor Motor ------The accompanying notes form Statements. anintegral oftheseFinancial part Financial of Performance Statements FOR THE YEAR ENDED 30TH JUNE JUNE 2015 ENDED 30TH YEAR THE FOR Share Reinsurance Profit Expense Outward Reinsurance Member Contributions (Note 5) Claims Expense Expenses (Note 6) Scheme Other Distribution prior years’ Surplus to Adjustment Debts Bad/Doubtful Decrease/(Increase) in Investment Income related expenses share over claimsand and reinsurance profit Excess ofcontributions Ordinary Activities Operating Surplusfrom the year at thebeginningof Accumulated Surplus ACCUMULATED SURPLUS Distribution Current year Surplus Activities Surplus from Ordinary General Expenses SURPLUS ACCUMULATED

Guarantee Fund 2015 (350,000) 1,475,867 1,569,617 (90,000) Fidelity Fidelity 483,962 (3,538) (7,983) 93,750 93,750 61,309 35,979 0 0 0 0 Guarantee Fund 2014 (319,000) 1,434,211 1,457,867 (82,800) Fidelity Fidelity 449,559 (24,376) (72,135) (3,360) 69,392 41,656 41,656 0 0 0 0 (33,592,117) 25,884,845 (6,841,345) 25,820,402 42,550,021 (2,333,351) (4,514,174) 1,896,008 5,944,601 1,932,034 4,578,618 4,578,618 Liability Liability 967,367 Fund 2015 0 0 (2,000,000) (6,686,409) (35,072,117) 42,859,960 25,820,402 (2,352,645) 23,397,659 2,854,673 1,207,608 4,422,743 4,422,743 5,567,780 1,611,673 Liability Liability Fund 2014 0 0 (16,446,592) (2,000,000) (1,954,848) (5,778,440) (8,154,204) 34,932,244 14,294,587 12,522,972 4,553,008 Property Property 3,771,615 3,771,615 1,173,455 Fund Fund 2015 0 0 0 (16,786,380) (2,000,000) (7,640,264) 34,862,502 10,429,576 (1,641,190) (5,839,112) 12,522,972 4,093,396 4,093,396 Property Property 4,596,746 1,137,840 Fund Fund 2014 0 0 0 and Officers and Officers Councillors (5,230,003) Fund 2015 5,230,003 (4) (4) (4) (4) 0 0 0 0 0 0 0 0 0 and Officers and Officers Councillors (4,928,287) Fund 2014 4,928,287 0 0 0 0 0 0 0 0 0 0 0 0 0 (14,346,876) Fund 2015 14,346,876 Vehicle Motor Motor 0 0 0 0 0 0 0 0 0 0 0 0 0 (13,599,813) Fund 2014 13,599,813 Vehicle Motor Motor 0 0 0 0 0 0 0 0 0 0 0 0 0 . 19 STATEWIDE MUTUAL | ANNUAL REPORT 2015 20 STATEWIDE MUTUAL | ANNUAL REPORT 2015 Statements of Cash Flows Cash of Statements The accompanying notes form Statements. anintegral oftheseFinancial part FOR THE YEAR ENDED 30TH JUNE JUNE 2015 ENDED 30TH YEAR THE FOR Commission in Accrued Profit Share (Increase) /Decrease Received inAdvance in Contributions Increase /(Decrease) Expenses in Creditors &Accrued (Decrease) /Increase in Receivables (Increase) /Decrease Receipt ofProfit Share & GST) advance contributions members (including contributions from Receipt of Recoveries in Non-Reinsurance Decrease /(Increase) the year Operating Result for Recoveries in Reinsurance Decrease /(Increase) Payment Outward Reinsurance (net ofrecoveries) Claims payments Doubtful Debts Doubtful in Provisions for (Decrease) /Increase Surplus Distribution activities provided by operating Net cashflows Interest received expenses Payment ofother Provisions in OutstandingClaims (Decrease) /Increase financing activities Net cashflows usedin Net cashflows CASH FLOWS FROM OPERATING ACTIVITIES of theyear Cash atthebeginning (decrease) incash Net increase / year (Note 3) Cash attheendof CASH FLOWS FROM FINANCING ACTIVITIES ACTIVITIES BY OPERATING NET CASH PROVIDED RECONCILIATION OF NET CASH FLOWS FROM OPERATING ACTIVITIES TO OPERATING RESULT FOR

Guarantee Fund 2015 (350,000) (283,085) 1,790,460 1,778,247 (96,052) Fidelity Fidelity 195,000 (92,278) 487,373 93,750 63,169 12,212 12,212 12,212 12,212 1,259 1,876 3,411 ------Guarantee Fund 2014 (495,929) (495,929) (435,841) (435,841) (176,007) (275,897) 1,778,247 (60,088) (60,088) 2,274,176 (42,926) (86,367) Fidelity Fidelity 273,552 45,245 41,656 29,224 71,550 (207) - - - - - (19,097,266) (33,571,733) 26,443,074 (2,118,360) 40,431,661 (4,291,130) (4,291,130) 17,390,953 (9,217,223) (4,514,174) (4,514,174) (400,000) 22,151,944 1,896,008 4,578,618 (221,529) Liability Liability 905,860 (88,373) 223,044 223,044 (42,527) Fund 2015 - - (16,890,950) (14,081,040) (2,000,000) (2,000,000) (35,174,554) (10,742,129) (10,742,129) (12,742,129) (12,742,129) (4,593,295) 25,969,010 (8,311,536) 26,443,074 39,185,203 19,453,116 4,445,759 1,390,425 4,422,743 1,611,673 Liability Liability 219,778 54,612 Fund 2014 - - (16,446,592) (2,000,000) (2,000,000) (5,802,516) 25,853,532 35,421,242 (3,547,725) 31,152,618 Property Property 5,299,087 5,299,087 5,795,905 (7,172,193) 7,299,087 7,299,087 1,299,146 3,771,615 458,845 561,094 259,351 Fund Fund 2015 - - - - THE YEAR (16,786,380) (2,000,000) (2,000,000) (6,329,882) (6,439,411) 25,853,532 34,766,874 21,609,519 4,093,396 1,040,891 Property Property 6,244,013 6,244,013 4,244,013 4,244,013 1,032,812 (296,621) 1,103,925 318,009 (15,585) Fund Fund 2014 - - - - . and Officers and Officers Councillors (5,230,003) Fund 2015 5,277,953 47,950 47,946 47,946 47,946 47,946 47,946 (4) (4) ------and Officers and Officers Councillors Fund 2014 ------Fund 2015 Vehicle Motor Motor 0 0 ------Fund 2014 Vehicle Motor Motor ------regard to independent actuarial advice. actuarial independent to regard having set been has Scheme Liability the for liability claims outstanding The future. immediate the in out paid be to have not do claims all that fact the reflecting payments, future expected the of value present the as measured is claims outstanding for liability The techniques. actuarial and statistical using costs settlement and claims un-notified estimating and files claim individual reviewing by assessed are outstanding Claims claims. those settling of costs anticipated the and claims, reported not but incurred paid, yet not but incurred claims covers liability The period. the during written business of respect in recognised are claims outstanding for aliability and expense incurred Claims and Schemes Fidelity Liability, Property Claims (c) Position. Financial of Statement the in liability acurrent as (ATO)recognised is Tax Office Australian the to payable GST of amount The included. GST of amount the with stated are Receivables (GST). tax services and goods of amount the of net recognised are Contributions undertaken. risks of pattern the approximate closely to considered is which time, on based is policy the over recognition of pattern The date. balance at earned fully were advance in received amounts for except received, contributions All risk. of attachment of date the from earned are Contributions revenue. as recognised is received contributions of portion earned The cover. policy for Scheme the of members to charged amounts comprise Contributions (b) Contributions otherwise. stated unless period previous the with consistent policies accounting Such members. the of needs the meet to appropriate are determined have directors the which below disclosed policies accounting significant the with accordance in prepared been have statements financial The members. of needs the meet to order in prepared been have that statements financial purpose special therefore are statements financial The statements. financial purpose on general dependent users no are there because entity reporting anon is company the that basis the on statements financial the prepared have directors The basis (a) Accounting below. described policies accounting the and 1994, March 22 dated Establishment of Deed the in requirements the with accordance in out made been have statements financial The year. the during applied consistently been have and statements financial these of understanding ageneral in assist to stated are Scheme Vehicle Motor the and Scheme, Officers and Councillors the Scheme, Mutual Property the Scheme, Guarantee Fidelity the Scheme, Liability the of respect in Mutual Statewide by adopted policies accounting principal The Policies Accounting 1 Significant FOR THE YEAR ENDED 30TH JUNE JUNE 2015 ENDED 30TH YEAR THE FOR Financial Statements Notes to and forming of the part

market value at balance date. balance at value market net at valued are banks, with deposit on cash primarily Investments, Assets Financial (d) Other commissions. profit and recoveries reinsurance claims, outstanding of estimation its in is Schemes the for uncertainty estimation of area key The uncertainty estimation of sources Key estimates. and policies these of application the and estimates and policies accounting critical Scheme’s the of disclosure and selection development, the Committee Finance the with discussed Management Judgements and estimates Accounting 2 made. been has tax income for provision no Accordingly, beneficiaries. to income) (investment income taxable its all distribute to intends and law tax Australian existing with accordance in atrust as operates Scheme The Taxation (h) outstanding. recoveries as account to brought are date balance at due excesses Members, from recoverable thereof) (or part excesses include Schemes the by made payments claim When Recoveries and Excess (g) deposits. term short other and banks, with call at held deposits bank, at cash includes cash flows, cash of statements the of purpose the For flows Cash (f) recovered. be to certain is amount the when recognised only are recoveries such, As collect. to time considerable take can and litigious generally are claims such of recoveries The Statewide. by paid previously claims of aresult as parties third against pursued recoveries represents recoveries reinsurance non The recoveries (e) Reinsurance Non basis. net on a statements financial the in reported and recorded calculated, been have schemes these on recoveries reinsurance corresponding and claims The reinsurer. the by managed are claims all and reinsured fully are schemes Vehicle Motor and Officers and Councillors The and Motor VehicleSchemes Councillors and Officers Scheme. Liability the by held assets financial other and cash on earned be can that income interest to limited is recognised discount The rates. discount free risk using date reporting the at value apresent to discounted then are payments future expected The injury. for compensation of period and level the in increases example for awards, court in trends as such factors to refers inflation Superimposed inflation”. ”superimposed and inflation normal as such settlement to period the during arising factors by affected is which claims, settling of cost ultimate the of basis the on estimated are payments future expected The Accounting and Judgements Estimates .

21 STATEWIDE MUTUAL | ANNUAL REPORT 2015 Outstanding Claims with the FAI Insurance Group (“FAI”). In August 2001, FAI, which by then The outstanding claims provision comprises the central estimate and a had become a wholly owned subsidiary of HIH Insurance, was placed risk margin which is added to the central estimate to achieve a desired into liquidation along with other entities in the HIH Group. In addition probability of adequacy. The outstanding claim provision is discounted Statewide Mutual also has exposure to the insolvent UK insurer, to reflect the time value of money. Independent Insurance Company Limited (“Independent Insurance”) that provided reinsurance cover in the Liability and Property Schemes’ A central estimate is an estimate of the level of claims provision that Insurance Programmes. is intended to contain no intentional under or over estimation. A risk margin is added to the central estimate of outstanding claims in order In view of the significant uncertainties as to whether Statewide Mutual to increase the probability that the estimates will be adequate. will eventually recover any of the reinsurance recoveries due from FAI and Independent Insurance, a provision for non recovery amounting to Central estimates for each class of business are determined by nil (2014: $1.65 million) has been raised in the financial statements at 30 reference to a variety of estimation techniques. These are generally June 2015, refer to Note 8. based on actuarial analysis of historical experience and assume an underlying pattern of claims development and payment. The final The outstanding claims are projected assuming no recoveries from selected central estimates are based on a judgmental consideration insolvent Insurers. of the results of each method and other qualitative information. Reinsurance Profit Commissions Qualitative information might include for example, the class of business, From 2004 the Scheme has participated in a national reinsurance the maturity of the portfolio and the expected term to settlement of the programme which covers Statewide Mutual and similar schemes in class. Projections are based on both historical experience and external other states. The reinsurance treaty includes a profit commission clause benchmarks where relevant. which pays a profit commission to the member schemes after 10 years Reinsurance Recoveries if premium paid to reinsurers exceed the ultimate claims paid by the Central estimates are calculated gross of any reinsurance and non- schemes in the relevant underwriting year. reinsurance recoveries. A separate estimate is made of the amounts The reinsurance profit commission represents the present value of recoverable from reinsurers and other parties. the projected surplus on the 2004 to 2007 Liability Fund years. The The nature of the liability claims for which Statewide Mutual provides entitlement to profit commission is sensitive to future claims expense cover is such that they can take many years to settle with related on the 2008 to 2013 Fund Years, the cumulative national claims “Excess Layer” reinsurance recoveries not falling due for payment until experience and the interest rate movements over the next 10 years. the primary claim has been finalised. The profit commissions are accounted for on a cash basis and therefore During the first four years of its operation (1995-1998) Statewide Mutual only accounted for when they are received. placed a significant proportion of its Liability Reinsurance Programme STATEWIDE MUTUAL | ANNUAL REPORT 2015 REPORT | ANNUAL MUTUAL STATEWIDE

22 net exposure is nil. net exposure isnil. As noted in1(c),theclaimsexpense for theCouncillors andOfficers and Motor Vehicle Schemesare disclosed onanetbasis.Astheseschemes have 100% reinsurance, the outstanding Recoveries Cash Assets Cash attheendofyear asshown inthestatements ofcashflows consists of: Net ClaimsPaid 4 3 5 Prepayment Accrued interest Investments Investments beginning ofyear Claims outstandingat end ofyear Claims outstandingat Prepayment GST beginning ofyear outstanding at Recoveries of year outstanding atend Recoveries Debtors Sundry GST debtors of year Recoveries atend Less Reinsurance beginning ofyear Recoveries at Reinsurance Debtors beginning ofyear recoveries at Non reinsurance year recoveries atendof Non reinsurance recoveries -current Non reinsurance beginning ofyear debts at Doubtful recoveries -current Reinsurance of year debts atend Doubtful - noncurrent Reinsurance recoveries Debts -current Provision for Doubtful Debt -noncurrent Provision for Doubtful CASH ASSETS CLAIMS EXPENSE RECEIVABLES

Guarantee Fund 2015 1,540,000 1,790,460 (320,727) 200,000 250,460 Fidelity Fidelity (5,000) 96,068 32,213 37,642 32,213 37,213 5,000 7,983 (0) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Guarantee Fund 2014 (200,000) (291,503) 1,502,000 234,089 1,778,247 200,000 200,000 Fidelity Fidelity 320,727 276,247 34,090 34,073 42,911 72,135 (0) 16 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Liability Fund (115,960,000) (133,307,266) 114,210,000 133,350,953 138,233,235 (1,932,034) 98,204,730 19,337,000 35,102,535 22,151,943 (400,000) 4,925,970 2,814,943 1,293,938 (507,441) (507,441) 3,118,627 (31,744) 361,539 507,441 507,441 120,122 80,844 125,179 31,744 2015 0 0 0 0 Liability Fund (130,041,040) (114,210,000) 115,960,000 118,647,596 133,663,116 (2,854,673) 30,328,219 (8,711,536) 22,504,000 26,443,073 83,881,781 1,209,810 4,837,596 (400,000) (507,441) (507,441) 3,139,012 3,939,073 (80,844) 400,000 300,031 101,886 107,899 507,441 507,441 80,844 63,745 2014 0 0 (13,706,283) (5,042,259) 29,105,000 19,502,187 31,152,618 5,042,259 1,494,536 5,798,734 8,154,204 2,047,618 6,722,616 1,730,357 Property Property (661,277) 442,069 768,566 614,555 661,277 12,456 Fund Fund 2015 (0) 0 0 0 0 0 0 0 0 0 0 (12,602,358) (1,494,536) 24,966,000 13,706,283 25,853,533 6,325,649 1,494,536 7,640,264 (768,566) 1,812,544 3,683,737 Property Property 2,189,201 844,202 768,566 661,248 567,759 887,533 8,674 Fund Fund 2014 (0) 0 0 0 0 0 0 0 0 0 0 and Officers and Officers Councillors Fund 2015 47,946 47,946 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 - and Officers and Officers Councillors Fund 2014 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 - - Fund 2015 Vehicle 134,781 134,781 134,781 Motor Motor 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 - - Fund 2014 Vehicle Motor Motor 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 - - 23 STATEWIDE MUTUAL | ANNUAL REPORT 2015 24 STATEWIDE MUTUAL | ANNUAL REPORT 2015 Statements at the end of each financial year. financial each of end the at Statements Financial the of adoption the after made be will Management) of Board the by determined be to (of amount an adistribution Establishment, of Deed Mutual Statewide the of 9.11.2 Clause with also and 2002, October 11 dated resolution meeting Management of Board the with accordance In 9 $1,650,661). value current to $50,134 by discounted 2015 of $1,700,795, (2014 Liability $nil, Claims Ultimate Estimated the for Company” Insurance Underwriting ”The from recovery non potential the for made was A provision Limited. Company Insurance Independent to exposure any against made been has provision No Group. HIH the of liquidation the to due Insurance FAI from due recoveries reinsurance future and current of non-payment potential for made been has (2014:100%) provision No 8 claims. outstanding for liability the measuring in used were rates discount and rates superimposed) and (normal inflation average (b) following The years) 0.51 (2014: years 0.35 2015: is claims outstanding of settlement to term average (a) The are: Fund Liability the to respect with assumptions Actuarial The Discount Rate Range Superimposed Inflation Personal Injury Superimposed Inflation Personal Injury Superimposed InflationProfessional Indemnity Inflation Rate outstanding outstanding Reported claims Management Fee Management andRisk Management, Claims Scheme Admin, Funds 7 6 costs. costs. and claimssettlement prudential margin development, reported, claims incurred butnot Provision for claims Non-Current Liabilities Current Liabilities value Discount to present COMPRISING

Provision For Surplus Distributions Provision Debts For Doubtful

OUTSTANDING CLAIMS OTHER SCHEME EXPENSES Guarantee Fund 2015 Fidelity Fidelity 90,000 37,642 37,642 37,642 37,642 0 0 0 Guarantee Fund 2014 Fidelity Fidelity 320,727 320,727 320,727 320,727 82,800 0 0 0 Liability Fund 108,296,855 (11,343,228) 133,350,953 133,350,953 88,853,083 25,054,098 55,841,098 6,841,345 2015 2.50 to 4.00% 0.00% 0.00% 2.63% 2014 Liability Fund 115,960,000 115,960,000 (14,149,910) 22,842,000 82,647,834 93,118,000 47,462,076 6,686,409 2014 1,600,000 19,502,187 19,502,187 19,502,187 17,902,187 Property Property 5,778,440 2.50 to 3.50% Fund Fund 2015 0 0 0.00% 0.00% 2.00% 2015 13,706,283 13,706,283 13,706,283 11,476,283 2,230,000 Property Property 5,839,112 Fund Fund 2014 0 0 and Officers and Officers Councillors Fund 2015 2015 andbeyond 2.50 to 4.00% 2.52 to 5.14% 0 0 0 0 0 0 0 0 0.00% 0.00% and Officers and Officers Councillors Fund 2014 0 0 0 0 0 0 0 0 Fund 2015 Vehicle 2016 andbeyond Motor Motor 2.00 to 4.50% 2.50 to 4.00% 0 0 0 0 0 0 0 0 0.00% 0.00% Fund 2014 Vehicle Motor Motor 0 0 0 0 0 0 0 0 Management of Board of Chairman WARNE BILL 2015 10 September Dated 24: to 18 pages on out set as notes accompanying and Flows Cash of Statements Financial of Performance, Statements Position, Financial of Statements the comprising Mutual Statewide of statements financial accompanying the opinion, our In Chairman Committee Finance Certificate by Chairman and (c) are drawn up in accordance with the accounting policies contained in note 1. note in contained policies accounting the with accordance in up (c) drawn are (b) (a)

operations and its cash flows for the year ended on that date; that on ended year the for flows cash its and operations its of results the by represented as performance its of and 2015 June 30 at as Scheme the of position financial the fairly presents are drawn up in accordance with the provisions of the Deed of Establishment dated 22 March 1994; and 1994; March 22 dated Establishment of Deed the of provisions the with accordance in up drawn are Chairman of Finance Committee Finance of Chairman ROSS MCCREANOR

. 25 STATEWIDE MUTUAL | ANNUAL REPORT 2015 26 STATEWIDE MUTUAL | ANNUAL REPORT 2015 in all material respects, the financial report is presented fairly in in fairly presented is report financial the respects, material all in whether, opinion an form to undertaken been have procedures These report. financial the of presentation overall the evaluating as well as Board, the by made estimates accounting of reasonableness the and used policies accounting the of appropriateness the evaluating includes also audit An control. internal Schemes’ the of effectiveness the on opinion an expressing of purpose the for not but circumstances, the in appropriate are that procedures audit design to order in report financial the of presentation fair and preparation Schemes’ the to relevant control internal considers auditor the assessments, risk those making In error. or fraud to due whether report, financial the of misstatement material of risks the of assessment the including judgement, auditor’s the on depend selected procedures The report. financial the in disclosures and amounts the about evidence audit obtain to procedures performing involves audit An misstatement. material from free is report financial the whether assurance reasonable obtain to audit the perform and plan and engagements audit to relating requirements ethical relevant with comply we that require Standards Auditing These Standards. Auditing Australian with accordance in audit our conducted We audit. our on based report financial the on opinion an express to is responsibility Our responsibility Auditor’s error. or fraud to due whether misstatement, material from free is that report afinancial of presentation fair and preparation the enable to necessary determine Board the as control internal such includes also responsibility Board’s The members. the of needs the meet to appropriate is and 1994 March 22 dated Establishment of Deed the of requirements the meet to appropriate is statements financial the 1 to Note in described preparation of basis the that determined have and report financial purpose special the of presentation fair and preparation the for responsible are Board”) (“the Management of Board The financial report Board ofManagement’s responsibility for the statement. Chairman’s assertion the and information explanatory other and policies accounting significant of asummary 9comprising 1to Notes date, that on ended year the for Flows Cash of Statement and Performance, Financial of Statement the and 2015, June 30 at as Position Financial of Statement the comprises which Schemes, the of report, financial purpose special a being report, financial accompanying the audited have We Report onthefinancial report Scheme Vehicle Motor Mutual Statewide Scheme Officers and Councillors Mutual Statewide Scheme Mutual Property Mutual Statewide Scheme Guarantee Fidelity Mutual Statewide Scheme Liability Mutual Statewide following Schemes(“theSchemes”): Independent to auditreport themembers ofthe auditIndependent report

financial statements. statements. financial the 1to Note in described policies accounting the with accordance in ended then year the for flows cash its and performance financial its of and 2015 June 30 of as Schemes the of position financial the respects, material all in fairly, presents report financial the opinion our In opinion Auditor’s Board. Standards Ethical and Professional Accounting the of requirements independence the with complied have we audit, our conducting In Independence Sydney, 2015 10 September Partner -KPMG Yuen Leann prepared. was it which for that than purpose other any for or members its and Management of Board the than other person any to relates, it which to report financial the on or report, this on reliance any for responsibility of assumption any disclaim We members. its and Schemes the than other parties by used or to distributed be not should and members its and Schemes the for solely intended is report Our purpose. another for suitable be not may report financial the result, a As 1994. March 22 dated Establishment of Deed the of requirements the meet to Schemes the assist to prepared been has report financial The accounting. of basis the describes which statements, financial the 1to Note to attention draw we opinion, our modifying Without and use Basis ofaccounting and restriction ondistribution appropriate to provide a basis for our audit opinion. audit our for abasis provide to appropriate and sufficient is obtained have we evidence audit the that believe We flows. and cash performance its of and position, financial Scheme’s the of understanding our with consistent is which view a present to as so statements financial the 1to Note in described accounting of basis the with accordance

•

• Balranald

• Ballina

• Ashfield

• Bega Valley • Bellingen • Berrigan • • Bega Valley • Bellingen • Berrigan • Bland • Blayney • Bogan • Bombala • Boorowa • Bourke • statewide

mutual. •

• Ballina

• Bankstown • Bathurst Regional • Bankstown • Bathurst Regional • Ashfield

• Balranald • Balranald

• Bega • Ballina • Ballina

• Ashfield • Ashfield Forbes • Gilgandra

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