THE BENDIGO TRUST Annual Report 2010/11 38th Edition

Annual Report 2010/11 1 2 The Bendigo Trust TABLE OF CONTENTS

From the Chairman and CEO 4 The Bendigo Trust in 2010/11 Central Deborah Gold Mine 9 Bendigo Tramways 10 Discovery Science & Technology Centre 13 Bendigo Joss House Temple 14 Bendigo Gas Works and Victoria Hill 14 Finance 15 Sales and Marketing 16 Acknowledgements 18 Trust Staff and Volunteers 19 Board of Directors 20 Financial Report 22

Annual Report 2010/11 3 FROM THE CHAIRMAN AND CHIEF EXECUTIVE OFFICER The Bendigo Trust is an organisation that is proud of and dependent upon all the people – staff and volunteers alike – who fulfil our mission to Bring Bendigo’s History to Life. It all really comes down to this great group of people and so let us open the 2010/11 Annual Report of The Bendigo Trust by saying “Thank You!” Llyod Cameron, Chairman The Bendigo Trust A year for building and developing surfaces, new roofing, parking. Even a new 2010/11 was a year for building and power supply for the tramline. And more. developing. Of course “building and The project has also extended to improving developing” ought to be a part of every year, the Weeroona Avenue depot to enable it to be but in 2010/11 big projects dominated and much more functional. After four long years of the benefits weren’t usually immediate. development and fundraising, and over a year For instance, in June 2011 we celebrated now of construction, this project will wrap up the opening of Nine Levels of Darkness, our late in 2011. new tour to levels 6–9 of Central Deborah Gold Another project that has occupied us, Mine. Pitched as it is at a group of travellers far less visibly, for over three years now is that we don’t often see at Central Deborah, our campaign to be chosen to restore the W and sold through overseas travel agencies class trams still in service in Melbourne. We Tom Seddon, CEO that have never dealt with us before, the have weathered changes of tram franchisee The Bendigo Trust underground works and product development and of State Government and worked with and training needed to get us to the launch in the Department of Transport, Yarra Trams, June were really only the first steps. Now we the Rail Tram & Bus Union and the National must use the new tour to build stakeholders Trust to achieve broad agreement on the and audiences that we have not had before, need for heritage trams to continue to serve and that will not happen overnight. Melbourne, and on the program of restoration Other major projects during the year that they should be put through. The first included the ten week-long overhaul of tram arrived in January 2011, but as a test the main passenger lift at Central Deborah case for all concerned progress is slow. We and the installation of Discovery’s new hope during 2011/12 that what should be a Planetarium dome. However, the one project major long-term boost for Bendigo Tramways that dominated the entire year, and which Workshop will be in full swing! continues into 2011/12, is the works at the Tramways Avenue Depot. Trading and Financial Position The transformation of our main depot For 2010/11 the Trust reports a loss of $1.2 and workshop will affect every aspect of million. Last year we reported a surplus of Bendigo Tramways: improved and expanded $1.2 million. In each case, our trading result workshop space, a vehicle garage, water is completely obscured by the tram depot collection and storage, a new retail and visitor extension and renovation project. During reception area, offices and workspace for staff 2009/10 we received about $700,000 more and volunteers, a new library and improved than we spent on the project while in 2010/11 workspace for collections staff and volunteers, we spent more than the $700,000 that we accommodation for visiting volunteers, staff received. So most of our loss last year should and visitor amenities, and a generally restored be read as the conversion of project cash and improved precinct: landscaping, paved into depot assets; assets that will show up

4 The Bendigo Trust in Bendigo Council’s balance sheet, not our be fully retired in the coming months). While own. The 2009/10 result was also positively the need to take on new debt is unfortunate, affected by over $500,000 in assets received it is in aid of a surplus-generating business from Bendigo Science & Technology Museum proposition — being a ready and reliable Inc on 30 June 2010 as a result of the decision partner to the State Government and the of both boards that Discovery would be more Melbourne tram franchisee — and so should efficiently run entirely within the Trust. not be confused with other “bail outs” in the The high points: group visitations of our Trust’s past. attractions bounced back from the depths Unlike financial downturns at the Trust in of 2009/10. Discovery in fact had solid the early 2000s and mid-1990s our problems visitor results across the board. The Joss relate not to the fundamental question of how House expanded to seven day operations, to fund the basic operation of the Trust: that is and visitation jumped accordingly. We had not seriously in issue. The cash crunch of 2011 an excellent retail sales result for the year, was just that, and that is why we were able especially considering that the tram depot to make do with a loan rather than a handout, was closed the entire time. and at that a loan considerably smaller than However, the costs involved in operating the grants that were required in 2002 – 2003. without the main passenger lift at Central We are grateful to Council for agreeing to help Deborah for ten weeks (instead of four as out when we needed it and look forward to planned), the effect of the January floods on repaying the loan over the next several years. visitation, an inadvertent gap between tram We have budgeted in 2011/12 for a surplus depot project expenses and funding delivery and have put several strategies in place to (a question of timing rather than amount), the control costs so we can promptly repay the additional payroll costs of a new workplace loan and also rebuild the Trust’s cash reserves. agreement under a new awards scheme and other matters left the Trust in a very poor cash Milestones position by year’s end. As an organisation we We celebrated the Trust’s 40th anniversary in Pictured below: are not able to fund ourselves through rough November 2010. This major milestone was Main passenger lift at Central patches with bank loans or fresh equity, and appropriately celebrated at the Annual General Deborah Gold Mine being so Council provided a loan of $300,000 to see Meeting, which also marked the retirement of removed for maintenance. us through. Dennis O’Hoy after 40 years on the Trust Board. The Trust has in recent years paid down Of course, Dennis hasn’t really gone away and The new dome being all of its other debt (save a small amount we wouldn’t want him to. assembled in the Bendigo attached to the Discovery Centre which will Planetarium at Discovery.

Annual Report 2010/11 5 Business and Strategic Planning For instance, amendments to the Mineral Since 2008, the Trust has been guided by Resources (Sustainable Development) Act that its Strategic Plan 2008–13. This document eliminated Tourist Mining Authorities (TMA) focuses our planning on several key objectives, as a legislative streamlining measure made while achieving them is carried out in a variety our goal of amending our TMA redundant. of ways over the five years of the plan. The Instead, we are working with Sovereign Hill Plan itself is reviewed annually and modified now to see that there are no unintended costs as needed to reflect changing circumstances or other adverse consequences to tourist while still providing the consistent longer-term mines by the State Government’s action. “In sum, focus that gives shape to our activities. Our plan for 2011/12 has several Each year, the Trust adopts a Business Plan principal goals: 2010/11 was drawn from the objectives and goals set out in ● Complete the Tramways Avenue depot a busy and the Strategic Plan. The annual budget is also extension project, and commence new built in tandem with the Business Plan. on-site trades training programs. challenging During 2010/11 we fulfilled many of ● Continue to build the business of the the primary tasks we set in our business Bendigo Tram Heritage Rail Workshop, year, during plan, including: and in particular cement a relationship ● Employing a full-time Bookings Officer with Yarra Trams. which we and replaced our ageing bookings system ● Make a success of the new retail shop with a much more capable and accessible at Tramways Avenue (opening late 2011) made real system that is compatible with State and and a success of our new Nine Levels National tourism initiatives. of Darkness tour at Central Deborah. progress ● Completing the process of replacing all ● New websites for Bendigo 976 Tram on several of the Trust’s websites (Trust, Tramways, Restaurant and Bendigo Joss House. Discovery and Central Deborah). ● Continue our program of restoration long-term ● Obtaining new work for the Tramways and improvement underground and Workshop, and made advances in on the surface at Central Deborah projects.” succession planning and project and along the tram route. management. In sum, 2010/11 was a busy and ● Overhauling the main passenger cage and challenging year, during which we made completing works to launch our new lower real progress on several long-term projects. level tour at Central Deborah Gold Mine. 2011/12 will be an exciting year, and one that ● Opening the Joss House everyday. will see the completion of the depot extension ● Opening the new Nolan Street (Lake project and hopefully a lot more! Weeroona) tram stop. ● Signing a new agreement with Council, bringing our various management roles and responsibilities together in a single document. ● Exceeding our targets for group and school Lloyd Cameron visitation and retail sales, but unfortunately Chairman we did not meet our targets for general public visitation. Several items in our business plan, such as remedial works to our reception building at Central Deborah, were deferred for various reasons and have been picked up in this year’s action items (see below). And finally, several Tom Seddon items were not completed or unsuccessful. Chief Executive Officer

Pictured right: The Bendigo Tram Heritage Rail Workshop undertakes restoration projects that - quite literally - bring transport history to life.

6 The Bendigo Trust Annual Report 2010/11 7 8 The Bendigo Trust CENTRAL DEBORAH GOLD MINE Karl Penrose, Mine Manager

The highlight of the year would certainly Nine Levels of Darkness tour have to be the launch of our new Nine levels The mining crew and all those involved of Darkness tour. It has been well received certainly had their work set out for them this and even exceeded the expectations of all year and the official launch of this tour made who have taken the tour. However, Nine it all worthwhile. Apart from the completion Levels is not all that has happened here at of underground works that now allow the Central Deborah Gold Mine. public to visit our lower levels, much more was needed before the first tour took place. Mine Surface The mine unit has also constructed many Work on the Trestleway has been completed. displays for the new tour, including a special We now have new decking stretching from ore truck, an explosives display (this has the Headframe to the Battery Shed. These had everyone fooled, they think they are works also included the replacement of the handling real explosives!), and an awesome Trestleway fencing. Onsite, we removed the sound system that replicates the sound of the original bases to allow the fitting of new explosives going off underground (again, we beams to support the Trestleway. Once the get asked “was that real?”). Just to add to the beams are installed, we will refit the original fun, we made an old type plunger, like the bases. The support beams are currently being ones you would see in a cartoon, which our manufactured off site. Work on the Ore Bins visitors use to set the “explosives” off. has also begun. Thanks must go to the Mining Crew and all Around the site generally, we have seen the staff involved for what has been achieved. many improvements. Thanks to our dedicated An absolutely outstanding effort by anyone’s volunteers, our gardens are looking fantastic standard. Well done! and our buildings have seen some much needed works carried out. Winder Training has continued this year as we have Underground found time to achieve it. Tim Carr was signed Works underground in 2010/11 included: of as a Central Deborah Winder Driver and ● Completion of the Shaft Certification works: others are in training. 1. Installation of a static line system between Level 6 and 9. Workplace Health and Safety 2. Interfacing all interlock wiring and As always, we are constantly reviewing our commissioning. techniques and procedures to ensure a safe 3. Overhaul of shaft communications. environment for all staff and visitors. We Pictured Left: 4. Engineer’s sign off of the shaft between arranged for Oscar One Mine Rescue Team Nine Levels of Darkness has Level 3 and 9. to visit the lower levels of the mine as a exceeded the expectations of ● Completed extensive ground support familiarisation exercise. They raised no all who have participated in installation on Levels 6, 8 and 9. issues in the advent of an emergency. the new tour. ● Geotechnical Engineer’s sign off of Level 6, 8 and 9 for public access. Tours Tim Carr tried out the ● A full overhaul of the Alimak Hoist and Level 2 tours remain steady with nearly 30,000 new ladders that were associated infrastructure. All tours went visitors underground. Level 3 tours have also manufactured as part of the via the main shaft using the winder for 10 done well, being only slightly down on last Shaft Certification works. weeks while works took place. year’s “best ever” result. Groups are trending ● Underground support maintenance in line upwards, about 10% above last year. This Central Deborah Gold Mine with our monthly Geotech inspections. year we also had multiple groups from the hosted the Victorian Gold ● Works toward commissioning the fire system. MFB and the CFA use our site for their training Panning Championships for ● WorkSafe have conducted various audits requirements. Once again we operated Cage the first time in 2010. of our site raising no substantive issues Rider during busy periods to Level 3 as well and also reviewed and approved the Nine as a one-off specialCage Rider 228 which saw Bendigo’s Mayor, Cr Rod Fyffe, Levels of Darkness tour. participants descend to Level 9 for a “sneak couldn’t resist taking part in ● The manufacture and installation of various peak” of the new Nine Levels of Darkness tour Cage Rider 228. display items. prior to its launch.

Annual Report 2010/11 9 BENDIGO TRAMWAYS Jos Duivenvoorden, Tramways Manager

The last 12 months have been both exciting The current fleet of trams is adequate for the and challenging – exciting because the Tram level and range of service currently provided. Depot redevelopment commenced with the All trams temporarily stored at Thales awarding of a multi-million dollar contract. during the Depot redevelopment have been Challenges were evident as in every other retrieved and are currently in “deep” storage at “The Tram year, with attendances being flat while costs the gas works. A plan will be prepared over the continued to increase. External works for the next year that will identify the potential of the Depot re- heritage workshop have been volatile and, trams and determine priorities for restoration. particularly, the hoped for works on the City development Circle trams have been slower to commence Collection management than expected. The Bendigo Tramways Reference Group was has been formed in February 2011 and will provide Tram tours, charters and other services advice to the Bendigo Tramways Manager the most Standard service trips by the trams for on the management of all of the Tramways exciting 2010/11 were down slightly and there was assets, but especially management of the a corresponding reduction in passenger tram collection and associated equipment project for numbers. A general decline of 2% was and fittings. In particular it will advise on recorded as service passenger numbers fell acquisitions, disposals, utilisation of the trams Bendigo from 34,773 to 33,519. Encouragingly, our (which trams are appropriate for use) and tram tram group bookings increased significantly refurbishments and restoration (priorities and Tramways from 5,160 to 8,432 passengers. This resulted historic framework). in our overall passenger numbers increasing for a by 5%. The increasing demand for specials Tramway Network Assets – Track and Overhead and charters is likely to continue to be the The DDA compliant new tram stop at Lake generation.” best opportunity for growth in the Tramway Weeroona was commissioned in mid-2010. passenger business. Minor track and overhead works were carried out at various locations on the network to Bendigo Ninesevensix Restaurant Tram ensure safety and reliability. The replacement The restaurant tram continues to provide of poles in Pall Mall by Powercor has been a great opportunity for locals and visitors to deferred until early 2012. experience Bendigo’s heritage whilst enjoying fine food. This great dining experience is well- Bendigo Tram Heritage Rail Workshop patronised with consistent individual bookings Tram 31 was identified as the best vehicle as well as charter bookings for special events. to be provided to the new Auckland tramway It is fantastic to see the ninesevensix tram system. It received a significant overhaul in the evenings “flying the flag” for Bendigo prior to being shipped to Auckland. This tram Tramways, The Bendigo Trust and Bendigo is now in excellent condition and should be as a whole. a reliable income producing asset for the foreseeable future. Bendigo’s Tram Fleet Haddon Tram 663 – Ongoing works for the The active tram fleet comprises 14 vehicles Melbourne Tramcar Preservation Assn on their that are used for regular services. Actual tram 663 is nearing completion. This tram has vehicles used are determined by weather provided a consistent stream of minor works conditions, availability of conductor/drivers for the team in the workshop. and the passenger numbers needing to be Yarra Tram 957 was delivered early in 2011 accommodated. Restoration of vehicles still to the Tram workshop as the first City Circle relies on external grant funding. Significant Tram to be totally overhauled and refurbished. works were carried out on Tram 31 prior to it The initial strip down to a bare frame has being shipped to Auckland on a three year been completed. Sandblasting and crack lease. No other significant restoration or testing identified several issues for review and refurbishing was carried during the period. consideration by Yarra Trams and the Transport

10 The Bendigo Trust Department. As a result works and revenue efforts in contributing to both day-to-day from the City Circle fleet project did not tram services as well as making a significant proceed as quickly as envisaged in the budget. contribution to refurbishing, restoring and Other significant works have been carried out maintaining our fleet of trams. We could not for Hobart and Launceston Tramways with survive without their incredible input and minor works for various other organisations effort. Maintaining a highly skilled staff and in Australia and New Zealand. Our strong volunteer base continues to be a focus of dollar is currently disadvantaging any Bendigo Tramways. commercial undertakings with other international customers. Safety Management System: The Safety Management System required to Tram Depot redevelopment operate our trams on the road has settled in The Tram Depot redevelopment has been the well. Its annual review provides for continuous most exciting project for Bendigo Tramways improvements. The external audit and for a generation. The works for Stage 1 were accreditation process was completed by Public 80% complete by June and it is clear that Transport Safety Victoria with only minor it will make a significant difference in the issues and opportunities for improvement capacity of the workshop to deliver on external being identified. works, and to make the depot and workshop into a busy visitor attraction. It has been Organisational development challenging at times working with and around The Tramways organisational restructure has Below Left: the contractor but these short-term issues are been implemented following a thorough The works for stage one of the minor inconveniences when compared to the review of needs in late 2010. The restructure Tram Depot redevelopment immense benefits that will accrue once the has involved the creation of three departments were 80% complete by June. works are completed. focused on: a) Tram Services Below Right: Operations b) Network and Assets Tram No. 466 was restored at Staff and volunteers: c) Bendigo Tram Heritage Rail Workshop Bendigo Tram Heritage Rail Bendigo Tramways continues to rely on its Some initial restructuring has occurred with Workshop before making its volunteers in all areas of operations and they improved flexibility in staffing to facilitate and way to the new Auckland are to be lauded for their dedication and manage the demand for external works. Tramway system.

Annual Report 2010/11 11 12 The Bendigo Trust DISCOVERY SCIENCE & TECHNOLOGY CENTRE Lisa Gormley, Discovery Manager

After a slight dip in visitor growth in 2009/10, The Lab area of Discovery is a popular Discovery bounced back with a very busy multi-purpose area that is used for: “With year in 2010/11. With the new Planetarium ● Birthday parties Dome and Lab Workshops drawing in visitors ● Sleepover meals the new and schools alike, visitor growth was in the ● Curious Kids Planetarium double digits. ● Lab Workshops A major project in 2010/11 was the Lab Workshops have become an essential Dome refurbishment of the planetarium dome part of many school visits. We now have with the installation of a permanent six workshops on offer and an average of and Lab aluminium dome, along with major ceiling 70% of bookings also include workshops. and insulation works. Workshops have become a regular part of Workshops Science and planetarium shows continue the holiday programs. to be the main focus of our holiday periods, Discovery continues to support many drawing with the holiday Lab Workshops local key events such as Australia Day, Easter complimenting them nicely. Topics included: (in 2011 attending both Good Friday and in visitors ● Explosions Saturday) and La Trobe University’s Grandkids ● Bubbles Day. Next year we will be at the Bendigo Show and schools ● Spinning and the RACV Energy Breakthrough. alike, visitor ● Kitchen science Discovery’s role as a science communicator In the planetarium we explored: comes to the fore each year as it plans and growth ● Giant stars runs a suite of activities during National ● The hubble telescope Science Week. The 2010/11 theme was “Dare was in the ● Equinoxes and solstices to be Different” and focused on The Year of The Science in a Suitcase program has Biodiversity. A lecture, debate, trivia night double continued with schools in the region and and reptile show were highlights. new kits were made which included “Sound All of these achievements come about digits.” and Light” and “Mouse Trap”. This program because of the generous support of a number also includes the provision of professional of organisations and relationships and the development opportunities for teachers, with hard working team of staff and volunteers twelve teachers participating in sessions at the at Discovery and The Bendigo Trust. start of 2011.

An egg-cellent adventure awaits your mind and YOU’LL BE SPUN OUT AT stomach at Discovery! DISCOVERY THESE HOLIDAYS! 9 - 26 April 18 Dec - 31 Jan  Kitchen Cupboard  Spinning Science Show Science Show  Twisted Lab Workshops  Solstices, Equinoxes  Whirlwind Discovery Challenge and Shadows Planetarium Show  Competition: Name our new mascot  Easter Lab Workshops

7 Railway Place (03) 5444 4400 7 Railway Place (03) 5444 4400 www.discovery.asn.au www.discovery.asn.au Above: Science shows, Planetarium shows and Lab workshops are an important draw card each school holidays.

Annual Report 2010/11 13 BENDIGO JOSS HOUSE TEMPLE

The Bendigo Trust has been the custodian and “A highlight manager of the Joss House since 2007. The site of the year is well maintained by volunteers, and a formal Conservation Management Plan has been was the produced with funding from Heritage Victoria. The arrival in late 2010 of Joss House Lantern Supervisor, Darren Wright, led quickly to an increase in volunteer numbers and soon after Festival in we were finally able to open the temple daily. Visitation increased substantially during February, the year, especially once the Joss House was open more often. an event A highlight of the year was the Lantern we intend Festival in February, an event we intend to repeat annually. to repeat

annually.” Right: Children from the Bendigo Creche and Day Nursery decorated all of the lanterns that were on display at the Lantern Festival and helped to make the event a success.

Bendigo Gas Works and Victoria Hill The Bendigo Gas Works remain closed to the public pending a plan to develop the site. The plant is maintained in working order. Victoria Hill continues to recover from the Black Saturday bushfires of 2009, with Council and Parks Victoria recently replacing the fire damaged signage. Victoria Hill was also the focal point of the National Trust’s local activities during their annual Heritage Festival. Victoria Hill’s large and beautiful site is open daily for visitors to enjoy, and guided group tours can be arranged through Central Deborah Gold Mine.

14 The Bendigo Trust FINANCE REPORT Mal Telford, Finance Manager Summary the organisation’s equity has decreased from “Admissions During the 2010/11 financial year, the net $3,707,123 to $2,503,470 mainly due to the result from ordinary activities of the Trust for spending of Depot Project funds. income the reporting period amounted to a Net Deficit The Trust undertook to borrow $300,000 of ($1,203,653) (2010: Surplus $1,210,455) from the City of Greater Bendigo in order to increased by The net result before capital and specific meet its operating obligations for the year. items was a deficit of ($249,914) compared This will be repaid over five years commencing 2.2% from to a surplus of $717,319 last year. This was on 1 July 2012 and is interest free. on a turnover of $2,822,370 compared with Cash balances have decreased by $765,663 last year $3,023,119 previously. This deficit is mainly in the year ended 30 June 2011 predominately due to budgeted external works that did not due to depot project spending. (including occur during the year. Discovery) $1,200,000 of available funding for the Outlook Depot project was received this year with Challenges do not go away in 2011/12. When and tracked $1,913,493 spent. Last year $800,000 was the depot project is finally completed, it is received and only $114,468 spent on the expected to lead to increased external works budget.” project. This has the impact of skewing the business at the tramways and a works program results of the Trust over these financial years for young people to develop trade skills that but can be explained above. are much sought after in this country. Admissions income increased by 2.2% from The 2011/12 budget and Business Plan last year (including Discovery) and tracked has included a completion of improvement budget but not midyear forecast expectations. in our IT and communications, a marketing Our external works business increased by plan continuing to increase sales targeted 11% this year but we budgeted for more. at groups, a continuation of the Tram depot Merchandise and souvenir sales (including project works and an increase in external Discovery) are up 4.6% with a turnover of works as mentioned above. $230,197. Gross profit margins remain Our payroll costs are predicted to reduce around 50%. by 7% on last year’s actual costs mainly due to Payroll costs (including Discovery) efficiencies in the mine guiding unit. Pictured below: Yarra Tram increased by 15.7% to $1,951,558. Admissions Our operating budget is predicted to be 957 was delivered early in as a percentage of Payroll costs has decreased steady with last year and the budget (as usual) 2011 as the first City Circle from 67% to 59%. needs to be monitored closely to ensure the Tram to be totally overhauled viability of the Trust into the immediate future. and refurbished at the Balance Sheet and Cash Flow Bendigo Tram Heritage As expected the balance sheet shows that Rail Workshop.

Annual Report 2010/11 15 SALES AND MARKETING Evonne Oxenham, Sales and Marketing Manager

The true test of any organisation is rising above upgrade of the planetarium dome. We have the challenges and succeeding anyway. During always known what a great place Discovery 2010/11, we have had some huge projects to is, but now it seems that everyone else has deliver on against a backdrop of consistent realised it too, and that’s fantastic to see. negative macro-economic events which were “By far the beyond our control … and which continue to Nine Levels of Darkness be a major concern into the immediate future. By far the biggest project we had for the year biggest Staying on top of these challenges and finding was the product development of Nine Levels ways to keep the wheels turning fast enough of Darkness at the mine. Work started in the project we to deliver the high quality product that we first quarter and gradually ramped up until expect of ourselves is not easy. From a sales the launch on 28 June 2011. There was a lot had for the and marketing perspective, it has meant to be done in a short space of time and it was that we have had to cut back our spending a pleasure to work with the very dedicated year was without compromising sales and ensure our mine crew who pulled out all the stops to brands maintain their integrity by continuing make it happen. Highlights from a marketing the product to deliver a top rate customer experience. perspective were: development Feedback and admissions indicate that we ● The radio competition to determine have been successful and it is really thanks to the name. of Nine Levels the fantastic teams of staff and volunteers at ● The development of the branding, all of the sites. photography and guide manual. of Darkness The Trust finished the year up on last ● The “Time for an awesome adventure” year’s figures and although we just missed comic book. at the mine” our admissions target for the year, we easily ● The launch (which also coincided with achieved our retail targets (despite not the mine’s 25th anniversary of running having a shop at the Tramways due to the underground tours). renovations). The growth of the tour will take some Discovery deserves special mention as it time, as we have a bit of work to do to reach has just rocketed back onto the radar with our target markets, however the feedback both groups, but mainly walk-in numbers from those who have done the tour has been reaching for the stars. Yes, all the astronomical excellent. references are intended given the recent

What’s included: ● Miner’s outfit. We’ll kit you up in work overalls, Drop 228m beneath the surface a flannelette shirt, boots, helmet and cap lamp ● A backpack containing lunch and water (Just let us in an old miners’ cage, if you dare! know if you have any special dietary requirements) ● All safety equipment is provided Spend a day as a 1900s gold miner and be guided through authentic mining tunnels by your Shift Boss who will “put you Make sure you bring: to work”, teaching you the tricks of the trade. ● A sense of adventure and humour ● Thick socks Learn how to set a charge and operate a real mine drill. Climb ● Light comfortable clothing. It is an average down parts of the mine shaft using the ladder way. Experience of 17°C on Level 9 with 90% humidity the thrill of following the cap of the reef up into a T-rise. After a ● Camera. You’ll want to remember this adventure! hard day’s work, enjoy a lunch break underground and try your hand at a game of cribbage. Take home a memento:

All participants get to take home their backpack and a unique The streets around Bendigo were all dirt Let’s get started:

name tag as a memento of their adventure. Following the tour “ back in the 40s. After a good rain, in just Tours depart at 10:00am daily and run for 4.5 hours. Please a short video of your experience will be emailed to you so about any gutter, you could pan for gold.“ arrive 15 minutes earlier. Bookings are essential and can be you can show all your friends how tough you really are! We used to do well out of it too. Enough made directly with us or online at www.central-deborah.com to buy our drinks, lollies and comic books. Those of us who came from large families Health and safety: would give a bit back to our mums. This tour is suited to those who have a good level of fitness and enjoy Ray Beer, Former Central Deborah Gold Mine Manager getting wet and dirty. If you suffer from any serious health problems that may impede your ability to climb ladders you should consider one of the other fascinating Central Deborah Gold Mine tours.

It’s all about the numbers:

A minimum of 3 people are required for each tour to operate and there is a maximum of 6 people per tour. (If you have a larger group our Bookings Officer will be happy to discuss your requirements). Children need to be at least 15 years of age to participate. EVER DUG YOURSELF INTO A ? WE HAVE! Did Theyou basics:know ... Almost oneB260 tonne of gold (929kg) BIG HOLE Cost: Central Deborah Gold Mine was extracted from the ground Duration: $275 per person operated from 1939 to 1954 at Central Deborah, which would Join us 4.5 hours 228 metres and wasTimes: the last commercial be worth around $45 million in mine to operate in the wealthyTours depart at 10:00am daily underground and take BENDIGOWEST today’s prices! BendigoAge Limits: Goldfields. Please arrive 15 minutes earlier A79 Bendig Participants need to be over 15 years of age adventure to a whole new levelStadium Min/Max No’s: Fitness: Min of 3 people per tour and a max of 6 o Vict You need a good level of fitness for this tour *PricesHill oria and times are subject to change. Correct as of June 2011.

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E 16 The Bendigo Trust Group bookings We are also on the verge of launching a After many years of making do with a website for the Bendigo Joss House which booking system originally designed for use is now open seven days a week. No one will in a cemetery, we went live with our new argue that the Joss House is one of Bendigo’s booking system just before Easter school most under-promoted treasures and we are holidays this year. The new system allows us working to remedy that for good. The team at to consolidate a lot of tasks into one system, the Joss House consistently surpass customer makes it possible for staff at other sites to login expectations with the delivery of a fascinating to the system for information and enables and educational tour … so it is about time we us to offer our customers the facility to pre- made sure more people go there to enjoy it. book their tickets online. It also enables us to Of course, websites no longer act as your nominate agents to sell our products on our only voice online anymore and as a result we behalf using the system. are going to be spending a lot of time during Below from left to right: The Trust has a very complex set-up given the coming year getting our heads around The “Time for an awesome the number of products that we manage, so the massive and continually evolving world adventure “ comic book takes the initial configuration of the system was of social media. We already have a presence a light hearted look at was no mean feat. In fact, it took a very dedicated on Facebook with healthy followings for the involved in getting Nine Levels Bookings Officer and the support of our tramways, Discovery and the mine, however, of Darkness up and running. supplier (Jewel Reservation Systems) about that is only one of many channels … we have five months to get it all going. The system some head scratching to do. The new Nine Levels of will continue to be a work in progress, but Darkness brochure. the good news is that we won’t need to go Depot reopening through that transition again anytime soon. Without doubt, the next big thing is the The Bendigo Trust CEO Tom reopening of the Depot which is just around Seddon and past Trust CEO More website updates the corner. There will be a new retail shop, a Myra Potter cut the cake The updating of the websites continued new Depot tour and a new approach to our celebrating 25 years of with the redevelopment of the Tramways “Talking” Tram product. We will also hopefully underground tours. website taking place during the year. It was see external works in the Workshop ramp up important to get this task done in advance of and will need to develop a B2B marketing plan The new Bendigo Tramways the reopening of the tram depot which is fast to help drive the growth of this part of the website was launched in approaching. Tramways business for years to come. November 2010.

Annual Report 2010/11 17 ACKNOWLEDGEMENTS

Patron: The Hon. Alex Chernov AO Stanley Liacos QC, Governor of Victoria Kathryn McKenzie Auditors: Accounting & Audit McKinney Ave Transit Authority, Dallas Solutions, Bendigo Melbourne Tramcar Preservation Assn Bankers: Bendigo Bank Myer Bendigo Solicitors: Rogers & Every Leyon Parker, City of Hobart Perth Electric Tramway Society The Bendigo Trust is grateful for the Powercor continued support of the following PRIME Television individuals and organisations: Gary Rowe, Safety Action Pty Ltd Abbott Supplies Mike Ryan, Vic Track ABC Radio, Bendigo John Smatlak Phil Altieri, Rail Tram and Bus Union Anthony Smith, MTPA Association of Tourist Railways (Vic) Rohan Storey, National Trust (Vic) David Bannear, DSE Greg Sutherland Bendigo Advertiser Bob Styles, Styles & Associates Bendigo Art Gallery Michael Taylor Bendigo Bank Thales Australia Bendigo Business Council Sydney Tramway Museum Bendigo Historical Society Graeme Thorn, Rogers & Every Bendigo Market Place Victorian Tourism Industry Council Bendigo Tourism Tourism Victoria Bendigo Volunteer Resource Centre UME Australia Bendigo TAFE Unity Mining Tim Borchers, City Rail Solutions Wine Bank on View BEST Employment WorkSafe Warrington Cameron Yarra Trams Centro Lansell Plaza VECCI Rob Charlton City of Greater Bendigo Life Members Howard Clark OAM Robert Aulsebrook Graham Jordon Contract Management Systems Helen Bruinier Gordon McKern COTMA Barry Callaway Cas Sens Department of Corrective Services (Vic) Bruce Carlisle Walter Straede Department of Primary Industries Jack Evans Phyllis Toy Department of Sustainability, Environment, Earl Ewers Les Twining Environment, Water, Population & Andrew Hall Colin Withington Communities (Cth) John Langley Department of Transport (Vic) H & J Doran-Specialty Sawn Timbers Honorary Life Members Eaglehawk Heritage Society Dennis Bell Michael McGowan East End Engineering Keith Kings Jill Moorhead Goldfields Tourism James Lerk Dennis O’Hoy Good One Graphic Design Daryl McClure John Penhall Heritage Victoria Myra Potter David Wright Hobart City Council Hume & Iser Karl Johnson, San Francisco MUNI KR Castlemaine La Trobe University Launceston Tramway Museum James Lerk

18 The Bendigo Trust TRUST STAFF AND VOLUNTEERS

Trust Office Simon Jenkins Scott Kendall Chief Executive Officer Thomas Seddon Michael Lowther Maree O’Brien B. Arts, JurisDoctor Sam O’Brien Emily Penhall Executive Assistant John Penhall Karl Penrose and Human Resources Faye Gair John Ritchie Denis Rodda Finance Manager Mal Telford Damien Steel George Stirling B. Bus (Acc), CPA Wayne Taylor Peter Turner Finance Officer Marika Power Shirley Turner Les Woodfield IT Consultant Barry Fitzpatrick Sales and Marketing Volunteers Manager Evonne Oxenham Ken Andison Jann Butler B. Journalism Esma Carr John Biele Marketing Officer Tynille Thurlow Russell Birch Allan Birchmore B. Marketing Peter Black Terry Boardman Visitor Services Manager Trevor Lamb Kelvin Cain Shannon Carter Visitor Services Officers Bill Chan John Clowes Denis Fitzgerald Glenis McKenna Merle Clowes Jo Clough Jill Moorhead Laura Maywood Andrew Cook Stan Cue Retail Manager Andrea Stringer Ronald Dean Elaine Doling Pat Dyball Bill Earl Central Deborah Gold Mine Kaylee Fisher Victor Gardner Manager Karl Penrose Paul Gibson Rod Gill Mine Maintenance and Tour Staff Joseph Gould Patrick Hannen Dianne Aulsebrook Mark Bannerman John Hawkins Jim Henderson Kimberly Bradley Paul Burton Gary Hill Michael Greenall Tim Carr Semso Delibasic Frank Hoffs Carol Holsworth Elaine Douglas Peter Dumont Leo Hourigan Finn Hourigan Georg Hein Tamasin Hein Andrew Howlett Bruce Johnson Daryl Hopgood Simon Jenkins William Jolly Tony Kelynack (dec) Laurie Jensen John McNamara Frank Khoury Sue Kimpton Sue Kimpton Bob McNee Stephen Kirkpatrick Victoria Logan-McArthur Neil Murray Joel Pearce Mike McAlister Campbell McCullough John Rofe Meryl Stone Sandra McCullough James McGregor Michael McGowan Marianne Midelburg Bendigo Chinese Joss House Len Millar George Morrison Supervisor Darren Wright Janet Northrope Brenden (Bob) O’Brien Mikelle Dingwall Elaine Doling Debbie Penhall Murray Penrose Pat Dyball Gary Hill Greg Robinson Linda Rowley Carol Holsworth Dennis O’Hoy Ross Rowley Mark Sole Stan Cue Ed Williams Ian Stimpson James Sutherland Alicia Taylor Judith Tubb Bendigo Tramways Ross Turton Gary Watts John Wells Ed Williams Manager Jos Duivenvoorden John Whiting Team Leader – Workshop Luke Jenkins Team Leader – Engineering People listed in italics have been made & Network Assets Tim Blythman Honorary Members of The Bendigo Trust Team Leader – for 2010 – 11 in recognition of 100 or more Tram Services Anita Bagley hours voluntary service this past year. Engineer Richard Clarke Thank you again to our Honorary Members Depot and Workshop Staff and all of our volunteers. Julie Cain Glenn Carter

Annual Report 2010/11 19 THE BOARD OF DIRECTORS

Mr Lloyd Cameron Mr Michael McGowan Director/Chairman (Current term Director (Current term expires expires 2013). Board Member since 2013). Board Member since February 2003. October 2007. Qualifications: Electrical Engineer. Qualifications: Dip General Retired Chairman Central Victoria Studies (Bendigo College of Area Consultative Committee. Past Advanced Education), Dip President, Castlemaine Rotary. Ed (State College of Victoria Director at BRIT since 2002 and Hawthorn), Cert IV Workplace past Chairman. Trainer and Assessor, Cert of Competency Tram Driver (Bendigo Tramways and Melbourne & Metropolitan Tramways Board). Mrs Patricia Cotton OAM Volunteer Conductor, Driver, Traffic Officer, Driver Director (Current term expires Examiner, Roster/Timetabling Clerk, Website Designer/ 2013). Board Member since 2009. Author and Tramways Consultant to Bendigo Tramways Patti is a former Councillor, twice since 1972. Honorary Life Member of The Bendigo Trust. Mayor of the City of Waverley Former Teacher, Leading Teacher – Dept of Education and Commissioner of the City & Training (Swan Hill) 28 years, retired 2006. Two years of Knox. She is Board Chairman industrial experience including Bendigo Tramways Radius Disability Service, Board (Operations Manager), Miller Carpets and Melbourne Director Continuing Education & Metropolitan Tramways Board. Bendigo, Chairman Human Rights Committee, Council member of Bendigo Agricultural Society, Cr James Reade Chairman Vision Australia Development Committee, Director (Council Nominee). member and past President of the Rotary Club of Bendigo Board Member since 2009. Sandhurst, committee member Friends of Bendigo Art At the age of 19 James was Gallery, Order of Australia Loddon Campaspe Group and elected in November 2008 as a management committee Prince of Wales Showgrounds and City of Greater Bendigo Councillor City of Greater Bendigo 2011 Citizen of the Year. (Sandhurst Ward) making him the youngest ever person to be elected as Councillor in Greater Bendigo. Mr Craig Niemann James holds many roles Director (Council Nominee). on boards and committees Board Member since 2011. throughout Bendigo including Craig joined the City of Greater B Central Advisory Committee, Bendigo Bluelight Bendigo in October 2005. He has Committee, Bendigo Umpires Association and All Wheels more than 25 years experience United committee. working in the local government James is a CFA volunteer with the Axe Creek Fire Brigade, sector including roles at the a volunteer at Special Needs Family weekend camps with Borough of Eaglehawk and the the Catholic Education Office and is an accredited senior Shire of East Loddon. Prior to football field umpire. He was the City of Greater Bendigo ‘s joining the City, Craig was Shire of Young Citizen of the Year in 2006. Loddon CEO - from 1997 to 2005. Craig’s history also includes serving on the board of North Central Regional Goldfields Library for 10 years and board member of the Inglewood and District Health Service for more than 10 years. Craig is a Board Member of Regional Development Australia – Loddon Mallee Region.

20 The Bendigo Trust Mr Wayne Gregson Mr David Wright Director (Current term expires Director/Deputy Chairman 2011). Board Member since 2010. (Current term expires 2011). Wayne has spent most of his Board Member since 1996 working life as a journalist, in print, (Council Nominee 1996-2007). TV and radio newsrooms. Qualifications: Diploma of Wayne was elected to the City Commerce, Certified Practicing of Greater Bendigo in 2004, Accountant (CPA), Municipal Clerk, representing the central Sandhurst Associate Fellow of Australian Ward and was the council’s Institute of Management. nominee on The Bendigo Trust David has spent his entire 48 board from 2004 to 2008. year career in Local Government Wayne currently works as an electorate officer in the having held the positions of Accountant at the Shire of Corio, State Government. Wayne is a graduate of the Australian Deputy Town Clerk at Portland, Shire Secretary for over 25 Institute of Company Directors and has a Cert IV in years at Gordon Shire at Boort and Strathfieldsaye Shire. marketing. Since the formation of the City of Greater Bendigo in 1994 he has held the position of Manager Property and Council Nominee on the Trust Board. David is now retired and holds Mr Thomas Seddon (ex officio) a number of voluntary positions in community groups within Chief Executive Officer. our community . Qualifications: B Arts (The Ohio State University), JurisDoctor (Cincinnati). Mrs Helen Yorston Chief Executive of The Director/Vice Chair Bendigo Trust since June 2005. (Current term expires 2011). Past Chairman Bendigo Tourism Board member since 2005. Board, Advisor to Asia/Pacific AIDS Manager of Bendigo Volunteer Congress (Japan 2005, Sri Lanka Resource Centre, Secretary & 2007, Indonesia 2009), World Health Public Officer of Loddon Mallee Promotion Conference (Vancouver Interchange Inc, member of 2007 and Zurich 2010) and 5th World Mental Health Bendigo Easter Festival Committee Promotion Conference (Melbourne 2008). Title Editor Title of Management, past President of XXII, The Laws of Australia. Previously, CEO 18th World Bendigo Easter Fair Inc., Secretary Conference on Health Promotion (2004), 6th International of Royal Victorian Association of Congress on AIDS in Asia and the Pacific (2001). Member of Honorary Justices – Bendigo Branch, Trustee for Bendigo the Rotary Club of Bendigo and Bendigo +25. Community Theatre & Arts Inc Public Fund, member of Executive Management Team – Bendigo Regional YMCA, member of Victorian Volunteer Resource Centres’ Network, Mr Clive Walker Secretary of Bendigo Volunteer Network. Director/Chairman - Finance and Audit Committee (Current term expires 2012). Board Member since 2003. Qualifications: Fellow, CPA Australia (FCPA), Diploma of Business Studies (Accounting). Chair Bendigo Science & Technology Museum. Senior Manager, Subsidiary Accounting & Reporting , Bendigo Bank Group. Over 35 years experience in corporate accounting and finance. Councillor, Bendigo Branch, CPA Australia and member of other community-based committees.

Annual Report 2010/11 21 Financials

Concise Financial Report for the year ended 30 June 2011

Directors’ Report 23 Directors’ Declaration 24 Information on The Bendigo Trust Concise Financial Report 25 Independent Audit Report 26 Statement of Comprehensive Income 29 Statement of Financial Position 29 Statement of Changes in Equity 30 Statement of Cash Flow 30 Notes to the Financial Statements 31 Auditor’s Independence Declaration 32

22 The Bendigo Trust DIRECTORS’ REPORT Directors The names of directors in office throughout the year and at the date of this report are:

Name Position Meetings Attended Mr Lloyd Cameron Director/Chairman 8/9 Mrs Patti Cotton Director 7/9 Mr Jos Duivenvorden (resigned Dec 2010) Director/Company Secretary 3/3 Mr Michael McGowan Director 9/9 Mr Wayne Gregson (commenced Dec 2010) Director 5/5 Mr Dennis O’Hoy (retired Nov 2010) Director 3/3 Mr Craig Niemann (commenced May 2011) Director 1/2 Cr James Reade Director 6/9 Mr Clive Walker Director/Chairman – Audit Committee 6/9 Mr David Wright Director/Deputy Chairman 6/9 Mrs Helen Yorston Director/Company Secretary 8/9 Directors have been in office since the start of the financial year to the date of this report unless otherwise stated. Principal activities been an officer of the Trust: The principal activities of the Bendigo - indemnified or made any relevant Trust during the financial year were tourist agreement for indemnifying against a operations and development and maintenance liability incurred as an officer, including of heritage assets. With the Discovery merger costs and expenses in successfully from July 1 2010, education can now be defending legal proceedings; or included. - paid or agreed to pay a premium in respect There we no significant changes in the nature of a contract insuring against a liability of the principal activities of the Trust during incurred as an officer for the costs or the financial year. expenses to defend legal proceedings.

Operating results Remuneration report The net result from ordinary activities of the Since the end of the previous financial year no Trust for the reporting period amounted to director of the entity has received or become a Net Deficit of ($1,203,653) (2010: Surplus entitled to receive a benefit other than: $1,210,455). (i) A benefit included in the aggregate amount of emoluments received or due Significant changes in state of affairs and receivable by directors shown in the There were no significant changes in the state accounts; or of affairs of the Trust. (ii) A fixed salary as a full-time employee of the entity or of a related corporation, by After balance date events reason of a contract made by the entity or a No matters or circumstances have arisen related entity corporation with the director since the end of the financial year which or with a firm of which they are a member significantly affected or may significantly affect or with an entity in which they have a the operations of the company, the results of substantial financial interest. those operations, or the state of affairs of the company in subsequent financial years. Auditor’s Independence Declaration A copy of the auditor’s independence Indemnifying officers declaration as required under section 307c of The Trust has not, during or since the financial the Corporations Act 2001 is set out on the last year, in respect of any person who is or has page of this report.

Signed in accordance with a resolution of the Board of Directors

L E Cameron L C Walker Chairman Director, Chairman—Finance & Audit Committee Dated this 26th day of October 2011

Annual Report 2010/11 23 DIRECTORS’ DECLARATION

THE BENDIGO TRUST ABN 39 005 014 175 DIRECTORS’ DECLARATION

The directors of The Bendigo Trust declare that with respect to the concise Financial Report of the Trust for the year ended 30 June 2011:

1. The financial statements and notes, as set out in the proceeding pages are in accordance with the Corporations Act 2001 and they:

(a) comply with Accounting Standards AASB1039: Concise Financial Reports; and

(b) have been extracted from the full financial report for the year ended 30 June 2011 and are consistent with the full financial report of The Bendigo Trust;

This declaration is made in accordance with a resolution of the Board of Directors.

LE Cameron Chairman of Directors

L C Walker Chairman, Finance & Audit Committee

Dated this 26th day of October, 2011

24 The Bendigo Trust INFORMATION ON THE BENDIGO TRUST CONCISE FINANCIAL REPORT

The concise financial report is an extract from Admissions income increased by 2.2% from the full financial report for the year ended last year (including Discovery) and tracked 30 June 2011. The financial statements and budget but not mid-year forecast expectations. disclosures in the concise financial report have Our external works business increased by been derived from the 2011 financial report of 11% this year. The Bendigo Trust. A copy of the full financial Merchandise & Souvenir sales are up 4.6% report and auditor’s report will be provided to with a turnover of $230,197. Gross profit any member, free of charge, upon request. margins remain around 50%. Payroll costs The discussion and analysis is provided to (including Discovery) increased by 15.7% to assist members in understanding the concise $1,951,558. Admissions as a percentage of financial report. The discussion and analysis Payroll costs has decreased from 67% to 59%. is based on The Bendigo Trust’s financial statements and the information contained in Statement of Financial Position the concise financial report has been derived As expected the balance sheet shows that from the full 2011 financial report of The the organisation’s equity has decreased due Bendigo Trust. to the spending of Depot Project funds from $3,707,123 to $2,503,470. Statement of Comprehensive Income The Trust undertook to borrow $300,000 The net result from ordinary activities of the from the City of Greater Bendigo in order to Trust for the reporting period amounted to meet its operating obligations for the year. a Net Deficit of ($1,203,653) (2010: Surplus This will be repaid over five (5) years $1,210,455). commencing on 1 July 2012 and is interest The net result before capital and specific free. items was a deficit of ($249,914) compared to a surplus of $717,319 last year. This was Statement of Changes in Equity on a turnover of $2,822,370 compared with Equity has decreased by $1,203,653 mainly $3,023,119 previously. due to utilisation of depot project funding. $1,200,000 of available funding for the Depot project was received this year with Cash Flow Statement $1,913,493 spent. Last year $800,000 was Cash balances have decreased, predominantly received and only $114,468 spent on the due to depot project spending, by $765,663 project. This has the impact of skewing the for the year ended 30 June 2011. results of the Trust over these financial years.

PLEASE NOTE! This concise financial report is an extract from the financial report and the financial statements and specific disclosures included in this report have been derived from the financial report. This concise report cannot be expected to provide as full an understanding of the financial performance, financial position and financing and investing activities of The Bendigo Trust as the financial report. Further financial information can be obtained from the financial report and is available, free of charge, on request.

Annual Report 2010/11 25 AUDITOR’S REPORT

26 The Bendigo Trust AUDITOR’S REPORT

Annual Report 2010/11 27 AUDITOR’S REPORT

28 The Bendigo Trust FINANCIAL STATEMENTS The Bendigo Trust - ABN 39 005 014 175

STATEMENT OF COMPREHENSIVE INCOME STATEMENT OF FINANCIAL POSITION YEAR ENDED 30 JUNE 2011 AS AT 30 JUNE 2011

2011 2010 2011 2010 Revenue $ $ ASSETS $ $ Revenue from Current Assets Operating Activities 2,822,370 3,023,119 Cash and Cash Equivalents 27,481 793,144 Trade and Other Receivables 130,272 153,469 Expenses Investment Property 245,000 245,000 Employee Expenses (1,951,558) (1,489,440) Inventories 101,215 103,978 Supply Items (346,769) (241,037) Refundable Deposits 17,600 - Major Works (319,471) (228,524) Prepayments and Accruals 7,001 2,554 Other Operating Expenses (448,143) (335,119) Total Current Assets 528,569 1,298,145 Finance Costs (1,093) (4,280) Audit Fees (5,250) (7,400) Non Current Assets Other Financial Assets - 95,888 Net Result before Capital Property, Plant and Equipment 2,941,649 2,992,534 and Specific Items (249,914) 717,319 Total Non Current Assets 2,941,649 3,088,422

Revenue from Capital Purpose Income 1,200,000 800,000 Total Assets 3,470,218 4,386,567 Expenditure using Capital Purpose Income (1,913,493) (114,468) LIABILITIES Depreciation (251,719) (202,079) Current Liabilities Available For sale revaluation Trade and Other Payables 331,839 285,795 reserve gain/(loss) recognised 11,473 9,683 Provisions 262,676 268,377 Borrowings 21,303 62,237 Net Result for the Year (1,203,653) 1,210,455 Other Liabilities 17,600 - Total Current Liabilities 633,418 616,409 Other Comprehensive Income Net gain on revaluation on Non Current Liabilities non-current assets - 61,325 Provisions 33,330 44,795 Borrowings 300,000 18,240 Comprehensive Result for the year (1,203,653) 1,271,780 Total non Current Liabilities 333,330 63,035

Total Liabilities 966,748 679,444

Net Assets 2,503,470 3,707,123

Equity Asset Revaluation Reserves 144,800 144,800 Retained Earnings 2,358,670 3,562,323 Total Equity 2,503,470 3,707,123

Annual Report 2010/11 29 FINANCIAL STATEMENTS The Bendigo Trust - ABN 39 005 014 175

STATEMENT OF CHANGES IN EQUITY YEAR ENDED 30TH JUNE 2011

Asset Retained Revaluation Total Earnings Surplus Equity $ $ $

Balance at 1 July 2009 2,290,543 144,800 2,435,343 Net Result for the Period 1,271,780 (9,683) 1,262,097 Revaluation Increment/(Decrement) - 9,683 9,683

Balance at 30 June 2010 3,562,323 144,800 3,707,123

Net Result for the Period (1,203,653) (11,473) (1,215,126) Revaluation Increment/(Decrement) - 11,473 11,473

Balance at 30 June 2011 2,358,670 144,800 2,503,470

STATEMENT OF CASH FLOWS YEAR ENDED 30TH JUNE 2011

2011 2010 $ $ Cash Flows from Operating Activities Receipts from customers & governments 4,190,329 3,482,118 Interest received 21,855 22,158 Interest paid (1,093) (4,280) Payments for employees (1,915,303) (1,390,951) Payments to suppliers (3,120,068) (780,389) GST payments to ATO (88,736) (208,209)

Net Cash Inflow/(Outflow) from Operating Activities (913,016) 1,120,447

Cash Flows from Investing Activities Payment for property, plant and equipment (200,834) (381,655) Proceeds for disposal of investments 107,361 - Receipt of Cash from merger with Bendigo Discovery Centre - 17,802

Net Cash Inflow/(Outflow) from Investing Activities (93,473) (363,853)

Cash Flows from Financing Activities Proceeds from borrowings 300,000 - Repayment of borrowings (59,174) (55,423)

Net Cash Inflow/(Outflow) from Financing Activities 240,826 (55,423)

Net Increase/(Decrease) in Cash Held (765,663) 701,171

Cash at beginning of financial year 793,144 91,973 Cash at end of financial year 27,481 793,144

30 The Bendigo Trust NOTES TO FINANCIAL STATEMENTS

NOTE 1 : BASIS OF PREPARATION OF THE CONCISE Reserve, of $2,503,470 ($3,707,123 in 2010) and a working FINANCIAL REPORT capital deficit of ($104,849) (Surplus of $681,736 in 2010). The concise financial report is an extract from the The Trust recorded a Net Result of ($1,203,653 deficit) for full financial report for the year ended 30 June 2011. the year compared to a Net Surplus of $1,210,455 in 2010, The concise report has been prepared in accordance with a negative Net Cash Flows from Operating Activities with AASB 1039: Concise Financial Reports and the (positive in 2010). Overall cash movement was a decrease Corporations Act 2001. of ($765,663) (increase of $701,171 in 2010). The Net Result The financial statements, specific disclosures and other before Capital & Specific Items is a deficit of ($249,914) information included in the concise financial report are (Surplus of $717,319 in 2010). derived from, and are consistent with, the full financial The Trust believes that there may be continued capital report of The Bendigo Trust. The concise financial report renewal commitments in the future arising from its use cannot be expected to as detailed an understanding of of assets that it operates on behalf of the City of Greater the financial performance, financial position and financing Bendigo but does not own. Accordingly the continuing and investing activities of The Bendigo Trust. as the full viability of the Trust and its ability to continue as a going financial report. A copy of the full financial report and concern and meet its debts and commitments as they fall auditor’s report will be sent to any member, free of charge, due are dependent upon the Trust being successful in: upon request. • continuing to achieve sufficient future cash flows from its operations, including ongoing Council Rounding Of Amounts and Government All amounts shown in the financial statements are • support, to enable its obligations to be met; expressed to the nearest $1. • obtaining additional funding, capital raising or donations; and/or Functional and Presentation Currency • continuing agreement with the City of Greater Bendigo The presentation currency of The Bendigo Trust. is the in respect to maintenance, repair and replacement of its Australian dollar, which has also been identified as the mine and tram infrastructure. functional currency of The Bendigo Trust. The Directors believe that The Trust will be successful in achieving the above objectives and accordingly have NOTE 2 : SUBSEQUENT EVENTS prepared the financial report on a going concern basis. No matters or circumstances have arisen since the end At this time, the directors are of the opinion that no of the financial year which significantly affected or may asset is likely to be realised for an amount less than the significantly affect the operations of the company, the amount at which it is recorded in the financial report as results of those operations, or the state of affairs of the at 30 June 2011. Accordingly, no adjustments have been company in subsequent financial years. made to the financial report relating to the recoverability and the classification of the asset carrying amounts or NOTE 3: GOING CONCERN the amounts and classifications of liabilities that might be As at 30 June 2011, The Bendigo Trust (the Trust) had Equity, necessary should the Trust not continue as a going concern. represented by Retained Earnings and Asset Revaluation

Annual Report 2010/11 31 AUDITOR’S DECLARATION

AUDITOR’S INDEPENDENCE DECLARATION UNDER SECTION 307C OF THE CORPORATIONS ACT 2001 TO THE DIRECTORS OF THE BENDIGO TRUST

I declare that, to the best of my knowledge and belief, during the year ended 30 June 2011, there have been:

(1) no contraventions of the auditor independence requirements as set out in the Corporations Act 2001 in relation to the audit; and

(2) no contraventions of any applicable code of professional conduct in relation to the audit.

EVOLVE ACCOUNTING SOLUTIONS

Paul Best Dated: 28 October 2011

32 The Bendigo Trust Annual Report 2010/11 33 ©2011, The Bendigo Trust

Published by The Bendigo Trust ABN 39 005 014 175

The Bendigo Trust is a not for profit company limited by guarantee. It is endorsed as a Tax Concession Charity and a Deductible Gift Recipient by the Australian Taxation Office.

Office: 76 Violet Street, Bendigo, Victoria 3550

Websites: www.bendigotrust.com.au www.bendigojosshouse.com www.bendigotramways.com www.central-deborah.com www.discovery.asn.au

Email: [email protected] Telephone: (03) 54438117 Facsimile: (03) 5443 8341

34 The Bendigo Trust