FREMANTLE COMMUNITY FINANCIAL SERVICES LIMITED
ABN 41 114 925 174
Interim Financial Report
For the half-year ended 31 December 2021
C O N T E N T S
Directors' Report
Auditor's Independence Declaration
Statement of Comprehensive Income
Statement of Financial Position
Statement of Changes in Equity
Statement of Cash Flows
Notes to the Financial Statements
Directors' Declaration
Independent Auditor's Review Report
This is annexure A of 11 pages referred to in Form 7051: Notification of half-yearly reports
John Bird - Director | Debra Rule - Director |
Dated this 4th day of March 2022 | |
1 |
FREMANTLE COMMUNITY FINANCIAL SERVICES LIMITED
ABN 41 114 925 174
Interim Financial Report
DIRECTORS' REPORT
Your Directors submit the financial report of the Company for the half-year ended 31 December 2021.
Directors
The names of Directors who held office during or since the end of the half-year are:
Debra Anne Rule
Arnold Bart Houwen
John Alexander Bird
Luke Hall
Sharon Rudderham
Hannah Sutton
David Stone
Principle Activities
Fremantle Community Financial Services Ltd (the Company) operates the Fremantle Community Bank Branch of Bendigo Bank Limited, pursuant to a franchise agreement.
Review of Operations
The loss of the Company after providing for income tax amounted to $59,419 (2020: loss $26,852).
The Company's income is derived from a margin profit share based on the Company's overall book value. Operational costs of the Fremantle branch of Bendigo Bank are subsequently paid from this margin profit share. At the end of each year the Company's board resolves how much of the profits from that year are available to support local community groups and activities in the next succeeding year.
The Company provides funds to support the Fremantle region's community. The Company and its stakeholders look forward to achieving further growth in Fremantle as the city's population rises, as marketing initiatives have effect, and as Fremantle's economic fortunes improve. Much of the community support payment occurs during the first half of each year, which diminishes first half profits.
The company has experienced significant costs in relation to keeping good staff, and delays and related costs in relation to moving to new stable premises. These have hit the "bottom line" hard, and the board is focusing on staffing and striving to achieve a move to new stable premises as soon as possible. In addition, during the half year to 31st December 2021, the banking market in the Fremantle area has remained very difficult. Interest rates have remained subdued, resulting in continued low margins. The board and the branch continue to focus on the above issues while retaining, and thereafter increasing, profitable funds under management.
The half year to 31st December 2021 shows a small decrease in profit share income from the previous year. Overall profitability will improve as the community contribution commitments dry up in the second half of the year. Additionally, lending book value is starting to climb again. Company running costs also continue to be a focus, as the business seeks to streamline operations. The Board's focus is currently particularly on premises costs.
2
FREMANTLE COMMUNITY FINANCIAL SERVICES LIMITED
ABN 41 114 925 174
Interim Financial Report
Auditor's Declaration
The auditor's independence declaration under s 307C of the Corporations Act 2001 for the half-year ended 31 December 2021 is attached to the financial report.
This report is signed in accordance with a resolution of the Board of Directors.
John Bird - Director | Debra Rule - Director | |
Dated this | 4 March 2022 |
3
RSM Australia Partners
Level 32 Exchange Tower, 2 The Esplanade Perth WA 6000
GPO Box R1253 Perth WA 6844
T +61 (0) 8 9261 9100
F +61 (0) 8 9261 9111
www.rsm.com.au
AUDITOR'S INDEPENDENCE DECLARATION
As lead auditor for the review of the financial report of Fremantle Community Financial Services Limited for the half-year ended 31 December 2021, I declare that, to the best of my knowledge and belief, there have been no contraventions of:
- the auditor independence requirements of the Corporations Act 2001 in relation to the review; and
- any applicable code of professional conduct in relation to the review.
RSM AUSTRALIA PARTNERS
Perth, WA | ALASDAIR WHYTE |
Dated: 4 March 2022 | Partner |
THE POWER OF BEING UNDERSTOOD
AUDIT | TAX | CONSULTING
RSM Australia Partners is a member of the RSM network and trades as RSM. RSM is the trading name used by the members of the RSM network. Each member of the RSM network is an independent accounting and consulting firm which practices in its own right. The RSM network is not itself a separate legal entity in any jurisdiction.
RSM Australia Partners ABN 36 965 185 036
Liability limited by a scheme approved under Professional Standards Legislation
FREMANTLE COMMUNITY FINANCIAL SERVICES LIMITED
ABN 41 114 925 174
Interim Financial Report
STATEMENT OF COMPREHENSIVE INCOME
FOR THE HALF-YEAR ENDED 31 DECEMBER 2021
31 December | 31 December | ||
2021 | 2020 | ||
$ | $ | ||
Revenue | 360,945 | 421,437 | |
Employee benefits expense | (170,656) | (181,388) | |
Depreciation and amortisation expense | (11,238) | (70,892) | |
Other expenses | (236,402) | (193,029) | |
Loss before income tax | (57,351) | (23,872) | |
Income tax expense | (2,068) | (2,980) | |
Loss for the period | (59,419) | (26,852) | |
Other comprehensive income | |||
Other comprehensive income for the period, net of tax | - | - | |
Total comprehensive loss for the period attributable to members | (59,419) | (26,852) | |
Earnings per share | ||
Basic loss per share (cents) | (8.06) | (3.64) |
Diluted loss per share (cents) | (8.06) | (3.64) |
The accompanying notes form part of these financial statements
5
This is an excerpt of the original content. To continue reading it, access the original document here.
Attachments
- Original Link
- Original Document
- Permalink
Disclaimer
Fremantle Community Financial Services Ltd. published this content on 09 March 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 08 March 2022 22:19:14 UTC.