GMHBA Limited. GMHBA is a registered not-for-profit Health Benefits Organisation ABN

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1 GMHBA Limited Moorabool Street, Geelong Vic 3220 PO Box 761, Geelong Vic 3220 Ph: GMHBA (46422) Fax: (03) Website: GMHBA.com.au GMHBA is a registered not-for-profit Health Benefits Organisation ABN GMHBA Limited is a public company limited by guarantee and incorporated in Australia. Registered office and principal place of business: Moorabool Street, Geelong Victoria 3220 GMHBA ANNUAL REPORT 2009

2 When a group of determined cement workers banded together in the late 1920s to negotiate with hospitals for free treatment, they could hardly have imagined what they would eventually create. GMHBA was officially launched on August 13, 1934 as an open fund to all. Since then, GMHBA has continued to grow and prosper. Now with 75 years experience, GMHBA Limited (GMHBA) has been an integral part of regional Australia s social and economic fabric for generations. We are an important element of many local communities; we value our role within them, and we remain committed to their future. CONTENTS OUR MISSION Supporting the health of our communities for generations GMHBA Performance Snapshot 3 How GMHBA Compares 4 Chairman s Report 5 1 Chief Executive s Report 6 Board of Directors 7-8 Executive Team Management 9-10 Strategic Intents Financial Report Directors Report Independent Audit Declaration Corporate Governance Statement Income Statement for the year ended 30 June 2009 Balance Sheet as at 30 June 2009 Statement of Changes in Equity for the year ended 30 June 2009 Cash Flow Statement for the year ended 30 June GMHBA aims to be a trusted partner with our members enabling them to access quality private health care. We have a grassroots community focus and a proactive approach to health care and health education. GMHBA is a mutual, not-forprofit organisation, committed to maintaining health cover that is for people, not for profit. OUR PHILOSOPHY Notes to the Financial Statement for the year ended 30 June 2009 Directors Declaration for the year ended 30 June 2009 Independent Audit Report Principal Registered Office, Branch Locations Affiliations and Agency

3 $116,6 $128 $91,123 $ $116,6 $12 PERFORMANCE $99,062 $114,181 $134,2 $14 $99,062 $114,181 $134,2 $1 HOW $128,685 SNAPSHOT GMHBA COMPARES $144,923 $168,220 Benefits Paid ( $,000 ) 16.1% increase $91,123 $ $116,692 $128,685 $144,923 $168, $128,685 $111,107 $144,923 $168, $133,211 $168,220 $139,800 $152,693 $91, $80,181 $ $93,172 $116,692 $111,107 $128,685 $133,211 $144,923 $139,800 $152,693 $99,062 $99,062 $114,181 Contribution Income ( $,000 ) 16.3% increase $114,181 64,318 $134,299 $134,299 68,679 $148,709 $148,709 70,282 $164,530 $164,530 73,300 $191,355 $191,355 77,655 86,093 $99,062 $99,062 64,318 $114,181 $114,181 68,679 $134,299 $134,299 70,282 $148,709 $148,709 73,300 GMHBA has again exceeded industry membership growth 7.3% $164,530 $164,530 77, % $191,355 $191, % 86, % 2.3% 2.8% 4.3% 3.8% 5.9% 4.9% 10.9% 3.1% Continued growth in hospital cover market share to 1.59% 1.27% 1.34% 1.37% 1.40% 1.45% 1.59% 3 increase $133,211 $139,800 Total Assets( $,000 ) 9.2% $152,693 $80,181 $93,172 $111,107 $133,211 $139,800 $152,693 Membership 10.9% increase Membership Growth: National annual growth 64,318 68,679 70,282 73,300 77,655 86,093 64,318 68,679 70,282 73,300 77,655 GMHBA 86,093 All GMHBA Market Share: Based on people with hospital cover 4 $133,211 $65,545 $139, $152,693 $80,181 $93,172 $111,107 $133,211 $139,800 Reserves ( $,000 ) 9.8% increase $82,002 $83,052 $91,222 $47,173 $52,206 $65,545 $82,002 $83,052 $152,693 $91,222 64,318 68,679 70,282 73,300 77,655 Management Expense Ratio 9.6% 11.0% 9.9% 9.1% 9.5% 9.6% 9.6% 86, % 64,318 68,679 70,282 73,300 GMHBA returns more benefits to members than the industry average 77, % 9.1% 9.5% 9.6% 9.6% 86, GMHBA s management expense ratio has remained lower than the industy average 11% 10% 9.8% 9.6% 9.1% 9.5% 9.5% 9.7% 9.6% 10.8% 9.6% Membership Benefits: Based on percentage of contributions Management Expense Ratio $91, $82,002 $83,052,206 $65,545 $82,002 $83,052 $91, % 9.9% 9.1% 9.5% 9.6% 9.6% GMHBA All GMHBA All 11.0% 9.9% 9.1% 9.5% 9.6% 9.6%

4 CHIEF EXECUTIVE S It is my honour and pleasure to write CHAIRMAN S REPORT GMHBA s purpose has not changed since its inception. GMHBA has weathered well the impacts REPORT While the overall conditions may be challenging for the this report at the time of GMHBA of the global financial crisis, lower We aim to attract members to take out a range of industry, we believe that they provide opportunity for Limited s 75th anniversary. investment returns and insurance covers at competitive premium rates. increased unemployment amongst GMHBA. We have a clear and viable strategy. GMHBA can trace its formal our communities. establishment as an open community As shown elsewhere in this report we We believe that a health insurer working fund to a meeting convened by the then Mayor of the City of Geelong in August Although the start was during the ensuring that the health system is accessible and appropriately structured for the future. compared to a surplus of $1.05m last year. As a consequence our total equity now stands at $91.22m which provides We have continued our history of strong growth in membership. As at 30 June 2009 we had 86,093 members providing have performed well this year across all important performance measures; with the exception of investment closely with communities can make a real and valued contribution to the health and wellbeing of that community. depression and shortly before World us with a sound base for continued In addition GMHBA continues to review cover to some 186,507 people. returns which suffered market related War II, the Fund grew progressively and operation. Elsewhere in this report we more fully its position as a mutual not-for-profit This growth has been achieved through losses until we took decisive action in explain our strategy and the strategic provided important cover during those organisation. Our view is that while we During the year Leanne Rowe resigned the strength of our value-for-money October intents that underpin it. difficult times. are able to provide members with high as a director. We thank Leanne for her positioning and continued exceptional We do not take the continued support GMHBA s purpose has not changed quality and affordable health care at contribution and we are pleased that As a value-for-money insurer with 5 service. We also benefited from the of our members, or our future success 6 since its inception. We aim to attract competitive prices we should continue she will continue to play an important exceptional service we know that we growth provided through taking on the for granted. members to take out a range of with our current structure. role in the Australian health sector. Sue can continue to compete for growth members of the United Ancient Order of The Australian economy will take some insurance covers at competitive Renkin joined the Board in July and we and retain customers even in these One of the highlights of the Druids Friendly Society Limited (Druids) time to fully recover from the current premiums. We hold and manage those are very pleased to have someone with tougher times, where perhaps more financial year was the successful Health Fund. It was a very positive step downturn. Unemployment rates will funds and enter into contracts with her experience and ability to contribute expensive funds will struggle. transfer of the United Ancient Order of for GMHBA to play its part in assisting continue to increase and investment a large number of hospitals, medical to the future direction of the Board. Druids Friendly Society Limited Health the then Druids members to continue to Our challenge is to ensure more people returns will stay low by historical practitioners and other health care Fund members to GMHBA. The merger I would like to thank our management, access affordable and quality private know about our fund across Australia. averages. As we recently informed all providers to ensure that when our worked well because of our similar under the capable leadership of Mark health insurance. Druids members have Developing relationships, advertising members, the Federal Government members require services we are there cultures and the support of Valena, all staff and directors for their stayed with GMHBA, again reaffirming and promotion are important. So intends to means test the 30% rebate. to help. management and staff of both efforts during the year. We share pride our value-for-money and service. however is positive word-of-mouth, and These conditions are generally now GMHBA operates in a complex organisations. in GMHBA s standing, with its many we thank our members for the positive Pleasingly we achieved this growth less favourable to private health health care environment. This has achievements and we look forward to referrals we know they give GMHBA. As a consequence of this transfer without the multi-million dollar spend on insurers than in the past. again been recognised by the release the exciting prospects which are ahead. and initiatives taken by management, advertising and sponsorships that some Over the next twelve months you will see The industry is responding to these of the Australian Government s GMHBA grew substantially during the other funds find necessary. GMHBA make many changes to ensure tougher times through a focus on National Health and Hospitals Reform year. Nearly 8,500 people elected to that in this our 75th year we are strong As important as growth is, the continued ensuring sustainable pricing (so as to Commission report titled A Healthier join the Fund and as a consequence and successful for the next 75 years. support shown to us by our existing rely less on investment income), Future For All Australians. While our membership now exceeds 86,000 members is equally important. Despite aggressive competition for each other s Just as none of our long history or future the comprehensive report covers covering 186,507 Australians. GMHBA the financial pressures being felt by members, and through acquisition by success is achievable without our a significant number of issues, is now placed as the eighth largest many we retained 96.38% of all the insurers of other insurers. members, nor is it achievable without we encourage decision makers to health insurer in Australia. members that were with us at 30 June the commitment and efforts of our undertake desirable reforms to ensure We are already well recognised as a The year has also been successful This is an improvement on the current staff, directors, management that all Australians can gain access leading insurer of regional Australia. from a financial perspective. Although already high retention rate of the and business partners; all of whom to high quality health care and health We are making this grass roots and our surplus was adversely affected previous year. build upon the efforts of those that improvement opportunities. GMHBA local heritage a source of national by reduced investment performance, came before us. is keen to play a responsible part in competitive advantage through a focus we achieved a surplus $7.96m which on communities.

5 BOARD OF DIRECTORS GMHBA s Board of Directors is experienced, with longstanding members who understand the business of health insurance. GMHBA has displayed industry leadership in the important area of diversity of Board appointments, and as a result we have a Board with a broad range of skills, knowledge and experience. The varied background of the directors, which includes medical, legal, financial and business expertise obtained in a variety of commercial and community settings, means the Board has the abillity to govern GMHBA in the best interest of its members. Michael J. Dowling KSJ, B.Ec., FCA, SFCDA, Dip CD. Chairman since 2001 Director since 1998 Chairman Nomination & Remuneration Committee Member Strategy Committee Chartered Accountant Director Dowling Corporate Consulting Pty Ltd Deputy Chancellor Deakin University Gerald Miller BA, LLB. GAICD Director since 2007 Member Audit & Compliance Committee Member Investment Committee Lawyer Registered Psychologist Director - Maryville Aged Care Inc. Director - The Geelong College Ltd Leanne Rowe Resigned 29 October 2008 AM, MBBS, Dip RACOG, FRACGP FAICD MD. Director since 2004 Chair Health Services Committee General Practitioner Immediate Past Chairman - Royal Australian College of General Practitioners Deputy Chancellor Monash University Seated: Sue Renkin, Michael J. Dowling, Russell H. Elliott, Gerald Miller Standing: James E. Walsh, Kenneth E. Jarvis, Heather L. Wellington, Mark W. Sibree Russell H. Elliott B.Sc., M. Ed., MAICD. Director since 2001 Chairman Investment Committee University Consultant Executive Director Russell Elliott and Associates Pty Ltd Key Associate Phillips KPA Pty Ltd Kenneth E. Jarvis OAM, KSJ, B. App. Sc, (Hons), Dip OR. Director since 2004 Member Audit & Compliance Committee Member Strategy Committee Executive Chairman Aerolite Quarries Pty Ltd Executive Chairman Jakape Pty Ltd Executive Chairman Zambelli RWP Pty Ltd Director Aviation Australia Development Ltd President Geelong Club Ltd Sue Renkin RN, MBA, MAICD, FCDA Director since 2009 Chief Executive Open Family Australia Managing Director intuitively focussed p/l Chairman Monash Centre for Synchrotron Science Advisory Board Chairman Monash Institute for Nanosciences Advisory Board Director General Practice (VIC) Director Northern Health Heather L. Wellington MBBS, B. Med. Sci., BHA, FRACMA, LLB, FAICD. Director since 1998 Member Health Services Committee Member Nomination & Remuneration Committee Lawyer Medical Practitioner Director HPA Consulting Pty Ltd Consultant DLA Phillips Fox Lawyers Chairman IPG Ltd Mark W. Sibree BSc (Hons), MBA, MACS, FAICD. Director since 2004 Chairman Strategy Committee Member Investment Committee Trustee of CEDA Corporate Strategy Advisor Executive Director Mutual Strategies Pty Ltd 7 8 James E. Walsh B.Com, MBA, CA, MAICD. Director since 2005 Chairman Audit & Compliance Committee Member Nomination & Remuneration Committee Chartered Accountant Director Godfrey Hirst Australia Pty Ltd Director The Geelong Chamber of Commerce

6 EXECUTIVE MANAGEMENT TEAM GMHBA s Executive Management team has a history of success, and an ability to deliver quality membership growth, strong financial performance, markedly enhanced operational capacity and excellence in customer service. The management team has the experience to successfully integrate and understand the issues relating to products, customer service, human resources, processes and procedures. 9 Mark Valena Chief Executive Mark Valena is an experienced Business Executive. He came to the helm at GMHBA in early 2008 following seven years as the CEO of Medical Defence Association Victoria. MDAV was Victoria s largest medical professional indemnity insurer (with an 18% national market share) and as a notfor-profit organisation, in a highly regulated insurance market operating in the health sector, provided a sound experience base for his current role at GMHBA. Mark has significant experience in the negotiation and implementation of mergers and business transitions at MDAV, NRMA and Fortis Insurance. Through these transitions Mark was able to create an environment of goodwill and navigate through many complex agendas leading to retention of members and employees. Mark is an Australian Chartered Accountant who has a Bachelor of Business and a Graduate Certificate in Innovation & Service Management. Michael Carroll Finance completed a Graduate Diploma in Applied Corporate Governance with Chartered Secretaries Australia. Jonathan Crabtree Strategy & Innovation Jonathan has significant experience in marketing, technology & business strategy. His career spans directorships of several service based businesses to senior marketing roles at organisations such as Tattersalls and Telstra. Jonathan developed products/services from concept to market and is adept at corporate communication strategies from branding through to budget planning, advertising and promotions. Jacqueline Armitage Member Services Jacqueline is a professional Customer Service Executive with over 30 years Australian and Asian experience and a proven track record in managing multi-site operations for blue chip organisations. Jacqueline s success in her field is attributed to her ability to develop both strategic and tactical solutions to improve quality, productivity and customer satisfaction. was responsible for a diverse group of services. James has a Diploma of Applied Science from Lincoln Institute of Health Sciences, a Bachelor of Prosthetics and Orthotics from LaTrobe University, and an MBA from the University of NSW. James is also a member of the Executive Committee of the G21 Health and Wellbeing Pillar. Tim Boyd Human Resources Tim is a Human Resource practitioner with over 16 years experience in HR generalist roles and has specialist skills in Learning and Development and Organisational Development functions. Tim has had a long career in Automotive Development with a large multi national manufacturer in roles ranging from HR consultancy, Learning and Organisational Development and international experience in the Asia Pacific region. Tim s experience in Asia Pacific has developed an ability to understand organisational cultures and build relationships based on trust and respect. Tim currently manages the Human Resources team at GMHBA providing a comprehensive range of HR 10 Seated: James Arnott, Jacqueline Armitage, Mark Valena Standing: Tim Boyd, Michael Carroll, Jonathan Crabtree Michael Carroll is a Business Executive with over 26 years experience. He is responsible for the Finance Division including supervision of the Company s Investments. His role at GMHBA also incorporates that of company Secretariat, with compliance as another major responsibility. Michael is accredited with a Bachelor of Business (Accounting) from Swinburne University, he is a Certified Practicing Accountant, has completed his MBA at Deakin University in 2004 and in 2007 This ensures customers expectations are consistently met and often exceeded. James Arnott Benefits Management James Arnott is a Business Executive with over 20 years experience. His business unit is responsible for Health Services, Claims Audit, Product Development and Marketing. James previously worked with Caulfield General Medical Centre and The Alfred Hospital for over 13 years where he services to the organisation.

7 FINANCIALLY STRONG To provide sustainable premiums to our members TRUSTED PARTNER To have a better way of service that is noticeably different Throughout the 2008/09 financial year, GMHBA continued to be financially strong and emphasised the importance of organisational growth and financial strength in our ability to maintain and The Company continues to ensure the protection of all members funds through its investment strategy, recognising the uncertainty in the international and Australian equity markets. GMHBA s Change to the Australian Health Services Alliance from the Australian Regional Health Group Negotiated in the 2008/09 financial year and effective 1 July 2009, GMHBA moved Being a trusted partner of our members is a commitment made throughout the organisation, delivered by staff working together across levels, business units and functions. We don t use automated call technology, so members who call us are connected to a customer service advisor straight away. Our response time is usually within the Providing great service to our members is only possible with the continuing hard work and commitment of our team. We take this opportunity to thank every member of the team enhance our competitive product pricing. Board and management team take from being a member of the Australian same business day and always within for their contribution towards our Member Satisfaction appropriate care in developing and refining 24 hours and our web chat response is results this year. It is only through this Member Growth Regional Health Group (ARHG) to become GMHBA has an enviable record in an investment philosophy and strategy that a member of the Australian Health less than 2 minutes. We offer a branch custodianship that the organisation In October 2008, GMHBA welcomed over service delivery. Each of the sixweekly customer satisfaction surveys secures members funds and supports the Services Alliance (AHSA). network to cater to those who prefer continues to achieve its goals. The work 5,400 new members through a mutually ongoing viability of the Company. face to face service, and of course our we are doing now will help build a beneficial transaction with the United Although both groups undertake hospital conducted throughout the year by an claims turn-around time is a minimum stronger GMHBA for the future. Ancient Order of Druids Friendly Society Claims Audit & Analysis contracting on behalf of their member independent research company, has of 90% in 2 days. Limited health fund. GMHBA takes very seriously the impact health funds, the ARHG represented delivered a minimum of a 6.3 result that claims error, abuse and fraud has on 5 insurance funds (with around 5% of on a scale of 1-7. Staff Satisfaction Over and above the considerable growth our members premiums. Our view is that the insured market), while the AHSA The Staff Representative Group 11 provided by the Druids transfer, strong This consistently high result is backed 12 left unchecked and paid without question, represents 23 insurance funds (with amongst other projects has developed growth was seen throughout the year. up by an equally enviable Net Promoter the impact could result in an increase our around 23% of the insured market). We a new reward and recognition This was achieved through an ever Score (NPS) of an average of +50. The members premiums of between 3% and believe that moving to the AHSA will structure. increasing focus on sales and on retention NPS measures how likely our members 5%. We have strengthened our audit team give us increased ability to successfully aided by our value-for-money offerings and are to recommend us to their family In 2008/09 GMHBA has had a who review claims for accuracy and seek negotiate contracts with hospitals to excellent service. and friends and as indicated by our sustained focus on development to stop or recover overpayments. We have the benefit of our members. It has also score, we receive extremely positive of our staff. Our team has grown to Capital Management been successful this year in doing so. increased the number of hospitals we results time and again. better accommodate our growing Security that GMHBA will be able to In this regard, we strongly believe that contract with from over 400 hospitals and membership base. meet its obligations to pay benefits to its our members and provider community Service Standards day facilities to over 500. members is achieved through ensuring can, and do assist us, by advising us Each of the contact methods (phone, We welcome the new financial year with a we maintain adequate capital. GMHBA is where they believe such instances have and web chat) for members and range of exciting opportunities and recognise well capitalised. We strike a good balance occurred. prospective members have stringent that each will have their challenges. We between the need for security through service standards associated with them. In addition to claims error and fraud remain confident in our ability to achieve capital on one hand and affordability of analysis, the Company continues to the Company s financial goals in a manner premiums on the other. We manage produce and make extensive use of a which supports and complements each capital by ensuring we trade at a surplus wide range of analytical tools to assess of GMHBA s strategic intents. and that we invest wisely. and monitor the highly competitive environment in which it operates. GMHBA has the ability to draw on many years worth of analytical expertise within the Company to make effective decisions about the operations and the direction of the Company based on sound essential information.

8 COMMUNITY CONNECTED To develop mutually beneficial relationships with communities SUCCESS THROUGH INNOVATION To innovate for differentiation and growth 13 Community The sustainability of communities in which GMHBA operates is important to GMHBA and we are continually looking for new ways to make a real and lasting contribution. GMHBA s commitment to supporting the health and wellbeing of Australian s has led to a number of significant initiatives over the past 12 months including: A partnership with the Bendigo Bank Community Enterprises, enabling local communities to fund projects to benefit their community. Staff casual dress days, with a staff donation matched by the company, benefiting organisations such as Make a Wish Foundation, Scope, Lifesaving Australia and Lifeline. Funding of a business partnerships coordinator with BacLinks to enable that organisation to grow its membership base and therefore do more in connecting businesses to community needs. Community Benefits programs that provide a donation to not-for-profit organisations when new members join and nominate the not-for-profit organisation. A partnership with United Way, including funding of United Way s annual marketing materials and sponsorship of crucial fundraising events. Staff have embraced assisting communities by participating in company initiated volunteering opportunities. In partnership with BacLinks, an organisation that facilitates matching the needs of community organisations with the abilities of business, formal staff volunteering increased by more than 150 hours. Staff have also contributed a percentage of their regular salary through a workplace giving program with United Way.ay. Member Wellness GMHBA has a number of wellness and chronic disease management programs which are designed to assist our members to manage their health. One such program is for our members with Diabetes or Cardiac Disease. Our members who participated in the program have received the following health benefits: Reduction in blood pressure; Reduced blood glucose (diabetics only); Reduced body mass index; and Reduced total cholesterol. A reduction in these physiological measurements goes a long way to reducing the incidence of the catastrophic co-morbidities, such as blindness, kidney failure, amputation, stroke and death, that can accompany diabetes and cardiac disease. Staff Wellness As a company that supports the health of our communities, this includes the health of our own staff. Last financial year, GMHBA trialled a 12 week staff wellness program, based on the principles of apparent age, as espoused by Dr. John Tickell. The program was successful in achieving the following health improvements: Participants achieved an on average 2.81 year lowering of their apparent age; There was a 4% increase in VO2 max, which is an indicator of fitness; There was a 24% increase in strength (measured using push ups, sit ups and squats); There was a 1.78cm improvement in flexibility; Resting and recovery heart rates lowered by 3bpm across the group; and 89% of participants either maintained or improved their apparent age. In light of these positive results, the program is now available on an ongoing basis for all staff. Much has been written about the global financial crisis. Yet history shows us that during times of economic downturn, innovation can sweep away older business models and lay a platform for renewal and growth. GMHBA was created out of the great depression back in For 75 years GMHBA has successfully responded to changes to the business environment. Innovation is at the core of our strategy. Health insurance is increasingly seen to be a commodity and one health fund typically looks and operates like another. Marketing costs are on the rise, as are claims costs resulting in relatively low industry underwriting margins. Furthermore, increasingly informed customers are better equipped to compare and change funds than ever before. Simplicity is increasingly being challenged by complexity. GMHBA believes it is better to out-think than out-spend our competitors. Our primary goal is to improve our products and service levels while keeping premiums affordable for our members. Therefore innovations that focus on simplicity, enhance service levels and help us grow efficiently are a high priority. GMHBA aims to be recognised for leveraging cost effective innovation that benefit our members. In the relatively conservative health insurance industry it may be rare to even declare a strategic intent of Success Through Innovation. Based on emerging service and technology trends, GMHBA also undertakes numerous Beta experiments to explore potential areas of business advantage. Examples include tweeting members, creating health related widgets and creating iphone friendly content right through to establishing interactive content on social media sites. Based on the outcome of such experiments, we assess what works and discard what doesn t. Examples of GMHBA innovation which passed from idea to implementation include web chat and Skype, both of which are now fully integrated into our member service technologies. Innovation has an equal focus on product, service, operational and managerial innovation. While innovation can be ongoing and incremental in effect, strategic innovation is also important at GMHBA. Importantly we believe we re well advanced down a path of community engagement that will help ensure a healthy future for both GMHBA and our members, for decades to come. 14 Bushfire Appeal staff donation matched dollar for dollar by GMHBA.

9 ENABLING CAPABILITY To align capability so as to effectively execute strategy 15 Enabling capability underpins the delivery of the other strategic intents; focusing on delivery through technology and developing employees. To ensure GMHBA can deliver on strategy, we must have the relevant tools and employees with the right skills, combined to be effective. Performance Management We have revised our performance management system to support the development and delivery of targets. We have shifted to a performance management system with an emphasis on action that is goal driven, where results count and productivity is valued. Technology Upgrade GMHBA embarked on a service upgrade project in the latter half of the year. The project saw the introduction of a multi-media contact centre system, which allows GMHBA a greater service reach by offering prospective members and members alike, several ways to contact us; via phone, , and web chat. Website Improvements The GMHBA website provides essential self service facilities to members, as well as presenting the information and on-line quoting required for prospective members to join GMHBA on-line with ease. The layout of the GMHBA website underwent a facelift during 2008, providing improved navigation and a refreshed design. The update has provided increased member satisfaction, with feedback confirming that members can now locate relevant information quicker and more easily. Prospective members are now staying on the GMHBA website longer when investigating GMHBA and our products. Project Management GMHBA has implemented an organisational wide project management discipline and methodology to ensure we can deliver our strategy on time, on quality and to budget. The disciplined project management philosophy has increased the speed and quality of project delivery across the organisation. To facilitate the project methodology, GMHBA has established a Project Office with the purpose to assist in the consolidation, tracking, progress reporting and status of GMHBA projects and programs against a number of key quality areas. This has led to the completion of a number of projects with a direct impact on our internal efficiencies, member satisfaction and service. GMHBA Limited ABN Financial Report For the year ended 30 June

10 CONTENTS This page left intentionally blank PAGE Members of the Board of Directors Directors Report Lead Auditor s Independence Declaration Corporate Governance Statement Income Statement for the year ended 30 June Balance Sheet as at 30 June Statement of Changes in Equity for the year ended 30 June Cash Flow Statement for the year ended 30 June Notes to the Financial Statements for the year ended 30 June Directors Declaration for the year ended 30 June Independent Audit Report Principal Registered Office, Branch Locations, Affiliations and Agency

11 MEMBERS OF THE BOARD OF DIRECTORS For the year ended 30 June 2009, the directors of the Company at any time during or since the end of the financial year are: Michael J. Dowling, KSJ, B.Ec., FCA, SFCDA, Dip CD. Chairman since 2001 Director since 1998 Chairman Nomination & Remuneration Committee Member Strategy Committee Chartered Accountant Director Dowling Corporate Consulting Pty Ltd Deputy Chancellor Deakin University Heather L. Wellington, MBBS, B. Med. Sci., BHA, FRACMA, LLB, FAICD. Director since 1998 Member Health Services Committee Member Nomination & Remuneration Committee Lawyer Medical Practitioner Director HPA Consulting Pty Ltd Chairman IPG Ltd Consultant DLA Phillips Fox Lawyers Kenneth E. Jarvis, OAM, KSJ, B App. Sc (Hons), Dip OR. Director since 2004 Member Audit & Compliance Committee Member Strategy Committee Executive Chairman Aerolite Quarries Pty Ltd Executive Chairman Jakape Pty Ltd Executive Chairman Zambelli RWP Pty Ltd Chairman Geelong Club Ltd Director Aviation Australia Development Ltd President Geelong Club Ltd Gerald Miller, BA, LLB. GAICD. Director since 2007 Member Audit & Compliance Committee Member Investment Committee Lawyer Registered Psychologist Director Maryville Aged Care Inc. Director The Geelong College Ltd Sue Renkin, RN, MBA, MAICD, FCDA. Director since 2009 Chief Executive Open Family Australia Managing Director intuitively focussed p/l Chairman Monash Centre for Synchrotron Science Advisory Board Chairman Monash Institute for Nanotechnology Advisory Board Director General Practice (VIC) Director Northern Health Mark W. Sibree, BSc (Hons), MBA, MACS, FAICD. Director since 2004 Chairman Strategy Committee Member Investment Committee Trustee of CEDA Corporate Strategy Advisor Executive Director Mutual Strategies Pty Ltd James E. Walsh, B.Com, MBA, CA, MAICD. Director since 2005 Chairman Audit & Compliance Committee Member Nomination & Remuneration Committee Chartered Accountant Director Godfrey Hirst Australia Pty Ltd Director The Geelong Chamber of Commerce Russell H. Elliott, B.Sc., M. Ed., MAICD. Director since April 2001 Chairman Investment Committee University Consultant Executive Director Russell Elliott and Associates Pty Ltd Key Associate Phillips KPA Pty Ltd Leanne Rowe, AM, MBBS, Dip RACOG, FRACGP, FAICD, MD. Resigned 29 October 2008 Chair Health Services Committee General Practitioner Immediate Past Chairman Royal Australian College of General Practitioners Deputy Chancellor Monash University CHIEF EXECUTIVE: Mark Valena, BBus (Acc), CA, MAICD. EXECUTIVE MANAGER FINANCE & COMPANY SECRETARY: Michael Carroll, BBus (Acc), CPA, MBA, FCIS. AUDITORS: KPMG 147 Collins Street Melbourne Victoria 3000 SOLICITORS: Harwood Andrews Lawyers 70 Gheringhap Street Geelong Victoria 3220 BANKERS: Commonwealth Bank of Australia Cnr Moorabool & Malop Streets Geelong Victoria 3220 DIRECTORS REPORT The Directors submit their report on the financial statements of GMHBA Limited (Company) for the year ended 30 June 2009, made out in accordance with a resolution of the Directors. Directors The Directors of the Company at the date of this report are: Michael Joseph Dowling Russell Henry Elliott Kenneth Edward Jarvis Gerald Miller Sue Renkin Mark William Sibree James Edmund Walsh Heather Louise Wellington The qualifications, expertise and special responsibilities of Directors are set out on page 19 of these financial reports. Principal Activities The principal activity of the Company for the financial year ended 30 June 2009 was the provision of benefits against claims by Fund members relating to hospital, dental and paramedical services. The Company, being not-for-profit, does not earn taxable income and is therefore not subject to income taxation. The profit for the year was $7,960,038. Refer Note 1(p). Review of Operations A review of the operations and results of the Company during the financial year are set out in the Chairman s Report on page 5. Significant Changes in the State of Affairs During the year, GMHBA Ltd acquired the assets and liabilities of the United Ancient Order of Druids Friendly Society Ltd Health Fund. The acquisition date was 1 October Matters Subsequent to the End of the Financial Year There were no post-balance date events of any significance affecting or which may affect: (a) the operations of the Company; (b) the results of these operations; or (c) the state affairs of the Company in financial years subsequent to this financial year. Environmental Regulations The Company is not subject to any significant environmental regulation. Information on Directors All Directors are Fund members of the Company. No Director has received any benefit since the end of the previous financial year, by reason of any contract with the Company or with a firm of which he or she is a member or with a company in which the Director has a substantial interest, with the exception of the Director benefits that may be deemed to have arisen in relation to the following transactions entered into in the ordinary course of business: - As Fund members of the health fund conducted by the Company

12 GMHBA GMHBA Limited Limited ABN 98 ABN MEMBERS MEMBERS OF THE OF THE BOARD BOARD OF OF DIRECTORS For the For year the ended year ended 30 June 30 June 2009, 2009, the directors the directors of the of Company the Company at at time any during time during or since or since the the end of end the of financial the financial year are: year are: Michael Michael J. Dowling, J. Dowling, KSJ, B.Ec., KSJ, B.Ec., FCA, SFCDA, FCA, SFCDA, Dip Dip Mark W. Mark Sibree, W. Sibree, BSc (Hons), BSc (Hons), MBA, MBA, MACS, MACS, FAICD. FAICD. CD. CD. Director Director since 2004 since 2004 Chairman Chairman since 2001 since 2001 Director Director since 1998 since 1998 Chairman Chairman Strategy Strategy Committee Committee Member Member Investment Investment Committee Committee Chairman Chairman Nomination Nomination & Remuneration & Remuneration Committee Committee Trustee Trustee of CEDA of CEDA Member Member Strategy Strategy Committee Committee Chartered Chartered Accountant Accountant Corporate Corporate Strategy Strategy Advisor Advisor Executive Executive Director Director Mutual Mutual Strategies Strategies Pty Ltd Pty Ltd Director Director Dowling Dowling Corporate Corporate Consulting Consulting Pty Ltd Pty Ltd Deputy Deputy Chancellor Chancellor Deakin Deakin University University James James E. Walsh, E. Walsh, B.Com, B.Com, MBA, MBA, CA, MAICD. CA, MAICD. Director Director since 2005 since 2005 Heather Heather L. Wellington, L. Wellington, MBBS, MBBS, B. Med. B. Sci., Med. Sci., BHA, FRACMA, BHA, FRACMA, LLB, FAICD. LLB, FAICD. Director Director since 1998 since 1998 Member Member Health Health Services Services Committee Committee Chairman Chairman Audit & Audit Compliance & Compliance Committee Committee Member Member Nomination Nomination & Remuneration & Remuneration Committee Committee Chartered Chartered Accountant Accountant Director Director Godfrey Godfrey Hirst Australia Hirst Australia Pty Ltd Pty Ltd Member Member Nomination Nomination & Remuneration & Remuneration Committee Committee Director Director The Geelong The Geelong Chamber Chamber of Commerce of Commerce Lawyer Lawyer Medical Medical Practitioner Practitioner Director Director HPA Consulting HPA Consulting Pty Ltd Pty Ltd Chairman Chairman IPG Ltd IPG Ltd Consultant Consultant DLA Phillips DLA Phillips Fox Lawyers Fox Lawyers Russell Russell H. Elliott, H. Elliott, B.Sc., B.Sc., M. Ed., M. MAICD. Ed., MAICD. Director Director since April since 2001 April 2001 Chairman Chairman Investment Investment Committee Committee University University Consultant Consultant Executive Executive Director Director Russell Russell Elliott Elliott and Associates and Associates Kenneth Kenneth E. Jarvis, E. Jarvis, OAM, OAM, KSJ, B KSJ, App. B Sc App. (Hons), Sc (Hons), Pty Ltd Pty Ltd Dip OR. Dip OR. Key Associate Key Associate Phillips Phillips KPA Pty KPA Ltd Pty Ltd Director Director since 2004 since 2004 Member Member Audit & Audit Compliance & Compliance Committee Committee Member Member Strategy Strategy Committee Committee Executive Executive Chairman Chairman Aerolite Aerolite Quarries Quarries Pty Ltd Pty Ltd Executive Executive Chairman Chairman Jakape Jakape Pty Ltd Pty Ltd Executive Executive Chairman Chairman Zambelli Zambelli RWP Pty RWP Ltd Pty Ltd Chairman Chairman Geelong Geelong Club Ltd Club Ltd Director Director Aviation Aviation Australia Australia Development Development Ltd Ltd Leanne Leanne Rowe, Rowe, AM, MBBS, AM, MBBS, Dip RACOG, Dip RACOG, FRACGP, FRACGP, FAICD, FAICD, MD. Resigned MD. Resigned 29 October 29 October Chair Chair Health Health Services Services Committee Committee General General Practitioner Practitioner Immediate Immediate Past Chairman Past Chairman Royal Royal Australian Australian College College of General of General Practitioners Practitioners Deputy Deputy Chancellor Chancellor Monash Monash University University President President Geelong Geelong Club Ltd Club Ltd CHIEF CHIEF EXECUTIVE: EXECUTIVE: Gerald Gerald Miller, Miller, BA, LLB. BA, GAICD. LLB. GAICD. Mark Valena, Mark Valena, BBus BBus (Acc), (Acc), CA, MAICD. CA, MAICD. Director Director since 2007 since 2007 Member Member Audit & Audit Compliance & Compliance Committee Committee Member Member Investment Investment Committee Committee Lawyer Lawyer EXECUTIVE EXECUTIVE MANAGER MANAGER FINANCE FINANCE & COMPANY & COMPANY SECRETARY: SECRETARY: Michael Michael Carroll, Carroll, BBus BBus (Acc), (Acc), CPA, MBA, CPA, MBA, FCIS. FCIS. Registered Registered Psychologist Psychologist Director Director Maryville Maryville Aged Care Aged Inc. Care Inc. Director Director The Geelong The Geelong College College Ltd Ltd AUDITORS: AUDITORS: KPMG KPMG 147 Collins 147 Collins Street Street Sue Renkin, Sue Renkin, RN, MBA, RN, MBA, MAICD, MAICD, FCDA. FCDA. Melbourne Melbourne Victoria Victoria Director Director since 2009 since 2009 Chief Executive Chief Executive Open Open Family Family Australia Australia SOLICITORS: SOLICITORS: Managing Managing Director Director Intuitively Intuitively Focussed Focussed Pty Ltd Pty Ltd Harwood Harwood Andrews Andrews Lawyers Lawyers Chairman Chairman Monash Monash Centre Centre for Synchrotron for Synchrotron Science Science 70 Gheringhap 70 Gheringhap Street Street Advisory Advisory Board Board Geelong Geelong Victoria Victoria Chairman Chairman Monash Monash Institute Institute for for Nanotechnology Advisory Advisory Board Board Director Director General General Practice Practice (VIC) (VIC) Director Director Northern Northern Health Health BANKERS: BANKERS: Commonwealth Bank of Bank Australia of Australia Cnr Moorabool Cnr Moorabool & Malop & Malop Streets Streets Geelong Geelong Victoria Victoria

13 CORPORATE GOVERNANCE STATEMENT FOR THE YEAR ENDED 30 JUNE 2009 The Board of GMHBA Limited has a governance framework to ensure that the Board complies with the relevant requirements of the Corporations Act 2001, the Company s Constitution, the Private Health Insurance Act 2007 and Associated Rules and embodies relevant corporate governance best practice. The Company is committed to achieving the highest practicable standards of corporate governance. This statement provides an overview of the main corporate governance practices that were in place throughout the financial year. Code of conduct The code of conduct has been established as the basis for ethical and professional conduct necessary to meet the expectation of Fund members and other stakeholders. As these expectations will change over time, the code is subject to regular review. The main purpose of a code of conduct is to provide a common understanding of the Company s expectations in regard to ethical and professional conduct and to assist Directors in discharging their obligations. Achieving this objective will also deliver other benefits to the Company. Conflict of interest Subject to the provisions of the Corporations Act and the Company s Constitution, the Board is empowered to regulate its meetings and proceedings, including the processes it will apply in instances of a declared, actual or perceived conflict of interest. Board Committees The Board Committees in operation throughout the year were: Audit & Compliance Committee The role of the Committee is to oversee the establishment and maintenance of a framework of internal control, to monitor the audit and actuarial function ensuring regulatory compliance and advise on appropriate ethical standards for the management of the Company. This enables the committee to give the Board additional assurance regarding the quality and reliability of financial information prepared for use by the Board in determining policies or for inclusion in financial reports. Nomination & Remuneration Committee The role of the Committee is to assist the Board of Directors in fulfilling its responsibilities for determining and reviewing compensation arrangements for Directors and senior management, succession planning and the appointment and removal of Directors. CORPORATE GOVERNANCE STATEMENT Internal control framework The Board acknowledges that it is responsible for the overall internal control framework, but recognises that no cost effective internal control system will preclude all errors and irregularities. To assist in discharging this responsibility, the Board has instigated an internal control framework that can be described under four headings: Effectiveness and efficiency of operations Reliability of reporting Compliance with applicable laws & regulations Code of conduct Internal audit function The internal audit function assists the Board in ensuring compliance with these internal controls. The Audit & Compliance Committee is responsible for approving the program of internal audit to be conducted each financial year and for the scope of the work to be performed. The internal audit function, while operationally reporting to the Chief Executive, also reports to the Audit & Compliance Committee. The Committee meets with the internal auditor on a regular basis. Business risk management The Audit & Compliance Committee provides advice to the Board and reports on the status of business risks to the Company through an integrated risk management plan aimed at ensuring risks are identified, assessed and appropriately managed. The risk management process involves ensuring: Strategic, operational and financial risks are identified The systems are in place to monitor and manage the risks Reporting systems are in place The risk management systems are operating effectively Compliance with relevant legislation Compliance with the code of ethical conduct A comprehensive insurance program provides protection against major risk exposures that cannot be eliminated by appropriate risk management practices. Investment Committee The role of the Committee is to advise on the Company s total investment portfolio, managed both internally and externally. Strategy Committee The role of the Committee is to assist the Board of Directors in identifying and establishing GMHBA s future strategic direction in line with the Company s Mission and Vision statements. Health Services Committee The role of the Committee is to assist the Board of Directors in fulfilling their responsibilities in relation to ensuring that all health services initiatives comply with the Company s mission, specifically working as a trusted partner to improve Fund members health

14 INCOME STATEMENT FOR THE YEAR ENDED 30 JUNE 2009 NOTE Revenue from operating activities Premium income 191, ,530 Total revenue from operating activities 191, ,530 Expenses from operating activities Benefits paid to Fund members 9 (160,814 ) (138,047) Payments to Health Benefits Reinsurance Trust Fund (7,406 ) (6,876) Total cost of fund benefits (168,220 ) (144,923) Gross underwriting result 23,135 19,607 Management expenses Employee benefits expenses (8,459 ) (6,813) Depreciation (497 ) (526) Other management expenses (9,350 ) (8,375) Total management expenses (18,306 ) (15,714) Net underwriting result 4,829 3,893 Revenue from outside the operating activities Investment income 7,892 5,962 Investment unrealised gains/(losses) 397 (8,824) Investment realised losses (5,207 ) - Other income Total Revenue/(Expenses) from outside the operating activities 3,131 (2,843) Profit for the year 2 7,960 1,050 BALANCE SHEET AS AT 30 JUNE 2009 Current assets NOTE Cash and cash equivalents 3 7,472 3,569 Trade and other receivables 4 9,654 8,646 Financial assets 5 126, ,682 Other assets Total current assets 143, ,897 Non-current assets Financial assets 5 4,011 - Property, plant and equipment 7 5,358 4,903 Total non-current assets 9,369 4,903 Total assets 152, ,800 Current liabilities Trade and other payables 8 3,191 4,287 Provisions 9 30,085 28,376 Other liabilities 10 28,092 24,010 Total current liabilities 61,368 56,673 Non-current liabilities Provisions Total non-current liabilities Total liabilities 61,471 56,748 Net assets 91,222 83,052 Equity Retained earnings 90,275 82,315 Asset revaluation reserve Total equity 91,222 83,052 The above Income Statement should be read in conjunction with the accompanying notes The above Balance Sheet should be read in conjunction with the accompanying notes

15 STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 30 JUNE 2009 Asset Retained Earnings Revaluation Reserve Total Balance at 1 July , ,002 Profit 1,050-1,050 Balance at 30 June , ,052 Profit 7,960-7,960 Revaluation Increment Balance at 30 June , ,222 CASH FLOW STATEMENT FOR THE YEAR ENDED 30 JUNE 2009 NOTE Cash flows from operating activities Premium receipts 194, ,740 Investment interest 8,323 5,371 Investment distributions (5,207) - Other (payments)/receipts (24) 478 Benefits paid (167,477) (142,655) Management expenses (17,982) (14,118) Net cash provided by operating activities 11(a) 11,704 14,816 Cash flows from investing activities Purchase of investment securities (7,049) (13,250) Purchase of property, plant and equipment (752) (1,092) Proceeds from sale of property, plant and equipment - 91 Net cash used in investing activities (7,801) (14,251) Net increase in cash held 3, Cash at beginning of the financial year 3,569 3,004 Cash at end of the financial year 11(b) 7,472 3,569 The above Statement of Changes in Equity should be read in conjunction with the accompanying notes The above Cash Flow Statement should be read in conjunction with the accompanying notes. 2928

16 FOR THE YEAR ENDED 30 JUNE Summary of significant accounting policies 1. Summary of significant accounting policies (continued) The Company s financial statements are a general purpose financial report prepared in accordance with the requirements of the Corporations Act 2001 and the Australian Accounting Standards (AASBs) (including Australian Interpretations) adopted by the Australian Accounting Standards Board (AASB). AASB amendment Affected standard(s) Nature of change to accounting policy Application date of standard Application date for GMHBA The Company s financial statements were authorised for issue on 25 August 2009 by the GMHBA Limited Board. The signatories on the authorisation were the Chairman of the Board, Michael J Dowling and the Chairman of the Audit & Compliance Committee, James E Walsh. The Company s financial statements were prepared in accordance with the historical costs convention, except for the following: Financial instruments are measured at fair value through the income statement Land and Buildings are recorded at fair value with movements in value taken to an asset revaluation reserve Connect Rewards benefit provision is carried at present value The presentation currency used for the preparation of these financial reports is Australian dollars. AASB 101: Presentation of Financial Statements. AASB Amendments to Australian Accounting Standards arising from AASB 101. AASB Improvement Project. AASB Amendments to Australian Accounting Standards- Improving disclosures about Financial Instruments. Upon adoption, it will impact the presentation of the income statement, and statement of recognised income and expense, and may affect the positioning of the statement of changes in equity. Retrospective application will be required. This Standard is the culmination of the IASB s first Annual Improvements Project, which involved the IASB accumulating what it believes are non-urgent but necessary improvements to International Financial Reporting Standards (IFRS s) and processing these amendments collectively. This Amending Standard will impact the disclosure provided regarding Financial Instruments. 1 January January January June June June 2010 International Financial Reporting Standards ( IFRS ) refer to the overall framework of standards and pronouncements approved by the International Accounting Standards Board. IFRS forms the basis of AASBs. This financial report of the Company complies with IFRS. The current IFRS standard for insurance contracts does not include a comprehensive set of recognition and measurement criteria. The International Accounting Standard Board continues to work on a project to issue a standard that does include such criteria. Until the issuance of that standard, the financial reports of insurers in different countries that comply with IFRS may not be comparable in terms of the recognition and measurement of insurance contracts. The following standards, amendments to standards and interpretations have been identified as those which may impact the entity in the period of initial application that are available for early adoption at 30 June 2009, but have not been applied in preparing this financial report: (a) Use of estimates and judgements The preparation of financial statements requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised and in any future periods affected. In particular, information about significant areas of estimation uncertainty and critical judgements in applying accounting policies that have the most significant effect on the amount recognised in the financial statements are described in the following notes: Claims outstanding, see note 1(j) AASB amendment AASB 3: Business Combinations. AASB 127: Consolidated and Separate Financial Statements. Affected standard(s) Nature of change to accounting policy Adjustment to carrying amounts of assets and liabilities that arose under business combinations. (If AASB 3 is adopted early, AASB 127 must be adopted for the same period.) Application date of standard Application date for GMHBA 01 July June 2010 (b) Liability Adequacy Test, see note 1(k) Connect Reward benefits, see note 1(l) Determination of fair values A number of the Group s accounting policies and disclosures require the determination of fair value, for both financial and non-financial assets and liabilities. Fair values have been determined for measurement and/or disclosure purposes based on the following methods and where applicable, further information about the assumptions made in determining fair values is disclosed in the notes specific to that asset or liability

17 1. Summary of significant accounting policies (continued) (b) Determination of fair values (continued) (i) (ii) Term Deposits, Debentures, Bank Bonds and Notes The fair value of these investments is based on their listed market price, if available. If a listed market price is not available, then fair value is estimated by discounting the difference between the contractual forward price and the current forward price for the residual maturity of the contract using a market interest rate (based on government bonds). These investments are held for a set term and rolled over at maturity. Equity investments and unit trusts For securities listed in an active market, fair value is determined by reference to published bid price quotations. For investments in unlisted investment trusts the fair value is determined with reference to the quoted redemption price provided by the Trustee. 1. Summary of significant accounting policies (continued) (g) Depreciation Property, plant and equipment, other than land, is depreciated using either the diminishing value method or the straight line method over the period during which benefits are expected to be derived from the asset. Profits and losses on disposal of property, plant and equipment are taken into account in determining the profit for the year. The following rates of depreciation are applied: 2009 % 2008 % Buildings Furniture & Fittings Office Equipment 15.0 to to 40.0 Motor Vehicles (c) (d) (e) (f) (iii) Land and buildings The Company engaged Landlink Property Group Pty Ltd, a valuations and advisory services company which employs accredited independent valuers, to determine the fair value of its land and buildings. Fair value is determined directly by reference to market based evidence, which is the amounts for which the assets could be exchanged between a knowledgeable willing buyer and a knowledgeable willing seller in an arm s length transaction as at the valuation date. The effective dates of the valuations were 30 June 2009 for the Geelong properties. Cash and cash equivalents For the purposes of the Cash Flow Statement, cash includes cash on hand and bank deposits at call within 90 days. Trade and other receivables The Premium receivable as at 30 June 2009 consists of: (i) Actual cash premium receipts for periods in advance of the reporting date; plus (ii) Forecast premiums receivable from policyholders at 30 June Property, plant and equipment Land and buildings are recorded at valuation (buildings are subsequently subject to depreciation) and plant and equipment are recorded in the financial statements at cost less accumulated depreciation. The Company engages an appropriately qualified person to undertake a full valuation of its land and buildings at intervals not greater than three years (see 1 (b)(iii)). Recoverable amount of non-current assets Non-current assets, except for investments and land and buildings are recorded in the financial statements at cost less accumulated depreciation. The carrying values of all noncurrent assets are reviewed by management at regular intervals to ensure that they are not stated at amounts in excess of their recoverable amounts. Except where stated, recoverable amounts are not determined using discounted cash flows. Management has reviewed the assets and are of the opinion that there has been no impairment of the asset s current values within the asset classes. (h) (i) (j) Employee benefits Salaries and wages and annual leave Liabilities for salaries and wages and annual leave are recognised, and are measured as the amount unpaid at the reporting date based on remuneration rates expected to apply when the obligation is settled, including on-costs, in respect of employees services up to that date. Long service leave A liability for long service leave is recognised, and is measured as the present value of expected future payments to be made in respect of services provided by employees up to the reporting date. Consideration is given to the expected future wage and salary levels, experience of employee departures and periods of services. Expected future payments are discounted using interest rates on national government guaranteed securities with terms to maturity that match, as closely as possible, the estimated future cash flows. Health benefits risk equalisation trust fund Under the provisions of the Private Health Insurance Risk Equalisation Policy Rules 2007, hospital benefits are submitted to the Risk Equalisation trust fund and shared amongst all health benefit funds in the following circumstances: Where a fund has directly paid these benefits, which are proportionally less than the average of other funds in the State, it is required to pay to the Risk Equalisation Trust Fund an amount equivalent to the shortfall. Conversely, where the direct payment is proportionally greater than the average, the difference is paid to the Company from the Risk Equalisation Trust Fund. Eligible claims are assessed on a quarterly basis. Claims outstanding Claims that have been incurred by Fund members, but not yet presented to the Company for reimbursement, are estimated based on the claims experience in previous accounting periods. Outstanding claims are not discounted as they are usually settled within six months of the reporting date. The provision is calculated in accordance with the principles of the chain ladder method which can be used under the prudential regulations of the Private Health Insurance Industry

18 1. Summary of significant accounting policies (continued) 1. Summary of significant accounting policies (continued) (j) Claims outstanding (continued) AASB 1023 requires a risk margin be applied to allow for the inherent uncertainty in the central estimate. GMHBA adopted a risk margin of 6% giving in excess of 90% probability of adequacy. The risk margin has been based on an analysis of the past experience of the Company by our Appointed Actuary on the adequacy of the provision over the prior two years. The liability for outstanding claims provides for claims received but not assessed and claims incurred but not received. The liability is based on an actuarial assessment taking into account historical patterns of claim incidence and processing. The liability also allows for an estimate of claims handling costs which include internal and external costs incurred in connection with the negotiation and settlement of the claims department and any part of the general administrative costs directly attributable to the claims function. The allowances for the claims handling cost at 30 June 2009 is 5% of the claims liability. (l) (m) Connect Reward benefits The Company operates a Connect Reward benefits entitlement for Fund members who have at least one year of eligible combined (hospital and ancillary) membership. Fund members receive an additional annual allocation of benefits as long as their eligible cover is maintained. In addition, the Connect Rewards product entitles eligible combined Fund members to accumulate annual allocations, which they can use to claim additional benefits. Provision is made for the future liability for claims under the Connect Rewards entitlements. The Company has provided for the total eligible benefit to combined Fund members as at 30 June 2009 with due allowance for both expected timing of payments and foregone benefit entitlements on the basis that it is likely that not all Fund members will use their full entitlement. This allowance is reviewed periodically and the provision is currently 75% of the full Connect Reward entitlement in respect of membership up to 30 June Comparative information Where necessary, comparative figures have been adjusted to conform to changes in presentation for the current financial year. (k) Liability Adequacy Test Under AASB 1023 the Company is required to perform a Liability Adequacy Test to determine whether the carrying amount of insurance liabilities is adequate based on expected future cash flows. The test is carried out with the inclusion of a risk margin and is undertaken at the level of portfolio contracts that are subject to broadly similar risks and are managed together as a single portfolio. Any deficiency arising is recognised by writing down any related intangible assets, then the related deferred acquisition costs with any remaining balance being recognised as an unexpired risk liability. The Liability Adequacy Test is required to be performed to determine whether the unearned premium liability (premiums in advance) is adequate to cover the present value of expected cash flows relating to future claims arising from rights and obligations under current insurance coverage plus an additional risk margin to reflect the inherent uncertainty in the central estimate. The risk margin adopted was 2.5% which corresponds to a 70% probability of adequacy. The reason these percentages differ from those adopted in determining the outstanding claims liability is that the former is in effect an impairment test used only to assess the sufficiency of net premium liabilities whereas the latter is an accounting policy measurement used in determining the carrying value of the outstanding claims liability. If the present value of the expected future cash flows relating to future claims plus the additional risk margin to reflect the inherent uncertainty in the central estimate exceeds the unearned premium liability less related intangible assets and related deferred acquisition costs then the unearned premium is deemed to be deficient. The Liability Adequacy Testing as at 30 June 2009 did not result in any adjustment, as a surplus was identified. (n) (o) (p) (q) (r) Unearned premium liability Premiums received or receivable up to the end of the financial year are recorded as revenue for the period from the date of the attachment of risk. Premiums received prior to 30 June 2009 relating to the period beyond 30 June 2009 are recognised an Unearned Premium Liability. Also, forecast premiums receivable from policyholders at 30 June 2009 are recognised as unclosed business premiums. Trade and Other Payables Liabilities are recognised for amounts payable in the future for goods and services received at balance date, whether or not billed to the Company. The company s payables are all considered short term. Income tax The Company is exempt from income tax by virtue of Section item 6.3 of the Income Tax Assessment Act. Rounding of amounts The Company is an entity to which Australian Securities and Investment Commission Class Order 98/100 applies and amounts have been rounded off in accordance with that Class Order. All amounts shown in the financial statements are expressed to the nearest $1,000. Investments Investments comprise assets held to back insurance liabilities. All investments are managed and performance evaluated on a fair value basis for both external and internal reporting purposes in accordance with a documented investment management strategy. All investments are determined to be assets backing insurance liabilities and accordingly are designated as fair value through income statement upon initial recognition. They are initially recorded at fair value being the cost of acquisition excluding transaction costs and are subsequently remeasured to fair value at each reporting date

19 1. Summary of significant accounting policies (continued) 1. Summary of significant accounting policies (continued) (r) Investments (continued) Changes in the fair value from the previous reporting date (or cost of acquisition excluding transaction costs if acquired during the financial period) are recognised as realised or unrealised investment gains or losses in profit or loss. Purchases and sales of investments are recognised on a trade date basis, being the date on which a commitment is made to purchase or sell the asset. (v) AASB 3 Business Combinations During the year, GMHBA Ltd acquired the assets and liabilities of the United Ancient Order of Druids Friendly Society Ltd Health Fund. The acquisition date was 1 October GMHBA paid $4,356,547 for the assets and liabilities of the United Ancient Order of Druids Friendly Society Ltd Health Fund. The components were as follow: (s) Transaction costs for purchases of investments are expensed as incurred and presented in the income statement as investment expenses on assets backing insurance liabilities. Investments are derecognised when the rights to receive future cash flows from the assets have expired, or have been transferred, and substantially all the risks and rewards of ownership have transferred. Revenue recognition Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the recognition can be reliably measured. The following specific recognition criteria must also be met before revenue is recognised. Premium Income Premium income is recognised in the Income Statement from the attachment date, as soon as there is a basis on which it can be reliably measured. Revenue is recognised in accordance with the pattern of the incidence of risk expected over the term of the contract. Assets 2009 Cash 314 Receivables 1,155 Investments 5,276 Other Assets 196 Total assets 6,941 Liabilities Payables 45 Provisions 1,423 Other Liabilities 1,116 Total Liabilities 2,584 The proportion of premium received or receivable not earned in the Income Statement at the reporting date is recognised in the Balance Sheet as unearned premium liability. Net Assets 4,357 (t) Asset revaluation reserve The reserve represents increments/decrements from the revaluation of the Company s land and buildings. (u) Leases The Company has several operating leases. The lease payments are recognised as an expense in the Income Statement on a straight line basis over the term of the lease

20 Profit Profit for the year includes the following specific expenses: Amounts paid or due and payable for audit services the auditors received no other benefits Net loss on disposal of non-current assets - 26 Rental expenses on operating leases Cash and cash equivalents Cash on hand Cash at bank 7,376 3,481 7,472 3, Trade and other receivables Unclosed premium earned 1,200 1,031 Unclosed premium unearned ,998 1,751 Accrued investment income 1,914 2,345 Other debtors Federal government rebate 5,544 4,425 9,654 8, Financial assets Current Bank Term Deposits 122,594 74,003 Debentures 3,021 4,995 Bank Bonds 502 4,563 Negotiable Certificate Deposit - 5,506 Portfolio Credit Linked Note - 2,000 Managed funds equities - 25,899 Managed funds fixed interest & property - 5,716 At fair value 126, , Other assets Prepayments Property, plant and equipment Freehold land at valuation 1,955 1,665 Land at valuation 1,955 1,665 Buildings at valuation 1,745 1,874 Less accumulated depreciation ,745 1,854 Furniture and fittings at cost 1,209 1,205 Less accumulated depreciation Office equipment at cost 3,371 2,960 Less accumulated depreciation 2,223 2,112 1, Motor vehicles at cost Less accumulated depreciation Capital Work in Progress Less accumulated depreciation Total 5,358 4,903 Cost 126, ,564 Non-current Term Deposits 4,011 - At fair value 4,011 - Cost 4,

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