our products
The Society's principal activities are the marketing and management of investment and insurance products, including friendly society bonds, funeral bonds and death and distress benefit funds.
about us
The institution of the Australian Financial Services Licence regime
under the Corporations Act 2001 necessitated Foresters making application
to the Australian Securities and Investments Commission (ASIC) for
a licence to develop and market its financial products, the application
was successful and Australian Financial Services (ASIC) Licence Number
241421 was granted to Foresters by ASIC on 4 December 2003.
Foresters is governed by and operates under the terms and conditions
of its Constitution which is lodged with ASIC, the Constitution can
only be changed by Members of the Society at a special or general
meeting of Members. Foresters' operates under a directorship of a
Board of Directors, that Board being elected by its Members at the
Annual General Meeting of the Society .
The Board of Foresters Friendly Society currently comprises the following
Directors;
Mr Theodore Fleming - Chairman
Mr Philip Fraher - Deputy Chairman
Mr Terence Lyon - Director
Mr Christopher Henderson - Director
Mr Richard Bouchier - Director
The Board is supported by an extremely capable and conscientious
management and staff, the senior executive positions within the organisations
being held by the following persons;
Mr Kerry Hughes - Chief Executive Officer/ Company Secretary
Mr Bernardo Balmaceda - Chief Financial Officer
More About Foresters
What we are
Who
we are
How we do it
How we have grown
Our
financial performance
What we are
What is a Friendly Society?
Friendly Societies were established in Australia in 1830 and were traditionally founded on mutual self-help ideals. Societies grew as ordinary Australians - labourers, miners, carpenters, bricklayers, stonemasons, blacksmiths, shop workers, railwaymen and others banded together to provide, by their own exertions and from their own slender resources, some of the medical and other essential services they lacked. They sought help from no one but each other and received none from either government or from the more affluent.
Devoid of clinics and hospitals, with few trustworthy chemists and doctors,
early Australia was fruitful soil for the mutual aid organisations that
were and are friendly societies. Friendly Societies with such unusual
names as The Independent Order of Oddfellows, The Independent Order
of Rechabites, the United Ancient Order of Druids and our own Ancient
Order of Foresters have, since the establishment of this country, became
apart of the history of Australia.
In the post Second World War period society memberships began to decline
as peoples social circumstances improved due to the growth of the economy,
an abundance of work and improvement in the provision of Government
Benefits. Although the importance of groups such as the Ancient Order
of Foresters has declined in recent years the majority of Societies,
through a core of loyal and dedicated Members have never wavered from
their original objectives, that being to serve the community and deserving
groups by involvement in social activities and endeavours.
As the industry's traditional investment bond business, which was its
cornerstone progressed to its maturity phase, the industry saw a substantial
outflow of funds and this situation coupled with the changing business
environment necessitated friendly societies becoming flexible enough
to adapt their business to new and profitable structures and markets.
As a result of this transition we have in recent times due to the new
competitive environment and radically changed regulatory regime seen
additional financial and compliance strains placed on friendly societies
and a number of the major groups have expanded their capital base by
demutualisation and changed their ownership status from one of member
to that of shareholder based.
Who we are
The Ancient Order of Foresters or as it is known today
Foresters Friendly Society, originated in England in the mid 1700's,
the first recorded Foresters meeting being held in Leeds in 1834. The
Ancient Order of Foresters established its first branch (Court) in Victoria
in 1849. Foresters was set up as a non-profit organisation, the founding
principles of the Society being to provide financial and social benefits
as well as support to Members and their families in times of unemployment,
sickness, death, disability and old age.
Foresters played a particularly active role in the
lives of Members and their families during the Depression and during
and after both World Wars. Forester's membership growth was significant
during and up to the mid 1940's when the Society had nearly one hundred
branches (Courts) spread throughout Victoria with representation in
all States of Australia. During this period Foresters raised funds for
and built around 20 Foresters halls throughout the State that were used
for meetings and community purposes. Halls in country areas were being
used as refuges in times of trauma such as bushfires and floods.
how we do it
Forester's Business Plan
 |
To provide a range of integrated, relevant products & services that help provide financial security, and contribute to lifestyle health management, throughout life. |
|
To retain members for life by removing the anxiety associated with securing care for themselves & their families |
|
To assist in the realisation of a complete customer service focus internally in order to deliver the brand promise of 'care' |
|
To develop a brand strategy with the aim of driving brand awareness and a consistent brand identity across all Foresters products and services, both internally and externally |
|
To devise cross promotional opportunities to strategically cross-sell products/services across business units and |
|
To conduct research to gain a clear understanding of its member's expectations and satisfaction levels. |
how we have grown
As well as the Society generating ongoing new business from the open
Foresters Funds listed and described above, over the past few years
Foresters has been particularly active in generating new business by
acquisitions from other Societies and a summary of these acquisitions
is listed below;
This table details recent successful Transfers of Business that Foresters
have undertaken have all been successfully integrated into Foresters'
business operations.
Date |
Particular |
Value ($M) |
| 9 Oct 1997 |
|
6.64 |
30 Jun 1999 |
|
2.99 |
| 30 Jun 1999 |
|
1.01 |
30 Jun 2003 |
|
2.50 |
| 31 Jan 2004 |
|
2.18 |
30 Apr 2004 |
|
11.72 |
31 Oct 2006 |
|
4.45 |
30 Jun 2007 |
Total Transfer
of Business from Australian Independent Friendly Society Limited |
18.50 |
| 30 Jun 2008 |
Partial Transfer
of Business from IOR Friendly Society Limited |
39.56 |
31 Mar 2009 |
Total Transfer
of Business from IOOF (WA) Limited |
5.93 |
30 Apr 2010 |
|
1.36 |
30 Sep 2010 |
Partial Transfer
of Business from Manchester Unity Australia Limited |
101.706 |
*Within the transfer process Foresters committed to and has maintained for the Members of the transferred Societies and Funds all of their Fund benefits and entitlements together with a level of service in line with that provided for established members of Foresters Friendly.
our financial performance
The last 11 years has proved to be outstandingly successful for Foresters Friendly Society, the Society's Benefit Fund Assets have grown from $19.1 million at 30 June, 1997 to $220.1 million at 30 June 30, 2011 an increase of $201.0 million or over 1,052%, similarly the Society's Management Fund Assets have grown from $3 million at 30 June, 1997 to $14.6 million at 30 June 30, 2011 an increase of $11.6 million or over 387%.
The schedule below provides details of the Society's asset growth over the nine year
Year End |
Benefit
Fund Assets |
Management
Fund Assets |
June 30 |
$M |
$M |
| 2003 |
46.2 |
5.5 |
2004 |
63.3 |
6.7 |
| 2005 |
67.6 |
8.2 |
2006 |
70.1 |
9.4 |
| 2007 |
95.5 |
10.7 |
2008 |
121.5 |
10.6 |
|
2009 |
123.3 |
12.3 |
2010 |
123.4 |
13.6 |
2011 |
220.1 |
14.3 |
As can be seen from the figures provided above the financial position
of Foresters Friendly Society is very sound and improving year by year.
Members seeking additional financial information on the Society can request
a copy of Forester's 2010/11 Financial Statements by contacting the Society
on
1800 645 326.